if you are going to put out loans.. (which are very risky buisness to begin with) I would suggest getting yourself setup as a financial institution in your country of choice, and abiding by those laws, and only taking loans from people who can be held to those laws.
otherwise you may find yourself in a bit of a hellish area.
as for the credit union itself.. id say give a variety of options for what people want to do with their money while its in savings. whether they want to keep it there, put some of it in to your hands for low risk capital gains.... whatever.
as for transaction fees... what kind of transactions are you thinking about? like handling monitary transactions to other people in other currencies? or.. what?
also, what other ways do you intend to make money with the money that is being held?
The way loans work here is that the members fund the loans by investing whatever amount seems fit to them. This way it is less of a risk to everyone involved. When someone requests a loan that persons "trust" rating is displayed, giving the investor a choice of what loan they feel comfortable investing in. Based on the amount they invest and the current interest rate set by the members determines the return to the investor.
Let's be honest here, bitcoins are a great idea and I support the cause and want to provide a service to give back to the community, but since bitcoins are not recognized as legal tender I am reluctant to call this a financial institution. This credit union plays the role of one, yes, but it is within the bitcoin community that I offer my services to. We may call it money, but we do so because it is simply a virtual good that has value given to it by the community and can be sold for legal currency. This credit union will never handle any legal currency and I prefer to stay away from that grey area.
The credit union makes money from votes cast by it's members to increase or decrease other bank fees like transfer fees and loan interest, votes can also determine the dividends that are paid out to members. It is in the interest of the credit union members not to make these fees go away because then the credit union has no income, thus there would be nothing to pay out to its members.
Currently the function of the savings account is a foundation for holding of funds with the intent to invest, but for now it simply serves a purpose by paying dividends to members based on the amount in their savings account. Remember though to put funds into the account you must transfer it there with the fee.
Hey thanks for this, it's very informative.