Q: What are shares?
A: Every €1 saved is equivalent of 1 share in a credit union. A minimum saving of 1 share/€1 is needed to keep the account open. You should save regularly to build up a savings history. Each share is eligible for a dividend at the end of the year. The more savings held by the Credit Union, the more funds are available for loans to members.
Q: What is the Common Fund?
A: As the amount of shares builds up, the common fund of money grows. This is then available for providing loans to members. All members are encouraged to save regularly, even when repaying a loan. This gives the member several direct benefits, and ensures that there are funds for the credit union for use by all members.
Q: Can I transfer my credit union account to Balbriggan Credit Union Ltd?
A. Provided that you meet the membership criteria of living or working within the common bond area of Balbriggan Credit Union Ltd you can transfer your savings and keep your savings history. You can also transfer your loan – subject to approval by a Loans Officer or Credit Collective/Committee and continue to pay the loan balance at Balbriggan Credit Union Ltd.
Q. Can I withdraw my savings at any time?
A. Your shares are withdrawable on demand, provided that they are not pledged against a loan. Members are encouraged to keep their savings intact thus ensuring that:
- the Member can maintain credit worthiness and capacity to borrow
- they continue to earn a dividend
Q. How do I get a statement of my account?
A. A personal visit to the office or a written, telephone or e-mail request. You may also wish to sign up for our new e-statement facility (insert link)
Q. How do I change my name on my account?
A. Your name can easily be changed on your account. Members will need to visit the office for this to be completed. Just follow these simple steps:
- Members must call at the office in person with evidence of their name change e.g. a marriage certificate
- Staff will complete a change of name and copy the certificate
- The members account will be immediately updated
NOTE – Members updating names may also wish to update their form of nomination to take account of their change in circumstances.
Q. How do I change my address on my account?
A. Your address can easily be changed on your account. Just follow these simple steps:
- Members must submit evidence of the change, e.g. a current (within the last 3 months) utility bill or bank statement
- Staff will complete a change of address and copy your documents
- The members account will be immediately updated
Q. How do I close my account?
A. You may close your account at any time providing there is no loan outstanding on your account. Your passbook must be presented and a withdrawal form completed.
Q. What will happen to my Account in the event of my death?
A. Balbriggan Credit Union Ltd members complete a form of nomination whereby they can chose where their money will go in the event of their death.
A nomination is a written instruction to the Credit Union as to how to dispose of the contents of a Credit Union account, including insurance benefits, up to a maximum of €23,000, when the holder of the account dies. Any surplus above this figure is passed on to the members’ estate. It is a legally binding document and is effective regardless of whether a will exists or not. A nomination may be revoked or altered by a subsequent nomination. Marriage invalidates an existing nomination.
Making a nomination is simple: -
Visit the office and our staff will guide you through the process easily and without fuss. Once completed and duly witnessed, the Form of Nomination must be lodged in the Credit Union Office.
Please Note The nominee or beneficiary is not allowed to witness the nomination. Before the property is transferred to the nominee, proof of death is required.
Q: Are my savings secure?
A: In addition to members savings being guaranteed under the Governments Deposit Guarantee Scheme, up to a maximum of €100,000 the following safeguards exist within Balbriggan Credit Union:
- All savings are protected by Free Life Savings Insurance (up to member’s 80th birthday)
- All officials of credit unions, whether volunteers or staff must be fidelity bonded.
- All monies received are properly recorded and lodged regularly.
- Full financial statements are prepared and available to members. These are circulated in advance of the AGM and can be examined by members.
- Annual independently audited returns are lodged with the Central Bank of Ireland.
- Every Credit Union has an appointed supervisory committee whose role is to protect the interests of members, and to act as independent watchdog of Credit Unions.
Q: What is Life Savings Insurance?
A: Life Savings insurance is a life insurance cover Balbriggan Credit Union Ltd provides for free to all eligible members as an additional incentive to save regularly and maintain savings in the Credit Union.
Q: What are the Benefits?
A: The nominee will receive a financial sum in the event of your death. The amount you receive depend on your age and how much you have saved in Balbriggan Credit Union Ltd over the years. Life Savings Insurance is provided by Balbriggan Credit Union Ltd, there is no direct cost to you.
Q: Am I eligible?
A: You are entitled to Life Savings Insurance cover when you save with your credit union if you:
- Join the Credit Union before the age of 70 years and
- Are actively at work, and if not working are in good health.