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FAQs

General

Is Pennyburn Credit Union separate from other Credit Unions?

Yes, each Credit Union is independent. Pennyburn Credit Union is based at 19 Greenhaw Road, Derry, and has a sub-office in Springtown at Aileach Road, Derry. You can use either of these two offices to access your Pennyburn Credit Union account.

What are your opening hours?

Monday 9.30 am – 4 pm
Tuesday 9.30 am – 5.30 pm
Wednesday – Closed
Thursday 9.30 am – 5.30 pm
Friday 9.30 am – 5.30 pm
Saturday 9.30 am – 2 pm
Sunday – Closed
*Please note from Monday – Friday our Springtown office closes 1 pm-2 pm for lunch.

Am I eligible to become a member of Pennyburn Credit Union?

You are eligible if you live or work in the BT47 or BT48 postcode areas.

What documents do I need to join?

• Proof of address (dated within the last three months)
• In-date Photo ID (i.e. Passport, Driving license, Electoral card etc.)
• Proof of employment (only if you work in the area but do not live in the area
(BT47 and BT48)

Is there an app to track my account?

Yes, download the ‘Pennyburn Credit Union’ app from your App store to manage your account.

I have forgotten my pin/password for online access, What do I do?

In Member Hub, click “forgot pin” or “forgot password.” You’ll receive an email to reset your password. If you’re having any difficulty, please get in touch.

Can I transfer money between my Credit Union accounts?

Yes, you can transfer funds through our Member Hub online or in either of our offices.

What services are available via the Pennyburn Credit Union app?

You can view balances, check recent transactions, withdraw money into a bank account, and transfer funds between your Credit Union accounts.

How do I change my address?

We will need proof of address in order to change it (e.g., Bank statement, Household utility bill, etc). It must be dated within the last three months. You can call into our offices to change this or send us an email at info@pennyburncreditunion.co.uk

What are the benefits of being a member of Pennyburn Credit Union?

At Pennyburn Credit Union you’re more than just a member—you’re a part-owner. You can save, apply for flexible loans, and earn dividends on your shares. Plus, with our new PCU card, you’ll have 24/7 round-the-clock access to your available savings 365 days a year at our exclusive ATM. We also provide peace of mind through services such as Life Savings Insurance, Loan Protection Insurance and Death Benefit. With a focus on personal service, supporting our community, and ethical lending. We stand by you every step of the way offering financial solutions that work for you.

I’m a member of another Credit Union but I live within your common bond, can I still join if I’m a member elsewhere?

Yes, you absolutely can. You can be a member of more than one Credit Union.

Loans

How do I apply for a loan?

You must be a member to apply for a loan; however, you can make a loan application the same day you join. Here are three simple ways to apply:
1. Visit us at our Greenhaw Road or Springtown offices.
2. Apply online through the ‘Member Hub.’
3. Call us, and we’ll assist you over the phone.

How much can I borrow?

We encourage sensible borrowing, and you can borrow for anything up to £35,000 above your savings (subject to affordability; Terms and Conditions apply)

What documents do I need to apply for a loan?

The initial loan assessment will request a credit report and the last three months of your bank statements to determine repayment capacity. When you receive your loan application, the loan officer will let you know if anything else is required. In some circumstances, we may need to ask for additional supporting information to help in your loan assessment.

Do I need a lot of savings to apply for a loan?

While we encourage our members to save where possible, it’s not necessary. All loans are assessed based on affordability.

What If I have a poor credit history and/or have been refused a loan in the past? Will I still be able to borrow the money I need from you?

Every loan application is assessed on its own merits. We focus on affordability and understand that sometimes life events can happen through no fault of your own.

How long does loan approval take?

We aim to get back to members within 1-2 working days in receipt of all relevant documentation.

How do I collect my loan? How long is my loan approval valid?

Once the Credit Committee approves the loan, you must sign a loan agreement form. After signing the loan agreement, you can collect your money in the office or have it transferred to your bank account. Loan approvals are valid for 90 days.

How can I repay my loan?
  • Visit our offices at Greenhaw Road or Springtown
  • Setting up a Standing Order or Direct Debit
  • Transfer money online using your unique Credit Union sort code and account number
  • Pay by debit card over the phone
Can I repay my loan early without fees?

Absolutely! There are no fees for early or extra repayments; in fact, we encourage it where affordable so that you pay less interest.

Can I apply for another loan while repaying my current one?

Yes, you can apply for a loan on top of your existing loan balance which means you’ll pay back one loan repayment instead of two.

Can I access my savings if I have a loan?

The funds in your main share/savings account can be used as security for your loan. Your Easy Shares are separate, not pledged against your loan and can be accessed at any time.

What if my circumstances change and I struggle with repayments?

As a community lender, we try our best to be flexible and help our members and understand that personal circumstances can change. Please contact us as soon as possible. We’ll work with you to reassess your situation, review your repayments, and make repayments more manageable.

Mythbusters

Myth: You need to save regularly and build up a large balance before applying for a loan?

Fact: Not at all! Loans at Pennyburn Credit Union are based on affordability, not on the balance in your account. You don’t need to wait months or have substantial savings to apply. We’re here to support you, so don’t let myths hold you back from reaching your financial goals.

Myth: I can only be a member of one Credit Union.

Fact: You can join multiple credit unions! Become a Pennyburn Credit Union member today and enjoy membership benefits no matter where else you belong.

Myth: You can only apply for small loans.

Fact: Far from it! You can apply for loans up to £35,000 above your savings. Whether for a business venture, home improvement, debt consolidation, or unexpected expenses, we offer a range of loans to suit your needs and support your plans.

Myth: I need an appointment and a sponsor to become a member

Fact: No appointments or sponsors are required at Pennyburn Credit Union. Simply stop by our offices in Pennyburn or Springtown, and our friendly team will be delighted to open your account and welcome you to the Pennyburn Credit Union family!

Myth: My money isn’t protected at the Credit Union

Fact: Not true at all! Pennyburn Credit Union is regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Deposits are protected up to £85,000 by the FSCS scheme, providing the same level of security as banks. We’ve got you covered.

Myth: I can’t join Pennyburn Credit Union because I live in the Waterside

Fact: Yes, you can! We now serve everyone within the BT47 and BT48 areas, so you’re welcome to join us regardless of where you live in these postcodes.

Myth: I can’t visit the Springtown office because I’m a member of Greenhaw Road

Fact: Both offices are fully connected! While all credit unions are independent, Pennyburn Credit Union has two branches, located on Greenhaw Road and in Springtown. You can access your account from either location.

Myth: I can’t apply for another loan if I already have an outstanding loan with Pennyburn Credit Union

Fact: You can! If you need additional funds, just get in touch. There’s no need to pay off your existing loan first, and we’re here to support your financial needs without the extra cost of high-interest alternatives.

Savings

How do I open a savings account?

To join Pennyburn Credit Union, visit our offices at 19 Greenhaw Road or Aileach Road. To open an account, you’ll need valid photo ID as well as proof of address.

How do I open a savings account for a child?

A Junior Savings Account is for under 16-year-olds and can only be opened by the parent or legal guardian. To open a Junior Savings Account, we’ll need the long birth certificate, parent/guardian photo ID, and proof of address. Click here to find out more about our Junior Savings Accounts.

What are Shares?

As we all know, Credit Unions are owned by their members. Every £1 saved is equivalent to one share in our credit union. Every member has equal voting rights. Each share is eligible for a dividend at the end of the year. The more savings held by the Credit Union, the more funds available for loans to members.

How much can I save, are there any monthly or yearly limits?

You can save as much or as little as you like. There is a minimum balance of £5 to keep your account open. There’s no monthly or yearly limit, but the maximum savings:

  • Adult Account – £25,000
  • Junior Account – £6,000
How can I make payments into my account?

You can pay by cash, cheque, standing order, direct debit, or transfer from your bank. As a member of Pennyburn Credit Union, each member will have a unique account number that allows for payments such as benefit income to be paid directly into your Credit Union Account. Simply let us know how you want your payments allocated e.g. Shares/Loan/Easy Shares/PCU Card.

Is there a limit as to how much I can withdraw?

• Cheques or Electronic transfers: No limit
• Online transfers: No set limit, although dependent on the amount withdrawn, we may require the source of funds.
• In-Office cash: £2000 cash per day
• ATM: £500 cash per day

How do I get a statement?

Contact us, and we can upload your statement to the secure Member Hub on the website, or we can print a statement for you at our office. We issue an annual statement of account for all our members. To reduce our carbon footprint, we encourage our members to Opt-in for E-statements via the Member Hub.

Are my savings safe?

Yes. Your savings are protected by the Financial Services Compensation Scheme (FSCS) up to £85,000 per member. Any deposits you hold above the £85,000 limit will not be covered. The FSCS can compensate depositors if a Credit Union is unable to meet its financial obligations. Further information is available at www.fscs.org.uk.
We’re also authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority.

How much of a dividend/interest rebate do I get each year?

The Dividend or Loan Interest Rebate is determined annually and is dependent on our surplus generated after operating expenses and funds required for the future sustainability of the credit union. The Year-End surplus consists of the loan interest income and returns from investments made on behalf of the membership, less operating costs.

Do you offer joint savings accounts?

No, all accounts are individual. However, you can authorise a third party to withdraw money on your behalf by completing an authorisation form in the office, witnessed by a staff member. Please get in touch for more details.

Contact us

We’re here to help. Get in touch and speak with our friendly staff.

Pennyburn Office

Closed

Springtown Office

Closed

Opening Hours

  • Monday - 9:30 AM - 4:00 PM
  • Tuesday - 9:30 AM - 5:30 PM
  • Wednesday - Closed
  • Thursday - 9:30 AM - 5:30 PM
  • Friday - 9:30 AM - 5:30 PM
  • Saturday - 9:30 AM - 2:00 PM
  • Sunday - Closed

*Springtown office closed for lunch between 1pm-2pm Monday, Tuesday, Thursday and Friday.

Send us a message

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