Credit unions like Wave Community Bank are different to banks in many ways and one of those ways is how we use your money.
Large banking corporations are notoriously known for investing in foreign goods which can even mean financing the weapon or pharmaceutical industry, but the important thing to remember is that we don’t really know how it’s being used!
With credit unions, their money is ring-fenced under the common bond and so there are tight restrictions with what we can do with our money. As our common bond at Wave Community Bank is to serve members in East Sussex, Brighton and Hove and members of Unite the Union in the South East then all the money that you put into savings stays locally and we only lend to people the money that we have from members in savings.
This means that the more you save with us, the more we can lend to people that otherwise might not be able to access financially-regulated and ethical loans. In some instances they may turn to high-interest payday loan companies or even worse, loan sharks who are targeting vulnerable people in our area.
As we are a not-for-profit organisation, we return our profits to our members in dividends or reinvest in accordance with co-operative principles, to develop communities by combatting poverty and its detrimental effects upon health and educational attainment.
So whatever you do with your money by saving with Wave Community Bank you can be sure that we are using the money to sow back into the community to help others access our financial services and learn how to budget and manage their money better.
So if you’re not already a member then why not join today to help support your local community.
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