||A Credit Union is a non-profit making financial co-operative owned and operated by its members, within a common bond (members must reside within a six mile radius of the town of Omagh) to join this Credit Union. The 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 of this Credit Union.
Omagh Credit Union was set up in 1965, celebrating over 50 years of community service to the people of this area. Over the years, millions of pounds have been taken out on loans and paid back by members who have benefited immensely by the existence of this Credit Union. Membership is over 10,500 adults while birth-16 year olds have over 2000 accounts in the minor's section. There are a number of local schools taking part in the schools savings scheme, where the pupils can save through their school with Omagh Credit Union. A supervisory committee consisting of members is also active while staff pay a significant part in the efficient day-to-day operation of this Credit Union.
What are the objectives of a Credit Union?
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.
What are Credit Union Operating Principles?
Credit Unions are unique, are unlike every other financial institution in their purpose, their governing rules, and the service they provide. Key differences include:
- Credit Unions do not and cannot (by law) speculate with members' money.
- Credit Unions do not want, and cannot have, big deposits.
- Credit Unions can only lend for provident and productive purposes.
The savings and loans of our credit union members are insured (up to generous limits) at no extra cost to the individual member.
- Credit Unions only lend to their members, who must be saving regularly to be eligible for a loan.
What about security and confidentiality?
In order to protect the interests and secure the operation of the Credit Union, this Credit Union carries a Fidelity Bond for all staff and volunteers. All League affiliated Credit Unions are members of the Savings Protection Scheme which gives protection to members' funds. The savings of members of credit unions in Northern Ireland which are affiliated to the Irish League of Credit Unions (ILCU) is protected by the ILCU's Savings Protection Scheme (SPS) at the discretion of the Administration Committee of the ILCU Board. 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 are there to act as a first line of defence should the need arise. All Directors, Staff and Volunteers of Omagh Credit Union Limited sign a Confidentiality Pledge annually ensuring all members' transactions are completely confidential.