FAQ's

Here you can see a list of our most Frequently Asked Questions organised by category. If you don't find an answer here or have a question or query, please contact us.

  1. You live or work (paid or unpaid) in post codes DD1 to DD11.
  2. or, you are a tenant or an employee of a local social housing association such as Perth & Kinross Council, Fife Council, Hillcrest Group etc...
  3. or, You are an employee of one of our employer partners.
  4. You live with, and are related to a current Discovery Credit Union member.

Normally no ID is required as we use a Digital ID system to verify your identity. However, on occasion, we may ask you for Two forms of acceptable ID.

The first is something to verify your name and current address.
The second is is to verify your address and either your name or date of birth.

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Proof of address

  • Current Drivers Licence
  • Council Tax Demand letter (current year)
  • HMRC Notice of Current Years Tax code (current year)
  • Private pension statement (current year)
  • Benefit award letters (from HMRC, DWP, Council, Pension Service) *
  • Bank statements*
  • Credit card statements*
  • Utility bill*

* Not more than 3 months old and must have been posted to members home; online printouts can not be accepted.

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Proof of identification

A second document from the 'proof of address' list, or:

  • Current Passport
  • Birth certificate
  • Police Warrant Card
  • National Entitlement Card

Any document that may be easy to obtain will not be accepted. These include (but are not limited to): TV Licence, Business Cards, Bus Passes, Bank cards, Online banking statements, Online utility bills, P45

It costs just £2.50 to join your credit union and we require a minimum deposit of £5.00 to get your account started. We can arrange to deduct this from your first deposit. In order to keep your account open and maintained, we charge a £3.50 administration fee which is automatically deducted from your account each October.

We will send you a statement of your savings (share) account and any loan accounts you hold at least once a year, usually around the time of our AGM. You are always welcome to request a statement of your savings and/or loan account at any time - please do not hesitate to contact us. We are also happy to check your balance(s) over the phone.

Don't worry, you may still be able to keep your membership running if you want to. Please keep us informed (preferably in writing) of your new address if you do move so we can amend our records and stay in touch with you.

Don't worry, you may still be able to keep your membership running if you want to. Please keep us informed (preferably in writing) if you move to a new employer so we can keep our records up to date.

Yes. There are no restrictions as to how many credit unions you can join as long as you meet their membership criteria.

We are making changes to the website; improving the access to services on offer and security. Click here for more information

All the money our members save is pooled together. We then use this pool of money to make loans to members.

Yes - Credit unions are authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. This is the same regulator as banks and building societies and all other providers of financial services in Britain. Members’ savings are protected by the Financial Services Compensation Scheme, which provides members the same level of protection that customers of banks and building societies enjoy.

Most standard Credit Union Savings Accounts do not earn interest in the same way as bank and building society accounts. Instead, Credit Unions return any surplus the business makes to members in the form of a dividend. The amount of dividend paid depends on how much money, if any, the Credit Union makes after covering all its running costs and transfers into reserves. The decision to pay, or not to pay, a dividend is declared each year at our Annual General Meeting (AGM). If we are able to pay a dividend, it is calculated on the level of savings (shares) held by each member.

Yes, provided your savings are not held as security against a loan or are in a Christmas Savings Account, you are able to withdraw your savings (shares) at any time - no notice is required. You can withdraw small cash amounts in person over the counter at our Main Office. Larger amounts are paid by BACS into your bank account or loaded onto your Engage card. We have an arrangement in place with our bank, Royal Bank of Scotland, High Street, Dundee, for members who do not have the above facilities to cash a cheque over the counter free of charge. Personal ID is required for cheque cashing. If you are having a state benefit/tax credits/pension paid into your savings account, we can offer you an Engage Prepaid Card to save you the trouble of queuing up each time you wish to withdraw money. You can use your Engage card to make withdrawals from cash machines or to pay for goods or services in shops or online (transaction fees apply). To remain an active member of Discovery Credit Union, you must keep at least a £5 balance in your Regular Share Account.

If you have borrowed from us, your shares may be held as security against your loan.

Savings are vital for each member. Savings gives you independence, peace of mind, security and borrowing powers.

Saving and putting some of your income aside for future needs is good financial management and should be a regular habit. Save as much as you can afford - this can be as little as £2 per week or £10 per month.

You can pay in cash, via collection points across the city or at our main office at the Wellgate Centre. Alternatively you could make regular deposits via standing order or payroll deductions if your employer offers this service. Standing order and payroll deduction forms are available from our office or to download from our website.

You can make a request in 2 ways:

  1. Main counter - Simply inform our staff that you wish to make a withdrawal. Withdrawal slips can also be completed at our collection points and brought into the office for processing. We can only issue cash for small sums of up to £100, however larger transactions will be paid directly into your bank or Engage card which will be in your account on the next working day. You must remember to bring ID with you in order to receive your money.
  1. Website Contact Form - You can complete the contact us form on our website. Select "Withdrawal" as the reason for contact and complete the required fields.

A statement is available on request; however we do post out at least one statement per year.

If you need to withdraw money from your savings but still wish to remain an active member and retain your membership in Discovery Credit Union, you must leave a minimum of £5 shareholding in your account.

Discovery Credit Union Limited (DCU) is a member of the Financial Services Compensation Scheme (FSCS). The FSCS will pay compensation to depositors if a credit union is unable to meet its financial obligations. Click here for more information

A Credit Union is a community of members, whose aims are to promote financial wellbeing through savings and affordable and appropriate lending. The structure and nature of a credit union frequently enables it to help those who are currently excluded from access to ordinary banking products. It can become a lifeline for people who may otherwise have to resort to payday loans or doorstep lenders which often carry incredibly high interest rates.

No - however if you are applying for a ‘Discovery’ loan on starting membership or any of our loan products including top-ups, then you need to have a minimum income of at least £100 per week.

New members are expected to save regularly for at least 9 weeks or 3 months before applying for a first loan, however Discovery Credit Union does allow for new members to borrow small amounts of money immediately on starting membership to help with an immediate need. Terms and Conditions Apply.

This will depend on your financial circumstances and the amount you have saved in your Regular Shares account. For a first loan you can apply for up to double your savings and for any subsequent loans you can apply for up to three times your savings minus any outstanding loans currently held with Discovery Credit Union. New or existing members who don’t yet have enough savings built up for the amount they are looking to borrow under a Standard Savers Loan are eligible to apply for a Discovery Loan. A Discovery Loan allows you to borrow up to £250. Terms and Conditions Apply.

No - All loans are granted at the discretion of loan officers who operate under the Loan Policy set by the Board of Directors.

You can complete a loan application form online or you can complete a paper copy which you can either download from our website and print or ask for an application form at the main office or local collection point. Please ensure you provide 2 month's bank statements and 2 recent wage slips or, benefit award letter and housing benefit award letter.

Loan officers will review your income and expenditure to assess the affordability of your application and will always take into account a member’s loan history and savings record with Discovery Credit Union before a decision is taken on any loan. This is to ensure you can afford to repay what you have borrowed. All applications are also subject to our usual credit checks with a licensed credit reference agency. A poor credit history does not necessarily mean your loan will be declined as we do lend to people who have had difficulty in the past, however if the credit check reveals something you have not declared (e.g. bankruptcy or additional creditors or balances) we will normally refuse your application. We reserve the right to decline.

There are several reasons why your loan may be refused or reduced. Examples include:

  • The loan officers feel that your budget is over stretched therefore they could offer you something less and more affordable to you.
  • You have shown irregular savings and loan repayment patterns.
  • The loan officers feel that you have share loaded before applying for a loan.

This is when a member deposits large sums that are out-with their normal savings pattern, especially just before applying for a loan. This is known as share loading for the purpose of obtaining a loan.

We aim to process loan applications within 5* working days (*subject to demand) but they will be delayed if there is information missing. You will be contacted by a loan officer to inform you of the decision.

All loans are paid directly into your bank account or your Engage account the following working day after you have signed the loan agreement.

There are 4 possible methods of repayment:

  • Payroll deduction (if your employer provides this service)
  • Standing order from your bank
  • Transfer your benefits to cover the repayments
  • Cash payments at collection points or the main counter

No. The credit union provides this service to your business without charge.

No, there are no charges to employees for payroll deduction. All credit union members pay a £2.50 joining fee and they must maintain a minimum of £5 savings to remain an active member. We charge each member £3.50 every October to maintain the account.

All enquiries are dealt with by the credit union office. The employer will not process any money or account transactions. All they have to do is process the authorised payroll deductions, exchange monthly data and make a BACS funds transfer. Discovery Credit Union staff will credit employees accounts with the correct amount.

We would ask that you nominate a Workplace Champion who would identify opportunities such as staff events and meetings to promote the credit union. We will be happy to come and present to staff ourselves and provide posters and leaflets for staff areas. If you have a staff magazine or intranet we can provide information for those too.

Not yet but we hope to have this implemented soon

Savings are protected by the Financial Services Compensation Scheme, currently up to £85,000 per person.

Members can pay by standing order, benefits, cash or cheque. There is no minimum savings payment. Members can save up to a maximum of £15,000.

As a co-operative, Discovery Credit Union pays a dividend rather than interest on savings. This is a share of the profit and is determined at the end of each financial year.

The employee would inform payroll if they wish to stop deductions. The employer is not liable for any overdue payments because payroll deduction is stopped. Discovery Credit Union will deal directly with the employee on anything to do with their account.

No. The contractual arrangement is between the credit union and the employee. It would be our responsibility to contact the member to make alternative payment arrangements.

Discovery Credit Union offers loans from £50 to £7,500 subject to status at an APR% starting from 8.2% on the reducing loan balance. For a lot of people, we are the cheapest and most affordable source of credit.

Yes, but past difficulty repaying loans will not automatically prevent applicants from borrowing from us. We may also use a credit reference agency to verify ID and address.

No. We can transfer savings to the member’s bank account by BACS by pre-arranged authorisation.

No. An agreement would be signed by the employee and the credit union authorising deductions; similar to trade union subscriptions and payroll giving. Payroll saving with a credit union is a popular service amongst many employers; as with Unison, GMB, PSC and Unite members.

Providing your workforce with a payroll deduction scheme as an employee benefit, arranged and managed free of charge by Discovery Credit Union, will encourage your staff to save regularly and manage their money better; making them happier employees!

Our Engage card is available to members 18 years of age and over. Card holders can also organise for additional cards to be issued to family members from age 13.

Yes, the Engage card can be used online as well as in shops and supermarkets worldwide.

The Engage card is accepted worldwide anywhere you see the VISA acceptance mark.

Yes, you can have regular payments such as your wages or salary paid directly in to the account.

For details of the current card terms and conditions and the current fees and charges, please visit www.engageaccount.com

Your Engage card will be issued by Contis Financial Services Ltd who is authorised by the Prudential Regulation Authority to issue e-money (Firm Reference Number: 900025) and is a member of Visa.

Engage prepaid card is an electronic money product and although it is a product regulated by the Prudential Regulation Authority, it is not covered by the Financial Services Compensation Scheme. We make sure that any funds received by you are held in a segregated account so that in the unlikely event that Contis Financial Services Ltd becomes insolvent your funds will be protected against claims made by creditors.

Please visit: www.engageaccount.com

If you've never had to download your bank transactions from your bank before, it can be daunting and difficult however, we're here to offer a little bit of guidance. Click here for more information