Questions and Comments in relation to the Members Meeting held on the 8th Oct 2002
A full recording of this meeting can be watched by clicking on the video above. The full questions and answer session can be watched from 21.52 minutes into the recording.
- Well done to the Staff and Board, tough decisions in difficult times.
- Thank you for a clear presentation which was very professional and clearly you put a lot of thought into this. It is the right thing to do although it will be unpalatable for some Members.
- I think this is an excellent initiative, It’s clear that in the current and developing environment, if the Credit Union continues to be seen as a safe haven for savings with great (but costly) benefits, it will ring death knell for the Credit Union. Rewarding active Members who are contributing to the ongoing financial health of the Credit Union (by borrowing over the course of their membership) just makes sense. I am on the Board of another Credit Union and I fully intend to bring this to my follow Board members’ attention.
Q) What are the maximum benefits I get as a Member?
The maximum benefit an eligible Member will receive is €8,000 for Standard Plan Members or €32,000 for Active Plan Members. An Active Plan Member will receive this amount if they have €16,000 or more in their account on the date they die and are under 35 years of age.
Q) What are the minimum benefits I get as a member?
The minimum benefit an eligible Member will receive is €700 for Standard Plan Members or €1,300 for Active Plan Members. You are an eligible Member if you have €500 or more in your account on the date you die, and you had joined the Credit Union before your 71st birthday.
Q) How do I access the maximum benefits available and what will it cost me?
You can access the maximum benefits if you are an Active Plan Member and it won’t cost you anything extra. You are an Active Plan Member if you:
- Paid €500 or more in loan interest over the life of your membership*.
- Or Have an active loan of €1,000 or more.
- Or Open a Core Credit Union Current Account.
*The life of your membership is based on our computerised records, where interest paid before computerisation can be validated cover will also be provided.”
Q) Am I now in a less beneficial position than before?
Not necessarily. There are two types of benefits, Standard Plan and Active Plan. All Members can qualify for the Active Plan. Depending on Age of Death some Members will have additional benefits. As you get older the benefits reduce.
Q) What did these benefits cost me and what will they cost me in the future?
There were no direct costs to Members on previous benefits and this new program is the same. The Credit Union absorb the cost as an operational expense.
We are introducing a new Member-pay Death Benefit Indemnity (mDBI) programme with additional benefits. For €60 a year Members can opt-in for mDBI, which offers an additional fixed benefit of €3,000 payable on death.
Q) Who decided to change the Insurances provided?
The Board of Directors who are appointed by the Members have made this decision. The Board, on behalf of the Members must ensure that we have a strong and vibrant Credit Union. The decision is based on fairness and sustainability.