Project Credit Union - Day 5

Both James and I were distracted with other things yesterday which means that these here are some super short notes.

London Capital CU online access

I was able to login to my London Capital CU online account today, which was pretty exciting. I can see that they’ve taken £5 of my £10 deposit for the lifetime membership fee, and can see that I’ve got £5 remaining in the account. I haven’t played with it in any great depth yet but it looks like it may just offer a read-only view of my transactions.

The fact that there were a couple of days between receiving the email about the online account, and seeing the transactions appear makes me wonder if they’ve got a manual process in place to mirror the transactions in their credit union account to the members’ online accounts.

Alternatives to credit unions

James and I chatted over lunch about credit unions and tried to understand why some of the rules and regulations might have come about. That all lead us to wonder whether credit unions really were the right choice for this project and James spent some time investigating friendly and building societies. It’s not clear that we could use either of these but hopefully we’ll start to build up a list of alternative bank-like entities.