FAQs

Q? What is the Common Fund?

A. As the amount of shares builds up, the common fund of money grows. This is then available for providing loans to members. All members are encouraged to save regularly, even when repaying a loan. This gives the member several direct benefits, and ensures that there are funds for the credit union for use by all members.

Q? What are shares?

A. Every €1 saved is equivalent of one share in a credit union. A minimum saving of €5 is needed to keep the account open and maintain membership. You should save regularly to build up a savings history. Each share is 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.

Q? What can a credit union do for me?

A. Your credit union can help you achieve financial independence through regular savings and fair and affordable access to loans.

Q? What is the common bond?

A. The common bond is that factor which unites all members of a credit union. It defines the area within which the credit union can operate. In Ireland, the most usual common bond are Community bond (where all members live in defined village, town or locality); Occupational Bond (where all members are in the same occupation or work for the same employer); Association Bond (where all members are in the same society or association).

Q? What is a credit union?

A. A financial cooperative, owned, and controlled by its members for its members.

Q? What are the opening Hours?

A. You can check out the opening hours of all our offices here – Opening Hours

Q? Are my savings secure?

A. Credit Unions in the Republic of Ireland are covered by the Deposit Guarantee Scheme which is administered by the Central Bank of Ireland. It covers deposits held with banks, building societies and credit unions.

In addition to this, the Savings Protection Scheme (SPS) owned and operated by the Irish League of Credit Unions is also available to proactively intervene to protect members’ savings by making available financial assistance to help any credit union which may experience difficulties.
Also, members’ savings are insured through Life Savings Insurance (subject to certain terms and conditions). For more details, visit the Insurance section.

Q? What return will I make on my savings?

A. A dividend is paid on savings usually in December of each year. This percentage is dependent on the financial success of our credit union during the past year, after accounting for statutory obligations and other relevant factors.

Q? Can I withdraw my savings when I want?

A. You may withdraw your savings on demand as long as they are not pledged against a loan with Enniscorthy Credit Union. There are a number of options available to you i.e. Cheque, Cash & Electronic Funds Transfers (EFT). However, you are encouraged to keep your savings intact, so that:

They continue to earn a dividend.

They continue to benefit from the Life Savings Insurance protection. (Terms & Conditions apply)

Q? How do I avoid my account becoming dormant?

A. Under Credit Union Rule 22 (now amended to Rule 19) if your account becomes inactive for 3 years and we are unable to contact you within that period it may become a dormant account. It is in your own interest to keep it active by conducting regular transaction.

The account may be reactivated by conducting transactions and supporting it with photographic I.D. e.g. passport/drivers licence/birth certificate for children and confirmation of address (not more than 6 months old) e.g. utility bill/revenue documentation.

For any queries, please contact a member of our friendly staff who will be happy to help. Contact