Cloughfern Credit Union

Cloughfern Community Credit Union is a community Credit Union aimed at working for the community.

Starting Out
Cloughfern Community Credit Union began operating as a Credit Union in 1990 following a successful examination by the Registrar from the Department of trade and industry. The initial Board of Directors consisted of 22 people both male and female but due to resignations and deaths now stands at 12.

Early Successes
One of the early successes of Cloughfern Credit Union was the development of its own computer software programme developed by one of its Directors Ray Perry. The programme was so successful that it was distributed widely accross Northern Ireland.

Another major success came in 1994 when, with the help of a grant from the Belfast Action Teams working within the 'Making Belfast Work' programme, the credit union was able to purchase and erect its own office building on its current site.

Continued Growth
The Credit Union has grown rapidly over the years and due to demand has opened sub-offices in Monkstown and Ballyclare where it operates on Saturday mornings.

In recent years, and due to its considerable expansion the credit union has employed a manager, Dionne Corrin, and a part-time teller, Mandy Spiers. These posts are currently part-time but as the credit union continues to expand and the need to open more hours increases, it is likely that there will be a need to perhaps make these posts full-time or to employ further staff.

The Future
The current office building is getting old and no longer meets the needs of the credit union, depite changes to its internal arrangements over the years. The credit union is currently giving consideration to replacing this structure with a brick built structure.

Junior Members
Due to the success of our Junior Member Accounts, the credit union is considering expanding these accounts into local schools. It is hoped to do this in the near future with the help of The Ulster Federation of Credit Unions which Cloughfern is an affilliated member of.

Savings Only Accounts
Cloughfern Credit Union now offers savings only accounts to existing and new members. These accounts offer a safer more secure alternative to the failed Farepack Scheme. These savings accounts allow individuals to save with the credit union untill 1st November each year when all money saved will be released to the member.

The Credit Union is keen to stress that unlike the FAREPAK scheme the Credit Union is regulated by the Government through officials at the Department of Trade and Industry. The Credit Union must submit its accounts, prepared by a Chartered Accountant to the Department for scrutiny. The Credit Union is examined regularly by the DETI with a report being prepared on its compliance with the Department's operating procedures for Credit Unions.

The Credit Union is also required by law to have Fidelity Bond Insurance and cannot operate without it. This insurance protects the members savings form fraud by any of the Credit Union's officers or staff.

Cloughfern Credit Union also contributes to a Savings Protection Sheme run by The Ulster Federation of Credit Unions. This scheme protects members savings from bad management or investment decisions which may be taken by the officers of the Credit Union.

These 3 types of protection should give those who want to save safely the comfort to open a savings account with cloughfern Credit Union. The accounts are also designed to cater for existing members who may also wish to put savings aside in a secure account.