FAQs

Welcome to our Frequently Asked Questions section where you will find out everything you need to know about Dromara & Drumgooland Credit Union.

What is a credit union?

A financial co-operative, owned and controlled by its members, for its members.

Why do credit unions exist?

To service the financial needs of their community, on a not-for-profit basis, and to retain members’ savings in their community for the benefit of all the members.

Who owns a credit union?

The members own the credit union.

Who runs Dromara & Drumgooland Credit Union?

Dromara & Drumgooland Credit Union is run by a voluntary board of directors who are elected by members at the Dromara & Drumgooland Credit Union AGM.

How much do I need to have in my account to be a member?

To be considered an active or full member of Dromara & Drumgooland Credit Union a member must have at least £6.35 in their share account.

Can I nominate my savings with Dromara & Drumgooland Credit Union?

Yes. All members are entitled to nominate (up to a maximum of £23,000) a person to whom they wish to leave their savings with the credit union in the event of their death. Note: In the case of the death of one joint account holder the monies in that account automatically become the property of the second account holder who is then entitled to nominate a person to whom they wish to leave their savings with credit union.

I have heard the credit union offers some free insurance, is this true?

Yes. Dromara & Drumgooland Credit Union provides members with three free insurance services. These are paid for out of the credit union earnings, so you pay no individual charge as a member, are Life Savings Protection Insurance, Loan Protection Insurance and Death Benefit Insurance.

Note: Certain Terms and Condition apply.

What type of loan can I apply for?

Credit Union members can apply for loans for any worthwhile purpose for example car loans, home loans, educational loan, business loan, etc.

Can I withdraw my savings after I have taken out a credit union loan?

Savings which are not greater than the value of outstanding loan amount are held as security and cannot be withdrawn. Savings which are greater than the outstanding loan amount can be withdrawn down to the value of the outstanding loan. In exceptional cases the Board may approve the withdrawal of savings down to 25% of the outstanding Loan balance.

What exactly are Credit Union “Shares”?

All savings (up to a Board Specified limit) are called “Shares” in Dromara & Drumgooland Credit Union. Each “share” represents £1 in value. So if a member has £10,000 saved, they in effect, hold 10,000 shares. Each year-end, the credit union pays a “Dividend” on the shares held by each member throughout the year. This dividend is credited into the members share (savings) account.