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The RMT Credit Union Limited operates as a democratically run, member-owned and -controlled financial services co-operative. It aims to provide quality Credit Union services at affordable rates to its membership, drawn from members of the RMT Trade Union.
In an industries which include many workers of low wage-earning potential, the RMT Credit Union provides a convenient method of saving and allows access to affordable credit to many people who have few other competitively priced choices.
As well as being a provider of finance the RMT Credit Union will strive to provide a wide range of services to its members including insurance.
The mission statement of RMT Credit Union, therefore, is to be:
"a key provider of quality financial services at a 'value for money price', accessible and available to all members of the RMT trade union, and responsive to their changing needs."
The Core Values of the RMT Credit Union Ltd
The key aspect of RMT Credit Union is to provide a basic range of financial services to its members in an affordable, friendly and understandable format.
Despite the fact that many of its members may have few other financial choices, it aims to deliver its services in such a way that the members will want to come back to the Credit Union for additional services and Credit Union related advice.
The Credit Union is managed and directed by a team of highly dedicated volunteers and paid employees, and the closeness of the bond between RMT Trade Union members allows the Credit Union to deliver its services in a highly personalised, and yet professional manner.
Certain characteristics of RMT Credit Union allow it to strategically position itself in a way that differs from many other financial services providers, namely:
1. It is an ethical lender and, most importantly in an area of low wage potential and some instances unemployment, surpluses generated are paid back to members in the form of an annual dividend on savings held over the previous financial year.
2. It delivers its services via a low cost base, due to the fact that the Credit Union is run by mainly volunteers, resulting in a very low charging structure for its members. The backing of RMT Trade Union to adopt the Credit Union as a service to its members puts RMT Credit Union in a unique situation.
3. The Credit Union is owned and democratically controlled by members on behalf of members.
The main strategic aims of RMT Credit Union are:
To provide prudent, efficient and cost effective financial services to members within its Common Bond this is membership of RMT Trade Union.
To encourage as many volunteers as possible to take part in the democratic running of RMT Credit Union
To provide good quality basic financial service products to its members. Many of whom have low income as a result of unemployment, or retirement through old age or ill health.