8 The Diamond, Pomeroy, Dungannon, Co. Tyrone BT70 2QX
028 8775 8633 pomeroycreditunion@btconnect.com
Our credit union is for People, not profit!

FAQs

Q?

Can someone make a withdrawal on my behalf?

A.

If you would like someone to make a withdrawal from your credit union account on your behalf, you must complete a withdrawal slip, which MUST be presented to the teller when the transaction is being made. These slips are available from the credit union or can be downloaded Here.

Q?

What is the Common Fund?

A.

As the amount of shares builds up, the common fund of money grows. This is then available for providing loans to members. All members are encouraged to save regularly, even when repaying a loan. This gives the member several direct benefits, and ensures that there are funds for the credit union for use by all members.

Q?

What are shares?

A.

Every £1 saved is equivalent of one share in a credit union. A minimum saving of £10 is needed to keep the account open. You should save regularly to build up a savings history. 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.

Q?

What can a credit union do for you?

A.

Your credit union can help you achieve financial independence through regular savings and fair and affordable access to loans.

Q?

What is the common bond?

A.

The common bond is that factor which unites all members of a credit union. It defines the area within which the credit union can operate. In Northern Ireland and Ireland, the most usual common bond are Community bond (where all members live in defined village, town or locality); Occupational Bond ( where all members are in the same occupation or work for the same employer); Associational Bond ( where all members are in the same society or association). Pomeroy Credit Union’s common bond covers a five mile radius of Pomeroy.

Q?

What is a credit union?

A.

A financial cooperative, owned, and controlled by its members for its members.