FMP notes

Citysave: Credit Union

What is a credit union?
A credit union works in a similar way to a bank in that it can offer you the normal things like a savings account, a checking account, credit cards and online banking. They differ in that their board of directors are elected by the members of the credit union. It is this that they use to claim that they are more consumer central and are more interested in improving their member’s financial status than making a profit. As such, every year credit unions pay dividends to all of their members as they are non-for-profit.

What are the drawbacks of credit unions?
One of the drawbacks of a credit union is that because they are usually so small, there aren’t very many branches. If I need help from my bank, I can go into any branch around the world, however with credit unions there may only be one or two branches. This also may relate to paying a fee to use ATMs. Credit unions can also be quite difficult to get into with many of them only offering their services to people with certain professions or people who live in certain areas.

What is citysave?
Citysave is a credit union, offering “ethical and affordable financial services to all those who live or work in Birmingham.“. It was originally founded in 1987 and was only open to those who work in the Birmingham City Council. Since, it has expanded to have over 9ubfg members. The current chair of the organisation is Ricky Joseph. They are currently one of the largest credit unions in Birmingham. Other credit unions in the city are
North Birmingham Community Credit Union Ltd
Circul-8 Birmingham Inner Circle Community Credit Union
Chaplaincy Savings Credit Union Ltd

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