What is a Credit Union?
A credit union is a group of people who save together and lend to each other at a fair and reasonable rate of interest. Credit unions offer members the chance to have control over their own finances by making their own savings work for them. Regular savings form a common pool of money, which in turn provides many benefits for members. Each credit union is owned by people like you, the members, who both save with, and borrow from it. As a member, you will receive a dividend, if declared, on your savings and you have access to loans at fair and reasonable rates.
What are the benefits of a Credit Union?
The main benefit of a Credit Union and any other savings facility is that members own the Credit Union. Credit Union's do not operate to make a profit. Our main focus is to serve our members.
What is a Common Fund?
A common fund is all the money that members have in savings. As the amount of shares build up, the common fund grows. This is then available for providing loans to members. Saving regularly gives members benefits and ensures that there are funds for use by all members.
What is a Common Bond?
A common bond is an area which unites all members. Douglas Credit Unions common bond runs from Douglas to Ringaskiddy. This means that anyone living or working in these areas can become a member of Douglas Credit Union.
What are Shares?
A share is what you get for saving into the Credit Union. For example every 1 saved is equivalent of one share in a credit union. Each share is eligible for a dividend at the end of the year. The more savings held by the Credit Union, the more funds are available for loans to members.