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Q: What are Dividends?
A: The surplus of income,
once expenses and reserves are met, is returned to members in the form of
Dividend. The rate of dividend varies from year to year and the dividend
is applied to members account once ratified at the AGM.
Q: Can I withdraw my savings at any time?
A: All credit unions shares
are withdrawable on demand, provided that they are not held as security
against a loan. Members are encouraged to keep their savings intact thus
ensuring that:
- they continue to benefit from Life Savings Insurance Protection
- the member can maintain credit worthiness and capacity to borrow.
- they continue to earn a dividend..
Members are encouraged to take our loans rather than withdraw their
savings as in many cases this is the wiser option, as long as the member
can maintain their repayments.
Q: How do I apply for a loan?
A: Each credit union will
consider loan applications from members for any worthwhile purpose. Each
application is treated in the utmost confidence and will be considered on
its own merits.
By contacting your own credit union in the first instance, members can
ask for a quote for a loan without any obligations. If interested,
members can call in to the Credit Unions and complete a loan application
form. Loan applications will then be considered by the credit union loan
officer or credit committee. The credit committee is appointed by the
board of directors, and will usually consist of some of the board members
(and volunteers also help in some credit unions).
In deciding whether or not to grant the loan, the committee or loan
officer will take into account the member's record of savings and
repayments, as well as ability to repay, and need. Each credit union will
have its own policy on conditions which should be met before a loan is
granted.
Once the loan is granted, the member will be asked to complete a credit
agreement (which is a legally binding document on which the member agrees
to repay the loan), and to commit to regular repayments.
Q: What is loan protection insurance?
A: Many Credit Unions offer
free Loan Protection insurance to members. Loan Protection Insurance is
the insurance cover, your credit union provides on the lives of eligible
members with credit union loans. Provided you are in good health and
engaged in your normal life occupation, your loan is covered by
insurance. Should a member with an outstanding loan balance die, the
balance is repaid in full, subject to certain cover limits which may
apply. You should enquire when making your loan application to see if you
are eligible. This means that you can borrow from your credit union in
confidence that your dependants will not be obliged to repay the
outstanding loan balance. With some credit unions, the loan of a member
who suffers total and permanent disability for any occupation before the
60th birthday may also be repaid (terms and conditions apply).
The insurance is underwritten by the credit union movement's insurance
company, ECCU Assurance Company Limited and is paid for by credit unions
from their surplus income. Members pay no individual charge.
Q: What is Death Benefit Insurance?
A: As an additional benefit
of membership, a number of Credit Unions offer free Death Benefit
Insurance. All members, irrespective of the size of their savings, will
qualify for an insurance benefit, provided they have joined the credit
union before their 70th birthday. In St.Jarlath’s Credit Union Ltd, we
offer a grant of €1,300 towards the funeral costs of our members. Not all
Credit Unions offer this insurance so please refer to your own credit
union for further details.
Q: What is salary deduction?
A: Salary deduction is when
your payroll department or human resources department deducts funds
directly from you salary with your permission. This is itemised on your
pay slip (you may have deduction already for VHI, Pension etc).
Q: What does it cost?
A: We do not charge
anything for the administration of the Salary Deduction Scheme for
members.
Q: How does it work?
A: Step 1: Firstly you have to become
a member of St.Jarlath’s Credit Union and have a credit union account
number.
Step 2: You decide how much you want to save every month or if you have a
loan with St.Jarlath’s Credit Union Ltd, you can repay it by Salary
Deduction also.
Step 3: Contact you payroll office and complete a salary deduction form.
If your company does not have a Salary Deduction Scheme with St.Jarlath’s
Credit Union Ltd, they can contact us on 093-24645 and we will set one up
for your company.
Step 4: Your payroll department will deduct funds directly from your
salary and forward it to St.Jarlath’s Credit Union Ltd. We will lodge
these funds directly to your St.Jarlath’s Credit Union account.
Q: Can I increase or decrease my Salary Deduction Payments?
A: Yes, contact you Payroll
office and change your deductions by completing a new Salary Deduction
Scheme Form. The payroll department will inform St. Jarlath's Credit Union
Limited of the reduction or increase in payments. However, if you are
paying a loan, you must continue to repay the agreed repayments amounts.
If you are having difficulty repaying your loan, please contact St.
Jarlath's Credit Union Limited directly.
Q: Can I stop Salary Deduction Scheme payments at any time?
A: Yes, contact you Payroll
office in the first instance and they will stop deduction from your
payroll into your St. Jarlath's Credit Union Limited account. However, if
you are repaying your loan by Salary Deduction you must contact St.
Jarlath's Credit Union Limited to repay your loan through an alternative
method.
Q: Can I repay off my loan through Salary Deduction?
A: Yes, you can easily
switch to repaying your loan by Salary Deduction. Just ask at any of our
branches to transfer the payment of your loan to a Salary Deduction
Scheme. You may also benefit from reduced interest rate on your loan.
Q: How do I get a statement of my account?
A: : St.Jarlath’s Credit
Union Ltd will send a certificate of interest to you at any time. Please
state the Tax year you requiret and we will post it to you upon request,
or you can call in to any of our offices.
Q: My company does not operate a Salary Deduction Scheme with St.
Jarlath's Credit Union Limited?
A: : If you company does
not operate a Salary Deduction Scheme, please ask your payroll manager to
contact St.Jarlath’s Credit Union Ltd directly on 093-24645 where we
would be delighted to set up a scheme for your company.
Q: How Does one make a complaint
A:
St Jarlath’s Credit Union wants to be
viewed by all of its Members as efficient & fair in all of its dealings.
However, as with any service provider, things may go wrong from time to
time. Where you have a Complaint, we want you to tell us. We Welcome
Complaints about anything including where:
- Something has occurred in respect of any service we provide which you
are not happy with
- You believe that an application for either Membership or a loan has
been unfairly declined
- You think we have discriminated against you
- You think we may have been less than courteous
- You think that our service is unduly slow or inefficient, or
- In respect of any other respect of our service to you
Telling us has two advantages.
- Firstly, any Complaint will be investigated fairly, and in accordance
with our Complaints Policy (a copy of this is available on request, and
for free)
- Secondly, your Complaint may help us improve our service to you and
other Members.
- Our Complaints Manager is Catherine Browne
Thankfully, this Credit Union rarely gets Complaints, but we are keen not
to become complacent. If something has gone wrong we want to hear from
you, not lose you. We cannot address the matter unless we know about it.
After we have had a chance to investigate your Complaint, we will tell
you what, if anything, we plan to do about your concerns. If you are
unhappy with this you will be able to refer the matter to the Financial
Services Ombudsman, 3rd Floor Lincoln House, Lincoln Place, Dublin 2.
Telephone (01) 6620899 or LoCall 1890 882090.
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