Cap on Lodgements
Please be advised that from March 31st 2019, the maximum amount that can be lodged to your account for saving per month is €2000. The Board feel that €2,000 is a reasonable amount, and well above the average members saving trends.
We will not accept transfer of funds above that amount by Cheque, EFT or S/O, funds will be returned.
Why introduce the share cap?
Over the past 2 years, with the current economic climate, investment returns on members savings have reduced dramatically, In addition, some banks have started to charge your credit union to hold money eg €1,000,000 costs the credit union €8,000 annually.
Members savings have increased dramatically, having grown by over €2 million over the past 5 years. Under existing legislation, for every €1 million extra in new savings, your credit union must put an additional €100,000 into reserves.
The Board of Directors did not think it was reasonable to pass on negative interest rates to our members, so in the interest of fairness to all members, the Credit Union has placed an upper limit on total savings of €30,000 per member, and a monthly limit of €2,000 which allows members to save a reasonable amount of funds for their future needs.