How do the Amish do their banking? Besides conventional banks, (such as the Bank of Bird-in-Hand), they also make use of credit unions.
This article in the Credit Union Journal (did anyone out there know there was a Credit Union Journal?) looks at three credit unions who count significant numbers of Amish among their clientele. They are Everence (Lancaster County), Geauga Credit Union (Geauga County, Ohio), and Brewster Credit Union (Brewster, Ohio).
There’s a lot of good info in the piece, but I found this bit particularly interesting, about a very Amish-specific type of loan:
Geauga offers a product that may be wholly unique in the financial services industry — a Horse & Buggy Loan. Since the Amish do not drive automobiles or trucks, they do not need auto loans — but they do travel in old-fashioned horse-and-buggies and they don’t come cheaply.
Briggs said that a new horse-and-buggy can range in price from $6,000 to $8,000 from local manufacturers, and are quite popular with young Amish gentlemen. For the older Amish who already own their own horse-and-buggies, the credit union has a hitching post in their parking lot as a convenience.
If you’ve ever wondered how Amish use financial institutions, you’ll find the article a good read. Read it in full here.
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