Operating your Account

*Regular Shares
The Regular Shares account is your main credit union account. A minimum of £5 must remain on deposit in your account to retain your credit union membership. The shares in this account may be used as security against any loans issued.

*Easy Shares
Easy Shares is a separate sub account that can be accessed at any time and not pledged against any loan. This account enables members to save for any occasion and budget more effectively.

*£15,000 is the total maximum share limit across all accounts

Standing Order - Savings Only
If you want to set up a new regular lodgement, please email info@dungannoncu.com. Include your member number and contact details and we will contact you to process your request.
Or call into the office and a member of staff will be happy to set this up. A signature is required in office.

You can pay your account in several ways including over the counter by cash, cheque, debit card, by standing order / online transfer from your bank, or by using our online services on our website and App.
* Withdrawals can be made using our website or App.

Standing Order - Savings Only
If you want to set up a new regular lodgement, please email info@dungannoncu.com. Include your member number and contact details and we will contact you to process your request.
Or call into the office and a member of staff will be happy to set this up. A signature is required in office.

Direct Debit *Repayments on your loan.
If you wish to set up a new regular repayment, please email info@dungannoncu.com. Include your member number and contact details and we will contact you to process your request. *Direct Debit will only be used in regard to loan repayments and should be cancelled when loan is repaid in full.

Bank Transfer/ Card Payment
Create DCU as a beneficiary on your online banking app and pay money into your CU account. Please remember to include your member number in the payment reference field

Cheque
Cheques can be accepted and must be made payable to Member, however, please allow up to 10 days for clearing and access to the funds.

Debit Card Payments
You can make a payment using your debit card on our online member services section of our website or by telephone on 02887723729

If you need some help to make online payments call us on 028 8772 3729 or email at info@dungannoncu.com.

A member who has shares in excess of a loan or no loan account may withdraw part or all of his/her savings at any time, either in the office or using their online account. When a member is granted a loan in excess of the amount of savings at that time, those savings become pledged and may not be withdrawn.
Dependant on Member instruction at the loan issue stage, any additional lodgements may be available for withdrawal.

Forfeit of shares
If you fail to maintain the minimum balance of £5 in your account, you lose your voting rights and the remaining funds may be forfeited to central funds. These funds can be reclaimed at any time by visiting the office and providing Account details with Photo ID.
What happens If a member cannot access their savings account?
If you experience any change in circumstances, please contact us at the office.
IT Services disruption
On the rare occasion our IT Online Services are disrupted you will find up to date information on our website and social media.
Closing an Account
Should you decide to close your account, please call in to our office, bringing a form of current Photographic ID (normal withdrawal procedures apply) and your balance will be returned to you as part of the account closure.

The annual dividend is a benefit which we offer our valued members through the surplus of income we make throughout the year. As we are a member owned non-profit driven organisation we strive to deliver as high a dividend as possible, with figures announced each year at the AGM and deposited in the members’ savings accounts the following morning.

In December 2023, we paid 1% dividend on members savings.

On Dividend / Interest Rebate Posting Day (usually in December) each year, an affiliation fee of £1.25 will be debited from each members account. This fee represents member contributions toward the affiliation fees paid by Dungannon Credit Union to the Irish League of Credit Unions.

If you haven’t made a transaction on your account for at least three consecutive years, your account will be assigned a ‘Dormant’ status.
If this happens your savings will remain secure; however, you will not be able to access them, apply for a loan or benefit from other Credit Union perks until the account has been reactivated.

To Re-activate your account, you will be required to bring two current forms of identification, (one from each section of the table below) by appointment.

We do welcome walk ins if the required documentation below is made available at the time. (Subject also to staff availability)
Please note that one document cannot be used for both photographic identification and proof of address. *All acceptable address verification should be dated within the last 3 months.

Following the death of a Credit Union Member, the family Member should contact the Office on 028 87723729 where they will be helped and supported through all the stages of closing the account.

The nominated beneficiary will be contacted by the Credit Union (The person the Deceased Member assigned to look after their account following their death.)

See details on Death Benefit Insurance (here) which may apply to Deceased Member

Next of Kin Nomination

This is your opportunity, as a member of DCU, to designate the person(s) you wish to receive up to the first £20,000 of your Credit Union shares (including any insurance payable, if applicable) in the event of your death. Amounts over £20,000 will be included in the member’s estate for disbursal according to the terms of the will or, if there is no will, the rules of intestacy apply. Probate (see below) must be extracted on amounts over £20,000. You must update your nomination if you marry, divorce, or in the event of the death of the beneficiary.

Nomination takes precedence over a will.

Wills

Anyone aged 18 or older (or younger if married) and who has assets, should make a will. DIY kits for writing wills are widely available, or you can use a solicitor to assist you in writing your will. Solicitors will charge a fee for their advice and service. If you do not make a will the Rules of Intestacy (which set out the order in which assets are to be distributed as determined by law) will be used to distribute your property and possessions.

Probate and Letters of Administration

Probate is a judicial certificate naming the executor(s) who will administer the estate. If there is no will, Letters of Administration are obtained which name the personal representative of the estate who will administer it.

When a Credit Union member dies, what happens to their shares and loan balance?

When a member of DCU dies, the next of kin should notify our offices to arrange a convenient time to bring in the deceased’s passbook and death certificate. Our staff member will review the deceased’s account and inform you if there is a valid Nomination. If there is a valid nomination, we can discuss the deceased’s account and any insurance benefit due with the nominee only.

If there is no valid nomination, then we can take guidance from the next of kin. Payment of any insurance claim is at the discretion of ECCU, our insurance company. Each situation is different and some can be quite complicated. Regardless of what your particular situation is, our staff are trained to assist you throughout the process.

The three most usual scenarios are:

No valid Nomination and no valid Will:
The estate will be disbursed as per the Rules of Intestacy (or after the Letters of Administration have been obtained if the amount is greater than £20,000).

There is no valid Nomination but there is a valid will:
The deceased’s shares will become part of the estate to be disbursed as per the Will (or after probate has been extracted if the amount is greater than £20,000).

There is a valid Nomination:
DCU will disburse the shares and insurance due, if applicable as per the Nomination. (Amounts over £20,000 revert to the estate for disbursal after probate has been extracted) A valid Nomination takes precedence over a will.