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Routing Number: 218839
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Discovery Credit Union Phone Number: 01382 431505
Formed in 2003, we are a locally based not for profit financial co-operative owned and run by its members, for its members. We provide our members with a safe, secure place to save as well as a place to borrow money.
Our members all have something in common – we share what is known as a ‘common bond’ – we all live or work within DD1 through to DD7 or, we are employees or tenants of local councils or housing associations.
When someone joins a credit union they open a share account and have shares in the credit union. It is known as a share account because individuals become part owner of the credit union. Your savings are your shares in the credit union. The value of your savings determines how many shares you have in the company.
Credit unions encourage members to save on a regular basis – how much you decide to save is entirely down to you. All our members’ savings (shares) are pooled together. This pool is then used to make low interest loans to our members. We only lend to members of Discovery Credit Union.
We are directed and controlled by members who volunteer their time to sit on our Board of Directors. Every member has an equal vote in the running of the credit union regardless of how many shares they own. We hold an Annual General Meeting each year which gives our members an opportunity to have a say in how Discovery Credit Union is run.
Since we are a financial co-operative, instead of paying interest on your savings as high street banks and building societies do, any surplus the business makes after the deduction of operating costs and transfers to reserves, in line with legislative requirements, is returned to members in the form of a dividend. So any profit made goes back into the community, not into paying out big bonuses! As credit unions go, Discovery Credit Union is a fairly new credit union and has only been trading a few years, so we are still building up the business reserves and growing the membership. This means that to date, we have not yet been in a strong enough financial position to award an annual dividend. As the business continues to grow, we are hopeful that we will be able to announce a dividend within the next few years.