A credit union is a not-for-profit financial co-operative, owned and controlled by the people who use its services. These people are referred to as Members rather than customers. Members share something in common, such as where they work, live, or organisations with which they are associated. This is referred to as the 'Common Bond' which is essential for membership. Credit unions are not-for-profit, and exist to provide a safe, convenient place for members to save money and to get loans at reasonable rates.
To service the financial needs of their community, on a not-for-profit basis, and to retain members' savings in their community for the benefit of all the members.
The 'Common Bond' defines the field of membership of a Credit Union and is the factor that unites Members. Every Credit Union serves a group of Members that has a mutual interest.
Any person who shares the common bond, pays the membership fee (£5) and fulfills the money laundering provisions in relation to proof of identity and residence when opening an account. Although it is possible to hold a juvenile account (Junior account) a person must be over the age of 18 to become a full voting Member and have the ability to borrow.
The Credit Union uses savings from Members to fund loans to other Members. It pays savers a dividend for use of their money and this encourages regular savings. Those Members who borrow from the Credit Union pay interest for use of the money. Interest earned from loans is the Credit Union's main source of income. It covers:
the dividend (i.e. interest) paid to shareholders (i.e. savers)
the Credit Union's operating expenses
reserves for financial stability Once the expenses of a Credit Union are met, any additional income is returned to Members in the form of extra benefits. Traditionally these have included:
higher returns on savings
competitive rates on loans
no fees and charges
enhanced member services
education programmes on the wise use of money
Like Credit Unions, banks accept deposits and make loans-but unlike credit unions, they are in business to make a profit. They are owned by individuals and groups of shareholders who seek to maximise the return on their investment even though they may not be customers of the bank.
Credit Unions operate through a set of principles founded in the philosophy of cooperation and the values of equality, equity and mutual self-help. Unlike other financial institutions, these principles focus on both the social and economic well-being of their members and the communities they serve.
Each Member of a Credit Union is an equal owner having one vote on decisions regardless of their savings or borrowings.
The Credit Union is run by an unpaid Board of Directors elected by the Members and voluntary committees. The Board can in turn employ Management and Staff.
Every Member has an equal say in running the Credit Union by making their views known at AGM and seeking election to the Board of Directors. Members can also put themselves forward as volunteers to carry out the other essential tasks of running the Credit Union. A wide variety of skills are required and welcomed.
Your credit union can help you achieve financial independence through regular savings and fair and affordable access to loans.
The Harp and Crown “Common Bond” is the wider “police family” in Northern Ireland. Our rules for membership are highlighted HERE.
The Harp and Crown Credit Union headquarters are based at Newforge Sports Complex, 18b Newforge Lane, Belfast, BT9 5NW. Telephone: 028 9068 5198. Email: creditunion@harpandcrown.co.uk
Monday - Friday 9.00am to 5.00pm**. Callers are welcome between these times. Public and Bank Holidays – Closed.
**please note for any transactions to be paid in/out on that given working day, you must contact us /call into the office before 4.00pm to complete.
A minimum of £10 must be paid by direct debit per month into your savings account to keep your membership active.
Fill in the application form and return via email or post; or complete an online loan application in the member login section of the website.
We accept requests from both PSNI and personal email addresses if the required security descriptors are given.
We adhere to responsible lending guidelines. This means we have a duty to ensure members only borrow what they can afford. Having sight of bank statements provides reassurance that members are remaining within reasonable credit limits.
95% of our loan applications are approved and issued same day.
There are a variety of reasons why your application may have to go to Credit Committee. It may be the size of the loan, a recent missed payment, you’re not registered on the electoral roll at your given address or something else which raises a flag on your application. Please remember that it is your opportunity to give your side of the story and we want to help you. If you want to consolidate your credit card debt, don’t put the loan application reason down as ‘Home Improvements’. We would rather lend to consolidate your debt than assume this is additional lending for a new sunroom.
No. We require a written instruction for all transactions, either via email / post or in person at our offices in Newforge. This satisfies the regulatory authorities that we are always conducting business in compliance with members instructions.
Provided your request is received by approximately 4.00pm, funds will be in your account by close of business that day, approximately 4.30pm. If a request is made during office holiday closure, we will process upon our return.
No, we can only collect savings or loan repayments via Payroll / Direct Debit or via debit card over the phone.
No. We collect direct debits on the 5th of the month unless that falls on the weekend or a Bank Holiday. In this case, we collect on the next banking day.
No, you don’t need to cancel. Our rules require a minimum of £10 per month going into your account. If you go over the savings limit, we simply return the excess to your linked bank account.
You don't need to cancel your account when you retire! Here are the benefits of staying with the Harp & Crown. We have a very simple process to switch you over from payroll to direct debit to allow a seamless transition into retirement. Everything else remains the same.
Any dividends are paid on shares held with the Harp and Crown during the previous financial year on a pro-rata basis. To put it simply, the more shares you hold between 1st October and 30th September, the greater the dividend. This is because the Harp and Crown Credit Union financial year runs from 1st October to 30th September. It is also worthy of note that if you close your account prior to the Annual General Meeting, you would no longer qualify for the dividend payment as dividends can only be paid to members. Full Ts and Cs on Dividends HERE.
The Harp and Crown CU 2023 dividend of 2% (& Loan Interest rebate based on accrued 2022/2023 rates, where applicable) was credited to accounts 01.12.2023. We are currently issuing statements via email and posted to those members for whom we do not hold an email address. Please email us (creditunion@harpandcrown.co.uk) if you wish to add or update your email address.
In the event of your death, any outstanding loan balance may be cleared** with your beneficiary receiving 1.5 times your savings up to £5,000**. If you would like to talk to us about this in more detail, we are here to help. Please call us on 028 9068 5198.
**Terms and Conditions apply.
The Harp and Crown Credit Union offices will be closed on the following dates in 2024:
Monday 1st January (New Year's Day)
Monday 18th March (St Patrick's Day)
Friday 29th March (Good Friday)
Monday 1st April (Easter Monday)
Monday 6th May (May Day Bank Holiday)
Monday 27th May (Spring Bank Holiday)
Friday 12th July (Bank Holiday)
Monday 15th July (Bank Holiday)
Monday 26th August (August Bank Holiday)
Wednesday 25th December (Christmas Day)
Thursday 26th December (Boxing Day)
OPEN 9am-1pm Friday 27th, Monday 30th & Tuesday 31st December.
Wednesday 1st January 2025 (New Year's Day)
Visit our Junior Saver FAQs section HERE.
Make sure you have the following details before you register for online banking:
Email address used when becoming a member
Membership number (not your PSNI payroll number)
Mobile number
Date of Birth
As a member you can enjoy the following flexibility and benefit of accessing your account online:
Check your account balance
View your latest statement
Request share withdrawal
Apply for a loan
Update your marketing preferences
And so much more!
This is no problem, simply email us at creditunion@harpandcrown.co.uk and we can verify your membership with a few security questions.
This is no problem, simply email us at creditunion@harpandcrown.co.uk and we can verify your membership and reset your pin with a few security questions. You'll be logging into your account in no time.
Online banking is only available to ages 18 years+ (Junior accounts are registered for 15 years and under). If you would like to check your Junior's balance or make a share withdrawal request, simply email us at creditunion@harpandcrown.co.uk and we will respond as quick as we can.
You can request withdrawal of shares by email or via online banking, outside of office hours. If a request is made outside of office hours Monday - Friday 9am - 5pm, we will process your request on the next working day. However, when the office is closed for holidays, we cannot process withdrawals. Please email us your request and we will respond as soon as possible when the office reopens. Email creditunion@harpandcrown.co.uk
You can request withdrawal of shares by email or via online banking, outside of office hours. If a request is made outside of office hours Monday - Friday 9am - 5pm, we will process your request on the next working day. However, when the office is closed for holidays, we cannot process withdrawals. Please email us your request and we will respond as soon as possible when the office reopens. Email creditunion@harpandcrown.co.uk
You can email the office or apply for a loan via online banking, outside of office hours. If an application is made outside of office hours Monday - Friday 9am - 5pm, we will process your application on the next working day. However, when the office is closed for holidays, you cannot apply for a loan. Please email us your loan application and we will respond as soon as possible when the office reopens. Email creditunion@harpandcrown.co.uk
You can email the office or apply for a loan via online banking, outside of office hours. If an application is made outside of office hours Monday - Friday 9am - 5pm, we will process your application on the next working day. However, when the office is closed for holidays, you cannot apply for a loan. Please email us your loan application and we will respond as soon as possible when the office reopens. Email creditunion@harpandcrown.co.uk
We don't offer payment breaks for loans however we can provide other options to help.
Complete a financial summary form outlining your circumstances so that we can investigate whether a "refinanced loan" may be the best option for you.
Members who have a loan with us may withdraw their shares down to their ‘Pledged Share limit’. In all cases members may withdraw shares in excess of their outstanding loan amount. We would urge those who may be considering a ‘Top-up’ loan in the near future to take into account the 5 to 1 loan to share ratio required for future borrowing.
Email creditunion@harpandcrown.co.uk or phone 028 9068 5198.
Members who have a loan with us may withdraw their shares down to their ‘Pledged Share limit’. In all cases members may withdraw shares in excess of their outstanding loan amount. We would urge those who may be considering a ‘Top-up’ loan in the near future to take into account the 5 to 1 loan to share ratio required for future borrowing.
You can only make a lodgement by telephoning the office with a debit card, posting in a cheque made payable to Harp and Crown Credit Union or by calling into the office with cash. You cannot make a lodgement via the Harp and Crown online banking facility.
You can only make a lodgement by telephoning the office with a debit card, posting in a cheque made payable to Harp and Crown Credit Union or by calling into the office with cash. You cannot make a lodgement via the Harp and Crown online banking facility.
Depending on how much you wish to top up, the interest rate may be subject to change (a new loan product rate is applied).
For example: If your “top up” combined with your current loan amount = £5K or more this will then be subject to our Standard Loan £5K+ interest rate of 7.9% APR.
If you are currently on a 1ST TIME LOAN rate and wish to top up, your loan will no longer be subject to that one-off rate of 5.5% APR. Instead the combined loan (including top up) will be subject to the applicable new loan rate (depending on how much you borrow).
Any top up request will also be based on our 5 x savings to loan ratio depending on how much you want to top up and subject to Ts & Cs.
For more details or to request a top up email creditunion@harpandcrown.co.uk
