Frequently asked questions

Frequently asked questions

Frequently asked questions

Still got a question for our team? Check out our Frequently Asked Questions below for more information.

How long do I have to be a member of Slieve Gullion Credit Union?
All Slieve Gullion Credit Union loans are issued based upon the repayment capacity of the borrowing member and not how long they have been a member.
Once you put your money into the credit union you can’t withdraw it.
Members can withdraw their shares at any point providing that they are not pledged as security against a loan. Please also check with the tellers if the withdrawal will have an impact on the insurance provided by the Credit Union.
You can only borrow three times your shares in the credit union.
Members can borrow up to £25,000 above their shares in Slieve Gullion Credit Union. Loans are based on the repayment capacity of the borrowing member.
You have to be proposed and seconded by existing members to become a member of Slieve Gullion Credit Union.
Anybody who satisfies the common bond of Slieve Gullion Credit Union (within 7 miles of the office in Forkhill and within the county of Armagh) can become a member of the Credit Union. The only requirements for applicants are provision of valid photographic ID and proof of address. They must then pay an entrance fee of £1 and lodge the minimum shareholding, which is currently £5.
Basic information about the protection of your eligible deposits
Eligible deposits in Slieve Gullion Credit Union Limited are protected by: Limit of protection: the Financial Services Compensation Scheme (“FSCS”).1
Limit of protection: £85,000 per depositor per bank / building society / credit union.2
If you have more eligible deposits at the same bank/building society/credit union: All your eligible deposits at the same bank / building society / credit union are “aggregated” and the total is subject to the limit of £85,000.2
f you have a joint account with other person(s): The limit of £85,000 applies to each depositor separately.3
Reimbursement period in case of bank, building society or credit union’s failure: 20 working days. 4
Currency of reimbursement: Pound sterling (GBP, £) or, for branches of UK banks operating in other EEA Member States, the currency of that State.
To contact Slieve Gullion Credit Union Limited for enquiries relating to your account: To contact the FSCS for further information on compensation: More information: Caroline O’Brien: Slieve Gullion Credit Union Limited, 41-43 Main Street, Forkhill Newry BT35 9SQ Financial Services Compensation Scheme 10th Floor Beaufort House, 15 St Botolph Street, London EC3A 7QU Tel: 0800 678 1100 or 020 7741 4100 Email: ICT@fscs.org.uk http://www.fscs.org.uk
Additional information (all or some of the below)

Scheme responsible for the protection of your eligible deposit

Your eligible deposit is covered by a statutory Deposit Guarantee Scheme. If insolvency of your bank, building society, or credit union should occur, your eligible deposits would be repaid up to £85,000 by the Deposit Guarantee Scheme.

Limit of protection for joint accounts

In the case of joint accounts, the limit of £85,000 applies to each depositor.

However, eligible deposits in an account to which two or more persons are entitled as members of a business partnership, association, or grouping of a similar nature, without legal personality, are aggregated and treated as if made by a single depositor for the purpose of calculating the limit of £85,000.

Reimbursement

The responsible Deposit Guarantee Scheme is the Financial Services Compensation Scheme, 10th Floor Beaufort House, 15 St Botolph Street, London, EC3A 7QU, Tel: 0800 678 1100 or 020 7741 4100, Email: ICT@fscs.org.uk.

Other important information

In general, all retail depositors and businesses are covered by Deposit Guarantee Schemes. Exceptions for certain deposits are stated on the website of the responsible Deposit Guarantee Scheme.

Slieve Gullion Credit Union Limited is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority under registration number 573711 and is affiliated to the Irish League of Credit Unions Protected by FSCS

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