The Proven Way to Save for a 'Rainy
It is normally inevitable that there
will be times in our lives when we will be short of bargaining power, whether we
need to buy food and other basics or we need to repair a damaged home, pay for
urgent health care or buy a vehicle to take us to work.
We can go to the high-street banks and
many other lending agencies for a loan to tide us over if we have already established a
good track record and we are prepared to pay pretty high fees for the service. Fees asked
for are typically:
preliminary discussion and set-up fee!
On-going interest payments
Punitive late or missed payment
At Maghera Credit Union Ltd you can avoid
all this hassle!
Members invest in the Credit Union by
purchasing shares in the business over a period of time. This helps to strengthen their
Credit Union so that when that member needs either a 'rainy day' loan or a normal loan
for 'day to day' expenses the Credit Union is willing to
Members can withdraw
their shares, if they so desire. However, it must be said that credit unions are prohibited in
the UK from acting as banks.
Saving in a Credit Union = Buying Shares in
the Credit Union
Shares can be bought in large or small amounts
up to a maximum holding of 15,000 shares costing £15,000.00. Members purchase shares
weekly or monthly in amounts that they are
comfortable with. The capital raised by the Credit Union in this way is deposited
in an approved bank or loaned out to other members.
These activities earn interest for the Credit
Union which is used to pay for legitimate running
Saving in a Credit Union =
Any surplus is used by the Credit Union to
build up its own reserve fund for its own 'rainy day' with the remainder being
used to pay an annual dividend to the members. This dividend is distributed in proportion
to the members' shareholdings - the more shares, the more
Saving in a Credit Union = Thrift and Good
When an individual saves in a bank or other
similar organisation he or she usually has no control or say in what that organisation
does with their money.
The Credit Union is different! Here the
individual becomes a stakeholder right away. Even the purchase of a single £1 share
entitles that individual to an invitation to attend, speak, and vote in
decisions taken at the main annual Credit Union Board
Credit Union Boards (also known as organising
committees) actively encourage their members to get involved in order to make their
Credit Union the very best that it can be.
Credit Unions have nothing to
Each Credit Union in Northern Ireland is
obliged to have its audited financial figures for last year on public display in its
office. Members should always be aware of how their Credit Union is progressing
- after all they have a real stake in the business as they are all
Today could be the right day to
An individual who is interested in saving in a
dynamic system, custom built to support its own members, should look towards their
local Credit Union office for further details.
Maghera Credit Union