Savings - Frequently Asked Questions
We’ve gathered some of your most frequently asked questions and have provided answers. Still have a question? Contact Us.
Are my savings secure?
Mitchelstown Credit Union offers treble the protection on your savings.
- Irish Government Protection Scheme up to €100,000 per account
- Irish League of Credit Unions Savings Protection Scheme
- Mitchelstown Credit Union’s own strong Reserve Fund.
Credit Unions in the Republic of Ireland are covered by the Deposit Protection Scheme which is administered by the Central Bank of Ireland. This is a scheme that can provide compensation to depositors if a credit institution is forced to go out of business. It covers deposits held with Banks, Building Societies, and Credit Unions. Please see the Central Bank of Ireland’s website for further information.
In addition to this, the Savings Protection Scheme (SPS) owned and operated by the Irish League of Credit Unions is also available to proactively intervene to protect members’ savings by making available financial assistance to help any Credit Union which may experience difficulties.
Also, members’ savings are insured through Life Savings Insurance (subject to certain terms and conditions).
What is the withdrawal policy of Mitchelstown Credit Union?
Shares and Deposits can be withdrawn on demand provided they are not held as security against a loan.
- Shares and Deposit withdrawals can be made during office hours.
- Please bring photo identification when making a withdrawal.
There may be limits of withdrawal amounts, if you wish to make a large cash withdrawal, please let us know in advance, so to have the adequate cash ready for collection.
What is the common fund?
As the amount of shares builds up, the common fund of money grows. This is then available for providing loans to members. All members are encouraged to save regularly, even when repaying a loan. This gives the member several direct benefits, and ensures that there are funds for the credit union for use by all members.
Can I transfer my Credit Union account to Mitchelstown Credit Union?
Provided that you meet the membership criteria of living or working within the common bond area of Mitchelstown Credit Union Ltd you can transfer your savings and keep your savings history. You can also transfer your loan – subject to approval by the Credit Committee and continue to pay the loan balance at Mitchelstown Credit Union Ltd.
Can I withdraw my savings at any time?
Your 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
- by leaving a balance of €250.00, you benefit from Life Savings Insurance protection
How do I get a statement of my account?
You can request your statement by a personal visit to the office. You have full access to your account by registering for online banking and you can print off e-statements as you wish. To register here
What is the savings cap?
As of July 2018, members cannot lodge funds above €30,000 in individual accounts held in the credit union.