Why can't Credit Unions pay interest on savings anymore? Wheres all the money going?
I don't understand this. I set up Credit Union accounts for my kids when they were born because you know, thats where you save, and I've recently took the money out and tried some other savings options for them - a BOI Childsave, and a Zurich Childsaver Investment Account. But I'm so pissed off with the Credit Union. When I was a kid I saved money in the Credit Union and I remember the novelty of watching that money grow, not huge growth but some interest was paid so the amount increased.
Credit Unions are supposed to be not for profit but in the 7 years since I started my eldest's account, not a cent of interest was paid on those savings. They now charge fees for current accounts, and make plenty no doubt on all the loaning they do now - where the heck is all the money going?! How is it that a not for profit financial institution can't pay anything to its members?
Our local is Link Credit Union btw.