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My understanding is that the British building society is more akin to a credit union, being owned by its members, than a bank. Is that not the case?
by eric_the_read 10y ago
My understanding is that the British building society is more akin to a credit union, being owned by its members, than a bank. Is that not the case?
- tvladeck 10y agoI was more speaking to the origin of the term (as in, a society of people pooling their money to build buildings); not how it's used today. You may very well be correct and that would make sense.
- alblue 10y agoMany building societies became banks over the last couple of decades. However, some are still mutually owned, such as the Narionwide and the Co-op.