FAQs

Welcome to our Frequently Asked Questions section where you will find out everything you need to know about Caherdavin & District Credit Union.

What is a credit union?

A financial co-operative, owned and controlled by its members, for its members.

Why do credit unions exist?

To service the financial needs of their community, on a not-for-profit basis, and to retain members’ savings in their community for the benefit of all the members.

Who owns a credit union?

The members own the credit union.

Who run Caherdavin & District Credit Union?

Caherdavin & District Credit Union is run by a voluntary board of directors who are elected by members at Caherdavin & District Credit Union AGM.

How much do I need to have in my account to be a member?

To be considered an active or full member of Caherdavin & District Credit Union a member must have at least €6.35 in their share account.

Can I nominate my savings with Caherdavin & District Credit Union?

Yes. All members are entitled to nominate (up to a maximum of €23,000) a person to whom they wish to leave their savings with the credit union in the event of their death. Note: In the case of the death of one joint account holder the monies in that account automatically become the property of the second account holder who is then entitled to nominate a person to whom they wish to leave their savings with credit union.

I have heard the credit union offers some free insurance, is this true?

Yes. Caherdavin & District Credit Union provides members with three free insurance services. These are paid for out of the credit union earnings, so you pay no individual charge as a member, are Life Savings Protection Insurance, Loan Protection Insurance and Death Benefit Insurance. Note: Certain Terms and Condition apply.

What type of loan can I apply for?

Credit Union members can apply for loans for any worthwhile purpose for example car loans, home loans, educational loan, etc.

Can I withdraw my savings after I have taken out a credit union loan?

You cannot withdraw your shares below the value of your Pledged Shares, shares secured against the loan at time of application. Shares in excess of pledges shares can be withdrawn from an account provided the account is up to date.

What exactly are Credit Union “Shares”?

All savings (up to a Board Specified limit) are called “Shares” in Caherdavin & District Credit Union. Each “share” represents €1 in value. So if a member has €10,000 saved, they in effect, hold 10,000 shares. Each year-end, the credit union may pay a “Dividend” on the shares held by each member throughout the year. This dividend is credited into the members share (savings) account.

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