How to fill in a lodgement slip
Savings – Share Account
When you open a Share account with Core Credit Union you are a Member not a customer. This means you are a part owner of the Credit Union with equal rights to vote and participate in decisions affecting the Credit Union. Core Credit Union is owned by Members who save with it and borrow from it. It’s the money that Members save that provides the money to lend to other Members. As a Member with a Share account you will receive a dividend, if declared, on your savings and you have access to loans at fair and reasonable rates. By saving regularly into a Share account, you not only help yourself, you also help your community.
Members can withdraw shares at any point, provided they are not pledged as security for a loan. Members are encouraged to keep their shares intact to earn a dividend, benefit from Life Savings Insurance protection and to enhance their credit worthiness and capacity to borrow. The Maximum savings that can be held in a Share account are €20,000.
Savings – Stamp Account
Members can set up a Stamp account to help them save for upcoming events like Christmas or back to school expenses. A Stamp account does not earn a dividend and cannot be used as security for a loan, but it can run along side a loan to help you save up for short term expenses without affecting your Share account and any loan associated with it.
Savings – Deposit Account
Deposit accounts help the Credit Union with their Asset/Liability Management (ALM), the process of managing the use of assets (e.g. shares) and cash flow to meet the Credit Unions obligations to our Members. Obligations include making sure we have cash flow available to return Members savings if requested, while at the same time investing Members money wisely to help run the Credit Union.
The Board of Director’s review, at least annually, the types of deposit accounts and rates of interest which are available.
Members whose Share account balance reaches the €20,000 limit can avail of a Deposit account to hold further savings.
The maximum limit of savings per Member in Core Credit Union is €100,000.
Savings and Thrift
A primary objective of Core Credit Union is the promotion of thrift. Thrift is the wise management of whatever resources you might have, whatever the circumstance, at any given time. For example thrift is:
- Regularly saving.
- Intelligent buying, to get the most from your money.
- Budgeting to manage you income.
- Saving a little as you repay a loan.
- Borrowing wisely, for a productive purpose.
- Repaying a loan back promptly.
Credit Unions encourage Members to save regularly, borrow wisely and repay promptly.