On Thursday, Oct. 19th 2017, Irish credit unions will join credit unions in other communities around the world to celebrate International Credit Union Day®. This year’s theme, “Dreams Thrive Here” celebrates how credit unions serve as catalysts to make personal choices and career paths real. Credit unions are not-for-profit financial cooperatives that provide an effective and viable alternative to for-profit financial institutions for over 231 million members in 109 countries worldwide. More than 68,000 credit unions exist globally, providing a plethora of financial services for their members, recognised as a force for positive economic and social change.
Credit unions are unique because they are not-for-profit, democratically controlled, member-owned cooperatives. Credit unions pool their members’ assets to provide low-cost loans and other financial services in the best interest of the members, not to earn shareholder profits.
Credit unions play a vital role in the economic development and stability of the communities they serve, helping people improve their lives through access to affordable financial services and making the world a better place to live. Across the island of Ireland, 3.5 million people enjoy the benefits of credit union membership.
This International Credit Union Day, we hope everyone will join us in celebrating the credit union difference, our proud cooperative heritage and the wonderful opportunities credit unions and cooperatives offer members every day.
The Irish League of Credit Unions has informed us that there’s currently an email phishing scam targeting credit union members throughout the country.
Members who have been targeted will receive an email from the email address firstname.lastname@example.org or one similar to this. The email will inform the member of a file named “Payment Confirmation” that’s been transferred to them through a site called WeTransfer, by what appears to be from our Credit Union, and will be encouraged to click to download the files.
This scam is designed to collect members’ personal details with a view to gaining access to personal financial accounts.
Please do not click on any links you may project to be a non trusted source. Should you have any questions, please don’t hesitate to contact us.
Malahide Credit Union
For reasons set out below, the board of directors of Malahide Credit Union has reluctantly decided to limit the amount that an individual member can lodge each month to an aggregate amount of €2,000 (net of loan repayments). This limit will take effect from 1st October 2017 and will be reviewed periodically by the board thereafter.
The reasons for imposing the limit are as follows:
- Savings in Malahide Credit Union are growing rapidly, resulting in an increasing amount of excess funds in the credit union.
- We have to invest these excess funds in a limited range of investment products, primarily bank deposit accounts. As you may know, bank interest rates are barely above 0% and in some cases are negative.
- In addition, credit unions have to put aside additional capital from their income in respect of any growth in their Balance Sheets – this reduces the amount available to decrease loan interest rates, pay dividends and invest in new and better services for members.
- We expect that the €2,000 limit will reduce the inflows of savings to a more acceptable and prudent level.
We apologise for any inconvenience caused by this decision but hope that you understand the rationale for it.
If you have any queries, please speak to a member of our staff.
PHISHING SCAM ALERT
There is a phishing scam doing the rounds at the moment targeting Credit Union members.
This scam is designed to collect your personal details with a view to gaining access to your accounts.
MALAHIDE CREDIT UNION NEVER SEND YOU AN EMAIL ASKING YOU TO CONFIRM YOUR ACCOUNT DETAILS ONLINE OR TO CLICK ON A LINK TO LOG INTO YOUR ACCOUNT.
You can read more about phishing scams by following this secure link.
Complete our Member Survey to be in with a chance of winning a fabulous €100 hamper.
It should only take a few minutes.
You can take our survey using the link below.
One in four parents will be forced to deny their children basic school items in September.
The average back to-school outlay will be €1,209 per child, up from €1,185 last year, which is a 2% rise, according to a survey by the Irish League of Credit Unions.
It shows that 20% of parents with primary school children and 31% of those with children attending secondary school intend cutting items from the back-to-school list.
More than two-thirds say they cannot pay for extracurricular activities for their children and almost 40% say money is too tight to buy their children school shoes.
A third of parents will use saved money to cover school costs, but 4% say they will consider using a moneylender, a rise of 1% on last year.
Read more here.
Our office will be open with limited service on Monday June 26th due to an IT Upgrade.
Please note that our Online Banking system will be unavailable from close of business on Saturday June 24th until Tuesday June 27th while the upgrade takes place.
We apologise for any inconvenience caused and thank you for your patience.
Notice to Members who have Outstanding Loans and Loan Applicants re Central Credit Register
The Central Bank of Ireland are setting up a Central Credit Register under the Credit Reporting Act 2013.
The Central Credit Register is a national database that will, on request, provide:
- a borrower with an individual credit report detailing their credit agreements;
- a lender with comprehensive information to help with credit assessments; and
- the Central Bank with better insights into national trends in the provision of credit.
The Credit Reporting Act 2013 requires us to process your personal and credit information for the Central Credit Register. From 30 June 2017, we will submit personal information to the Central Credit Register that we may already have about you, like:
- your name;
- date of birth; and
- personal public service number (PPSN) – a very important piece of information for matching.
The Central Credit Register needs this information to make sure it accurately matches your loans, including loans that you may have with other lenders. Producing a full and accurate credit report is one of the main aims of the Central Credit Register. We will also submit credit information each month about your loans, if the loan is for €500 or more.
Your loan information will be stored securely on the Central Credit Register where it will be used to create your credit report. The Central Credit Register will not calculate a score or grade for your credit report. Information will be kept on the Central Credit Register for five years after your loan is paid off.
In early 2018, credit reports will become available from the Central Credit Register. Once available, you may request your report at any time and are entitled to one free report each calendar year.
Lenders may only access your credit report:
- when considering an application for a new loan;
- if you ask to change the terms of a loan; or
- if they are reviewing a loan in arrears.
Employers, landlords, or any other person or entity cannot access your credit report without your written consent.
You do not need to take any action. We will shortly begin to send information on your loans to the Central Credit Register.
We invite you to read the Central Credit Register factsheet at https://www.centralcreditregister.ie/media/1083/a-consumer-guide-to-the-central-credit-register.pdf . If you have any other question about any of your loans with us, you can contact us at (01) 8451400.