FAQs

Frequently Asked Questions

Generals FAQs

  • What are your opening hours?
    • Click here for our branch and opening hour details
    • Outside of these hours, you can email info@kilmallockcu.ie.
    • You can also contact us using the Facebook Messenger chat button at the bottom.
    • From time to time these hours may change slightly to allow for staff training, bank holidays, or extenuating circumstances. If you are unsure if a branch may be open on a certain date, you can check the news section of our website.
  • I have questions about my Nominations Form

    Please click here for information about our Nominations service

  • Why is Kilmallock Credit Union imposing a savings cap ?

    Members savings which are not borrowed by other members are invested in the financial markets to earn a return. Financial institutions currently have excess deposits so that some of them are charging credit unions to hold their funds. This is referred to as negative interest. The central bank also require that we maintain regulatory reserves of 10% of total assets. This means that for every €100,000 of savings, we must allocate €10,000 from our surplus into a regulatory reserve. In times of uncertainty (such as we are now experiencing with Covid-19) members tend to save more and borrow less. This has resulted in an increasing gap between our loans and savings. Because of the low interest environment and the increased level of savings, we made the difficult decision to impose a savings cap.

  • Can I be involved in Kilmallock Credit Union?

    Yes, you can. We welcome member involvement. Make your voice heard at the AGM or run for election to the Board of Directors. If you are interested in getting involved as a volunteer with Kilmallock Credit Union, please contact our office.

  • How secure are my savings?

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

Membership

  • Who can join Kilmallock Credit Union?

    Once you live or work within our common bond, you can become a member of Kilmallock Credit Union.

    You must live, work or be in education within our common bond to be eligible to join us. Our common bond stretches from Kilmallock to Kilfinane, Anglesborough to Hospital, Fedamore to Ballingarry, Broadford to Liscarroll and also includes the town of Charleville. See the map for our full common bond.

    You can also become a member by association; this means if you reside with someone who is a member of Kilmallock Credit Union, you can become a member or if you are a member, your family can join.

    You can Join Us Online today through our online portal or download our CuMobile App

  • How do I join Kilmallock Credit Union?

    Become a member of a financial co-operative that puts you first.

    You can join us online or in any of our branches:
    – Click here to Join Us Online through our online portal or download our CuMobile App
    – View our branches and opening hours.

  • What is Kilmallock Credit Union’s common bond?

    A credit union’s common bond is the total population eligible to apply for membership.

    Kilmallock Credit Union’s common bond is as follows;

    • The total population of Kilmallock to Kilfinane, Anglesborough to Hospital, Fedamore to Ballingarry, Broadford to Liscarroll and also includes the town of Charleville. See the map for our full common bond.
    • Employers and Employees of local companies situated within the common bond area of Kilmallock Credit Union.
    • Local schools within the common bond area of Kilmallock Credit Union including primary, secondary and third level colleges.
    • The existing members of Kilmallock Credit Union and their families and friends.

    If you fall within any of these criteria, you are eligible to join.

    Click here to Join Us Online through our online portal or download our CuMobile App

  • What benefits do members of Kilmallock Credit Union enjoy?

    There are so many benefits that you can enjoy as a member.

    Free Insurance Cover
    We offer both share and loan insurance to support our members. Visit our Insurances section to learn more.

    Death Benefit Insurance
    Kilmallock Credit Union offer this additional service Free-of-Charge to eligible members, which is designed to lighten the financial burden of bereavement. Visit our Insurances section to learn more.

    Competitive Loans
    We have a wide range of loans to support our members for anything that might come their way –education, wedding, home improvements, debt consolidation, holidays, houses – no matter how big or small, we support our members and at very competitive rates.

    We offer end-to-end online loans. Click here to Apply for your Loan Online

    CUOnline+ & CuMobile Banking
    We love talking to our members and helping our members whether in-branch, on the phone or online. Our CUOnline+ and CuMobile Banking App allows our members to view balances and statements, transfer money both externally and between their Kilmallock Credit Union accounts and externally, upload documentation, online loan application amongst lots of other things!

    Click here to learn more about our online banking services.

    The Credit Union Difference
    We are a not-for-profit organisation. We are a community and we are dedicated to serving our members. Our motto is People helping people and we will do our very best to help you

    You can Join Us Online today through our online portal or download our CuMobile App

Nominations

  • What happens to my shares when I die?

    Members of the credit union can nominate a person to receive their credit union shares up to €23,000 on their death.

  • Who can I nominate?

    A member can nominate anyone – family member, friend or group of people. It is important that members review their nomination form regularly.

  • Can I change my nomination?

    Yes, by filling out a new nomination form. A nomination becomes invalid if the member gets married or the nominee dies. It is a good idea therefore to review the nomination from time to time to ensure that the person(s) nominated is/are the most appropriate. Please note that divorce or legal separation will not revoke a nomination.

  • What happens if I joined as a child (through my parents)?

    If you joined as a child, you would not have filled out a nomination form. Therefore, once you reach the age of 16, you will need to fill out the nomination form.

  • What happens if I don’t complete a nomination form?

    If you elect not to complete a nomination, the proceeds from your account will form part of your estate on your death and will be dealt with under the terms of your will, or if you have not made a will, under the rules of intestacy or under the small payments provision. Small Payment Provision: where no valid nomination exists and the amount in your account is less than €15,000 in total (including insurance etc.), the Board and Directors of Kilmallock Credit Union Ltd. may, without letters of authorisation or probate of any will, distribute your property in the credit union to such person(s) as appear to the Board to be entitled by law to receive it.

  • Where do I get a nomination form?

    You can drop into any branch and ask a member of staff or call 063 98355.

Online Banking

  • I need help with CUOnline Banking

    Please click here to find a library of tutorials for our CUOnline+ and CuMobile Banking.

  • I want to download the CuMobile App, how do I do this?

    Our Free CuMobile Banking App is available on the Apple App Store  & on the Google Play Store

  • How do I get online account access (CUOnline+ Banking)?

    To get access to your Kilmallock Credit Union account online, you’ll first need to register. Once you’ve completed the application, a confirmation email will be sent to the email address you have provided.

    Your new PIN number will be sent to you by secure SMS, so it’s important that you have your contact details up to date. Once you have received your PIN, you can login to CU Online right away. You will also receive a One-Time Passcode (OTP) to your mobile number each time you login for enhanced security.

    With Online Banking you will be able to transfer funds, view and print statements, and check account balances.

    REGISTER NOW

  • I have lost my online banking PIN, how do I get a new one?

    If you have lost your online banking PIN, don’t worry as you can request a new one. The easiest ways to request a new PIN are below, just choose your preferred method:

    • Call us on 063 98355 and we can issue your new PIN by SMS.
    • Email us on info@kilmallockcu.ie and a staff member will contact us to issue your new PIN by SMS.
  • Can I transfer funds online between my credit union account and my bank account?

    Once you have signed up for Online and/or Mobile Banking with Kilmallock Credit Union you can transfer funds to and from this account online. Please note that transfers can take up to 3 working days to be processed.

    All Kilmallock Credit Union accounts are eligible for free online access. You can register for online access here.

    Please note that proof of ID and proof of address needs to be up-to-date to allow members to transfer funds electronically.

    REGISTER NOW

Loans

  • How do I apply for a loan?

    There are 4 ways to apply for a loan from Kilmallock Credit Union.

    1. CUOnline+ Banking
    We offer end-to-end online loans. You can apply online today through our CUOnline+ Banking portal. Click here to apply online.

    2. CuMobile Banking App
    We offer end-to-end online loans. Download our CuMobile Banking App and apply for your loan online.

    3. Over the Phone
    You can complete your loan application on the phone with a loan officer and send your supporting documentation by email, by post or drop into our office. Email: loans@kilmallockcu.ie.

    4. In-Branch
    You can apply for a loan from any Kilmallock Credit Union branch. Find your nearest branch.

  • How long do I have to be a member before I can borrow?

    You can join Kilmallock Credit Union and apply for a loan straight away. Our lending decisions are based, primarily, on your ability to repay. However, we will also take into account proof of savings with other financial institutions. If you are unsure, it’s best to apply for a loan, and we can advise you as to your options.

  • How much can I borrow?

    Kilmallock Credit Union lends up to €100,000 for all personal, business and agricultural loans and we lend up to €150,000 for home loans (mortgages). Each application is treated with the utmost confidence and will be considered on its own merits.

    Use our Loan Calculator to view the repayments necessary for different loan amounts and loan types. This can give you a good idea of how much you can afford to borrow.

  • Can I only borrow a multiple of my savings?

    At Kilmallock Credit Union, loan approval is based, primarily, on your ability to repay. There is no limit to the amount you can borrow based on your savings. With each application, we take into consideration your income and outgoings, and base your ability to repay the loan on these figures.

  • What documents do I need to apply for a loan?

    While some loan applications require more documentation than others, below is a general idea of what you will need to provide before we can process your loan application.

    For loans below €5000

    • 2 most recent payslip/receipts of other income (social welfare, pension, etc)

    For loans from €5000 – €10,000

    • 3 most recent payslip/receipts of other income (social welfare, pension, etc)
    • 3 most recent months’ bank statements. Your bank statements should show your income and any mortgage/rent or other loan payments or credit card payments you may have.

    For loans above €10,000

    • 3 most recent payslip/receipts of other income (social welfare, pension, etc)
    • 6 most recent months bank statements. Your bank statements should show your income and any mortgage/rent or other loan payments or credit card payments you may have.

    For loans above €50,000

    • 6 most recent payslip/receipts of other income (social welfare, pension, etc)
    • 6 most recent months bank statements. Your bank statements should show your income and any mortgage/rent or other loan payments or credit card payments you may have.

    For all loans, we require

    • Proof of ID: Valid Drivers Licence or Passport
    • Proof of Address: Bank statement or utility bill dated within last 6 months
    • Proof of PPS: Payslip, Revenue or Medical Card. Public Service Card NOT acceptable
    • We may have your information already on file

    Please note: Additional documentation may be required depending on the complexity of the loan application.

  • I have no savings with Kilmallock Credit Union, but I am saving regularly with the bank, will this be taken into account?

    Yes, if you have no savings or loan history with us, but you are saving regularly with any other financial institution this will be taken into consideration when assessing a loan application.

  • Who can borrow from Kilmallock Credit Union?

    To apply for a loan from Kilmallock Credit Union you will need to be a member. But once you join, you can apply for a loan straight away. You are eligible to join once you are part of our common bond.

    You can Join Us Online today through our online portal or download our CuMobile App.

  • How long is my loan approval valid for?

    Your loan approval is valid for 90 days from the date of approval. If you wish to draw down a loan after this time you will need to contact our credit department.

  • Why are Guarantors used?

    Generally, loan applicants use guarantors if they believe that they will be unable to secure a loan on their own. This might be the case for applicants who have poor credit or no credit history. Individuals can serve as guarantors or can have guarantors for their loans.

    The use of a guarantor on a loan application does not ensure that the loan will be approved, because the person who guarantees the loan is considered part of the loan application, so the credit rating of that person must be evaluated along with the loan applicant or applicants.

  • What is a Covered Loan?

    A Covered Loan allows a member to borrow funds up to the value of their shares. The shares are held as security against the loan. Covered loans offer a preferential rate of lending and a great way of protecting your savings.

  • Can I appeal against the loan decision?

    Yes, although we cannot give you any assurances that our original decision will be overturned. You should submit your appeal in writing and supported by any additional relevant information that was not taken into account at the time of our original decision. Full details of our appeals process can be obtained from your local branch.

  • My loan has gone into arrears. What do I do?

    Communication is key! We can only help if members engage, so if you find your circumstances have changed, and you are struggling to make the payments, call our Credit Control team 063 98355 or email creditcontrol@kilmallockcu.ie and we will review your updated circumstances and explain the options available.

  • I have gone into arrears on my Mortgage account. What can I do?

    Please click here to find out how we can help you.