Savings
Cavan Credit Union
Safe and Secure
January 2012
The recent media article relating to Cavan Credit Union should not be an issue of concern to our valued members. Your savings are secure with us. We are managing the credit union in the best interests of our members and our staff are on hand to assist with any questions that you may have at this time.
Please call Leanne on 049 4331715 if you have any questions in relation to this or any other matter.
Cavan Credit Union is working well for its 15,517 members and we have been serving this community for over 40 Years and we are well positioned to continue to provide for member savings and loan requirements in a safe and secure way in the future.
Cavan Credit Union remains a secure financial co-operative which continues to offer a secure place for your savings and access to modest loans for credit worthy members. We will continue to operate in a co-operative manner in the best interests of all members.
Opening an account with Cavan Credit Union
When you open an account with the relevant documentations, you will be given a receipt which shows your membership number, your lodgement details and the balance of your account. We refer to savings as shares so when you become a member, you become a share holder. Regular savings generates a surplus of income which is distributed to members in the form of lending.
Shareholders receive an annual dividend on their balance. The dividend is decided on at our A.G.M and is proposed by the members. It is added to each member’s account generally after the A.G.M. The A.G.M is normally held in December.
Members can have as many accounts as they wish. Members have the option of having two saving accounts under the one account number, a regular shares and a cash save account.
Members are obliged to pay dirt tax at the rate of 30% per annum on the dividend they receive on savings.
Your money is available on demand in cash or cheque form and is fully insured at no extra cost.
As a member you can nominate a person /persons to benefit from your savings account up to €23,000. The form is very simple to complete and can be changed or/cancelled at any time. This nominations form will ensure that, in the event of your death you’re saving account to a maximum amount of €23,000, will be distributed quicky and with minimum fuss to the nominee. Remember this is an unique facility available only to Credit Unions and could be described as a “Mini Will”
Money Boxes are now available at Cavan Credit Union.
Types of Share Account
- 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.
- 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.
- Special Share Accounts
- Member must request in writing that their account be changed to a special share account.
- Dividend paid to member net of DIRT.
- Return made by Credit Union does not include individual members details.
- Member can hold both a regular or special share account but not both
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.