Becoming a Member
Membership at the Credit Union is easy and straightforward, a call to our office where we will organise an appointment with one of the Membership officers. Prior to your appointment, you will be asked to provide details to verify your Photo ID, proof of address and your PPS number. Many times, people wonder why we need such detail;
- we require Photo ID so as to establish the validity of the membership and to deter any bogus or duplication of accounts that would allow money laundering
- we require Proof of Address as Credit Unions operate under a “Common Bond” scheme which basically means that there are geographical boundary lines similar to the structure of the GAA/Parochial boundaries. Donegal Town Credit Union operates from Brenter – Carnaween – Barnesmore – Ballintra and parishes in between as the crow flies! A new member must either live or work in the designated area in order to join the Credit Union.
- we require your PPS number under the ‘Return of Payments Regulations’, we must make all reasonable efforts to seek a tax reference number from a person opening a new account.
- There is an administrative charge €1.27 in order to activate your account but more importantly this is a means of maintaining your membership and giving you “your say” at our Annual AGM as each individual member has an equal voice and their inclusion at the AGM is not reflective of total account holdings at the Credit Union, but rather their membership. Additionally, a Member must pay their affiliation fee (€2) annually to maintain their membership, these funds are dispensed to the Irish Credit League to maintain their operation.
What are the benefits of a Credit Union Account?
- In addition to Monday – Friday services, we are also open on Saturdays for Loans, Membership and Teller services, we are fully staffed and always willing to speak to our Members plus easy convenient and free parking!
- All accounts are covered by the Government Deposit Guarantee Scheme (“DGS”) up to a maximum of €100,000 and will be reimbursed to you within 20 days in the event of any failure at the Credit Union
- Savings are insured by our Life Savings Insurance at no cost to you.
- We pay a death benefit Grant of €1,950 to each member to assist with Funeral expenses – you must have joined before age 70 to avail of this
- All loans will be insured and will be paid off in the event of a Member’s death
- Upon the death of a member, the first €12,700 of shares (savings) lodged will receive the following returns; (at no cost to any member)
- Before 55 years = 100%
- Lodged between 55-60 = 75%
- Lodged between 60-65 = 50%
- Lodged between 65-70 = 25%
We also operate a Junior Membership Program called “GR8 Savers” and will cover this separately under a different edition.