Member Login Savings
Encouraging thrift is an important part of the Credit Union message. Regular saving and sensible borrowing are key elements to remember when it comes to managing your money. Saving regularly gives you financial security, independence, peace of mind and an attractive return on your savings.
The maximum amount of shares that a member can save at Portlaoise Credit Union is €50,000.
Members’ shares in the Credit Union form the pool from which loans can be granted. As shares act as a security against your loans, you are advised to continue to save while repaying a loan to ensure that you are well placed if you need to borrow a higher amount on the next occasion.
With effect from August 2008, members can opt to lock some of their funds away to benefit from a higher return. The “CU Gold 1Yr Deposit Account” can be used for amounts of €1,000 to €30,000. Funds are locked away for twelve months and can only be withdrawn prematurely by closing the account and paying an interest penalty. Some terms and conditions apply – further information is available from the offices.
ANNUAL DIVIDEND ON SHARES
A dividend is generally paid every year on your shares. The members vote at the AGM to decide the rate of dividend for the year. The members’ decision is based on the surplus for the year and the recommendation of the Board of Directors.
SECURITY
Members can be assured that savings at the Credit Union are secure.
All officials, whether they are volunteers or staff, must be fidelity bonded.
An independent Supervisory Committee is elected at the Annual General Meeting to act an an internal auditor and also to ensure that the Board of Directors comply with the Credit Union Act, 1997 at all times.
An independent auditor, appointed by the members at the Annual General Meeting, audits the annual accounts.
There is a guarantee for Credit Union savings up to a maximum of €100,000. This was announced by the Minister of Finance on 20th September 2008
The Credit Union participates in the Savings Protection Scheme established by the Irish League of Credit Unions. This is a stabilisation fund to help any Credit Unions that may get into difficulty. It also is designed to protect savings, within certain limits.
NOMINATIONS
One of the attractions of saving with the Credit Union is that shares and insurance benefits, can be paid to a nominated person or persons on death (to a value of €23,000). If a member has shares/insurances in excess of €23,000, the first €23,000 is paid to the nominated person with the balance going to the estate upon receipt of probate, to be distributed along with the member’s other property , if any, under the terms of the will.
The benefit of making a nomination is that shares/insurances can be passed on death with a minimum of delay and inconvenience.
Members normally complete a nomination form when they first join and are advised to update the form, if their family or personal circumstances change. In any event, a member’s nomination ceases to be valid once they marry – members are advised to re-nominate as soon as possible after their wedding. Members under 16 years cannot make a vaild nomination – the beneficiary will usually be a parent or guardian.