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Join our credit union to enjoy lower fees, better rates, and personalised service that puts your financial goals first.
Becoming a Member
All Credit Union have what’s called a “common bond”. For most Credit Unions, this is the area where members live or where they work. Potential members will need to live or work within this bond to be eligible to join.
This is known as a community-based Credit Union. Termonmaguirk Credit Union’s bond is ‘residence or employment in the parish of Termonmaguirc or within a radius of 5 miles of Loughmacrory, Omagh, Co Tyrone’.
Benefits of Membership There are many benefits of becoming a member of Termonmaguirk Credit Union
- Free Loan Protection Insurance
- Free Life Savings Insurance
- Free Death Benefit Insurance Members enjoy equal rights to vote (one member, one vote) and participate in decisions affecting the credit union.
- Potential return on savings with Annual Dividend
- Interest Rebate on Loan interest paid throughout year
- Flexible & convenient loans
- No early repayment fees or penalties and no hidden fees
- Loan repayments are flexible and tailored to suit member’s needs
- Savings covered by Financial Services Compensation Scheme
- Free Nomination service in the event of death
Opening an account is very straightforward. We require the following:
Adult Accounts
Evidence of Photographic Identification
∙A current, valid Passport or,
∙A current, valid Drivers’ Licence or,
∙Electoral/Student Card,
∙Translink ID Card
Evidence of Address Verification
∙A Utility Bill or
∙A Local Authority Document or
∙An Official Document for a Government Body or a Bank/Building Society Statement dated within the last three months
Please note that one document cannot be used for both photographic identification and proof of address.
Minor Accounts
Evidence of identification
∙The child’s long birth certificate
∙Child’s current valid passport
Evidence of Address Verification (applies only to the parent/guardian)
∙A Utility Bill or a Local Authority Document or
∙An Official Document for a Government Body or a Bank/Building Society Statement dated within the last three months
When you join Termonmaguirk Credit Union, you will be required to complete a Nomination form. This is a legal binding document instructing the Credit Union on whom you wish to nominate as your beneficiary in the event of death. Proceeds of your account up to a maximum of £20,000 can be paid directly to your Nominee(s).
Your Nomination falls outside of your will so the proceeds will not be subject to a lengthy probate.
Points to note
∙If your Nominee(s) dies in your lifetime, your nomination is automatically revoked,
and you may wish to update it accordingly.
∙If you have since married, divorced or separated it is up to you to update Nominee(s)
information.
∙Making a new Nomination will revoke any previous nomination.
∙If you are concerned about your nomination, talk to a Staff member.
A ‘Dormant’ account is an account that has been inactive for 3 or more consecutive years. If no transactions are made on the account within this time period, it could mean that you have e.g. moved away from the area, and therefore we require that you update your account details for insurance coverage purposes, and Financial Services Compensation Scheme inclusion.
You will receive a notification letter requesting you to update your account details by a providing Photographic ID and Address Verification as listed under ‘Account Opening’.
No transaction can be made on the account unless the requested ID and Address evidence is provided.
When a member dies, the next of kin should provide the Credit Union with a copy of the deceased member’s Death Certificate. When received the necessary Insurance claim form will then be completed and forwarded to ECCU Assurance by a designated staff member who deals with Death Claims.
When the insurance proceeds have been received from ECCU, it is deposited directly into deceased member’s account, and after it has been established that a valid Nomination is held on the deceased member’s account, the Nominee(s) on the account will be notified and requested to call to the office for disbursal of proceeds.
If there is no valid nomination held, the deceased’s shares will become part of the estate to be disbursed as per the ‘Will’.
If there is no valid nomination and no valid Will, the estate will be disbursed as per the ‘Rules of Intestacy’.
