Big day cel­e­brates suc­cess of credit union move­ment

Rutherglen Reformer - - International Credit Union Day - 20th October -

In­ter­na­tional Credit Union Day has been cel­e­brated on the third Thurs­day of Oc­to­ber since 1948.

The day is recog­nised to re­flect upon the credit union move­ment’s his­tory and to pro­mote its achieve­ments.

It is a day to hon­our those who have ded­i­cated their lives to the move­ment, recog­nise the hard work of those work­ing in the credit union in­dus­try and show mem­bers ap­pre­ci­a­tion for their sup­port.

La­nark­shire Credit Union was founded in Novem­ber of 1991, back then known as Blan­tyre Credit Union.

Over the past 25 years they’ve built up an adult mem­ber­ship of 12,800 and over 6000 ju­nior savers.

The La­nark­shire mem­bers hold over £12,500,000 in sav­ings and over £6,000,000 in loans.

A credit union is a fi­nan­cial co­op­er­a­tive owned by its mem­bers, which of­fers a sav­ings and low cost loans ser­vice to its mem­bers.

Credit unions ba­si­cally work by mem­bers sav­ing to­gether to cre­ate a pool of money from which low cost loans are made.

They are not-for-profit fi­nan­cial co­op­er­a­tives guided by nine prin­ci­ples, in­clud­ing demo­cratic con­trol, so­cial re­spon­si­bil­ity, and re­turn­ing all prof­its to mem­bers.

This year’s theme is “The Au­then­tic Dif­fer­ence,” a de­scrip­tion of credit union’s co­op­er­a­tive struc­ture and prin­ci­ples. La­nark­shire Credit Union cel­e­brates ICU Day be­cause it be­lieves bank­ing should be prin­ci­pled. The aim of the credit union is: To en­cour­age mem­bers to save reg­u­larly.

To pro­vide low cost loans to mem­bers.

To en­cour­age care­ful money man­age­ment among mem­bers.

To de­velop a sense of co­op­er­a­tion and com­mu­nity.

Credit Unions have be­come in­te­gral parts of our com­mu­ni­ties.

Tra­di­tion­ally, credit unions have been small, non-profit fi­nan­cial or­gan­i­sa­tions set up by mem­bers with some­thing in com­mon to ben­e­fit their com­mu­nity.

Many credit unions of­fer prod­ucts on­line and most have some form of com­mer­cial premises.

There are now about 500 credit unions in the UK, and about a mil­lion Brits are mem­bers - and this num­ber is in­creas­ing every day.

They’re there to pro­vide a fi­nan­cial com­mu­nity.

On ICU Day, La­nark­shire Credit Union joins the 217 mil­lion credit union mem­bers around the world in cel­e­brat­ing the peo­ple-first prin­ci­ples that have helped lift peo­ple out of poverty and strengthen com­mu­ni­ties all over the globe.

The pub­lic is wel­come to stop by and cel­e­brate with La­nark­shire Credit Union a move­ment that con­cerns it­self with the fi­nan­cial suc­cess of all peo­ple.

Ser­vice La­nark­shire Credit Union mem­bers hold over £12,500,000 in sav­ings and over £6,000,000 in loans

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