Castlecomer Credit Union has rewarded its members for their loyalty. This is done by way of shared dividends and/or  by way of rebate on loan interest.

Payment of this is dependent on the financial performance of the credit union and is recommended by the directors at the AGM where members get to vote on same. (Terms and conditions apply.)

To say that the credit union is a ‘non profit’ enterprise is not entirely accurate. Naturally, it is vital that business is operated in a sound, professional and successful manner and that each year a surplus or profit is made. However, this surplus, after transfer to reserves, is returned to the members by way of annual dividends and in some years a loan interest rebate may be returned to borrowers. Dividend is calculated on a daily basis on the share balances held during the financial year. The credit union financial year end is 30th September and dividends earned (if any) are lodged to every members account once a year, usually in December.

While the Board of Directors will recommend a dividend rate at AGM, the members in attendance on the night then vote to approve this rate. Members at AGM can elect to reduce this rate but cannot vote to increase it.

When an account is closed at the counter we will have a member sign a form that will advise that they are aware that if a dividend is struck after the AGM that the onus will be on them to collect. Any uncollected dividends will be donated to the Foundation. That said if within three years someone claims that unpaid dividend or rebate it will be awarded. Where closed online we will write to the member where the dividend is likely to be over €10 euro and advise the situation.

Personal account holders in Castlecomer Union are entitled to nominate a person/s to be the beneficiary of their credit union savings following death.

Under credit union rules it is important to note the following:

• A nomination must be in writing.
• The statutory maximum amount that can pass under a nomination is currently €27,000. Any amount in excess of this will form part of the deceased member’s estate.
• For members that elect not to complete a nomination, the proceeds of their account will form part of their estate on death and will be dealt with under the terms of their Will, under the rules of intestacy if there is no Will, or under the small payments provision.*
• Members may revoke or vary a nomination at any time by completing a new nomination form.
• A nomination is not revocable or variable by the terms of a Will or by a codicil to a Will.
• A nomination is automatically revoked when the nominee dies before the account holder. In this case, a new nomination should be completed.
• A nomination is automatically revoked by the account holder’s subsequent marriage.
• Where personal circumstances change (e.g. marriage, divorce, separation), a member should review their nomination.
• The nominated property does not form part of a deceased person’s estate. A person under 16 years of age cannot make a valid nomination.

*Small Payments Provision: Where no valid nomination exists and the amount in the member’s account is under €15,000 in total (including insurance etc.) the board of directors of the credit union may, without letters of administration or probate of any Will, distribute their property in the credit union to such persons as appears to the board to be entitled by law to receive it. This also means where there is no nomination a board will be limited to a pay out of €15,000 instead of the higher value of €27,000 where there is no nomination. All such pay outs require board approval.

Our members can withdraw their savings at any time, providing that the savings are not pledged as security against a loan.

However, we encourage our members to keep their savings intact, so that;

• Your savings continue to earn a dividend
• Your savings continue to benefit from Life Savings Insurance
• You maintain the capacity to borrow larger sums
• All withdrawals of pledged shares require board approval.

The credit union is happy to discuss suitable alternatives to the withdrawal of your savings - such as our secured loans, which carry the lowest interest rate.

• Savings are covered by the Deposit Guarantee Scheme up to the value of €100,000 per person per institution refundable within 20 days
• In addition the ILCU have a Savings Protection Scheme for Credit Unions with financial difficulties
• All dividends are subject to DIRT which is deducted by the Credit Union and paid to you net
• Some members may be exempt from paying DIRT (Members over 65 with a single income of less than €18,000, in the case of joint income €36,000)
• All dividends above €300 are reported annually to the Revenue for DIRT purposes
• Maximum limit on savings/shares is €100,000 since 1st January 2016
• Accounts become dormant after 3 years absence of transactions & up to date Photo Identification and Proof of Address. It is in your interest to keep you account active and transacting on it.
• Minimum balance of €10 need to be held to keep your account open
• All officers of the Credit Union are covered by the Fidelity Bond.

• Credit union members can rest easy in the assurance that their savings are safe. Credit Unions in Ireland, which are affiliated to the Irish League of Credit Unions, are secured in several ways:
• All officials of credit unions, whether volunteers or staff, must be fidelity bonded.
• Members savings within certain limits are insured through Life Savings Insurance.
• All monies received in the credit union are properly recorded and lodged regularly.
• Full financial statements are prepared and can be examined by members.
• Annual independently audited returns are lodged with the relevant authority, The Central Bank of Ireland.
• In addition to this, the Savings Protection Scheme (SPS) owned and operated by the Irish League of Credit Unions is also available to pro-actively intervene to protect members' savings by making available financial assistance to help any credit union with may experience difficulties.