Ballinascreen Credit Union Limited
CU AT YOUR PLACE
Ballinascreen Credit Union Limited is a proud cooperative financial institution that provides a wide range of financial services to its members.
Some Questions & Answers
Some Questions & Answers
Q. What is a Credit Union?
A financial co-operative owned and controlled by its members, for its members.
Q. Why do Credit Union 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.
Q. Who owns a Credit Union?
The members own the credit union.
Q. Who can join a Credit Union?
Anyone who meets the qualifications for membership prescribed by the standard rules, to include having the common bond, is entitled to become a member of that credit union.
Q. What is the common bond?
The common bond is the factor which unites all members of a credit union. It defines the area within which the credit union can operate e.g. residence or employment in a particular locality, being employed by a particular employer etc.
Q. What is the common bond of Ballinascreen Credit Union?
Anyone living or in employment within a 6 miles radius of Draperstown can apply to become a member of Ballinascreen Credit Union.
Q. Who runs a Credit Union?
A voluntary board of directors, elected by the members at a general meeting, runs the credit union.
Q. What can a Credit Union do for you?
Your credit union can help you achieve financial independence through regular savings and fair and affordable access to loans.
Q. What does it cost to be a member?
After completing the application process a person becomes a member whenever he/she acquires at least one share which is the minimum shareholding (i.e £1).
Q. What are the advantages of being a Credit Union member?
• Credit unions are owned by all their members. One Member One Vote.
• Every credit union is a 'not-for-profit' financial co-operative.
• Surplus income generated is returned to the members as a dividend to savers and interestrebate to borrowers or it may be directed to improved or additional services for members.
• Membership of a credit union is open to people who have, in relation to all other members, a unique 'common bond'.
• There are no transaction charges on loans or saving accounts.
• Savings are insured at no direct cost to the eligible member.
• Flexibility - you can repay a credit union loan eariler or make larger repayments than agreed with no penalty.
• The credit union also works in co-operation with the local community.
• There is also a wide-range of insurance services for members.