The Abbeville press and banner. [volume] (Abbeville, S.C.) 1869-1924, 1915-07-07
more ABOUT
CREDIT UNIONS
III Yon Wish to Get One Started,
Write to Prof. Camp
dProgressive Farmer)

~ez.~:, A credit union is a savings
-:sssAEry.
Who may form a credit union?
ANY group of neighbors who want II
,ssN:p all their spare money, however
ftst;3sa that may be. The youngest
In Sloe family is to be taught the les
sxn u saving pennies. The parents
:xYYsH older brothers and sisters are to
a.avx for the credit union.
Woes every neighbor join a credit
I7non? No; only those who work n
xn7 their debts may become mem
ioerA
Who are the people who form ere
g0a unions? Those who belong to the
TIE church, Farmers Union, or
s7assr organization, or those who
-a5ryk at mills or stores in the same
ssrn. The more interests people
.ga,srve in common the better they will
.=sssA together in a credit union.
What becomes of the money which
g@oe members have toiled for, and
Esabaed to the keeping of the credit
;;1rsnn? The savings are not boarded
-, esaz Slept busy. The union lends them
Is a1s members. If any of the saw
Rc6ss are not loaned they are deposit
.ess IN a safe bank waere they earn
-Tnts1est.
DO. the members get paid for lend
Eng their savings? Yes, four cents
.xr every dollar that is left with the
urfun for one year.
Gan a person withdraw his savings
-rrysn the union in case he needs them
sar his own use, Yes, upon proper
roUra.
How is the union able to pay its
IxnEnbers for savings? 1t charges any
x1x1nber who borrows six cents a year
-gry each dollar borrowed. If the time
as only half a year then the interest
charge would only be three cents for
..ssVEry dollar borrowed.
Can a member borrow money for
any purpose? No; members a Dor
ruw .crly to spend it for productive
rurposes. Would spending the mon
oer Tor a buggy be allowed? No. For
All automobile? No. For tickets to
.rbs rircus or the movies? No. To
.pxy did debts? No.
why not, are these things not
-1sseSlf? Yes, but they do not help the
, s.9x1o1 to grow nor bring it to the
11anaet. If a plow were needed to
HesEsEr the soil more deeply or if a
zssw wagon were necessary to haul
&ta rctron to market a member might
hcurow the money with which to buy
t !he pillow or wagon.
Es this credit union not a bank?
Esss.. land no. Like a savings bank it
helps people to ave Like a state
~ 1iaIional bank it helps borrowers
t-o n1egcredit they need. But a bank
r&szHs INIT limit its loans to its men,
-&toe1s.
Is not 8 credit union a competitor
o Of a bank? No, they have not proved
: ~. The people who become members
= aDF q credit union are not those who
'1eSe their savings to banks nor are
I -hey those who borrow from them.
'Izy!sar credit union takes its funds to
tslns bank.
May then become a share holder
~ r credit union? Why not, if you
.fa4vE a dollar to spare?
Nast not one who desires to be-
r..zxnr a share holder in a bank nave a
Ss1pdred dollars to buy ever one
:Ssare? Yes. But not in a credit un-
EnE- In a credit union shares may
be made any size from one dollar to
sezne hundred.
.isus if all in our neighborhood
..sosntd, farmers, teachers, and pas
..rlo1, there would be only 40 of US;
:sszra if we made our shares five dol
.&a2s and each took one and paid n
" dollar as a first payment our capital
>~ouEo be only forty dollars to start
-sy1th. Surely so small a capital
vSeald not be worth considering. Yes,
1t would in a credit union. The first
~yco-Uperatlve bank established in Am
.sesfra began with a capital of twen-