The following is a list of frequently asked questions about our merger with Carrickbrennan Credit Union and Foxrock & District Credit Union in April / May 2016.
We have also included a short video about our amalgamation in September 2014 to form Core Credit Union. If you have any other questions about the merger please contact your local Core Credit Union office.
Who are the other Credit Unions?
Core Credit Union Ltd. is the name for the amalgamation of Dalkey Credit Union Ltd., Sallynoggin / Glenageary Credit Union Ltd. and Shankill, Ballybrack & District Credit Union Ltd. that took place in September 2014. In July 2015, Glasthule Dun Laoghaire Credit Union merged with Core Credit Union. Core Credit Union has 25,000 members and assets of €88m
Carrickbrennan Credit Union Ltd is a credit union serving the Monkstown area. It has assets of €11m and a membership of 3,500
Foxrock Credit Union Ltd is a credit union serving the Foxrock area. It has assets of 6.5m and a membership of 2,800.
Is our Money safe?
Yes, your money is safe, it is covered by the government deposit guarantee scheme.
Why is it necessary to merge?
Our number one priority at all times is to serve the best interest of our Members and this is reflected in all decisions taken by this Credit Union. This decision extends the number of offices that Members of Core Credit can use to 7.
How long will it take?
The merger will happen at the end of April / early May 2016.
Carrickbrennan Credit Union Ltd will be closed on the 23rd, 24th, 25th, 26th and 27th April, to facilitate the transfer of the computer system. The doors will then re-open as Core Credit Union Carrickbrennan on Thursday the 28th of April, subject to Central Bank approval.
Foxrock Credit Union Ltd will be closed on the 7th, 8th, 9th and 10th May, to facilitate the transfer of the computer system. The doors will then re-open as Core Credit Union Foxrock on Wednesday the 11th May, subject to Central Bank approval.
Will all of the Credit Union offices remain open?
Yes. We are proceeding with this merger to improve services for Members and build upon the success of the last 50 years of the Credit Union. The opening hours for the new offices will be
Monday: 9.15-12.30 and 14.00-16.30
Tuesday: 10.30-12.30 and 14.00-16.30
Thursday: 9.15-12.30 and 14.00-16.30
Friday: 9.15-12.30 and 14.00-17.30
Tuesday: 10.30am-12.30pm and 2.00pm-4.30pm
Wednesday: 9.15am-12.30pm and 2.00pm-4.30pm
Friday: 9.15am-12.30pm and 2.00pm-4.30pm
Where will the staff go?
There will be no change in staffing requirements. Over time as we get stronger together and improve services, employment opportunities in Core Credit Union will improve.
What will happen to the Board we have elected?
The current Board of Core Credit Union will see out the terms of their office on which they were elected and once vacancies arise, Members from Carrickbrennan and Foxrock will become eligible to become part of the Board of Core Credit Union.
One key point is that many of the existing members of the Board of Carrickbrennan and Foxrock will become members of the Local Members Forum. This is a group of volunteers who will represent local Members’ interests in terms of lending, credit control and sponsorship. This is a vital part of Core Credit Union as all 7 communities have their own Local Members Forum.
As vacancies arise on the Board of Directors of Core Credit Union, it is envisaged that those vacancies will be filled from the pool of Members who make up the Local Members Forum.
What new services will we be able to access?
As a Member you will be able to access many new services such as new Budget accounts, Credit transfers, Bill Pay, Foreign Exchange, Online access, Smartphone access and a wider range of loan products. We will also be launching a new Payment account to Members shortly which will enable them to have an account that can perform all the electronic transactions that a Current Account can. This Payment account will have a Debit Card facility allowing ATM and POS transactions at a later date.
What impact will this have on me as a Member?
This will have a positive impact for you as a Member. Decisions will continue to be made locally, your Credit Union will still be here, but you will have access to better services and can conduct your business in any of the seven Credit Union offices. The successful merger of the three credit unions who formed Core Credit Union in 2014 has been met with extremely positive reactions as did the merger with Glasthule\Dun Laoghaire in 2015. Members have only seen positive changes, with increased services, increased offices, a new website and our Member’s car draw.