You may be aware that the credit union has reluctantly imposed an upper limit of €20,000 on the amount of savings that we can accept from an individual member. Just to explain, the reasons for introducing this limit are as follows:
- Savings in our credit union are increasing by around 10% per annum. By contrast, our loans have been growing at a much slower pace, resulting in our surplus funds increasing steadily to over €13.5 million.
- These surplus funds have to be invested, mainly in deposit accounts with local banks, but the banks are currently paying interest at less than 0.25% per annum and in some cases are charging us for holding deposits with them.
- Under Central Bank regulations, we must maintain our reserves at a minimum of 10% of our assets. While our reserves are well in excess of this requirement, we have to allocate €10,000 to them for every additional €100,000 of savings we receive in order to maintain our reserves at this prudent level.
- This €10,000 has to come from our surplus / profits, thereby reducing the amount we have available to pay dividends or interest rebates. It also reduces the amount we can afford to invest in new services and new technology options that can benefit all of our members.
- To reduce the impact of this savings growth, we reluctantly decided to limit the inflow of savings in order to benefit the greater number of our members.
What does this mean for me?
Members who already have savings of more than €20,000 can leave their savings in place but cannot increase them. Dividends on these accounts are posted out by cheque following payment. Members with less than €20,000 can increase their savings to €20,000 but to no more than that amount.
We thank you for your understanding in this matter and hope you understand the rationale for our decision, but if you have any queries please talk to a member of our staff. This was not a decision we took lightly and we will keep this €20,000 limit under constant review. Please be assured that we continue to innovate and work hard to ensure that Malahide Credit Union remains strong and continues to thrive.
Malahide Credit Union provides a Death Benefit Insurance benefit at no extra cost to all adult members with more than €250 in savings and to all members aged 16 or under irrespective of their savings balance. This valuable benefit provides €1,300 to the next of kin of an eligible member in the event of his or her death.
It is intended to alleviate the considerable costs incurred by a member’s family at a time of bereavement. In addition to the savings requirement already mentioned, to be eligible a member must have joined the credit union before his or her 70th birthday.
The Board of Directors reserves the right to amend the eligibility requirements and payment amount at any time.
The Annual General Meeting of Malahide & District Credit Union Ltd. is taking place at The Grand Hotel, Malahide, on Monday 30th January 2017 at 7.30pm sharp.
There will be a FREE Prize Draw for members who attend the AGM and light refreshments served after the meeting.
Please bring your AGM Booklet to the meeting.
Looking forward to seeing you there.
We’d like to welcome you to our newly redesigned website. We’ve been hard at work on the new site and hope that you will find your experience with it both user friendly and enjoyable.
Our goal is to make the information that we give to you clearer, easier to find and also give you a more detailed overview of your accounts. If you have any questions or comments about the site please let us know by emailing firstname.lastname@example.org.
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Thinking of changing your car? Check out our great new car loan rate 6.9% (Apr 7.12%)
Minimum amount €5,000 Maximum amount €50,000
Loan cheque to be made payable to the garage
In the case of a private sale car documentation (Vehicle registration certificate) to be provided to the Credit Union within one month of loan issue date (for photocoping) or loan will revert to the standard loan of 11.9% (Apr 12.62%)
Loans are subject to approval
Terms and conditions apply
Call into our office on Main Street or telephone (01) 8451400 to speak to a member of staff for further information.
Loan repayment sample:
Loan of €10,000 repaid over 5 years
60 monthly repayments of €197.56
Rate of Interest 6.9% per annum variable representation 7.12%
Malahide & District Credit Union Limited is regulated by the Central Bank of Ireland