About Us
Making a difference to the lives of our members.
What is a Credit Union?
A Credit Union is a non-profit making financial co-operative owned and operated by its members within a common bond (members must reside or work within the Parish of Dromore, Tyrone) to join.
Dromore (Ty) Credit Union is managed by a voluntary Board of Directors who are elected at the Annual General Meeting. Staff look after the day-to-day operations.
Dromore Credit Union, Tyrone
Dromore (Ty) Credit Union Ltd was established in 1967, celebrating nearly 60 years of community service to the people of this area. We specialise in providing a great place for secure savings and by offering members easily accessible low-interest loans.
Over the years, millions of pounds have been taken out in loans and paid back by members who have benefited immensely from the existence of Dromore (Ty) Credit Union.
Membership is nearly 2,900, including adults and minors (under 16s).
Want to join Dromore Credit Union? Contact us to become a member today.
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Here at Dromore Credit Union, our members are always at the forefront of everything we do.
Our objectives are:
To encourage members to save.
To provide low cost loans for members.
To provide life insurance for eligible members at no extra cost to individual members.
Want to join Dromore Credit Union? Click here.
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A Credit Union is unique and unlike any other financial institution in its purpose, governing rules, and the service it provides.
Key differences include:
Dromore Credit Union does not and cannot (by law) speculate with members' money.
We do not seek and cannot hold large deposits.
We can only lend for provident and productive purposes.
Dromore Credit Union only lends to its members.
The savings and loans of Dromore (Ty) Credit Union members are insured (up to generous limits) at no extra cost to the individual member.
Want to become a member of Dromore Credit Union? Click here.
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Yes.
To protect the interests and secure the operation of Dromore (Ty) Credit Union, the credit union carries a fidelity bond for all its staff and volunteers.
All League affiliated credit unions are members of the Savings Protection Scheme, which provides protection for members' funds.
The savings of members of credit unions in Northern Ireland, which are affiliated with the Irish League of Credit Unions (ILCU), are protected by the ILCU Savings Protection Scheme (SPS), at the discretion of the ILCU Board's Administration Committee.
Currently, the SPS fund stands at over £88 million.
In addition to this, credit unions in Northern Ireland have reserves of £107 million (12.4% of total assets) which act as a first line of defence should the need arise.
All directors, staff, and volunteers of Dromore (TY) Credit Union Ltd sign a confidentiality pledge annually, ensuring that all members' transactions are completely confidential.
Want to open a savings account? Click here.
Dromore Credit Union throughout the years…
We have been supporting our community since 1967. With secure savings, low-interest loans, and nearly 2,900 members. If you’d like to be a part of a trusted local co-operative, contact us to become a member.
Founded in 1967
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Dromore (Ty) Credit Union Ltd was established in 1967, where the simple rule to be a member was to have saved consistently for six weeks to apply for a loan.
Opening at new premises
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Formerly Ulster Bank Building, Dromore Credit Union opened on main street Dromore, Tyrone.
Today
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At our current premises in Dromore making a difference to the lives of our members.