Fletcher Challenge Employees Credit Union

What is a Credit Union?

The purpose of a credit union is to offer low-cost financial services to their members. Credit Unions are based around a group of members who save and borrow from each other at reasonable rates of interest with a sensible approach to fees and other charges.

The ownership structure of a Credit Union is democratic. Members purchase shares from the Credit Union when they join. This share entitles the member to an equal say in the running of the Credit Union no matter how big or small their deposits or loans might be. A board of directors is elected from the total membership and co-ordinates the management of the Credit Union.

Each Credit Union serves a group of members who share a common bond. Only people who qualify as part of that common bond can join a particular credit union. This is a legal requirement and must be adhered to.

Find out more about our common bond.