Frequently Asked Questions
What is a credit union?
financial cooperative, owned, and controlled by its members for its members.
What can a credit union do for you?
Our credit union can help you achieve financial independence through regular savings and fair and affordable access to loans.
What is the common bond?
The common bond is that factor which unites all members of a credit union. It defines the area within which our credit union can operate.
What are shares?
Every €1 saved is equivalent of one share in a credit union. A minimum saving of €5 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 Drumshanbo Credit Union, the more funds are available for loans to our members.
What is the Common Fund?
As the amount of shares builds up, the common fund of money grows. This in 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.