FAQs

Q?

What is loan protection/life savings insurance?

A.

Loan Protection Insurance is a life insurance cover that St. Michael’s Credit Union provides on the lives of its eligible borrowing members, subject to certain terms and conditions. Provided a member is in good health and engaged in their normal life occupation, their loan may be covered by this insurance in the event of death.

Life Savings Insurance is also payable on the death of the eligible member subject to policy terms and conditions. The insurance benefit payable is in proportion to the amount of savings that a member has accumulated during the term of their membership. The benefit is also dependent on the member’s age at the date lodgements are made to the account.

Q?

What is death benefit?

A.

St. Michael’s Credit Union provides Death Benefit Insurance for all eligible members at no extra cost. This insurance gives members and their families' added security and relief from financial worry at a time of bereavement. This means that on the death of an insured member, a sum is paid to help with the cost of funeral expenses. Members are insured provided they have opened their account before reaching the age of 70 and must continue to have a minimum amount of €100 savings in their account. Please note that only the first named person on a joint account can have this cover. Should you have any further questions on the Death Benefit Protection Insurance please ask a member of staff

Q?

Why volunteer with St. Michael’s Credit Union?

A.

You can develop both personally and professionally by volunteering with us. The benefits of credit union volunteering include:

  • Gain skills and experience in a senior role of a professional financial service provider
  • The opportunity for education and training developing your skills
  • Personal development
  • Meet new people from the local community and giving something back
  • Work on developmental and business projects

The credit union committees offer an excellent starting point for new volunteers. These committees provide experience, learning and an active role within the credit union. Once a volunteer has served the credit union at committee level for a period of time, and training needs have been identified and addressed, you can move into a director or supervisor position.

Q?

Who runs the Credit Union?

A.

A voluntary board of directors govern the credit union. These directors are elected by the members at the Annual General Meeting and professional staff run the credit union operations.

Q?

What is the difference between a Credit Union and a bank?

A.

Banks have a completely different structure, ownership and purpose to Credit Unions. The primary motive of a bank is to make profits for its shareholders. At a Credit Union, there are no external shareholders influencing their activities. Credit Unions are not for profit financial cooperatives that use surplus to benefit their members through higher saving rates, lower loan rates, death benefit, loan protection and community development.

Credit Unions also give members a sense of belonging and protects them from financially over-extending themselves, takes appropriate steps to ensure members have the capacity to repay loans and minimise members’ exposure to risk and act with prudence and in the long-term interest of members.

Credit Unions are democratically run and accountable to their members and not outside shareholders and every member has one vote, it does not matter how many shares they have.

Q?

What do I need to bring with me to join?

A.

Joining is Easy! To be eligible for membership of St. Michael’s Credit Union Limited you must be living or working within our common bond area. You will need the following;

Two forms of identification. One form of ID from each of the sections below is required:

  1. Evidence of Identification(must show proof of date of birth & recent photo), i.e. Current valid Passport, current valid Driving Licence, copy of PPS Number.
  2. Evidence of Address(must show address where you currently live) dated within the last three months) i.e. Original of recent Utility Bill, Original Recent Bank/Credit Card Statement, Government correspondence.

If you have difficulty in acquiring any of the above please contact the office directly. We look forward to seeing you.

Q?

What is the Common Fund?

A.

As the amount of shares builds up, the common fund of money grows. This in then available for providing loans to members. All members are encouraged to save regularly, even when repaying a loan. This gives the member several direct benefits, and ensures that there are funds for the credit union for use by all members.

Q?

What are shares?

A.

Every €1 saved is equivalent of one share in a credit union. A minimum saving of €5 is needed to keep the account open. You should save regularly to build up a savings history. Each share is eligible for a dividend at the end of the year. The more savings held by the Credit Union, the more funds are available for loans to members.

Q?

What can a credit union do for you?

A.

Your credit union can help you achieve financial independence through regular savings and fair and affordable access to loans.

Q?

What is the common bond?

A.

The common bond is the factor which unites all the members of St. Michael’s Credit Union Limited — it is what all members have in common i.e. where they live/work. Because of the common bond, all members have the good of their credit union at heart; they know and trust each other. The common bond area for St. Michael’s Credit Union are the parishes of Blackrock and Mahon (St. Michael’s Parish).

Q?

What is a credit union?

A.

A financial cooperative, owned, and controlled by its members for its members.