FAQs
A financial cooperative, owned, and controlled by its members for its members.
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 the Credit Union, the more funds are available for loans to members.
Joining is Easy! To be eligible for membership of Ballymote & District Credit Union Limited you must be living or working within our common bond area.
The Common bond is the factor which unites all the members of Ballymote & District Credit Union Limited - it is what all members have in common i.e. where they live or work. This is an area of approximately 13km radius around Ballymote. If you live or work in this area you are eligible to become a member. Because of the common bond, all members have the good of their credit union at heart; they know and trust each other.
You need to present 3 forms of identification to join and a minimum of €1.50 is needed to open the account.
Documents can be emailed, posted or you can drop them into the office.
Your credit union can help you achieve financial independence through regular savings and fair and affordable access to loans.
The common bond is that factor which unites all members of a credit union. It defines the area within which the credit union can operate. In Ireland, the most usual common bond are Community bond (where all members live in defined village, town or locality); Occupational Bond (where all members are in the same occupation or work for the same employer); Association Bond (where all members are in the same society or association).
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.
