FAQs

Q1 Who owns Larkhill and District Credit Union?

A1 You, the member, own the credit union and can attend the Annual General Meeting held after the Credit Union Financial Year end of 30th September every year. At the AGM you can vote for the people who you feel should direct your credit union for the following year. If you live or work in the common bond of Larkhill & District Credit Union you may become a member/shareholder and part owner of the Credit Union. The Credit Union is always seeking new volunteers to assist the Board of Directors in the running of the credit union and this is a good way of becoming involved in the future of your credit union.

Q2 Who runs the credit union on behalf of the members?

A2 Seven voluntary credit union members form a board which is charged with running the credit union at a strategic level and the Manager and staff are responsible for the day to day operations. Board Members are elected at AGM each year by secret ballot for a three year period and then become available for re-election. However some board members must resign each year and if they wish to remain on the board, put themselves forward again for re-election. The members at A.G.M. also elect three members of the board oversight committee who oversee the actions of the board. A Nomination Committee actively seeks credit union members who would be willing to volunteer and help the board to run the credit union and possibly put their name forward for election at A.G.M., to become a board member themselves.

Q3 Is LDCU in a healthy state at present?

A3 A very emphatic Yes is the answer as the assets of the credit union stand at v27 million with members shares of €20.3 million, deposits of €3.1 million and with a total outstanding loan balance of €10 million or 43% of member savings.

Q4 Are members funds safe in the credit union?

Q4 Again a resounding Yes is the answer. The Irish government guarantees individual member’s savings in a credit union up to a value of €100,000 and the credit union is required to make payments to a Stability Fund set up by the Central Bank which gives ongoing protection to credit unions. The credit union is also affiliated to the Irish League of Credit Unions Savings Protection Scheme which has been in operation for many years and protects member’s funds by ensuring the solvency of member credit unions.

Q5 Are the member’s funds protected against theft or misappropriation?

A5 Yes the credit union is required to and has in place Insurance cover which fully protects against these possibilities. As a further check members will receive a statement of account on a yearly basis. Members who pay by direct debit will receive a statement every six months, this is due to the member paying electronically and not receiving a receipt with each payment.

Q9 What is loan Insurance?

A9 All loans up to €8,000 are covered regardless of the state of the member’s health and the insurance company will clear the loan on behalf of the member. The amount of loan in excess of

€8,000 is subject to the state of health of the member and the member must complete a member health declaration or a declaration of health. Where a declaration of health is required the form must go to the insurance company and be approved before the loan can be released. Loans are insured for members “where final payment is paid” when member reaches age 85years.

Q10 If my circumstances change and I get into difficulty with my payments what can I do?

A10 Members who find themselves in difficulty with their repayments should contact our Credit Control officer in the Credit Union to arrange a meeting as soon as possible. Members should bring as much information as possible showing the change in circumstances to the meeting and the credit union will assist in every way possible to come to a solution.

Q11 What is Death Benefit Insurance?

A11 The credit union pays the premium for this policy which pays out €1,300 towards a member’s funeral expenses. This insurance only applies to members who maintain a minimum of €100 in their share account and have joined the credit union before their 70th birthday.

Q12 What types of loans are available?

A12 Standard Loan rate 9.9% (APR 10.4%)

Loan within Shares 4.9% (APR 5.01%)

Car Loan 6.75% (APR 6.96%)

4 Season Loan 6.99% (APR 7.22%) This is a one year Loan Education Loan 4.9% (APR 5.01)

Q13 Do you have to call to the credit union office to save or to repay a loan?

A13 No, you can set up a direct debit for the payment amount and this will be deducted from your bank account every week or month by the credit union. You can ask for the BIC & IBAN for your credit union account and make payments through your online banking directly to your credit union account.

Q14 What is a nomination form?

A14 This form is a legally binding instruction to the credit union by the member as to whom should receive their funds in the credit union, maximum value €23,000, in the event of the member’s death. The major advantage of this form is that payments can be made relatively quickly without the need to wait for the probate of a will. It is possible to name one person or a number of people to share these funds. This instruction is a standalone instruction and overrides a will. Any funds over €23,000 will be treated as part of the member’s estate and would come under the terms of a will.

IT IS VERY IMPORTANT that if you decide that someone else should receive your funds that you make out a new form and lodge it with the credit union. If the nominated person dies, if you get married or divorced it is essential that you complete a new form. If in doubt ask at the credit union because it could happen that the credit union would be legally bound to give the funds to someone whom you no longer wished to receive them.

Q15 What other services are provided by the credit union?

A15 Car, home and travel insurance are available on line or by phone from coveru.ie the policies of which are underwritten by AIG Europe Limited.

Foreign currency can be obtained at the credit union office and if some of it remains after you return from your trip it can be converted back to euro. It is better to order your requirements a few days in advance to ensure your requirements are on hand.

A saving stamp machine is available in the office and the value of stamps in a book can be paid off a loan, into an account or converted to cash.

Pay your bills at the credit union through Paypoint. Top-up Vodafone, Meteor and 3 mobile phones. Enter the members only Prize Draw held quarterly through the year.

Credit Union members are entitled to 10% discount on V.H.I. policies.

Q16 Does the credit Union welcome suggestions?

A16 If you have any suggestions you can bring them to the A.G M. or if you prefer send them to the secretary of the credit union.

Q17 If I am unhappy with any service or interaction with the credit union to whom should I complain?

A17 Complaints should be made in the first place to the credit union manager who will try to resolve the problem or will set the complaint procedure in motion. Members will be regularly informed of the status of their complaint until it is finalised.