Terms and Conditions

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Cash Draw Rules

1. The draw will commence when sufficient members participate and will continue thereafter until the Board of Directors deem otherwise

2. The value of the prizes will vary, depending on the amount of funds generated from members participation and the value of prizes will reflect this. The amount and number of prizes will be determined after the closing date for entries and these will be notified to all participating members by way of public advertisement before the draw takes place.

3. The amount of cash draw prizes will follow the % breakdown as outlined in the St. Jarlath’s Credit Union policy.

4. Participation in the draw is limited to eligible members of St. Jarlath’s Credit Union and must be 18 years or over to qualify for entry to the draw

5. To be eligible for the Cash Draw members must firstly opt in to join the draw in writing or by email and an appropriate amount (presently €48 per annum) will be deducted from Members Shares by way of bi-monthly deduction of €8.00

6. The Cash Draws are held every 2nd month i.e. 6 draws per year

7. This money will be credited to a Special Member Cash Draw Account in the Credit Union’s general ledger.
8. New Members entering the Cash Draw will be included in the Cash Draw once the first amount has been deducted.

9. Winning members will be notified personally and the winners name(s) and photograph(s) will be made public

10. All draws will be held under the supervision of at least one Director or Board Oversight Committee member, a representative from either Internal or external Audit firms, and either the CEO, Risk Officer or Compliance officer.

11. Participation will be limited to ONE entry per account

12. A register of entrants will be held at the main credit union office

13. Membership of the draw must be completed prior to participation and no entry is valid unless full fees are paid and credited in advance

14. Financial accounts at each year end will be audited by the auditor and presented at the AGM

15. The draw will be NON-PROFIT MAKING and any surplus funds will be disposed of by way of extra draws

16. All eligible members can elect to participate in the draw ONLY if written authorisation is received or delivered to the Credit Union office. Member who do not wish to remain in the draw must notify the Credit Union writing of their intention

17. In the event that the winning member is a person who is in arrears or in default in fulfilling any financial commitment or obligation to the Credit Union, the Board of Directors may make a decision to withhold delivery of the cash won by the member until the arrears have been paid or the default has been rectified. Such decision of the Board of Directors shall be notified in writing to such members. If within 7 days of the member being notified, he/she has failed to comply with the requirements of the Board of Directors in relation to such arrears or default, they shall be entitled to use the winnings and pay over to the member the net proceeds after deducting any such arrears or paying any monies required, to remedy such default

18. It is the members/participant’s sole responsibility to ensure that sufficient funds are in place at the relevant time to enable their entry to be included. The Credit Union has no obligation to notify members with insufficient funds in their account

19. Members will not be included in the draw if they have insufficient funds in their account to participate, in the event of account closure or if the member is deceased.

20. Credit Union Officers (Directors, Board Oversight Committee, Management & Staff) are not permitted to participate in the draw.

21. Entry implies acceptance of these rules as being final and legally binding.

22. St. Jarlath’s Credit Union reserves the right to refuse the entry of, or award a prize to, anyone in breach of these rules.

23. The decision of the Board of Directors of St. Jarlath’s Credit Union concerning the foregoing rules or any matter arising from the monthly draw will be final and not subject to appeal.

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