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Frequently Asked Questions
What is Douglas Credit Union? Douglas Credit Union is a not for profit financial institution whose members can save with and borrow from at low interest rates.
What is a common bond? The common bond is the area which Douglas Credit Union can acquire members from. Every credit union has their own common bond. The Douglas common bond stretches from Douglas to Ringaskiddy, taking in Grange, Frankfield, Donnybrook, Maryborough Hill, Rochestown, Passage West, Monkstown and Shanbally. If you would like to become a member of Douglas Credit Union but are unsure if you are within the common bond, you can check here.
What are members? Members are those who choose to use the services of Douglas Credit Union. We work for our members, not for profit. Therefore, when you become a member of Douglas Credit Union, you essentially become a part owner. Being a member of Douglas Credit Union gives you a fantastic range of benefits.
What are shares? Share are what we call savings. For example, every €1 saved is equivalent to 1 share in Douglas Credit Union. All shares are pooled together into a common fund.
What is a common fund? A common fund is all the money that members have in shares. As the amount of shares builds up, the common fund grows. This is then available for providing loans to members. Saving regularly means that this pool grows and the amount available to members to borrow grows.
What happens to my shares if I were to pass away? Every member over the age of 16 is entitled to nominate a person, or persons, to receive their shares in Douglas Credit Union should they pass on.
