Members can be assured that savings at the Credit Union are secure.
All officials, whether they are volunteers or staff, must be fidelity bonded.
An independent auditor, appointed by the members at the Annual General Meeting, audits the annual accounts.
The Credit Union participates in the Savings Protection Scheme established by the Irish League of Credit Unions. This protects savings, within certain limits.
One of the attractions of saving with the Credit Union is that shares and insurance benefits can be paid to a nominated person or persons on death (to a value of €23,000). If a member has shares/insurances in excess of €23,000, the first €23,000 is paid to the nominated person with the balance going to the estate; to be distributed along with the member’s other property, if any, under the terms of the will.
The benefit of making a nomination is that shares/insurances can be passed on death with a minimum of delay and inconvenience.
Members normally complete a nomination form when they first join and are advised to update the form, if their family or personal circumstances change. In any event, a member’s nomination ceases to be valid once they marry – members are advised to re-nominate as soon as possible after their wedding. Members under 16 years cannot make a valid nomination – the beneficiary will usually be a parent or guardian.