Always Here to Help

Community 3 min read

04 Nov 2021

From cradle to grave, your local credit union is there to support you through all life’s ups and down. Whether it’s your first car, the wedding of your dreams, sending your kids to college or the unfortunate situation of a loved one’s funeral, your local credit union is always on hand to help.

Credit unions are not-for-profit financial institutions who exist solely for the needs of their members. While credit unions are synonymous with savings and loans, they also provide an extensive range of other services which may not be widely known. Below are just some of the products and services on offer from your local credit union.
 

Life Savings Insurance

Life Savings insurance is the life insurance cover which credit unions provide for all eligible members as an additional incentive to save regularly and maintain savings with the credit union. The insurance is underwritten by credit unions’ own insurance company, ECCU Assurance DAC and is paid for by credit unions. There is no direct cost to credit union members for this valuable benefit.

The amount paid out in the event of an eligible member’s death will be dependent on their savings history with the credit union over the years.


Benefits
Subject to a maximum benefit set by each credit union, every €1/£1 stg you save before the age of 55 provides €1/£1 stg of insurance. So, if you an eligible member aged 54 with €2,000/£2,000 stg saved in the credit union passes away, an insurance benefit of €2,000 / £2,000  will be paid out on your death. This is subject to the eligibility terms and conditions and the credit union’s life savings cover limit.
 

Loan Protection Insurance

Loan Protection Insurance is the cover your credit union provides for eligible members with credit union loans. The premium for this insurance is paid by the credit union.

Benefits
Should a member with an outstanding loan balance die, the balance is repaid in full, subject to terms and conditions and certain cover limits which apply. You should enquire when making your loan application to see if you are eligible.

If you are an eligible member, this means that you can borrow from your credit union in the full confidence that your dependents will not be obliged to repay the outstanding loan balance in the event of your death*.  You should check with your credit union for full details of cover under their loan protection policy.
 
 

Death Benefit

No one likes to think about death, be it your own or that of a loved one, but the simple fact is a bereavement can result in very significant expenses and financial worries for loved ones, at a difficult time. Your credit union cares about its members and may provide a service called Death Benefit Insurance (DBI) to help pay for these expenses.

DBI is a unique service offered by some credit unions to help pay for end of life expenses. It pays a fixed lump sum in the event of death and where death is as a result of an accident, the lump sum can be doubled. There are some terms and conditions to meet for inclusion and you should ask your credit union about these and the amount of DBI lump sum currently payable. You should also check with your credit union how the premium is paid.
 

Current Accounts

Credit unions provide an exceptional, personal service to their members. For many years, members have wanted to do more and more of their daily banking with their local credit union. The good news is, now they can!

More than 50 credit unions in over 220 locations across Ireland now offer their members easy and convenient access to their money via a current account, in conjunction with a globally accepted debit card.

• A credit union current account/ debit card offers:
• A full service account
• Access to your money 24/7
• A low cost, transparent fee structure
• Contactless payments
• Debit Card accepted globally
• Automatic payments via direct debits/ standing orders
• Can be used in-store, online or at ATMs across the globe.
• Overdraft facility available in selected credit unions (subject to Terms and Conditions)
• Straight forward sign-up process

Loans

Credit unions are synonymous with lending. Providing affordable finance is what we we’re made to do. A loan from your credit union can give you financial freedom with no fees on transactions. Unlike a loan from another financial institution, a loan from your credit union, if paid back early, does not result in penalty charges.

At your local credit union, there is no end to what we offer loans for. Lives can be changed by your local credit union, which can be seen through our Powered By People series. From IVF treatment, to getting to the European Championships, to simply doing up your kitchen or bathroom, we’ve got a loan for you.

As well as all of that, at the credit union we’re all about the people. When you call us on the phone, interact with us online or pop into our office, you will always get a real person on the other line.

Imagine – A straight-forward loan, with no sneaky conditions.
Imagine – A loan from a lender at the heart of your community.
Imagine – A loan with built in insurance, at no cost to you.
Imagine More with your local credit union.
 

Savings

Whether you’re saving for something in the future or just for a ‘rainy day’, regular saving is a good idea. Regular saving with your credit union is an even better idea. At your credit union, you’re not just a customer, you’re a member of a successful financial co-operative.

Your savings with the credit union are called "Shares". Each share you hold in your credit union is equal to €1/£1stg. Depending on the rules of your credit union, to be a member there will be an entrance fee of not more than €1.27/£1stg and you will need to hold a minimum saving of between one and five shares if joining a Northern Irish credit union or between one and ten shares if joining a credit union in the Rep. of Ireland. Members enjoy equal rights to vote (one member, one vote) and participate in decisions affecting the credit union.

Savings are insured at no direct cost to eligible members – subject to terms, conditions and eligibility criteria. When your credit union declares a dividend at the end of its financial year, each share you hold for that year is eligible for a dividend. The more shares you have, the greater the dividend you will receive. And you have the added bonus of knowing that your savings are being used to make loans to other members. Members just like you.

So if you wish to start saving or you're building up a nest egg, talk to your local credit union today.
 

Imagine More

As well as all of the products and services listed above, your local credit union offers a range of other services to their members. Credit unions exist solely to meet the need of their members, find out what else is on offer from your local credit union, or contact them today.