Project Credit Union - Day 3

I don’t think we made quite so much progress yesterday. It’s probably the levels of legalese we’re being exposed to: We’re definitely taking way more than the recommended daily amount.

Alternatives to ABCUL

James managed to find a number of organisations that appear to offer a service similar to that of ABCUL:

• ACE Credit Union Services
• UK Credit Unions
• net Credit Union Development Agency

I find it slightly odd that it took a couple of days before we came across these organisations. I wonder whether they’re simply smaller, newer (or both) than ABCUL.

Forming an IPS

James spent some time going through the registration form to become a new Industrial and Provident Society. We’re still not 100% sure whether we need to form one of these before we can start a credit union but we do at least have slightly more information about them now. It even looks like this could be quite cheap, possibly even £40, providing we can use the model rules without amendment.

How does banking even work

I spent quite some time trying to understand how various payment methods work. Having fallen into a couple of Wikipedia holes I eventually stumbled on the Payment Council’s Pay your way website. I was pleasantly surprised at how well this explained the differences between the main payment methods available.

London Capital CU online access

I received notification that the online account for my credit union had been set-up. Unfortunately, it also says that it could take up to another 48 hours before I can use it and I’m currently unable to login so I guess I’ll have to wait a little longer for that.