Every Credit Union has a 'Common Bond'
The “common bond” is the legally approved criteria, which
specifies who may become a member of the credit union.
The “common bond” is something that the potential members of the
credit union share in common. ie: the potential members may be members of the same
The sharing of a “common bond” is reputed to act as a form of
“moral persuasion” which encourages borrowers to repay money loaned from the savings of neighbours,
friends or colleagues.
It is the existence of a “common bond” which makes credit unions
different to traditional localised building societies. Membership is limited to only those who share the
The Credit Unions Order NI (1985) requires the Companies
Registry in Northern Ireland (DETI) to ascertain that a “common bond” exists amongst the potential membership of a credit
The 'common bond' of Kilrea
& District No.5 Credit Union is as follows:
"Membership of the Kilrea District No.5 LOL and
their families and friends"
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