What is a credit union? - a financial co-operative, owned and controlled by its members. Credit unions offer a range of savings accounts, with members choosing how much – or how little – they want to save. They also offer loan products with the focus being on the member’s ability to afford repayments.
What is the criteria for joining? - You must live or work within the 'G' postcode.
How do I join? - Quickly and easily by completing an application form and providing us with two forms of identification, one preferabley photo identification and the other an official letter dated within the last 3 months.
What are the interest rates on savings? - Rather than receive a fixed interest rate on their savings, credit union members share in a dividend payment which is based on the surplus earned by the credit union over the course of the financial year. The level of dividend will usually vary from year to year, depending on how successful the credit union has been.
Is my money safe with you? - Absolutely. Like all major financial institutions, we are covered by the Financial Services Compensation Scheme (FSCS). The FSCS can pay compensation to depositors if an organisation is unable to meet its financial obligations.
We are also authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. This means that we meet strict conditions for trading, we are required to submit information on our financial performance to the regulators every three months and our directors and senior staff are vetted by the regulators.
How I can I withdraw my money? - You can access your money by calling into the office or by email. A withdrawal can be made from your Share or Savings account immediatley unless you have a loan where the share account funds are held as security against the loan.
How much can I borrow? There is a strict loan policy which outlines the requirements for borrowing which includes the amounts. Follow the link:-http://dumbartoncreditunion.org/login/uploads/Loan~policy.docx
Why do I need to provide income and expenditure details? - Loans are based on affordability, so as a responsible lender, we ask you to confirm your income and expenditure. Many loan applicants will be required to send in copies of wage slips and bank statements to show these incomings and outgoings.
Why do you need information on my partner's income? - A key factor in deciding to approve any unsecured borrowing is that the member can afford the repayments. That decision is based on the HOUSEHOLD income and expenditure, which is why we ask for information about a partner’s income