Q. What is a credit union?
A. A financial co-operative, owned and controlled by its members for its members.

Q. Why do credit unions exist?
A. To service the financial needs of their community, on a non-profit making basis and to retain members savings in their community for the benefit of all members.

Q. Who owns a credit union?
A. The members own the credit union.

Q. Who can join a credit union?
A. Any person over the age of 16 can apply for membership, if they are within the common bond of membership.

Q. What is the common bond?
A. The common bond is that factor which unites all members of a credit union. It defines the area within which the credit union can operate. In Ireland, the most usual common bond are Community bond (where all members live in defined village, town or locality); Occupational bond (where all members are in the same occupation or work for the same employer); Associational bond (where all members are in the same society or association).

Q. Who runs a credit union?
A. A voluntary board of directors, elected by the members at a general meeting runs the credit union.

Q. Who regulates credit unions?
A. The credit union is regulated by the Registrar of Friendly Societies in addition to credit unions affiliated to the Irish League of Credit Unions. Every credit union has an appointed supervisory committee whose role is to protect the interests of members, and to act as an independent watchdog of credit unions. Credit unions are governed by legislation in the 1997 Credit Union Act. Each credit union is run by a voluntary board of directors, elected by members at an annual general meeting.

Q. What can a credit union do for you?
A. Your credit union can help you achieve financial independence through regular savings and fair and affordable access to loans.

Q. What are the operating principles of Credit Unions?
A. Credit Unions adopted operating principles at the 1984 Annual General Meeting of the Irish League of Credit Unions. These 10 guidelines are founded on the philosophy of co-operation, equality and self-help.

These include:

1) Open & Voluntary Membership
2) Democratic Control – all members have equal rights
3) Limited Dividends on equity capital
4) Return on Savings & Deposits – a fair rate of interest is paid on savings & deposits.
5) Return of surplus to members
6) Non Discrimination in Race, Religion and Politics
7) Service to Members – improving services to members
8) On going education – promoting education of members, officers and employees.
9) Co-operation among co-operatives – co-operation with other credit unions at local, national and international level.
10) Social responsibility – advocating social justice and development.

Q. What if I live elsewhere but work in Dungannon's common bond area?
A. You are eligible to join if you live or work within the Dungannon area. If in doubt, please contact us on 02887723729.

Q. Can I transfer my credit union account to Dungannon Credit Union Ltd?
A. Provided that you meet the membership criteria of living or working in Dungannon you can transfer your savings and keep your savings history. You can also transfer your loan – subject to approval by the Dungannon Credit Union Ltd Credit Committee and continue to pay the loan balance at Dungannon Credit Union Ltd.

Q. What are shares?
A. Every £1 saved is equivalent of 1 share in a credit union. Minimum savings of 5 shares/ £5 is needed to keep the account open. You should save regularly to build up a savings history. Each share is eligible for a dividend at the end of year. The more savings held by the credit union, the more funds are available for loans to members.

Q. What is the Common Fund?
A. As the amount of shares builds up, the common fund of money grows. This is then available for providing loans to members. All members are encouraged to save regularly, even when repaying a loan. This gives the member several direct benefits, and ensures that there are funds for the credit union for use by all members.

Q. Are my savings secure?
A. All credit unions are affiliated to the Irish League of Credit Unions and are secured in the following ways:

-All savings are protected by Free Life Savings Insurance.
-All officials of credit union, whether volunteers or staff must be fidelity bonded.
-All monies received are properly recorded and lodged regularly.
-Full financial statements are prepared and available to members.
-Every credit union has an appointed supervisory committee whose role is to protect the interest of members and to act as an independent watchdog of credit unions.

Q. What is life Savings Life Insurance?
A. Life Savings insurance is a life insurance cover Dungannon Credit Union Ltd provides freely to all eligible members as an additional incentive to save regularly and maintain savings in the credit union.

Q. What are the benefits?
A. The nominee will receive a financial sum in the event of your death. The amount you receive depends on your age and how much you have saved in Dungannon Credit Union Ltd over the years. Life savings insurance is provided by Dungannon Credit Union Ltd, there is no direct cost to the member.

Q. Am I eligible?
A. You are entitled to Life Savings Insurance cover when you save with your credit union if you:
-Join the credit union before 70 years of age and
-Are actively at work, and if not working are in good health.