Member Services
CREDIT UNION
Harp & Crown Website
We are a non-profit making, financial co operative, owned and run by people who have a Common Bond.
Our Common Bond
Serving and Retired Officers of the PSNI/RUC and Civilian Support Staff, along with relatives who are members of the same household.
How Does it Work
By encouraging members to save, a common pool of money is formed providing the following benefits:-
- Low interest loans at a rate of 1% interest on the outstanding balance at (12.68 APR)
- Simple and flexible savings facilities
- Annual dividends on savings of up to 8% (according to profits)
- Savings and Loans insurance at no direct cost to the member.
Savings
Without savings our Credit Union will not function, your savings are the Working Capital.
Your savings will be deducted from pay with a minimum £10.00 regular savings per month.
You can save as much as you like, currently up to a maximum of £15,000 or 1.5% of the total shareholding of the Credit Union.
Remember loans are related to savings. Withdrawal of savings should be a last resort.
Your savings are your security for the future and help other members of the Creit Union
Loans
You will not normally be required to provide security on loans, other than your Credit Union savings. Your membership within our Common Bond and your track record is usually sufficient security.
Loan repayments will be deducted from pay, adjusted to take your repayments and savings into account. Retired members may have deductions taken by direct debit.
Confidentiality and Peace of Mind
All Credit Unions are required by law to have Fidelity Bond Insurance to protect members' savings against fraud and dishonesty. All business with the Credit Union is also required to be conducted in the strictest confidence.
Your savings and loans are fully insured at no direct cost to you the member. In the event of death from any cause any outstanding loan balance is fully insured.
Your savings (Shares) are also fully insured with your nominated beneficiary entitled to receive 1.5 times your savings up to the maximum amount as prescribed by law.
Life Assurance ceases on the 80th birthday of the account holder.
Our Loans Policy
Set by the Board of Directors and constantly kept under review.
1. Members may apply for loans up to 4 times their share holding, plus the value of their shares (i.e. 5 times), less any existing loan balance to a maximum amount, determined by the Board of Directors subject to the availability of funds. Initially not to exceed £15,000.
2. Any loan may not be made to a member unless it is repayable within 5 years from the making thereof.
3. Members cannot withdraw or transfer their savings whilst the loan is greater than their savings.
4. Members must relate savings to borrowing, with members required to continue to save whilst repaying a loan. Minimum £10 per month.
5. Instant Loans may be granted up to a maximum of £2000.00
- provided an application has been received to join
- Member has lodged £5 or more into their account
- Loans falling into this category will be known as Instant or Starter Loans and must be repaid within 2 years from the making thereof
- The policy relating savings to borrowing will also apply
6. All loans are subject to the availability of the funds
Applying for a Loan
Simply complete a loan application form, available from the Credit Union Office. Your loan application will be assessed by a Loan Officer or Credit Committee and if approved a formal loan agreement will be issued.
Joining
If you fall within our Common Bond and are prepared to be a regular saver through your pay or other banking method, then contact us for an application form at:
The Harp and Crown Credit Union Ltd
Federation Office
77-79 Garnerville Road
Belfast BT4 2NX
Tel: 028 9076 4200
info@harpandcrowncu.org.uk
A joining fee of £5 will be deducted from your first payment.
