CU ONLINE - MEMBERS AREA 

SAVINGS 

Shares 

Downpatrick Credit Union encourages its members to develop the habit of regular savings in order to promote good financial management amongst its members. If you develop the habit of putting some money in the credit union on a regular basis, saving will become less difficult. 
 
As the credit union is owned by its members, your savings with Downpatrick Credit Union are known as shares. Each share you hold in your credit union account is equal to £1. Annual dividends may be paid on shares depending on the year end surplus funds. The rate will be declared at the AGM and any dividends are paid into shares after the AGM. 
 
It is through the accumulation of members’ shares that the credit union has the ability to grant loans. As shares act as a security against loans, members are advised to continue to save whilst repaying a loan. 

Balances 

A minimum of £5 must be maintained to keep your account open. If this falls below £5, you will no longer be eligible for the free insurances provided by Downpatrick Credit Union. 
 
£20,000 is the maximum balance for shares. Any excess shares will be issued by cheque and posted to members. 

Security on a loan 

Share balances at the time of a loan issue are held as security. In the circumstance of a secured loan, this will be no more than the value of the loan. 

Lodgements & Withdrawals 

Lodgements can be made by cash, cheque (payable to account holder of Downpatrick Credit Union), bank transfer, card payment or standing order. 
 
Withdrawals can be in the form of cash, cheque or bank transfer. A member who has no loan can withdraw part/all savings in the credit union during office hours. When a member has been issued a loan in excess of their shares, these shares are held as security. Therefore, the only shares that can be withdrawn are those saved after the issue of the loan providing the loan is not in arrears. If you choose to withdraw your shares. 
 
Members are encouraged to consider taking a loan to meet their needs, thereby keeping their savings and the insurance they have earned intact. Members of staff can advise of any insurance implications. 

Easy Shares 

Easy shares are designed to allow members to save for occasions such as Christmas, holidays, annual bills etc. Annual dividends may be paid on easy shares depending on year end surplus funds. The rate will be declared at the AGM and any dividends are paid into shares after the AGM. 
 
There is no minimum balance required for an easy share account. £3,000 is the maximum balance. 
Easy shares cannot be used as security on loans. 
 
To open an easy share account just visit our office with some photographic ID. 
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