The Board of Directors have decided to Cap savings at a level of €30,000 per account from June 1st 2017. This cap does no affect current savings is your credit union account, it simply means if you have an existing savings balance in excess of €30,000 you will not be able to save any more money in that account. You will, however, be able to clear cheques and carry our electronic transfers through you Flexi account. The reason for this decision is because savings in the Credit Union have been growing at a phenomenal rate for the last number of years (averaging €1.2 million growth annually) and the cost of reserving an insuring these savings far out ways the income we can generate from them through lending or investments. We apologies for any inconvenience this might cause but the Board have a responsibility to protect the financial viability of the Credit Union for all members.
Now is the time for that project you have been putting on the long finger!
Terms and conditions do apply – you must provide us with a quote or invoice for a portion of the work being carried. Loans applied for at this rate must be in excess of €2,500.
KCU are regulated by the Central Bank of Ireland.
Deposit Guarantee Scheme – Information Sheet
The Central Bank of Ireland request that all financial institutions make information, on the cover available under the Deposit Guarantee Scheme, available to all account holders. Below is an information letter, if you have any queries please contact us at the address or phone number provided on the letter.
Before taking out a loan of any kind, it’s worth taking the time to understand how lending works.
That way you can compare the benefits and be aware of the risks.
Here are some of things that make a credit union loan different: