The confidence that the credit union has no hidden charges. The knowledge that their own savings are being used in their own community, for provident and productive purposes. Please check with your local credit union for other services provided. Many credit unions offer foreign exchange, world-wide money transfer, saving stamps, extended insurance products, accounts for young children, students etc. From this fund of savings to provide loans to each other.
Shares build up surprisingly quickly once the member sets up a regular savings pattern.
Each share then is eligible for a dividend at the end of the year. The more savings held by the credit union, the more funds available for loans to members. As the amount of shares builds up, the common fund of money grows. This is then available for providing loans to members. All members are encouraged to save regularly, even when repaying a loan.