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Tel: 094 9659599 Fax: 094 9638762

Mon 27-Mar-2017
Services Savings

Savings as shares in a Credit Union are a better way to save. You are not just another customer but an active member of a highly successful financial co-operative. Yes, you have a share in the ownership of the Credit Union. Along with having a say in the operation of the Credit Union you also earn dividends.

Benefits of Credit Union savings

  • Savings balances over and above any loan you may have are available to you to withdraw on demand.
  • High dividends for savings available on demand, you will not get a higher return at the same level of risk.
  • Free life cover on saving up to € 7,700 (subject to terms and condition)

There are no transaction charges or fees.

For small to medium savers your Credit Union is where you belong.

Types of Share Accounts

Regular Share Accounts

  • Members present accounts with Credit Union are considered as a Regular Share Account. 
  • These accounts are liable to DIRT
  • Dividend rate declared at A.G.M. is posted to members accounts.

Savings and Loans

Money in special term account can be used as collateral against a loan. Delinquents; funds can be applied to account in default provided that:

  1. Such shares were pledged as security
  2. Default of not less that 6 months has occurred
  3. Credit Union has followed standard procedures to recover the loan.

Security

  • Credit union members can rest easy in the assurance that their savings are safe. Credit Unions in Ireland, which are affiliated to the Irish League of Credit Unions, are secured in several ways:
  • All officials of credit unions, whether volunteers or staff, must be fidelity bonded.
  • Savings up to a limit of €12,697 per member are protected by the Savings Protection Scheme in all credit unions participating in the Scheme.
  • Members savings within certain limits are insured through Life Savings Insurance.
  • All monies received in the credit union are properly recorded and lodged regularly.
  • Full financial statements are prepared and can be examined by members.
  • Annual independently audited returns are lodged with the relevant authority, The Irish Financial Regulatory Authority.
  • Glenamaddy Credit Union Limited
  • Tel: 094 9659599
  • Fax: 094 9638762
  • Email: glenamaddycu@eircom.net
  • Web: http://www.glenamaddycu.ie
Glenamaddy Credit Union Limited is regulated by the Central Bank of Ireland. Reg No: 353CU