Member Communications - Win €100 Supervalu Voucher -
Have you recently received a dormant account letter?
Why did I receive this letter?
You received this letter as you have not performed any account transactions on your account in the last 3 years and under Rule 22 of the Standard Rules for Credit Unions (ROI), regarding dormant accounts; dormant accounts are classified as any account which had no member transactions in the last 3 years.
What are my options now?
You have three options.
With each of these options you must provide current / valid Photo ID (passport/driver’s license) and Proof of Address (utility bill/bank statement/government document less than six months old).
1. You can reactivate your account by providing the required identification listed above and transacting on your account at any of our three credit union offices in Beech Road, Park Road or Kenmare.
2. If you have moved from the area and you wish to transfer your account to a credit union in your area, you can contact your nearest credit union.
3. You may wish to close your account by calling to the credit union offices.
Is my account now closed?
No, your account has been classified as dormant. Your shares / savings are still in your account.
What do I do now?
To re activate your account, simply call to any of our offices within the next 30 days with the following :
•Certified photographic ID (Passport, Driving Licence, National Identity Card, Public Services Card, Garda verified ID form (ML10) or Garda issued National Age Card)
•Proof of address (original of recent household bill, house or motor insurance document, bank statement, letter from Revenue or other Govt Dept, local authority document dated within the past 3 months)
You will also need to transact (lodge or withdraw) on the account on the same day to finalise the re-activation.
You will also need to complete a new membership application and reactivation form.
Q. What countries can I receive payments from?
Payments can be received from countries in the SEPA Zone only. There are 33 countries within the SEPA Zone, including the 28 EU member states and five other territories.
The 28 EU States:
Austria, Belgium, Bulgaria, Croatia, Cyprus, Czech Republic, Denmark, Estonia, Finland, France Germany, Greece, Hungary, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, Netherlands, Poland, Portugal, Romania, Slovak Republic, Slovenia, Spain, Sweden and United Kingdom.
Iceland, Liechtenstein, Monaco, Norway and Switzerland
Note: Payments can only be made and received in euro.
Q. What countries can I sent payments to? Currently payments can only be made to accounts held in Irish banks.
Q. Can I make a payment (Credit Transfer) from the UK to a Credit Union account?
Yes, it is possible to make a payment from the UK to a Credit Union account. The important point for the member to remember is that the payment type must be a ‘SEPA Credit Transfer’ not an ‘International Payment’.
The member must stipulate that the payment to be made must be a ‘SEPA Credit Transfer’. The UK bank will convert the sterling debit on the UK account from sterling to euro and send the payment out as a ‘SEPA Credit Transfer’. The payment will be received into the member account in euro.
Similarly it is possible to receive pension payments from the UK for the credit of a member account- again the member must stipulate that the payment must be made as a SEPA Credit Transfer.
Q. Can I make a payment (Credit Transfer) from a country outside the SEPA Zone to a Credit Union account?
No, countries outside the SEPA Zone are not eligible to make SEPA payments.
Q. What would happen if a member attempted to make a payment to a Credit Union member account outside the SEPA Zone?
If a member attempts to make a payment from a country outside the SEPA Zone, the originating bank should reject the payment. In some cases, the originating back may attempt to send the payment as an International SWIFT payment – in which case the payment will be returned when it reaches the destination country. It may take some days for the payment to be returned.
Q. Can I make a payment (Credit Transfer) to a country outside Ireland.
Currently no. This payment will be rejected immediately by CUSOP as the BIC and IBAN will not be reachable.
Q. What are the cut-off times for sending outgoing payments from Credit Unions?
CUSOP has 2 outgoing file transfer cut-offs each working day.
|File cut off time||Settlement Date||Delivery time to other banks||Posting to account|
|9.30||Same day||By 16.00||By close of business|
|16.00||Next day||By 9.00 (next day)||Morning next day|
Note 1: The ITSP may require to close out your files in advance of the CUSOP cut-off to allow time for file preparation and transmission.
Note 2: Posting to creditor account happens shortly after delivery to other Bank, but this time cannot be guaranteed.
A full range of EFT services are available to all members. This means that each credit union account has now its own sort code, unique eight digit account number, BIC and IBAN.
As a result members can have social welfare, child benefit, pensions and other payments sent directly to their credit union account. The credit union can also transfer money to other financial institutions and utility companies on a member’s behalf thereby reducing cash transactions and increasing security for members.
Here you will find some key forms/information that are available for download.
If you wish to open an account, please bring all documentation into the branch and staff will be happy to assist you.
All credit union accounts now have a unique account identifier called a BIC/IBAN. This can be used if you want to set up a standing order or send an internet banking payment from your bank current account to your credit union account.
To do this, you will need your Bank Identifier Code (BIC) and International Bank Account Number (IBAN). These are listed on your credit union account book and also on deposit/transaction slips and these are unique to you.
You can amend the standing order through your own online banking system or at your own bank branch. All you need to do, is state your Credit Union BIC/IBAN details. All your transfer details will stay the same, you will just be using the new stand account identifier for the credit union.
Using your credit union BIC/IBAN makes payments into your credit union account from your current bank easy. You can transfer directly from your wages, social welfare from your bank into your credit union account for savings/loan repayments.