What is a Share?
You are not just another customer but an active member of a highly successful financial co-operative. Yes, you have a share in the ownership of the Credit Union. Your savings with the credit union are called “Shares”. Each share you hold in your credit union is equal to €1. If the credit union has accrued a surplus at the end of the financial year this is given back to members by way of a dividend. The more shares you have, the greater the dividend you receive.
What are the minimum and maximum savings amounts allowable in the Credit Union?
The minimum savings allowed is €6 while the maximum savings allowed per member over any number of accounts is €30,000.
What return can I expect on my savings?
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.
Can I withdraw my savings at any time?
Yes of course, there is no limit to how much of your funds you can withdraw in our office, from either your Shares or Thrift account. However a daily maximum cash withdrawal of €6,500 applies.
If your needs exceed the daily maximum cash withdrawal of €6,500 you might consider an EFT (Electronic Funds Transfer). We have access to the Bank Clearing System, which means we can perform an EFT to any Euro-designated bank account across the SEPA payments area.
If your savings are in Shares, and you have a loan outstanding with New Ross Credit Union, you may not be able to access your savings until the loan is cleared.
How long will it take to transfer the money into another account?
We can usually transfer money electronically on the same day if we receive your instruction before 11am. After 11am, the money will be transferred to the designated account on the next banking day.
What are the clearing times for cheques, direct debits, and bank transfers?
Cheques take 7 working days to clear. Direct Debits take 5 working days to clear. Money received by standing order or through Electronic Funds Transfer can take one to two days to cross accounts but, after that, they are cleared straight away.