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 association.

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 common bond.

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 union.

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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Ayn Rand

Money is the barometer of society’s virtue.

 A creative man is motivated by his desire to achieve,

not by his desire to beat others…..