| General
Joining
Savings
Loans
Other Services
Other Services
Q.
What is Payroll Deduction?
Q. How does Payroll
Deductions operate?
Q. What does it cost?
Q. Can one increase or
decrease their Payroll Deduction Payments?
Q. My Company does not
operate a Payroll Deduction Scheme with The Lough Credit Union?
Q. Can one stop Payroll
Deduction Scheme payments at any time?
Q. What Foreign
Exchange and Cash Transfers does The Lough Credit Union offer?
Q.
How does one change their nomination?
Q.
How can one cash a cheque through their account?
Q.
What services does The Lough CreditUnion have for people in financial
difficulty?
Q.
Can one pay their bills at The LoughCredit Union?
Q. What is a
Retirement Planning Service?
Q. What is LifeSavings
Insurance & its
Benefits?
Q.
What is Loan
Protection Insurance?
Q. What is Death Benefit Insurance?
Q.
What is a Payroll Deduction?
A. A
Payroll deduction allows members to have payments made directly from
their
salaries to their account in the Credit Union.
A
number of employers, within our Common Bond, have
graciously arranged payroll deductions for our members these include:
- Health
Service Executive
- University
College
Cork
- Beamish
& Crawford
- Cork
City Council
- Cork
County Council
- Bon
Secours
Hospital
- Heineken
Ireland Ltd
Please
check with your employer whether this arrangement is in place or not.
If you want to set up or change your payroll deduction then print off
our
online Payroll Deduction form, complete the form in block capitals,
sign it and
return the completed form to either of our offices.
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Q.
How does Patroll Deductions operate?
A.
Step1:
Firstly you have to become a member of The Lough 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 The Lough Credit Union, you can repay
it by
Payroll Deduction also.
Step 3:
Contact you payroll office and complete a
Payroll Deduction form. If your company does not have a Payroll
Deduction
Scheme with The Lough Credit Union, they can contact us on 021
4963384 and we will set one up
with your employer.
Step 4: Your
payroll department will deduct funds
directly from your salary and forward it to The Lough Credit Union. We
will
lodge these funds directly to your Lough Credit Union Account.
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Q. What does it cost?
A. This service is free
of charge.
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Q. Can one
increase or
decrease my Payroll Deduction Payments?
A. Yes, contact your Payroll office
and change your deductions by completing a new payroll Deduction Scheme
Form.
The payroll department will inform The Lough Credit Union 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 The Lough Credit Union directly.
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Q. My Company does
not operate a Payroll Deduction Scheme with The Lough Credit
Union?
A. If you company does not operate a
Payroll Deduction Scheme, please ask your payroll manager to contact
The Lough
Credit Union directly on 021 4963384 where we
would be delighted to set up a scheme for your company
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Q. Can one stop
Payroll Deduction Scheme payments at any time?
A. Yes,
contact your Payroll office in the first instance and
they will stop deductions from your payroll into your Lough Credit
Union
Account. However, if you are repaying your loan by Payroll Deduction
you must
contact The Lough Credit Union to arrange repayment of your loan
through an
alternative method.
For
further information, please
contact either office.
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Q. What
Foreign Exchange and Cash Transfers does
The Lough Credit Union have?
A. The
Lough Credit Union offers a comprehensive and
convenient foreign exchange service.
This includes:
- Purchasing
and selling of foreign currency notes and cheques
- Competitive
rates
- Professional
and friendly service
- Electronic
Cash Transfer
Western
Union Money Transfer
The best and most reliable way to send money, person to person, country
to
country within minutes is through Western Union Money Transfer. Because
of its
speed it is particularly useful in emergencies, when cash is urgently
needed.
On the brighter side, you can send cash gifts for special occasions or
put a
deposit on that bargain.
Ask either office for details. (Terms and conditions apply).
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Q. How
does one
change their nomination?
A.
- Members
must call at the office in person
- Staff
will locate the current nomination form and cancel same
- New
nomination form will be completed – at this stage members can nominate
one more nomination if desired
The
membership officer will approve the change of
beneficiary
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Q. Can one
cash a cheque through their account?
A. Yes - members
who wish to cash cheques must have the amount of the cheque in their
savings.
We require the member to be present to cash their cheque. If there are insufficient
funds in a member’s
savings we will lodge the cheque for 10 days before a withdrawal can be
made.
In addition to members having the amount of
the cheque in
their savings, their loan account must not be in arrears.
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Q. What
services does The Lough Credit Union have for
people in financial difficulty?
A. We provide
services in conjunction with the Cork Money Advice and Budgeting
Service (MABS)
www.mabs.ie, which is run by the Department
of Social and Family Affairs. Appointments can be made to see a MABS
advisor.
Services they provide through the credit union include:
· Special Account: A member has an ordinary book for loans and
savings and
has another account for bill paying. The MABS advisor works out how
much bill
payments will be over a period of time. The member then lodges the
required sum
into this account and M ABS takes care of the bill-paying procedure.
· Savings Account: MABS provides help with making an
application to open a
Savings Account in a credit union.
· Help to repay loans: If a credit union member is in
financial difficulty
and cannot make repayments on a loan, he or she can be referred to
MABS. A
budget can then be worked out to help the member make smaller loan
repayments
by organising an income and expenditure budget.
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Q. Can
one pay their bills at The Lough Credit Union?
A. Yes, members
can pay household bills at The Lough Credit Union. This includes ESB,
Bord Gais
and Eircom.
It is easier to pay your bills in cash, but a personal cheque will be
accepted
from a member if they have sufficient shares to cover the cheque.
Cheques must
be payable to The Lough Credit Union rather than the utility company.
There is no charge for the bill-pay service
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Q. What
is a Retirement Planning Service?
A. At
The Lough
Credit Union, we are committed to helping you retire comfortably.
The
Lough Credit Union offers
Members a Retirement Planning Service for Members who do not have an
existing
pension arrangement. The
key features of
plan include:
- Full
tax relief on contributions
- Wide
choice of Investment Funds
- Professional
“jargon free” advice
For
further information, please
contact either office.
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Q. What is Life
Savings Insurance & its Benefits?
A. Life Savings Insurance
provides cover on savings to all
eligible Members.
In the event of your death the person(s) nominated by you will receive
a
financial sum. The amount that they receive depends on your age and how
much
you have saved in The Lough Credit Union over the years. Life Savings
Insurance
is provided by The Lough Credit Union, there is no direct cost to you.
One is entitled to Life Savings Insurance cover if you join the Credit
Union
before the age of 70 years and are actively at work, and if not working
are in
good health (terms and conditions apply).
The Lough Credit Union
provides Life Insurance cover to the
savings of all eligible Members. The
maximum insurance benefit is €7700 and the scale of cover is as follows:
Savings made before 55th
Birthday = 100% Cover
Savings made between 55th
& 60th
Birthday = 75% Cover
Savings made between 60th
& 65th
Birthday = 50% Cover
Savings made between 65th
& 70th
Birthday = 25% Cover
Any savings lodged after your
70th Birthday has
no insurance cover, but savings lodged before 70th
Birthday will
carry the above cover percentages, provided that the savings are not
withdrawn.
The Insurance claim is
processed after the death of the
Member.
The Insurance Company
providing this valuable service is
owned by the Credit Union Movement inIreland.
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Q. What is Loan
Protection Insurance?
A. Loan Protection
Insurance is the insurance cover your Credit Union provides on the
lives of
eligible members with credit union loans.
Members
are automatically eligible for cover provided:
- They
are carrying out normal duties of their occupation
- They
are in good health
*Terms
and Conditions apply
Members
not working through unemployment, redundancy etc, are
automatically eligible for cover provided that they are fit to carry
out the
normal duties of their occupation.
Retired
Members are automatically eligible for cover provided
that they are in good health. Housewives
and students are automatically eligible for cover provided they are
carrying
out their normal duties.
Any
Member not falling into one of the above categories is
not automatically eligible for cover and a Declaration of Health Form
must be
completed by the Member and forwarded to The Irish League of Credit
Unions, the
umbrella organisation, for their consideration.
In
Joint Accounts, the first named Member who signs the
credit agreement is eligible for this 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. This
insurance does
not cover loan balances due by members after their 80th
birthday.
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.
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Q. What is Death Benefit Insurance?
A. The Lough
Credit Union offers a
Death Benefit Insurance designed to relieve the burden of bereavement
costs.
Death
benefit insurance is at the maximum
possible of €3,250. This is at no direct cost to the Member.
(Terms and
conditions apply)
As a Member of The Lough Credit Union,
you are eligible for this cover provided you have joined the Credit
Union
before the age of 70 and have been eligible for insurance cover under
the life
savings policy and have a minimum amount of savings.
The cost of the insurance is paid by The
Lough Credit Union.
The Insurance Company providing this
valuable service is owned by the Credit Union Movement in Ireland.
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