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.
Membership - find out how you can benefit by becoming a member
Latest News - keeping you informed about your DCU
Members’ Lottery - see if you’re this month’s lucky winner
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:
We are non-profit making
We have no hidden charges or confusing small print
We offer safe savings & low-cost loans
Free life savings and loan insurance
Volunteer board of directors, responsive to members needs
We are a local, friendly and affordable service that keeps your local money within your community
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.
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.
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.
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.
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.
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.
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.
It does not bar you from applying for a loan. Being a regular saver is an important factor in assessing your loan application.
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.
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.
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.
Of course, please ask the collector for the relevant forms.
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.
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.
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.
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.
Slogan 5: Dont think too much else you will create a problem that was
Danum Credit Union, 25 High Street, Stokesley, Middlesbrough, TS9 5AD.
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