Let's say I have a loan of €500 with my credit union and savings also of €500. If I wish to withdraw a measly €3.00 to pay for my toll charge, it will have to be approved by the board of directors at their next meeting. And if their last meeting happened to be yesterday, then I will have to wait for a month to get my €3.00. And that's the law.
.Credit Unions are not looking for a bailout, so no idea where you are pulling that idea from, its a down right lie anyway
What happens when some Credit Unions announce that no dividend will be paid this year?
Even those C.U.'s that intend to pay a dividend, normal percentage or not, will surely experience a run on deposits, as rumours begin and panic sets in.
Should the wise remove their savings now, rather than face that scenario?
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