Frequently asked questions

What is a Credit Union?
Are Credit Unions legal?
Who can join a Credit Union?
Can children join a Credit Union?
What are the aims and objectives of a Credit Union?
How do you become a member?
Can a member obtain a copy of the rules?
How is a Credit Union managed?
When is the AGM of a Credit Union held?
What are the members expected to save?
Can a member withdraw their savings?
Does a member get any interest on their savings?
What else can a surplus be used for?
How soon can a member borrow after becoming a member?
How much can you borrow?
What does a member do if they require a loan?
How often does the Loans Committee meet?
What does the Loan Committee consider when getting a loan?
How much does a Credit Union cost?
What can a member use a loan for?
What happens if a member fails to repay their loan?
How do I pay into a Credit Union?
What happens in the event of the death of a member?
Can a member be expelled from a Credit Union?
Has a member the right to appeal against explusion?
Is my money safe?
What other safeguards are there to eliminate the opportunity for theft and embezzlements of funds?
Does the Credit Union belong to a Federation of Credit Unions?
What are the benefits of belonging to a Federation?
Why is it important for an Ulster Federation to be set up?
Does the Credit Union pay any affiliation fees to the Ulster Federation?
What does the affiliation fees pay for?
How is the Ulster Federation governed?
When is the AGM of the Ulster Federation held?