Frequently Asked Questions
What is the difference between Darlington Credit Union and a high street bank?
Darlington Credit Union is a not-for-profit, member-owned cooperative focused on serving its members' financial needs, unlike high street banks which are for-profit and owned by shareholders. Membership at Darlington Credit Union requires living or working in specific postcodes (DL, DH, HG, NE, SR, TS, or YO), whereas banks are open to the public.
Can anyone join Darlington Credit Union? / Do you need a referral to join?
DCU does not only serve Darlington. We cover areas including Northallerton, Catterick Garrison, Stokesley, Richmond, and more. Anyone living or working in the DL, DH, HG, NE, SR, TS, or YO postcodes can join. No referral is needed. Darlington Credit Union serves people of all financial backgrounds, including those with varying credit scores.
How do I withdraw money?
Via the app, request via telephone, or in the branch. If you have a debit card with us, you can withdraw at cash machines.
How do I pay into my account?
Via the app, request via telephone, or in the branch. Or via faster payment from your bank account.
How long does an online banking withdrawal and deposit take to show on my account?
Web withdrawals and deposits are completed at set times of 10 am, 12 pm, 2 pm, and 4 pm Monday – Friday (office working hours).
Can I transfer money on weekends?
You can make internal transactions between your DCU accounts instantly 24/7. Any transfers to external accounts after 4 pm will be made the following working day.
How much cash can I withdraw from the branch?
Maximum withdrawal in the branch is £2000 per day.
Is my money safe with Darlington credit union?
Darlington Credit Union is regulated by the Financial Conduct Authority and the Prudential Regulation Authority, meaning you can be confident your savings are protected up to £85,000 via the FSCS scheme.
Do you pay interest on savings accounts?
No, instead we pay a dividend every year which varies depending on the surplus that financial year. The dividend is announced at the AGM, and then payments are deposited into your main DCU savings account in the following months.
What is the most I can have in my DCU savings account?
Maximum is £50,000 held in your savings account.
What is the minimum /maximum loan we do?
There are no minimum amounts, the maximum is £15,000.
Do I have to be a member to apply for a loan?
You can apply for a loan as a non-member, and you will be generated a membership number and a savings account to run alongside your loan repayments once it is successful.
Do I need to give a reason for my loan?
On application, you fill in a box for the purpose of your loan. This will be assessed on an individual basis.
What do you look at when making a loan decision?
We mainly look at whether you can afford to make a loan repayment. We perform a credit search and may also ask for bank statements. Other things we sometimes ask for are payslips, proof of debt, ID, and information about the loan's purpose.
How long does the loan process take?
The maximum decision time from DCU receiving the application would take 2/3 working days. For the funds to be released into your account on the same day, we need the signed agreement before 3 pm.
Am I eligible to apply for a top-up loan?
You must be 18+, and an account holder with an existing loan. If you are in the process of DRO (debt relief order - external agency), an IVA (individual voluntary arrangement), or bankruptcy, you will not be eligible.
How will I receive updates about a loan application?
When you apply for a loan, we send updates by SMS and email.
What happens if I get denied a loan?
You will be advised that the application has been unsuccessful. If you are struggling, we can help signpost and refer you.
How can I make repayments to my DCU loan?
Weekly, fortnightly, 4 weekly, or calendar monthly. Over different terms (5 years is a maximum term, there is no minimum but cases will be assessed individually). Repayments depend on the loan balance and the term over which it is taken. You can make overpayments and early payments with no fees.
How much interest will I be charged on my loan?
This is dependent on your loan size, and the term over which it is taken. Please use our repayment calculator for specific help in your case and to compare figures. See our loan page for more information - Personal loan page.
How much do I need to save when I am making loan repayments?
We encourage you to save as you borrow and ask that you save either 20% of your loan repayment amount or £20 (whichever is the lower amount) alongside your agreed loan repayment. You could use these savings to pay off your loan early once you reach the threshold (50%) or leave it as a savings pot once you have repaid the loan in full.
Am I able to reduce my monthly loan repayments if I am struggling to maintain my current agreed payments?
Please contact us as soon as possible via your preferred methods to discuss this with us, we can look at reducing the loan repayments, by increasing your loan term. Any difficulties, no matter how small please get in touch to prevent your credit file being affected.
How much cash can I withdraw from my debit card per day?
Debit cards have a limit of £500 cash withdrawals per day.
What is the maximum online spending limit on my debit card?
£1000 for an online purchase is the maximum in one transaction. Over more than one transaction the £1000 limit does not apply.
My card is not working, and I know I have money in my account.
Call the customer services number on the back of the Debit Card and the Card provider can help with any technical issues.
Does Darlington Credit Union have online and mobile banking?
We are happy to offer functional and useful online and mobile services. Our mobile app and online banking facilities allow our members across North Yorkshire and the Northeast to access their accounts on the go, 24/7!
Why is the app not showing my account?
If the balance of your account is zero your account will not show on the app. You need to maintain a minimum balance of 1p.
Why won't my password work to sign into the app for the first time?
The first time you log into the app you must request a password; a link will be sent to you to log in the first time and set your password.
Do my payroll savings go straight to a normal savings account?
You can choose to distribute your salary deduction to one or more savings accounts. For example, a normal savings account, our save-to-win, Christmas saver, and loan repayments.
How can I change the amount I save every month via payroll deduction?
It is best to contact DCU directly to let us know of any changes you require with repayments to loans and savings. The same applies to changing product distribution for example to your Christmas saver or save to win.
Are there tax implications from taking savings/ loan deductions from my salary?
No, the deductions do not have any tax implications.
Will my employer know which products or loans I have with DCU?
Your employer/ payroll department are only notified of the amount we request from your salary. They cannot see which account this is being allocated to e.g., loan repayment or savings.
Is it free to have a community / corporate account with Darlington Credit Union?
Yes, there are no charges associated with these accounts. Cash deposits can be made for free in the branch.
