Credit Union Motto
“Not for Profit, Not for Charity, but for Service”
Services are designed to improve the economic and social well being of all members.
The more services you use, the stronger we become and the stronger you become.
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- Are insured with FREE Life Savings Insurance (terms and conditions apply)
- Are guaranteed by up to €100,000
- Provides you with financial independence
- Provides you with a loan, should you wish to borrow
Important Members Notice
From March 15th 2021 the maximum amount that any New Member joining Cara Credit Union can have is a maximum of €10,000. This new limit will only effect New Members wishing to join Cara Credit Union. For existing members the €30,000 savings limit remains.
The maximum amount that any New Member joining Cara CU can have is a maximum of €10,000. This is regardless of how many further accounts that New Member may open after the 15th March 2021 . This limit is based on a per tenant basis, (per individual). The limit for a minor will continue to remain at the €10,000 maximum.
From August 2020 the following Savings Limit will be in place at Cara Credit Union
Up to €30,000 per Adult member and up to €10,000 per Juvenile (members under 16 years).
Please note that these limits are calculated to include all balances in a member’s sole name (savings, access, e-stamp and current accounts) and to include 50% of any joint account balances a member may hold.
Example: Member A has €25,000 in a sole account and €15,000 in a joint account,
This means that Member A has a total balance of €32,500 i.e. €25,000 (100% of the sole account balances) plus €7,500 (50% of the joint account balance).
Therefore, unfortunately Member A will have to reduce their overall holding by €2,500 with Cara Credit Union, to ensure that the €30,000 limit is adhered to.
A limit on savings is not a decision your Board of Directors and Executive have taken lightly, but is necessary given the current economic environment.
All affected members have been notified by post and by telephone call.
Why are we making these changes?
The business model of any credit union, including ours, is a simple one. We accept savings from our members to lend out to other members. Any funds not lent out to members are placed in investments. With the current rate of return on investments very low, many financial institutions are charging us to hold your savings on short term deposits.
In addition, the rate of savings has nearly doubled this year and as the rate of savings increase, we have a regulatory requirement to also increase our reserves. Regulatory requirement is 10% of total assets so for every additional €1m in savings, we must allocate €100,000 from our surplus/profits, to our regulatory reserve. Cara Credit Union is very well capitalised, far more than the regulatory requirements and is making this change to maintain that strength.
What does this mean to you?
This decision affects 3% of our membership and has been made in the interest of all our members. We apologise for the inconvenience this may cause, as we ask members with over €30,000 in their account (s) to reduce their balance(s) below €30,000. This limit is calculated to include all balances in your sole name (savings, access, e-stamp and current) and to include 50% of any joint account balances. When calculating how much to withdraw, please consider any frequent electronic payments that may cause your account to go over €30,000.
If you have frequent regular payments coming into your account with Cara Credit Union, you need to either (a) arrange that your funds are credited to another account or (b) withdraw a lump sum to allow your payments to continue being received by Cara Credit Union. We advise that you seek professional advice on how best to invest any surplus money.
If payments are received which would increase a members share balance over €30,000, Cara Credit Union will have no option but to return these payments.
The Board of Directors are reviewing this saving cap on a monthly basis and we are seeking your support to ensure the continued financial strength of Cara Credit Union. We have aligned ourselves with other similar sized credit unions to try and find a better solution other than implementing a savings cap, however, they will be no solution in the short to medium term.
To withdraw funds please sign up for online banking here and withdraw funds online. You may also visit us with your photo Identification (current Drivers licence or Passport) and withdraw by cheque or electronic funds transfer if you bring the IBAN and BIC of another financial institution.
- Competitive interest rates
- Interest is only charged on the reducing balance
- No fees and no penalties if you repay your loan early
- Flexible repayment terms to suit you
- FREE with Loan Protection Insurance in the event of death your loan may die with you (terms and conditions apply)
- For motor loans, you own the vehicle straight away no lease and no hire purchase
- In the event of death, your loan may die with you
- Free life cover. A lump sum payment on savings
- In the event of death, a lump sum payment towards funeral expenses
- Insurance to meet your loan repayments when the unexpected happens
- Alternative banking solution, personal, online and mobile banking
- Budget and manage your money better
- Bill Pay, Electronic Funds Transfer, Direct Debit and ATM
In keeping with our promise of promoting best practice in everything we do, Cara Credit Union will ensure that complaints are dealt with in a reasonable and fair manner as efficiently as possible. Cara Credit Union has a Complaints Officer and a Complaints Policy. For further information contact Cara Credit Union on 066 712 2373.