Natural Economy

Only when the notion of family is restored to economics will there begin to be justice and wealth for everyone

Monday, October 03, 2011

Local credit union - alarm bells. Maybe only due to my ignorance (I hope so!)

I looked for a local credit union, thinking it was overdue to move away from big banking, and came across Surrey Save.

OK so far; but then I read in the opening blurb (emphasis added): "
It takes just three minutes for you to support SurreySave Credit Union – a new and real alternative to the high street bank. Unlike many other financial service providers, SurreySave will be a community-based organisation. We’ve applied to NatWest Community Force for funding to help us set up groups..."

Now, correct me if I'm wrong, but I'm bothered by the involvement of NatWest (not to mention their use of the weasel-word "community" in the title of their "service"):

- doesn't sponsorship imply control?

- the eagerness with which Surrey Save speak about their application to a big bank for sponsorship seems servile, implying perhaps a belief that this will give them more credibility. If this is the case it seems to go against the spirit of credit unions, which - if I have understood correctly - are setting up an alternative and independent financial power and authority.

I stand to be corrected as I am very new to all this. I hope I am wrong in thinking that this sponsorship implies any loss of independence on the part of the credit union.