Credit union asset

Press, 8 March 1989, Page 45

Credit union asset

One of the great assets of membership of the Manchester Unity Society is access to the Credit Union. Each new member of the Society automatically gets $5 in their credit union account. “We are extremely competitive both at lending money and paying interest on deposits,” said the North Canterbury district secretary of the Manchester Unity Friendly Society, Mr Mel Neale. “To the end of last November our members received 17.5 per cent while those over 65 got another half of a per cent. At present we lend to members at 17 per cent for personal loans, 15 per cent for first mortgages and 17 per cent for second mortgages. Another advantage of membership is a free lifesaving insurance cover up

to the age of 65,” he said.

The financial affairs of the Society, while administered by the Grand Master and Board of Directors, are closely watched by the Registrar of Friendly Societies, a government officer.

An actuary carries out valuations every five years of some of the Society’s funds to establish its profitability and then advises of the surplus which is available for distribution as increased benefits to the members of these funds.

Manchester Unity is a registered society under the Friendly Societies and Credit Unions Act 1982

“Our investments include first mortgages and other extremely secure areas such as Government Stock and Mortgage Bonds.” said Mr Neale.