Derbyshire Community Banks FAQ’S

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Frequently Asked Questions

General Enquires

For our general joining process information, see below

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Credit unions are for everyone in our community, regardless of income. For this reason we especially provide essential financial services to many people who would otherwise be financially excluded and susceptible to loan sharks and sub-prime lenders.

To join Derbyshire Community Bank you must live or work in Derbyshire.

Unlike banks which are open to the general public, membership of credit unions in the UK is restricted to those who fit a defined ‘common bond’, which is legally defined in their rules. Anyone can become a member, however you must share a ‘common bond’ with other members such as: Live or work in the same area Work for the same employer as other members

Our Common Bond

Sign up by clicking here:

Register Here

Once you’ve signed up, just send over £1, once we receive it your account will be active and you’ll be able to save with us or apply for a loan.

You can do this via our Online DCB App or call us on 01332 348144. We may require evidence of your change e.g. utility bill.

Just visit: or apply via the app under Account Management. If you’re not already a member, you can sign up and apply at the same time! Check our FAQ on loans to decide which is the right loan for you.

You can make a formal complaint to us with our complaints page We take complaints about our service very seriously. Read our complaints page for full information

Complaints Page

We are required by legislation to verify the identity and proof of address for all our Members.
When joining DCBank, you will be sent to Yoti, which will process and validate your identity. 
You will need government-issued documents that include your full name, photograph, residential address and/or date of birth.
The following are acceptable forms of identification:
  1. Valid passport
  2. Valid photocard driving licence (full or provisional)
  3. National Identity card
  4. Firearms certificate or shotgun licence
  5. Identity card issued by the Electoral Office for Northern Ireland
If you do not hold the above then two documents from the list below are required as evidence of ID. The second document may be either government-issued, or issued by a judicial authority, a public sector body or authority, a regulated utility company, or another FCA-regulated firm in the UK financial services sector, or in an equivalent jurisdiction, which incorporates:
  1. your full name and either:
  2. your current residential address OR
  3. your date of birth
One document from each column:
Government-issued documents without a photograph include:
  1. Valid (old style) full UK driving licence
  2. Recent evidence of entitlement to a state or local authority-funded benefit (including housing benefit and council tax benefit), tax credit, pension, educational or other grant
Other document including:
  1. Current council tax demand letter, or statement
  2. Current bank statements, or credit/debit card statements, issued by a regulated financial sector firm in the UK, EU or an equivalent jurisdiction (but not ones printed off the internet)
  3. Utility bills (but not printed from the internet)
  4. Instrument of a court appointment (such as liquidator, or grant of probate)
We will contact you if we need further information or additional proof of ID. 
If you do not hold any of the above then please contact us to discuss your options.

We are only able to accept new Members who live or work within Derbyshire or Derby City. This is defined as our ‘common bond’.

There are more than 300 credit unions operating in the UK. Most have either a residential or employment (or both) common bond. Check to find a credit union near you.

Check out our Common Bond Page 

See below for our frequently asked questions on Loans

Family loan – To be eligible, you must provide proof that you are in receipt of child benefit. A family loan is payable direct to us from your child benefit and is not credit checked. Upon signing your loan agreement, we send a letter out to the child benefit office and have your child benefit paid to us instead, then we deduct the amount for your loan repayment and holding saver, and any remaining funds are placed into your Share 1 account. If you’d like these placed to a different savings account or sent to your bank directly, just let us know. The maximum amount for a first time family loan is £500, or £750 if you’ve had a previous family loan with us. Interest rates on a family loan are 42.6% APR. Personal loan – A personal loan is suitable for anybody who is not in receipt of child benefit, and needs a loan from £100 – £2,999. Personal loans are credit checked, and are payable via either benefits or a standing order to ourselves. Interest rates on a personal loan up to £2,999 are 42.6% APR. Personal loan 3k+ – A personal loan 3k+ is only for existing members who require a loan from £3,000 – £7,500. Personal loan£3k+ are credit checked, and are payable via either benefits or a standing order to ourselves. Interest rates on a personal loan 3k+ are 24% APR. All loans are subject to affordability checks.

If we’ve reviewed your application for a personal loan, then you cannot apply for a family loan for the next 6 months, as we have to take your credit report into consideration. You can still continue with your personal loan application, and set up a standing order to us to make your repayments.

If you have been declined a loan with us due to your credit score you cannot apply for any loan product for at least 6 months.
After 6 months, you can apply again.

This depends upon the size of your defaults, and whether or not you are working to address them. If you have been advised on prior applications to address your credit report and you continue to not do so then your application may be declined.

Providing you have made the minimum payment requirements you can “top-up” your existing loan with us. The minimum requirements for each product are stated below:
Family loan – 15% of your original balance must be repaid for new members
Family loan – For current members, at least £100 must be repaid
Personal loan – 15% of your original balance must be repaid
Personal loan 3k+ – 25% of your original balance must be repaid

We do not allow one-off payments in order to be eligible for a top-up, your contractual payments must reduce the balance.

Yes! If you would like to pay more than your minimum payments you are able to do so, just let us know you want the additional funds allocated to your loan. There is no additional charges for doing so.

Yes! There is no additional fees for doing so, just call us on 01332 348144, and let us know this is what you wish to do, we can send you a debitcard payment link or send us the amount via bank transfer.

A decision should be made on your loan within 2 – 3 working days. Our loans team will be in touch if they require further information, or a decision has been made.

Your loan term is the amount of time you will be making repayments. For loans up to £1,000 the maximum term is 12 months. The maximum term for all other loans is 60 months (5 years).

Call us on 01332 348144 to discuss your account and circumstances. We will work with you to find the best solution to make your repayments and maintain your financial wellbeing.

If you’ve missed a payment, then you could end up repaying more due to the interest that’s charged on the outstanding loan balance. If you repay your loan early, then you will pay less interest overall.

Interest is calculated on the outstanding loan balance and is charged daily at the rate set out in your loan agreement.

A Holding Saver account acts as a security against your loan. You pay £2 a week in addition to your loan repayment. At the end of your loan you then have access to your holding saver, where you can either transfer to your Share 1 account and keep saving – or withdraw to your bank account.

Once the balance in your holding saver is higher than your remaining loan balance, you can use the funds in your holding saver to pay off your loan early!

Simple answer is ‘no’.

If you have entered into an individual voluntary arrangement (IVA) then you are restricted to borrowing no more than £500 without obtaining permission from your insolvency practitioner.

When we consider affordability, we will look at other debts, repayments. You are very welcome to join us and save regularly, just a small amount every week or month soon build up into a useful fund for when you need it.

Citizens Advice has an article that explains the things to think about when considering an IVA

IVAs are a legally binding form of debt management that work by freezing your debt for a fixed period, usually 5-6 years. During that time you must commit to paying a monthly amount towards your debt. After the fixed period, any money you still owe will be cancelled but only if you have made all your agreed payments and not been in breach of your agreement.

An IVA is arranged through firms called insolvency practitioners.  Unfortunately some are motivated by the fees they will earn than your best long-term interests.
IVAs are not free. There are fees, we regularly see £4,000 to £5,000 being charged. Your monthly repayment will be set to cover both the amount owed to the lenders and your IVA provider’s fee. But the IVA fees are paid first. So many times we see thousands being paid, but that only reduces the fee, and has little impact on reducing your debts.
IVAs also include conditions that will affect your financial independence.  You may be asked to sell your car or other personal items of value.  Any savings will be taken in and if you receive an unexpected gift or an inheritance you may have to pay all of it into the IVA.  You may even have to remortgage your home to cover some of your debts.
Your IVA could affect your ability to borrow for up to 12 years.  The arrangement will appear on your credit history and make it difficult or very expensive to obtain such basics as phone contracts and credit cards. There may be legal restrictions to stop you borrowing even from family or friends or take up salary benefits like cycle to work schemes and season ticket loans.  In most cases you will need to get written permission from your insolvency practitioner.
See below for our frequently asked questions on Savings

Share 1 – This is your main account, there must be a minimum balance of £1 to keep your membership active.
General savers – (legacy account, will be transferred to Share 1 account) This is a savings account you can access all year round, with no limit on the amount of withdrawals, and just a £1 minimum balance to keep the account active.
Christmas Savers – This is a locked savings account where you can only withdraw funds from 1st October – 31st January.
Goal Saver – open an account in the App, create up to ten ‘pots’ for your saving goals: holiday, new car, new home, home improvements. Create a name for each of your saving Goals and choose an icon to remind you what you’re saving for!

When you join and make your first deposit your Share 1 account is created for you. Use the App or internet banking to open a Christmas Saver or Goal Saver account.

You can only withdraw Christmas savings between 1st October – 31st January.

You can withdraw from your Share 1 savings anytime either via our app or by calling us on 01332 348144

Yes they are. DCBank is authorised and regulated by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Registered number 432447. Registered Company No. IP00730C on the Mutuals Register.
We are also part of the Financial Services Compensation Scheme (FSCS). This means that eligible savings held with us are protected up to a total of £85,000 per customer. Read our FSCS information sheet here.

Corporate Savings


More Information

Interested in Payroll deductions? Becoming a Partner?

Derbyshire Community Bank accepts corporate memberships from organisations that are based in Derbyshire

1. Open a corporate account using the ‘join now’ form.
2. We will contact you for verification of your organisation and appointed signatories
3. We set up your account and issue your Membership number
4. Deposit funds into your account

1. Corporate Social Responsibility
2. Support local social enterprise
3. Dividend paid on savings (dependent upon performance and is not guaranteed. 1% paid in 2023)
4. Deposit up to £20,000
5. Your money is safe. For most organisations, your savings are covered by the Financial Services Compensations Scheme (FSCS)
6. Employee financial wellbeing – your people can join as a Member and enjoy the benefits
7. Payroll deduction – enable your employees to save directly from their payslip

Other Enquires

For other enquires, see below

See our CEO explain What an AGM is below: