What is a credit union?
“A credit union is a financial institution…BUT with a difference!”
A credit union is a cooperative financial institution, owned and controlled by the members who use it’s services. Membership is open to everybody who shares the common bond. Credit Union elections are based on a one-member, one-vote structure.
Credit unions are not-for-profit and exist to provide a safe, convenient place for members to save money and to obtain loans and other financial services at reasonable rates.
Credit Unions are non-sectarian, non-political and continue the Irish tradition of co-operative self-help.
Credit Unions provide many of the same financial services as banks, such as savings and loan accounts, foreign exchange services, and much more.
Credit unions exist to serve their members. Banks and other financial institutions exist to make money for their shareholders.
While for-profit institutions must make profits for their shareholders, in a credit union any earnings in excess of operational costs and reserve requirements are returned to the members in the form of increased interest on savings, refunds on interest paid on loans or other new and improved services.
Credit Unions are led by a Board of Directors who give their service on a voluntary basis receiving no remuneration or other financial gain. They are elected from the membership at the Annual General Meeting. Membership of the Board of Directors is open to any member.
About Mitchelstown Credit Union
At Mitchelstown Credit Union we pride ourselves on excellent service to our members. We endeavour to cater for the individual needs of each of our members and we aim to offer our members the best value in loans, return on savings and other services.
Mitchelstown Credit Union is affiliated to the ILCU. For more information about the ILCU and the history of the Credit Union movement in Ireland go to the Irish League of Credit Union’s website – www.creditunion.ie.
Mitchelstown Credit Union was founded in 1966. From small beginnings it has grown to a position where it now plays a major role in the economic and social life of the town and the many villages and local communities that make up it’s common bond.
Mitchelstown is a community-based credit union. It is managed on behalf of the members by an elected Board of Directors of which there are eleven members. The board delegates various responsibilities to committees, while the day to day business administration is left in the hands of full-time professional Management and Staff. A Board Oversight Committee, directly elected by members, oversees the way that the Credit Union Directors perform their various duties and functions.