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.
Click each BLUE link to Open, Click again to CLOSE
- 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
The maximum amount that any Member Cara Credit Union can have is a maximum of €40,000.
The limit for a minor is €10,000 maximum.
Please note that these limits are calculated to include all balances in a member’s sole name (savings, e-stamp and current accounts) and to include 50% of any joint account balances a member may hold.
Example: Member A has €30,000 in a sole account and €30,000 in a joint account,
This means that Member A has a total balance of €45,000 i.e. €30,000 (100% of the sole account balances) plus €15,00 (50% of the joint account balance).
Therefore, unfortunately Member A will have to reduce their overall holding by €5,000 with Cara Credit Union, to ensure that the €40,000 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?
We apologise for the inconvenience this may cause, as we ask members with over €40,000 in their account (s) to reduce their balance(s) below €40,000. 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 €40,000.
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, Irish Life Financial Services have a team of financial advisers ready to help get you started with your financial planning. Why not take the first steps in Financial Planning with Irish Life Financial Services by clicking here
If payments are received which would increase a members share balance over €40,000, 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
- A current account with a globally accepted Mastercard debit card
- Budget and manage your money better
- Bill Pay, Electronic Funds Transfer, Direct Debit and ATM
HOW TO MAKE A COMPLAINT
It is the aspiration of Cara Credit Union that any complaint against the credit union will be resolved in a fair and equitable manner. In order that this is accomplished the following is the procedure which you should follow in order to have your complaint, in your capacity as a member, settled. For a full description of this procedure, please see Rule 108 of the Standard Rules of the Credit Union.
The complainant discusses the complaint with the complaints officer verbally or outlines the details of the complaint in writing by completing a complaints form. The complaints officer will, where possible, resolve the complaint.
Download our Complaints Form here.
IF THE COMPLAINT IS NOT RESOLVED TO THE SATISFACTION OF THE COMPLAINANT:
The complainant will have the right to be heard by the complaints sub- committee who will investigate, discuss and, wherever possible, resolve the complaint. The complainant must complete the complaints form (if not completed at step 1) which will be reviewed by the sub-committee.
Nothing in Rule 108 shall prevent the Financial Services Ombudsman from investigating and adjudicating a complaint made against a credit union about the provision of, or failure to provide, a financial service, so long as the complaint:
- falls within the jurisdiction of that Ombudsman, and
- does not relate to a matter that involves only the governance of the credit union.
CONTACT DETAILS FOR MAKING A COMPLAINT
A complaint can be received verbally, by phone, by email or in writing.
Written complaints can be sent to the Complaints Officer, Cara Credit Union Ltd. 45-47 Ashe St. Tralee, Co. Kerry or by email at [email protected] Verbal complaints may be made by phone on 066) 7122373 or in person to any Cara CU Complaints Officer.