Credit Union News

The 27th Annual All-Ireland Credit Union Poster Competition was launched today in Dublin (25th August 2010). The competition, which attracts up to 30,000 entries each year, will be run through a network of over 500 credit unions located throughout the island of Ireland.

Speaking at the launch, Mark Bailey, President of the Irish League of Credit Unions stated:

The Credit Union Poster Competition is one of our flagship events and we are delighted to see the variety, flair and creativity of the young people who enter the competition on an annual basis. The competition has been going from strength to strength for a long number of years and we are determined to continue supporting budding artists into the future.

RTE children’s TV Presenter, Rob Ross, was on hand to assist with the launch.

“It’s is tremendous to see the launch of an initiative which taps into the creativity of young people. Now more than ever, it is important that we encourage and support people to help them develop their creative and innovative sides”.

How the Credit Union Poster Competition Works

Entrants are invited to draw or paint posters on the theme ‘Local. Trusted. Serving You’. There are two categories – General and Special – with the following age groups in each:

• 7 years and under
• 8-10 years
• 11-13 years
• 14-17 years
• 18 years and over

The Special Category encourages participants with a physical or intellectual disability to submit entries in free expression without the restriction of the competition’s official theme (should they so wish).

Local winners at credit union level in each category go forward to Regional Finals. Winning entries from regional level go through to the National Final. Prizes will be awarded at each stage and a National Awards Ceremony will be held in February 2011.

All entries must be submitted to your local Credit Union. The latest date for entries is Friday 5th November 2010 - but please check with your local Credit Union for possible earlier closing dates.

Mark Bailey went on to say:

“As an integral part of Irish life, credit unions want to encourage children’s interest in creativity and art. That’s one of the reasons we’ve been running our annual, all-Ireland poster competition for the past 27 years”.

Mark Bailey went on to thank the hundreds of credit union volunteers and staff throughout the country who run the Annual Poster Competition - as he wished every entrant an enjoyable and instructive time creating their poster entry.

The Board of Directors of Wexford Credit Union Limited, in cooperation with the Wexford County Enterprise Board, is delighted to announce the pilot phase of it’s small business loan support scheme.

The loan scheme is targeted at small businesses at start-up, incubation and growth stages of development. Eligible members of Wexford Credit Union Limited are entitled to apply for a loan through the offices of Wexford Credit Union Limited. Support services for the application process and business start up phase will be provided by the Wexford County Enterprise Board. Applicants will be required to complete a business plan to accompany their application.

For more information please contact Ultan Ryan at Wexford Credit Union Limited or Tom Banville at the Wexford County Enterprise Board.

Contact Details

Wexford Credit Union Limited               Wexford County Enterprise Board

Credit Union House Unit                       1, Ardcavan Business Park

Anne Street                                        Ardcavan

Wexford                                             Wexford

Tel: 053 91 23909                               Tel: 053 91 22965

Fax: 053 92 55078                              Fax: 053 91 24944

Email: manager@wexfordcreditunion.ie Email: info@wexfordceb.ie

www: www.wexfordcreditunion.ie          www: www.wexfordceb.ie

An email is going around seemingly from the Irish League of Credit Unions.  The address used is Billing@creditunion.ie.

THIS IS NOT FROM THE IRISH LEAGUE OF CREDIT UNIONS.

If you receive any of these emails we would ask you to DELETE THE EMAIL and NOT RESPOND TO THE EMAIL IN ANY WAY.

The email has a link Confirm my Billing Records which points to link to a webpage similar to the Creditunion.ie, this page asks for your passport number and expiry date.

This is a Phishing Email whereby fraudsters will “fish” private information out of a person through the email. They’ll usually request an “update” or “verification” of personal details and sometimes passwords. Then they’ll use it to access a person’s bank account.

Credit Union members should note that the Irish League of Credit Unions and Credit Unions would never ask you for this information either by e-mail or telephone and you should never disclose this information to anyone.

The Board of Directors were delighted to announce their sponsorship arrangement with the Wexford County Camogie Board.

The Credit Union sponsored both the Under 14 Camogie Roinn 1 Championship and the Under 14 Camogie Roinn 2 North Championship competitions for 2010.

The championships got underway on the 28th April 2010 with both finals scheduled for July 2010. The Credit Union would like to congratulate the two winners - Castletown/ Liam Mellows and St. Martins and all those who participated in the U14 League.

Wexford Credit Union Limited: Supporting Our Community.

Congratulations to Margaret Beaver of Wexford Town, winner of the 4th Members Car Draw. The draw was held in the offices of the Credit Union on Friday 16th April 2010.

The next draw will take place on Friday 16th July 2010.

Entry fee per draw is €5 and will be withdrawn from your account on the day of the draw or the previous day.

Entry forms for the draw are available at the office. 

Wexford Credit Union encourages members with loan repayment difficulties to contact us as soon as possible. The earlier you address the issue the easier it is for us to give you a helping hand as well as to protect your credit rating.

If you are out of work due to illness or redundancy check to see if you have repayment protection insurance on your loan. This will be noted on your latest credit agreement. If in doubt, call the office where we will be able to check this for you.

Once again please ensure you contact us early so that we can be of assistance before the matter becomes unmanageable.

Congratulations to Ms Ann Collier from Taghmon, Co Wexford winner of a Opel Corsa in the third car draw held at Wexford Credit Union Ltd on Friday 15th January 2010.

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FEXCO (Foreign Exchange Company of Ireland)

Charges – Buy & Sell Notes

Sell Notes:                      Minimum = €1.00

                                       Maximum = €6.35

Buy Notes:                      Minimum = €1.50

                                       Maximum = €6.35

Charges – Buy Cheques

Buy Cheques:                 Minimum = €1.50

                                       Maximum = €6.35

*Charge is calculated at 1% of Euro amount

Electronic Transfers

Eurozone                   =           €  0.75 cent

Worldwide                 =           € 10.00

          Drafts

          Standard charge of €3.80 per transaction

          Western Union

Standard Charges are as follows:

          0.00 –       35.00           charge          €7.50

          35.01 –     65.00           charges       €10.00

          65.01 –   130.00           charges       €13.80

          130.01 – 250.00          charges       €20.00

          250.01 – 380.00          charges       €29.00

          380.01 – 510.00           charges       €36.80

          510.01 – 630.00           charges       €39.00

          630.01 – 950.00          charges       €43.00

          950.01 – 1270.00        charges       €53.00

OTHER CHARGES

          Returned unpaid cheques - €3.30 bank charges passed on to member

          Returned unpaid direct debits - €3.30 bank charges passed on to member

Under new regulations, all financial institutions, including credit unions, are now required to notify the Revenue Commissioners of details of deposit interest or dividend payments where the interest or dividend payment exceeded €635 in any year.

In addition, the first interest or dividend payment, irrespective of amount, on new accounts opened on or after 1^st January 2008 is required to be notified to Revenue. Following discussions with the Revenue Commissioners, it has been confirmed that the voluntary disclosure initiative that Revenue introduced for deposit accounts has been extended to credit union share accounts.

Therefore, if any person had €100,000 or more in credit union accounts at any time in 2005, 2006, 2007 or 2008 and had tax issues associated with these funds, that person can obtain the benefits of voluntary disclosure if a disclosure and payment is made prior to 31^st March 2010.

If you have tax issues relating to underlying funds held within the credit union or the interest or dividend payments, you may qualify for an unprompted voluntary disclosure under Revenue’s Code of Practice.

You should contact Revenue at their helpline 01 6474818.

Why is saving with a credit union better?

Whether you’re saving for something in the future or just for a ‘rainy day’, regular saving is a good idea.

Regular saving with your credit union is an even better idea. At your credit union, you’re not just a customer, you’re a member of a successful financial co-operative.

Each share you hold in your credit union is equal to €1/£1stg. Depending on the rules of your credit union, to be a member there will be an entrance fee of not more than €1.27/£1stg and you will need to hold a minimum savings of between one and ten shares. Members enjoy equal rights to vote (one member, one vote) and participate in decisions affecting the credit union.

• Savings are insured at no direct cost to the eligible member.
• No hidden fees or transaction charges.
• When your credit union declares a dividend at the end of its financial year, each share you hold for that year is eligible for a dividend. The more shares you have, the greater the dividend you will receive.
• And you have the added bonus of knowing that your savings are being used to make loans to other members. Members just like you.

When a member who is over 16 years of age opens a credit union account, he/she is entitled to nominate a person (or persons) to receive his/her property in the credit union on his/her death. Property includes shares, deposits, loans and insurance proceeds. This is of benefit if the member dies without leaving a will as the property left in the credit union will not have to pass through the sometimes timely intestacy process.

Are my savings secure?

Credit Unions in the Republic of Ireland are covered by the Deposit Protection Scheme which is administered by the Financial Regulator. 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. The maximum amount a credit union member can receive under this scheme is €100,000.

The Deposit Protection Scheme covers:

• current accounts;
• demand deposit accounts;
• term deposit accounts;
• share accounts and deposit accounts with building societies; and
• share accounts and deposit accounts with credit unions.

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.

The Savings Protection Scheme (SPS) fund currently stands at €110 million.

Also, members’ savings are insured through Life Savings Insurance (subject to certain terms and conditions). For more details, visit the Insurance section.

What return will I get on my credit union savings?

Every share you hold with your credit union for the year is eligible for a dividend when declared. A dividend is the return on your shares and it is paid by your credit union out of surplus.*

*Past performance is not a reliable guide to future performance.

The amount of your dividend will depend on:

• The amount of shares you have saved (one share is equal to €1/£1stg).
• The surplus income available for distribution by your credit union to members.

Only members of your credit union receive a dividend from your credit union. The amount paid to members varies from one credit union to another.

Can I have easy access to my savings?

You can withdraw your savings provided they are not pledged as security on a loan. However, you are encouraged to keep your savings intact, so that:

• They continue to earn a dividend.
• They continue to benefit from the Life Savings Insurance protection.

Your credit union will be happy to talk to you about suitable alternatives to withdrawing your savings.

Can anybody save with the credit union?

Members of a credit union are united by a common bond. This is a characteristic that every member has in common (for example, it might be where you live or where you work).

Anyone within the common bond is eligible to apply for membership, and start saving as soon as they are admitted. So, whatever you’re saving for – a car, home improvements, a big day, holiday, school or college fees, your place will give you a fair deal.

Wexford Credit Union encourages members with loan repayment difficulties to contact us as soon as possible. The earlier you address the issue the easier it is for us to give you a helping hand as well as protect your credit rating.

 If you are out of work due to illness or redundancy check to see if you have repayment protection insurance on your loan. This will be noted on your latest credit agreement. If in doubt call the office where we will be able to check this for you.

Once again please ensure you contact us early so that we can be of assistance before the matter becomes unmanageable.

The “Return of Payments (Banks, Building Societies, Credit Unions and Savings Banks) Regulations 2008” has been issued by the Revenue Commissioners under powers conferred by the Finance Act 2006. The Regulations apply to the payment of any interest or other similar payments by banks, building societies, savings banks and credit unions to their members or members. Accordingly, credit union dividends are also reportable.

In summary, financial institutions, including credit unions, will be obliged to report certain details in respect of dividend or interest payments to members in excess of €635; they will also have to report the first relevant dividend or interest payment on new accounts, irrespective of the size of the payment and they will have to request Tax Reference or Personal Public Service Numbers (PPSNs) from members when new accounts are opened.

In respect of dividends on credit union shares, the regulations take effect for dividends paid in respect of the credit union year ended 30^th September 2009. For interest on credit union deposits, the regulations take effect for interest paid in the 2008 tax year.

The reporting of dividend or interest on new accounts begins for accounts opened in 2008.  The requirement to request PPSNs when new accounts are opened begins on 1^st January 2009.

The full regulations are available on Revenue’s website (www.revenue.ie).

If you require further information, please contact your credit union. If you have concerns about your tax affairs, you should contact your financial or tax adviser.

Republic of Ireland
An Post has announced that a commemorative stamp acknowledging the 50th anniversary has been approved with an issue date of the 24th April 2008. This stamp will be available to purchase from all local post offices in the Republic of Ireland from the launch date until the end of April 2009. The face value will be 55c and there will also be a first edition envelope for purchase through An Post for those collectors among you.   

Send us your news and views so that we can keep our news current and up-to-date. If you have any other queries or comments we would be delighted to hear from you at any time.