All you need to know about our Proposed Merger with Derbyshire Community Bank
The Board of Chesterfield & North-East Derbyshire Credit Union (CNEDCU) has agreed in principle to a merger with Derbyshire Community Bank, the trading name of Erewash Credit Union Ltd (DCBank). This is subject to final authorisation from the Financial Conduct Authority (FCA). Members of CNEDCU have already approved the merger in a special general meeting (SGM) on 4th August 2025 and confirmed the decision to merge on 18th August.
We are now in the process of transferring CNEDCU to Derbyshire Community Bank
Who is Derbyshire Community Bank? (DCBank)
DCBank is a well-established, community credit union based in Derby. Like us, they serve people who live or work anywhere in Derbyshire or Derby City, although most of their members are based in the Derby, Amber Valley and Ilkeston areas of Derbyshire. They currently have:
- 5,000 members
- £1,500,000 in member savings
- £1,400,000 in loans to members
What Does the Merger Involve?
When the merger goes ahead, CNEDCU will carry out what’s known as a Transfer of Engagements to DCBank. This means all CNEDCU members will become DCBank members, and:
- Your savings and loans will transfer to DCBank under the same terms and conditions
- You will be given a new Member number, as a Member of DCBank
- You will have access to DCBank’s full range of products and services
- You will be eligible for any dividend that may be paid to savers
Once completed, the merger will create a single, stronger credit union serving the whole of Derbyshire and Derby City. We believe this will:
- Strengthen our voice with local councils and community partners
- Improve efficiency by reducing duplicated costs (such as audit, technology, and regulatory fees)
- Allow us to reinvest more into member support and services
What It Means for You
As a member of CNEDCU, we believe that you will benefit from improved customer service and a better range of products and services from the combined credit union. Your new member number will be based on your old CNEDCU member number so will be easy to remember. You will need to register for the DCBank App with your new member number, but the App is very similar to the CNEDCU App.
Next Steps
Now that CNEDCU members have voted to approve the merger, there are some steps to complete with our regulators then we will proceed with the transfer of engagements, we are aiming to complete this before the end of September 2025.
If you have any questions, feel free to contact us at webmail@cnedcu.co.uk
Merger FAQs
IS MY MONEY SAFE?
All DCBank savings and deposits up to £85,000 are covered by the Financial Services Compensation Scheme. Click here to find out more information.
WILL THE INTEREST RATE OR TERMS OF MY LOAN CHANGE?
The interest rate and terms of any outstanding Chesterfield Credit Union loans will remain unchanged for the duration of the loan. If you take out a new loan, this will be with DCBank and the rates, terms and conditions may be different. Please familiarise yourself with the up-to-date terms & conditions.
HOW WILL ONLINE BANKING CHANGE?
Online banking will move to the DCBank website and mobile app. The existing Chesterfield Credit Union online banking will shut down on a date to be advised and members will be able to start using the DCBank service when the merger has been completed.
You will need to register to access the DCBank service. To make this as easy as possible we are sending a registration code and instructions on how to register to all members. Look out for your unique registration code in the post.
WILL THE Chesterfield OFFICE REMAIN OPEN?
Yes, the Chesterfield Credit Union office will remain open with the existing staff.
WILL THE NAME ‘Chesterfield Credit Union’ STILL EXIST?
The Chesterfield Credit Union name will cease to exist after the merger has been finalised. THIS DOES NOT MEAN THE CREDIT UNION IS CLOSING. We will continue to exist under our new name, Derbyshire Community Bank
WILL MY ACCOUNT DETAILS CHANGE?
Following the merger, all members will receive a new Member number. For most Members this will be their previous Member number with a new prefix number.
You will need to use the DCBank sort code and account number with your new Member number and surname as the reference.
Payments made using the old Chesterfield Credit Union bank account will continue to be received as normal for the foreseeable future.
AM I MORE Likely to get a loan with Derbyshire COMMUNITY Bank?
As a community credit union, we do not lend money if we think the loan repayments are not affordable as it may not be in the best interests of the borrower and may make matters worse. We will signpost to trusted local support organisations if we can see that might help.
If you have been turned down for a loan, you might want to consider saving a small amount regularly to help get yourself back on track. It will help us build a relationship with you, so next time perhaps we can say yes.
I’m A MEMBER OF BOTH DCBANK AND CHESTERFIELD CU, can I keep both?
Your Chesterfield CU account and transaction history will be merged into your existing account with DCBank. Your old CNEDCU account will close.
WILL MY MEMBER NUMBER CHANGE?
Most Chesterfield Credit Union members will receive a new membership number. You will receive a letter in the post with your new number. It is important that you use your new number when contacting DCBank following the merger.
WILL MY PAYMENTS BE AFFECTED?
No, all payments which currently go to your Chesterfield Credit Union account will be received into your DCBank account.
IS THE PHONE NUMBER CHANGING?
The phone number 01246 278 833 will continue to work for a period of time. The Chesterfield branch staff will continue to take your calls on this number. The phone lines will be open Monday to Friday 10.00am – 2.00pm
We have a general phone number for all members of Derbyshire Community Bank – 01332 348144
IS THE EMAIL ADDRESS CHANGING?
The Chesterfield Credit Union email address webmail@cnedcu.co.uk will continue to work for a period of time. We recommend Members login to the App or internet banking to contact us securely. Or you may email us at info@dcbank.org.uk.
How do I pay my loan?
If you have child benefit, other benefits, standing order or payroll deduction paying into your CNEDCU account then that will continue as usual. New loans after we merge may need new payment details. We will contact you with the new payment details and your new Membership number.
WILL I STILL BE ABLE TO GET TOP-UP LOANS?
With DCBank you will have the opportunity to apply for a top-up loan. All loans are considered on our loan criteria and affordability checks.
CAN I TRANSFER MY STANDING ORDERS?
You will need to contact your bank to give them the new account number and sort code, with your new Membership number and surname as your reference for any payments into your account at DCBank. If you get wages or other payments from anyone else to your credit union account, you will need to contact them and ask them to pay to your new account details at DCBank.
Payments made to the old Chesterfield Credit Union account details will continue for a period of time.
IS THERE A LIMIT TO HOW MUCH I CAN SAVE?
Currently, DCBank has a Maximum saving limit of £20,000 per member
DO DCBANK PAY interest ON SAVINGS?
DCBank has paid a 2% dividend on savings for the last few years. However this is not guaranteed and may vary depending on the performance of the credit union.
WHAT WILL HAPPEN TO MY PLEDGED SAVINGS LINKED TO MY LOAN?
Your pledged savings will continue to be to be held until the loan ends or you take out a new loan. New savings will continue to be added as per your original loan agreement.
WHAT HAPPENS TO MY Goal SAVINGS?
If you set up Goal Saver pots on the Chesterfield Credit Union app, you will need to set these up again in the DCBank app.