The Credit Union “Mission Statement”
 The Mission of the Credit Union is to promote the financial well being of its members. To achieve this purpose the Credit Union is committed to providing a broad range of innovative financial products supported by the excellent service of a dedicated, well-trained staff. These programs will be administered in accordance with sound management practices to maintain the financial strength of the Credit union. The Board of Directors, Management and Staff of the Credit Union hereby affirm that the efforts of the Credit Union will be consistently and professionally dedicated to the accomplishment of this mission.
What is a Credit Union?
The modern Credit Union movement traces its origins to Germany and to Friedrich Willhelm Raiffeisen, the Mayor of a small town in southern Germany, who in 1849 formed societies, which later evolved in to Credit Unions. The purposes of these Credit Unions was to enable people to help themselves in relieving debt and poverty.
Western Isles Credit Union Ltd is a community based financial co-operative owned, run and controlled by its own members. All Credit Union members have something in common (the common bond) and every member has an equal vote in the running of the Credit Union.
Western Isles Credit Union Ltd is a non-profit making financial co-operative run entirely by the people for the people. How do Credit Unions work for members? Savings are pooled together to be used as a common fund from which members can apply for loans. Credit Unions encourage people to save, and members have financial security through low cost loans.
When someone joins the Credit Union they open an account (savings). It is called a share account because individuals become part owner of the Credit Union. The Western Isles Credit Union common bond area is a work or live membership, to cover all islands in the Outer Hebrides.
Since Credit Unions are not-for-profit organisations, any money made above the cost of operations is returned to the members in the form of dividend.
Credit Unions in the UK were in existence for some time before the movement gained momentum in 1979, when the Credit Unions Act was passed.
Since then, the Credit Union philosophy of mutual self-help has proved very popular, and there are now over 600 Credit Unions affiliated to the Association of British of Credit Unions (ABCUL) throughout England, Scotland and Wales.
In the UK over 360,000 members have recognized the value of credit unions, and have savings approaching 300 million pounds with their credit unions. There are thousands employed in the sector and many more thousands are volunteers involved in the movement. | 
07 September 2010
