I hope you are keeping safe and well in these challenging times.   

Your Credit Union prides itself in providing you with high quality financial services (Loan Products and Savings Accounts).  For more than sixty years, we have served our communities with the professional and personal service that we know is valued by our Members.  Throughout the Covid-19 crisis, we have endeavoured to ensure Members continue to receive this friendly service despite the restrictions we are all working under.  As your Credit Union, we will always strive to value people over profit.  Our Members are not just our customers, you are part of our organisation.   

Our Credit Union model is built on providing safe Savings Accounts and competitive Loan Products to our Members.  Where Savings are not used to fund lending, they are placed in secure investments.  Historically we have received a reasonable return on these investments and the income earned on investments, coupled with the interest received on Loans, allowed us to cover the expenses necessary to keep our service levels at a very high standard, increase our Reserves and indeed make a return to our Members by way of Dividend.   

The financial landscape has changed considerably over the last five years.  The returns on investments are extremely low, and in some cases the Credit Union is being charged a negative interest rate.  In order to maintain our service levels, we will introduce Fees & Charges from 1 February 2021.   


From 1 February 2021, Members can choose from the following options 

  1. General Member – €1 per individual transaction 
  2. Full Service Member – €4 per month fixed fee 
Although we are introducing fees as a matter of necessity, the charging options as outlined above will allow our Members the freedom to choose the most suitable option for their requirements.  We believe that the Full Service Membership represents great value, particularly when compared with the fees of other financial institutions.  As you would expect from your Credit Union, our fee structure is open and transparent – €4 per month will give you unlimited access to the day-to-day banking facilities that you need, including all in-branch, online and Current Account benefits.  (Additional charges may apply for Current Account and Debit Card holders.)   

Below you will find your updated Terms & Conditions of Membership, including your Framework Contract which will take effect from February 2021.  A Fees & Charges Leaflet is also available which provides more detail.   

I appreciate that the introduction of charges is something that everyone would like to avoid but it is important to re-emphasise that all income generated by this Credit Union is used to provide the service levels that are utilised and valued by our Members on a continuous basis.   

Should you have any queries, please email us at or call us on 021 4965134.  

On behalf of First South Credit Union. 

Yours sincerely,  

George Cantwell 



*Mastercard is a registered trademark and the circles design is a trademark of Mastercard International Incorporated. This card is issued by Transact Payments Limited pursuant to licence by Mastercard International.  

Members can elect to transact with the Credit Union via a €1 charge per individual transaction in person only. In order to transact electronically you must become a Full-Service-Member.  Loan repayments will not incur this charge.  Members will have access to online services (CU Online) but in a View Only mode.  

Members can elect to opt-in for a Monthly Fixed Fee of €4 per month, which will give you the freedom to continue using your Credit Union for unlimited in-person transactions, electronic transactions with the option of a Current Account without incurring an additional monthly fixed fee.  Full Service Members will have full online access to their accounts, with the ability to transfer funds electronically 24/7.  If you choose to avail of our Current Account Product, you can obtain Mastercard® Debit Card*, which will give you 24/7 access to your Credit Union funds anywhere in the world via ATMs, Point of Sale Transactions (including Tap & Go) and online shopping.    

Members under the age of 19, and Students under 26 who are in full time education, are exempt from charges.  If you already pay fees as a Current Account holder, you will not be charged an additional fee for Full Service Membership.   

  • If you choose General Membership, you do not need to take any action.  You will pay €1 per transaction from 1 February 2021 onwards.   
  • If you choose Full Service Membership, you can sign up now and a monthly fixed fee of €4 will apply from 1 February 2021 onwards.  Sign up early and avail of the benefits immediately!  
  • If you are already signed up for our Current Account, you do not need to take any action as you are already a Full Service Member.  Fees will continue to apply as per your Current Account and Debit Card Terms & Conditions.  
  • If you are a Student in full time education and under the age of 26, contact any of our branches to sign up for your Fee Concession.   

Complete this Consent Form and return by email to or by post.  If you are emailing, you can attach a photo or scan of the signed form to the email address.    

You may also complete or hand-in the Consent Form at any of our branch offices (Ballyphehane, South Mall, Dillon’s Cross, Kinsale).