What is the Common Bond?
The common bond is the factor which unites the members of a Credit Union together i.e. those living in the same area may join a credit union. It defines the area in which a credit union can operate. The common bond ensures that the savings of members of the community are available to fellow members as loans.
You are eligible to become a member of Swilly Mulroy Credit Union if you live in the Common Bond. Our Common Bond centers on the parishes of Fanad, Milford, Kerrykeel and Rathmullan.
The common bond is essentially people doing it for themselves. It demonstrates effectively how a credit union is a credit co-operative with members working together to achieve a better life for themselves.
Because of the common bond, all members have the good of their credit union at heart; they know and trust each other. The common bond ensures that the savings of members are available to fellow members as loans. It also enables credit judgements to be made on character and personal record as well as on a commercial risk factor.