A credit union is a financial co-operative owned and controlled by its members. It is run for the benefit of its members who are all connected through “a common bond” – an area from which St Dominic Credit Union can accept members .The credit union is operated by a Board of Directors who are elected by the members at each Annual General Meeting. The Board appoints a General Manager and staff to oversee the day-to-day operations of the credit union. The Supervisory committee oversees the Board in the performance of its functions.
The credit union is a not for profit organisation and any profits which are generated are given back to members annually through a dividend, or are reinvested into the credit union.
Credit Unions are successful in providing a range of financial service to its community and give members the opportunity to have control over their own finances by making their own money (savings) work for them.