Tel: 01 874 4531 + 0892263199

25 May 2018
Shares

Shares

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.
  • 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 13,000 (subject to terms and condition)
  • A savings protection scheme is in place to the benefit of the member up to 12,700
  • There are no transaction charges or fees.

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

Types of Accounts

Currently the East Wall Credit Union has two types of accounts.

Regular Share Accounts

  • Members present accounts with Credit Union are considered as a Regular Share Account. These accounts are suitable for those who are not liable for income tax.
  • While no DIRT is deducted directly from your regular share account the onus is on the member to declare their account to the Revenue Commissioners.
  • Dividend rate declared at A.G.M. is posted gross to members accounts.
  • No disclosure is required by Credit Union.
  • The maximum amount held in this type of account is currently 12,700.

 

Deposit Savings Accounts

  • Members with shares in excess of 12,700 have this excess held in this account
  • Dividends declared for the deposit savings account will be less than the regular share account and DIRT will be deducted from all declared dividends.

 

 

Savings and Loans

Money in regular share and deposit savings accounts 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.
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