Over the last two years we have been advising our Members that we will introduce a maximum Savings Limit per Member in 2021.
Presently we hold over €165m of excess savings and the Credit Union is now being charged by other financial institutions to deposit the excess funds with them. This is not financially sustainable for the Credit Union.
In our recent AGM notification, we stated that the maximum savings limit will be set at €30,000 and will be in place for all Members from 31 May 2021. The limit applies to each individual Member – every Member can hold up to €30,000. Funds held in any account on which you are a named party will count towards your total savings balance, including accounts held jointly.
If your total savings balance currently exceeds €30,000, we request that you please withdraw such amount as is required to bring the total balance below €30,000 by 31 May 2021. We appreciate your understanding on this difficult action.
Please note that you may be asked to provide Photo ID and current Proof of Address to complete the withdrawal. Funds can be withdrawn using our online banking platform (CU Online) or in branch by cheque or electronic funds transfer (EFT). Withdrawal of cash sums over €5,000 must be ordered in advance.
From 31 May 2021 we will be unable to take lodgements from Members where the lodgement would bring their overall balance to an amount exceeding €30,000. This will apply to all transactions including cash, cheque, and EFT. Any funds received by electronic transfer will bounce back to the source bank account.
We cannot provide financial advice to our Members in relation to alternative investments or other savings options. However, we would be happy to answer your queries in relation to any of the above. If you wish to speak to a member of management, please give us a call on 021 4965134 or call to any of our offices.
We appreciate your co-operation and your continued membership of your Credit Union.