A NO BRAINER

RMT helpline 0800 376 3706 :: july/aug 2025 :: RMTnews 28 KEEP IT SIMPLE You just save a minimum of £5 per month and then after a short time, you can borrow from us. As you pay down your loan amount each month, you only pay interest on the outstanding balance. There are no hidden costs to saving and borrowing with the RMT Credit Union. If you pay up early you simply pay the balance and any interest due at the time. NO Handling or Administration charges and NO penalty charges. We have accounts to help you put money aside for your holidays, Christmas or even encourage your children to save.  For more information, check the RMT Credit Union Website or fill out the application form on inside back page. Run by RMT members for RMT members and their families. The key to the RMT Credit Union is 'keeping it simple' Find out more c.union@rmtcreditunion.co.uk Tel: 020 3535 5820 https://rmtcreditunion.co.uk/ Being a part-owner in your own bank must be a good thing, right? Starting it up is probably beyond most of our membership but RMT has already set up a savings scheme for its members in the form of a Credit Union. This facility, which is only available to RMT members and then families, was explained to me when I was on a Workplace Reps course at HQ in Doncaster last year as I had no idea it was a thing. After listening to the information on the Credit Union, I signed up in minutes while still sitting in the classroom on the course. I should of course have been listening to the tutor. After saving for a few months, I got to thinking why every member of the RMT union was not a CU member as it really was a 'no brainer'. One of the reasons I believe is the awareness of members, not just of its existence, but what it offers to us as members. The story in the course I was on ran through the basics but the thing that got my attention was that the model was inherited from a large Australian union, the MUA, with more members than the RMT and covering more industries. During a period of industrial action in Australia the workforce managed to break down the employer (the Australian government in this case) and won a dispute by taking long term strike action. The ability of members to sustain long-term strike action was because all their mortgages were held by their Credit Union. Thus, the Credit Union was able to suspend some mortgage payments during the dispute. That of course meant that the membership could maintain a much longer period of strike action in support of their dispute, and this ultimately tipped the balance in their favour and the dispute was won. If every RMT member joined our Credit Union, it could put us on a path to achieving a similar facility in the future. Not only would this benefit current members but it would also promote RMT membership to get access to the facility. We would also be creating a legacy for future members of our union of all grades by being able to use our own ‘bank’ for mortgages, loans, Summer and Christmas Savings Clubs to name but a few potential services. ‘A NO BRAINER’ RMT Credit Union member Mike Swift outlines the benefits of joining