Save with your Credit Union

Credit Unions in the Republic of Ireland are covered by the Deposit Protection Scheme which is administered by the Central Bank of Ireland. It covers deposits held with banks, building societies, and credit unions.Please see the Central Bank of Ireland’s website for further information.

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

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. (Terms & Conditions apply)

Every share you hold with Shercock Credit Union Limited 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 returns.

The amount of your dividend will depend on:

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

Under Credit Union Rule 22 (now amended to Rule 19) if your account becomes inactive for 3 years and we are unable to contact you within that period it may become a dormant account. It is in your own interest to keep it active by conducting regular transaction.

The account maybe reactivated by conducting transactions and supporting it with photographic I.D. e.g. passport/drivers licence/birth certificate for children, confirmation of address (not more than 3 months old) e.g. utility bill/revenue documentation and PPS number on supporting documentation i.e. payslip/revenue document/medial card/social welfare card.

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.

2018: 7th – 13th May 2018
The aim of Gr8 Savers Week is to teach children – the next generation of Credit Union customers – the value of money and how to develop good savings habits. For tips on helping children understand how to save, click on this link for some help from Gerry the Giraffe, or check these out from the Irish League of Credit Unions:

• encouraging young people to create a savings goal and the reasons to avoid impulse buying,
• consider rewarding your children for regular savings – as long as they’re not raiding their savings stash!
• give young people a clear jar or a piggy bank so that they can watch their savings grow.

To open a minor account in Shercock Credit Union on behalf of a child / young person, download an
application form and call in with the completed paperwork during opening hours.