Danum Credit Union

Danum Credit Union

Welcome to the Danum Credit Union website. On this website, you will find information about the services we offer to our members, application details for those wishing to join, loan calculators and our very latest news - including the winners of the monthly Members’ lottery.

As with all Credit Unions, We are owned and controlled by our members and run for the benefit of those members. Here are some of the membership benefits:

What is a Credit Union?

It is a not-for-profit financial institution where members can save together, withdraw and access loans at fair rates of interest. Only individuals can apply for membership.

Who owns the Credit Union?

The members do. They also manage the day to day running of the business. One member, one vote, regardless of the amount of savings (shares) held.

Do all members save in the Credit Union?

Yes - it is a condition of membership. It is important to build up the general pool of money. We open accounts for adults and young savers.

How does it work?

Members save regularly together building up a pool of money. Members can apply for a loan from the pool. Providing the loan is agreed by the Credit Committee, you will only be charged 1% per month on the balance outstanding - that is an Annual Percentage Rate (APR) of 12.68%. It works out at approximately £6.50 per year for every £100 borrowed. Loans are linked to the level of savings (shares) held.

Do my savings earn interest?

No. You earn a dividend - a share of the profits after deduction of costs and transfers to reserves. We are required to put some profits aside into a reserve fund but the rest is returned to the membership.

How much am I expected to save?

As much as you like (minimum £1 per week). In the case of young savers, we will accept 25p. The maximum savings level is set at £5000.

Can a member borrow for anything?

Yes, if it’s legal and providing they are over 18 years of age. However, they must fulfill membership conditions and comply with Credit Union Loan Policy.

What if I am unemployed, on benefits or have a poor credit record?

It does not bar you from applying for a loan. Being a regular saver is an important factor in assessing your loan application.

How do I qualify to apply for a loan?

Members must save for 10 consecutive weeks before they are eligible to apply. The first loan is limited to twice the level of savings and must be repaid within 1 year. Subsequent loans are limited to three times the level of savings but may be repaid over a term of up to 3 years. It is a condition of the loan that you must continue to save whilst the loan is being repaid to ensure that the pool of funds grows. Your balance should not fall below the level that existed when your loan application was submitted. The Credit Committee meets each Friday to consider all loan applications.

What happens if a member dies?

We are obliged to hold an insurance policy which repays the outstanding loan in the event of death providing the member is below the age of 65 at the time the loan is taken out and has signed a declaration stating that they are in good health. The insurers have imposed restrictions on those members over the age of 65. Please ask for details.

How do I deposit money?

When you opened an account you were given a paying in book. You should complete this each time you want to pay in - donıt forget to complete the counterfoil for your own records. Any cheques should be payable to Danum Credit Union Ltd. No cash will be given against the cheque until it is cleared - allow 5 working days. We can accept cheques payable to yourself but these take longer to clear.

Can I arrange to have my wages or salary paid into my account?

Of course, please ask the collector for the relevant forms.

What about benefits, pensions and tax credits?

Yes, we can accept those too. Ask the Pensions authority or benefits agency for the relevant form, bring it along to us and we will help you to complete it.

I already have a bank account but cannot call at the collection point to pay-in due to work commitments. Can I save by standing order or direct debit?

We can accept deposits by standing order but we are not yet ready to set up direct debits. It is a service we intend to provide in the future. Please ask the collector for our bank details.

What if I want to withdraw money?

Providing a member’s shares are not being held as security for an outstanding loan, they can draw up to £100 per day at the Stainforth office and the Gazette House office in Thorne. If more is required, or if it is to be withdrawn from one of our service points, we need a minimum of 3 days notice. This is for security reasons since we do not hold large sums on the premises.

Will you issue a cheque instead of cash?

Yes, but please give us 3 days notice with details of the amount and to whom the cheque should be made payable to. Give 7 days notice if you want the cheque to be issued at one of our service points. There may be a charge for this service.

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Danum Credit Union, 25 High Street, Stokesley, Middlesbrough, TS9 5AD.

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