- 1 Savings (Shares)
One of the main aims of a Credit Union is to encourage members to develop the habit of regular savings. For the individual the advantages of building up savings are obvious. These savings may be planned for something in the future or just for the rainy day which comes to so many of us. In Credit Unions the extra benefit is that your savings will be used to make loans available to other members and to yourself.
The minimum shareholding of Link Credit Union Ltd. is €10. Members must maintain a balance of at least €10 in their share account to maintain membership of Link Credit Union Ltd. If a share balance should fall below this level, membership of Link Credit Union Ltd. will cease and the account will be closed.
Each Credit Union, within legal limits, decides on the maximum amount of savings that each member may have. The Board of Link Credit Union Ltd. have placed an upper limit of €25,000 per member account for the foreseeable future.
With effect from 31st January 2018, the minimum shareholding required for the purposes of Death Benefit Insurance will be set at €25. Read More.
The Credit Union provides Life Savings Insurance cover on savings of eligible members. Read More.
All members are encouraged to complete a Nomination of Beneficiary Form. Read More.
Every member will receive a Dividend on their shares held each year. The Dividend rate will be declared at A.G.M. and once voted upon by members is posted across to members’ accounts
- Credit union members can rest easy in the assurance that their savings are safe. Credit Unions in Ireland, which are affiliated to the Irish League of Credit Unions, are secued in several ways:
- All officials of credit unions, whether volunteers or staff, must be fidelity bonded.
- Savings up to a limit of €12,700 per member are protected by the Savings Protection Scheme in all credit unions participating in the Scheme.
- Government Guarantee Scheme covers savings of up to €100,000.
- Members savings within certain limits are insured through Life Savings Insurance.
- Full financial statements are prepared and can be examined by members.
- Annual independently audited returns are lodged with the relevant authority – The Central Bank of Ireland.
Link Credit Union Ltd. will be able to receive payments directly from your employer. You can chose to have all your wages paid directly into your Link Credit Union account or you can choose to have a set amount coming in each wage day. You can either provide your wages department with your account details (IBAN & BIC Code), or you can call into a Link Credit Union Office and we will complete a Wage Deduction Authorisation form for you and send it to your employer on your behalf.
Express Lodgement Facility
BEAT THE QUEUE – WE DO IT FOR YOU!!
If you are in a hurry, you can avail of the Express Lodgement Facility in our Offices. Complete the Express Lodgement Slip, place it into the envelopes provided and pop it into the Express Lodgement Box. Your lodgement will be made to your account at the end of that day.
Savings Cap 2017
Due to the capital levels required by the Central Bank, we can no longer accept savings greater than €25,000.
Members’ savings have for many years now been well in excess of members needs for loans, as it is across much of the credit union movement. In response to further growth in this area over the past 2 years, the Board has decided to introduce a cap on savings (deposits / shares) of €25,000. This will only apply to accounts which are currently below this level.
Where members’ savings are above this level, only withdrawals will be permitted going forward into your share/deposit account. We hope that this will not inconvenience members.
It is not feasible for us to continue to increase savings that are a cost to credit union and to a level further beyond any likely demand for loans from members.
You can read more here.
The Board will keep this under review. If you are affected by this, please speak to a member of staff.
Maximum Withdrawal Limits
For security reasons, withdrawals in cash will be restricted to €2,000 per day without 24 hour notice.
The maximum amount a person may withdraw in a day is €5,000. If you would like to withdraw between €2,000 and €5,000 in cash from one of our branches you can contact the branch you wish to withdraw funds from 24 hours before you wish to make this cash withdrawal.
Apologies for any inconvenience this may cause our members, however for security reasons, we do not hold a lot of cash at any of our branches and our safes are time locked, staff do not have access to funds that are not pre-ordered.