Credit unions

Christy12345

Hi guys, just wondering, see all these credit unions, that are specifically for HSE workees, teachers, guards etc..... What is the difference between them an the ordinary Joe soap's credit Union...... Also is there any credit Union that is specifically dedicated to say factory workers etc

Thanks

Boards.ie: Mark

Moving this into a personal finance forum where you may get an answer.

Christy12345

Thanks

notharrypotter

Christy12345 wrote: »

Hi guys, just wondering, see all these credit unions, that are specifically for HSE workees, teachers, guards etc..... What is the difference between them an the ordinary Joe soap's credit Union...... Also is there any credit Union that is specifically dedicated to say factory workers etc

Thanks

All credit unions operate on the basis of a "common bond".

What this means is that all members of a particular credit union have something in common.
Members of the teaching profession, employees of the HSE etc.

In theory there is nothing to stop all the employees of a factory setting up a credit union but the practically of this with regard to critical mass of potential members and current financial regulations is probably moot.

Most credit unions operate on a parish/village/town basis, where the common bond is living in the parish/village/town.

drake70

Christy12345 wrote: »

Hi guys, just wondering, see all these credit unions, that are specifically for HSE workees, teachers, guards etc..... What is the difference between them an the ordinary Joe soap's credit Union...... Also is there any credit Union that is specifically dedicated to say factory workers etc

Thanks

Edit: Oops missed notharrypotter's post

Hi Christy,

These credit unions you have listed are set up within certain state professions. The Civil Service, Eir and the others you mentioned were all originally set up by the employees in these professions. The membership of these CU's is usually restricted to employees in these areas and to their families and former employees who have retired or moved to another employment.

Certain companies in the private sector may also have their own credit union, but I doubt there would be a nationwide CU for, as you say, factory worker in general.

Hope this answers your question.

coylemj

As above, the link between members of a CU is typically geographic or they have a common employer like the ESB, Garda Siochana etc.

A credit union is categorised as a 'friendly society', they evolved over time from what were known as Industrial (workplace) and Provident (town) societies.