How are Credit Unions Different?

You might know that credit unions are different from other financial institutions, But in what ways? Read below to find out more

For You. Not Profit.

Credit unions are not-for-profit democratic financial cooperatives owned by all of their members. They put the needs of their members at the heart of everything that they do.
When you join a credit union you are a member not a customer. This means you are a part owner of the credit union. Members enjoy equal rights to vote (one member, one vote) and participate in decisions affecting the credit union.
Any surplus income genereated by a credit union is used to develop the services of the credit union or it is distributed among members in the form of dividends to savers or interest rebates to borrowers.
Loans and savings are insured at no direct cost to an eligible member. Find out more about loan protection and life savings insurance
While other institutions are closing branches or directing customers to use automated machines, credit unions continue to excel in personal service. Credit unions offer a full service offering. We’re digital when you want it, but human when you need it.
Credit unions offer flexibility regarding loan repayments. A loan can be paid back earlier without any penalties or it can be restructured if there is a change in a borrower's circumstances.
Credit unions offer a uniqute nomination facility. Members over 16 years of age can nominate who is to receive the property of their accounts with the credit union upon death. Having a nomination means that your property left in the credit union (up to a maximum of €27,000 in Republic of Ireland or £20,000 in Northern Ireland) will not have to pass through the sometimes timely probate or intestacy process.
Volunteerism is a cornerstone of credit unions. A credit union’s board of directors is drawn from within the its membership base. Board members are democratically elected at each credit union’s AGM. Unlike other financial institutions, credit union board members are volunteers and are not paid for their work.
Credit unions are unrivalled when it comes to putting the customer (member) first. For nine consecutive years (2015 - 2023), they have been named as the organisation offering the best customer experience in Ireland by The CX Company.
For the second consecutive year, credit unions throughout the country have ranked as the most highly regarded organisations in the Ireland RepTrak® 2024 annual survey.

If you haven't already discovered the benefits of being a member of your local or workplace credit union, why not join today?

The Credit Union – For You. Not Profit