A credit union is a democratic, financial co-operative owned and controlled by its own members. Each credit union is run only to benefit its members, all of whom have something in common – the common bond.
Who regulates Credit Unions?
Credit Unions are regulated by the Financial regulator, through the Registrar of Credit Unions. Every credit union has an appointed supervisory committee whose role is to protect the interests of members. Credit unions are governed by the 1997 Credit Union Act. Credit unions are also independently audited every year. The audited accounts are distributed to all members and are presented for approval at the annual general meeting.
What are the Operating Principals of Credit Unions?
There are 10 guidelines founded on the philosophy of co-operation, equality and self help:
- Open & Voluntary Membership.
- Democratic control – all members have equal rights.
- Permanent equity capital where it exists in the Credit Union receives limited dividends.
- Limited dividends on equity capital.
- Return on savings & deposits- a fair rate of interest is paid on savings & deposits.
- Return of Surplus to Members.
- Non discrimination in race, religion, and politics.
- Service to members – improving services to members.
- On-going education – promotion of members, officers and employees.
- Co-operation among co-operatives – co-operation with other credit unions at local, national and international level.
- Social responsibility – advocating social justice and development.
The members of each credit union own each individual credit union.
Every €1 saved is equivalent of 1 share in a credit union. A minimum saving of 5 shares (€6.35) is needed to keep an account open. You should save regularly to build up a savings history. Each share may be 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. Shares are held as collateral against your loan.
Like all Credit Unions, our members share a common bond; a factor that “unites all members“. Our common bond extends to any person residing, working or in education in the Rathkeale, Adare and Croom areas. Historically this area takes in the parishes of Rathkeale, Croagh, Cappagh, Adare, Kilfinney, Croom, Banogue, Manister, Ballingarry, and Granagh.
Joining is easy and has many benefits! To become a member all you need to do is be living, working or studying within our common bond. We cater for individual and joint membership accounts as well as businesses, clubs and societies. Pop into one of our branches to join or call 069-64444.
To open an account, you need the following items:
- Photo ID, e.g. Passport, Drivers Licence
- Verification of Address within the last 6 months e.g. ESB Bill, Utility Bill, Bank Statement
- Proof of PPS Number or Tax Identification Number
To open an account for a minor, you need the following:
- Passport or a copy of the child’s birth certificate
- Proof of the child’s PPS number, e.g. medical card, government letter
- Proof of parents’ address, e.g. recent utility bill dated within the last three months
Call into one of our three branch offices in Rathkeale, Adare or Croom to make an application with the assistance of one of our staff members. To ensure that the application can be processed as fast as possible members are advised to bring all the relevant documentation as set out below;
- 3 current payslips
- Bank statement showing last 3 months transactions
- If self employed, most recent set of accounts.
Or call your local branch office with your account number, and a member of staff will take your application over the phone.
Like all Credit Unions our loan approval process is governed by internal policies as well as requirements set out in law. We do our best to make a quick decision on your application.
All applications are treated confidentially and on their own merits. The key consideration is a member’s ability to make the loan repayments over the term of the loan.
Loan Protection cover is a FREE life assurance benefit designed to clear the outstanding loan balance on the death of a member it also includes an element of permanent disability cover.
Life Savings insurance is a life assurance benefit which is based on the amount of savings made and retained during a member’s lifetime. Once earned the cover remains in force, as long as the savings are not withdrawn.
The amount of benefit to which a member is entitled is in proportion to the amount of savings a member has and depends on the member’s age at the date of lodgement. A member is entitled to this cover if when he/she saves the member is under 70 years of age and actively at work or, if not working, in good health. The maximum benefit payable is €7,200.