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Credit Unions Growing Worldwide

October 28th, 2011 -

globeThe worldwide credit union movement has seen phenomenal growth in numbers with a 4 million increase in members on the previous year. Currently the World Council of Credit Unions represents some 53,000 member credit unions in 100 countries, with over 188 million owner-members.

NZCU Baywide chief executive Gavin Earle said the huge upswing in popularity globally is because people are expressing a genuine desire for socially responsible choices in terms of who they deal with.
“Given what has happened around the world after the Global Financial Crisis, it’s understandable that more and more people are being attracted to trustworthy financial service providers like credit unions,” said Mr Earle.

Collectively, credit unions rank amongst this country’s largest financial service providers (by financial transactions), with one of the largest ATM networks in the country outside of the major banks.

Credit unions are 100% democratically owned by their members, with every member having one vote in terms of how the credit union is run, regardless of their level of investment. And being member owned means all ‘profits’ are returned back to members through a combination of improved customer service, fairer fees, better interest rates and local community sponsorships

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