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General
Joining
Savings
Loans
Other Services
General
Q. What is a Credit Union?
Q. Who owns
the Credit
Union?
Q. Who
operates The Lough
Credit Union?
Q.
What is the
organisational structure of The Lough Credit Union?
Q: Who regulates Credit Unions?
Q. Facts and
figures about The Lough Credit Union?
Q. What are the advantages of being a member of
The Lough
Credit Union?
Q. What are the Operating
Principals of Credit Unions?
Q. How
accessible is The
Lough Credit Union?
Q. How does
a member get a statement of Account?
Q. Can
one withdraw their savings at any time?
Q.
What Community activities are
undertaking?
Q. How does
one change their name on their account?
Q. How does
one change their address on their account?
Q. How
does
one make withdrawals?
Q.
How does one close their
account?
Q.
Is ones account
information kept confidential?
Q.
What will happen to an Account in the event of a death?
Q. How does one make a complaint?
Q. What is the Irish
League of Credit
Unions (ILCU)?
Q.
What is a Credit Union?
A.
A Credit Union is a group of people who save
together and lend to each other at a fair and reasonable rate of
interest.
Credit Unions offer members the chance to have control over their own
finances
by making their own savings work for them. Every Credit Union is owned
by the
Members — the people who save and borrow from it.
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Q. Who owns
the Credit Union?
A. The
Members own
the Credit Union. It is a Non-Profit organisation, unlike other
financial
institutions, where making profits for its shareholders is the primary
motive.
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Q.
Who operates The Lough Credit Union?
A. A voluntary Board of Directors govern
the Credit Union. These Directors are elected by the members at the
Annual
General Meeting. Professional staff manages the Credit Union operations.
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Q.
What is the
organisational structure of The Lough Credit Union?
A.
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Q.
Who regulates Credit
Unions?
A.
The Credit Unions are regulated by
the Irish Financial Services Regulatory Authority (IFSRA) since May
2003. It
was previously under the guidance of the Registrar of Friendly
Societies. IFSRA
regulates Credit Unions through the Registrar of Credit Unions whose
aim will
be to ensure the best possible financial governance by Credit Unions. Every Credit Union has an
elected Supervisory
Committee whose role is to protect the interests of members, and to act
as
independent watchdog of Credit Unions. Credit Unions are governed by
legislation in the Credit Union Act (1997), as amended.
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Q.
Facts and figures about The Lough Credit Union?
A.
-
Established in April 1967
-
Members saving in
excess of €80 Million
-
Membership in excess
of 14,000
-
Member loans in excess
of €30 Million
-
Total assets in excess
of €95 Million
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Q. What are the
advantages of being a
member of The Lough Credit Union?
A.
-
Ownership which is
committed to providing the best financial services.
-
Competitive return on
your savings
-
Access to loans at
fair and reasonable rates
-
No Hidden Charges
-
Payments of bills
through a budget account
-
A confidential financial
counselling service is available to assist members who may anticipate
financial difficulty
-
Payroll Deduction
Facility
-
Easy and prompt
payment of household bills
-
Members are entitled to discounts
with the following Health insurers:
VHI
Healthcare
Call Save
1850 44 44 44 and Quinn Healthcare 1890891890
-
Professional taxation advice is
available by appointment
-
Retirement planning service for
members who do not have an existing pension arrangement.
-
Irish Rail Tickets at a reduced
cost
-
Cork City Council bin tags are
for sale
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Q. What are the
Operating Principals of Credit Unions?
A. There are 10
principles founded on the philosophy of
co-operation, equality and self help:
These
include:
1. Open and Voluntary
Membership
Membership in a credit union is voluntary and open to all within the
accepted
common bond of association that can make use of its services and are
willing to
accept the corresponding responsibilities.
2. Democratic Control
Credit Union members enjoy equal rights to vote (one member, one vote)
and
participate in decisions affecting the credit union, without regard to
the
amount of savings or deposits or the volume of business. The credit
union is
autonomous, within the framework of law and regulation, recognising the
credit
union as a co-operative enterprise serving and controlled by its
members.
Credit union elected officers are voluntary in nature and incumbents
should not
receive a salary for fulfilling the duties for which they are elected.
However,
credit unions may reimburse legitimate expenses incurred by elected
officials
3. Limited Dividends on
Equity Capital
Permanent equity capital where it exists in the Credit Union receives
limited
dividends
4. Return on Savings and
Deposits
To encourage thrift through savings and thus provide loans and other
member
services, a fair rate of interest paid on savings and deposits, within
the
capability of the credit union.
5. Return of Surplus to
Members
The surplus arising out of the operations of the credit union after
ensuring
appropriate reserve levels and after payment of dividends belongs to
and
benefits all members with no member or group of members benefiting to
the
detriment of others. This surplus may be distributed among members in
proportion to their transactions with the credit union (interest or
patronage
refunds) or directed to improved or additional services required by the
members.
Expenditure in credit unions should be for the benefit of all members
and no
member or group of members benefiting to the detriment of others.
6. Non-Discrimination in
Race, Religion and Politics
Credit unions are non-discriminatory in relation to race, nationality,
sex,
religion and politics within the limits of their legal common bond.
Operating
decisions and the conduct of business is based on member needs,
economic
factors and sound management principles. While credit unions are
apolitical and
will not become aligned with partisan political interests, this does
not
prevent or restrict them from making such political representations as
are
necessary to defend and promote the collective interests of credit
unions and
their members
7. Services to Members
Credit Union services are directed towards improving the economic and
social
well being of all members, whose needs shall be a permanent and
paramount
consideration, rather than towards the maximising of surpluses
8. On-Going Education
Credit Unions actively promote education of their members, officers and
employees, along with the public in general, in the economic, social,
democratic and mutual self-help principles of credit unions. The
promotion of
thrift and the wise use of credit, as well as education on the rights
and
responsibilities of members are essential to the dual social and
economic
character of credit unions in serving members needs.
9. Co-Operation among
Co-Operatives
In keeping with their philosophy and the pooling
practices of co-operatives,
credit unions within their capability actively co-operate with other
credit
unions, co-operatives and their associations at local, national and
international levels in order to best serve the community. This
inter-co-operation fosters the development of the co-operative sector
in
society.
10. Social
Responsibility
Continuing the
ideals and beliefs of co-operative pioneers, credit unions seek to
bring about
human and social development. Their vision of social justice extends
both to
the individual members and to the larger community in which they all
work and
reside. The credit union ideal is to extend service to all who need and
can use
it. Every person is either a member or a potential member and
appropriately
part of the credit union sphere of interest and concern. Decisions
should be
taken with full regard for the interests of the broader community
within which
the credit union and is members reside.
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Q. How accessible is
the Lough Credit Union?
A. Only a local
phone call
away. Almost all
business can be
arranged over the phone. Alternatively, you can email us at info@loughcu.ie. Or you can call into
either one of our
branches, Opening hours are
Monday 9.30am
to 5.00pm
Tuesday 9.30am
to 5.00pm.
Wednesday 10.30am
to 5.00pm.
Thursday 9.30am to 5.00pm.
Friday 9.30am to 7.00pm.
Saturday 9.30am to 12.30pm.
Includes
Lunch time openings
Please
bring passbook/ID when transacting business.
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Q. How
does one get a
statement of their account?
A. A
personal
visit to either office or a written, telephone or e-mail request.
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Q. Can
I withdraw my savings at any time?
A.
The Lough Credit Union shares are withdrawable on
demand, provided that they are not pledged against a loan. Members are
encouraged to keep their savings intact thus ensuring that:
- 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.
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Q.
What Community activities do we
undertake?
A. The
Lough Credit Union actively supports the development of the community
within
our common bond. This development starts at an early age with The Lough
Credit
Union promoting various youth competitions annually. These include
school
quizzes and poster competitions. If
you
have any local activities
coming
up why not e-mail us at info@loughcu.ie to
see if we can help.
All our community activities are guided by our motto "Putting People
First"
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Q. How does one change
their
name on their account?
A. Your name can easily
be changed on your account.
Members will need to visit the office for this to be
completed. Just
follow these simple steps:
-
Members must call at
the office in person with evidence e.g. a marriage certificate
-
Staff will complete a
change of name form and copy the certificate
-
The members account
will be immediately updated
NOTE
– Members updating
name may also wish to change their beneficiary to take account of their
change
in circumstances
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Q. How does one
change address on their account?
A.
-
Members must call at
the office in person with evidence of the change, e.g. a current
(within the last 3 months) utility bill or bank statement
-
Staff will complete a
change of address form and copy the certificate
-
The members account
will be immediately updated
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Q. How
does one make withdrawals?
A. For
any withdrawal you will need your passbook (if you do not have your
passbook a
photo ID is required). Cash paid into your account can be
withdrawn immediately.
Cheques take 10 working days to clear.
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Q. How
does
one close their account?
A. One
may close their account at any time subject to the terms and conditions
of your
account. Your passbook must be presented and a withdrawal form
completed.
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Q. Is ones account
information kept confidential?
A. All
information kept regarding our members (even when you are no longer a
member)
is held in the strictest confidence and is not given to any outside
person
without your written consent, unless we are required to do so by law,
public
duty or where our interest require disclosure.
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Q.
What will happen to
my Account in the event of
my death?
A.
The
Lough Credit Union offers a service where Members can chose where their
money
will go in the event of their death by filling out a nomination form.
A nomination is a
written instruction
to the Credit Union as to how to dispose of the contents of a Credit
Union
account, including insurance benefits, up to a maximum of €23,000, when
the
holder of the account dies. Any surplus above this figure is passed on
to the
members’ estate.
It is a legally binding document and is effective regardless of whether
a will
exists or not.
A nomination may be revoked or altered by a subsequent nomination.
Marriage
invalidates an existing nomination.
Making a nomination is
simple: -
Visit either office
and our staff will
guide you through the process easily and without fuss;
OR
Collect a Form of
Nomination and fill
it in at home;
OR
Print out a
Nomination Form by clicking
HERE
(Note: This form is an Adobe Acrobat document. If
you are unable to read
Adobe document you can download Adobe Acrobat free of charge by
visiting www.adobe.com)
Once completed and
duly witnessed, the
Form of Nomination must be lodged in the Credit Union Office.
Please Note
The nominee or beneficiary is not allowed to witness the
nomination.
Before the property is transferred to the nominee, proof of death is
required.
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Q. How does one make a complaint?
A.
The Lough 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. The complaint
must be in writing.
Telling
us has two
advantages:
Top/Home
Q. What is the Irish
League of Credit Unions (ILCU)?
A. The ILCU is the
representative body for credit unions in
Ireland.
Credit Unions are Ireland's successful
financial co-operatives run by - and for - their almost 3 million
members.
In
short the ILCU:
-
Promotes
the credit union idea and ethos.
-
Represents
affiliated credit unions with Government, the EU and other agencies.
-
Provides
central services to credit unions
The ILCU
focus and direction is centred on products and services under the
following
headings:
Trade/representative
association
As the
representative voice of the credit union movement in Ireland, the ILCU
work in
the best interests of all credit unions. This involves:
-
Lobbying
& Representation
-
Marketing
& Communications
-
Co-operative
Relations & Internal Development
-
Centralised
Planning & Democratic Support
-
Research
& Development
-
Legal
& Secretariat Services
-
International
Relations
Monitoring/supervisory
activities
The key to
creating a balance between a commercial focus and the special ethos of
the
credit union movement is to establish and maintain a culture of
self-regulation
throughout the organisation.
Such
activities include:
Business
support service
Advice,
guidance and assistance with day-to-day operations and on a range of
other issues
are critical elements of the ILCU’s Business Support Service.
It covers
such areas as:
-
Insurance
-
Treasury
Management
-
Training
-
Credit
Union Development
-
Human
Resources
-
Information
Technology
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