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Comment by nollidge | Hacker News Reader

Other people brought this up, but it's strange you don't mention credit unions, since according to the Irish Examiner [0], 75% of Ireland's citizens have a credit union account, which is the greatest proportion of any country [1].

[0] http://www.irishexaminer.com/business/75-of-irish-adults-in-...

[1] http://en.wikipedia.org/wiki/Credit_union#Global_presence

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My issue with Credit Unions is that they don't offer stuff like current accounts, atms etc, are really open, are exceptionally slow at allowing you withdraw. That's just my experience, but I don't think you could actually bank with a credit union, which is what I'm trying to get at

What is a 'current account'?

current account = checking account in US terms :)

In the UK a Current Account is basically equivalent to a US checking account. So your average day-to-day account normally with a debit card, cheque book and easy access. It might also offer an overdraft facility. Typically you'll get zero or very little interest on any money in the account.

What Americans call a 'checking account'

Those are pretty much all untrue of the credit unions I have experience with in the US, but I don't doubt that things could be very different elsewhere.

I don't understand what you mean by "bank with", then. I put my money in and take it out as needed with my credit union. I have direct deposit, a credit card, checking, and savings. I have web-based tools where I can immediately shuffle money between accounts.

What is missing from that set of use cases?

EDIT: Oxford comma

I think the US (like always) is maybe a little lucky when it comes to CU's, but copying from my postscript I think if you were to look at the three things I mentioned - online, non profit and open source, non profit is the one I think is least differentiable if that makes any sense. I think an online open source bank is the real innovative part, not the non profit part.

Don't forget, non-profit != not-for-profit.

Credit unions cannot really exist as non-profits; they aren't funded by donations, and they generally do have to operate at a small profit.

Most credit unions are not-for-profit. They must operate at a small surplus in order to guarantee solvency and operational cash. A typical company generates profits for the benefit of owners & shareholders, whereas the credit union not-for-profit generates profit to provide better services, better rates, etc.

(Non-profit status is usually for charities, and banking is not a charitable activity.)

In Ireland, Credit Unions are primarily for loans and savings accounts. You don't get web based tools, or credit cards or any of the other practical parts of having a checking account at a bank here.

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