Shares
Saving regularly with your Credit Union gives you financial security, independence, peace of mind and an attractive return. If you can get into the habit of saving regularly, the benefits will last a lifetime! Saving may also help you borrow in the future  should you need to!
| Maximum Shares |
€40,000 |
| Maximum Deposits |
€100,000 |
| Annual Dividend Paid |
2% for the year end 30/09/09 |
| Deposit Rate |
1.5% |
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Take it or Leave it?
Your SAVINGS are precious so why not do everything you can to keep them intact?
Our new ’Take it or Leave it’ booklet has been designed to help you make the right choice for your shares and it is incredibly informative, unbelievable easy to read, truly enlightening and genuinely worth a look!
Trust us, it’s an eyeopener!
If you would like your copy of this invaluable leaflet, please email fiona@droghedacu.ie with your name and address, and we will send one straight out to you.
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Life Savings Insurance
All members savings are insured for life at the following rates, subject to a maximum of €10,200 at no extra cost. For more details click here
| Monies Saved |
Cover |
| Age under 55 |
100% |
|
55 - 60 |
75% |
| 60 - 65 |
50% |
| 65 - 70 |
25% |
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Benefits of Credit Union savings
- Savings (over and above any loan you may have) can be withdrawn on demand.
- Competitive Return on your savings
- Free life cover on savings up to € 10,200 (subject to terms and condition)
- There are no transaction charges or fees.
- With our NEW CU Cash Account, borrowing members have the freedom to save and withdraw as they wish (see ’Available Services’ - loan section for more details)
- With our NEW CU ATM Account, members can have access to their savings 24/7 (full details below!)
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CU ATM Card 
Our new ATM facility is a welcome addition to our services and will provide easy access to your savings day or night. In order to avail of this service, a new CU ATM account will be opened. This account will be separate to the savings in your normal share account and will earn a deposit interest of 1.5% variable per annum (subject to DIRT at 25%).
You cannot use your CU ATM card to withdraw money from your normal share account.
Freedom and Convenience
This new service allows us to be more responsive to the demands and pressures of everyday life. Having a CU ATM Card gives you the flexibility to decide when you want to withdraw cash from the credit union. You are no longer tied to our office opening hours.
Of course you are still welcome to use our ‘over the counter’ service in the normal manner but just think of the freedom this new facility will give you;
24 hour instant access to your cash
Available 365 days a year
No more queuing for counter withdrawals
Daily withdrawal up to €500 of available funds.
Charges
With the new CU ATM Card there are no transaction fees and no hidden charges. An annual fee of €10 per card is applicable. This fee will be charged annually every March. The Board of Directors reserves the right to implement charges and/or vary the administration fee at any time. Adequate notice will be given to CU ATM card holders prior to any changes being implemented. (Replacement cards will cost €10)
Where can you use the CU ATM Card?
The CU ATM Card is exclusive to Drogheda Credit Union members and can be used ONLY at the cash point located outside the Drogheda Credit Union building. Currently no other cash cards are accepted at this point.
How to apply for a CU ATM Card
Simply complete an ATM application form and return it to Drogheda Credit Union. A Personal Identification Number (PIN) will be issued to you in the office - notification of a collection date will be posted out to you.
Both your PIN and CU ATM Card can be collected from the Credit Union office. Drogheda Credit Union reserves the right to refuse any application.
For full details and terms and conditions please refer to our ATM leaflet. Phone 041-9838496 or email fiona@droghedacu.ie for your copy today!
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Nominations
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Each member can nominate someone to be the beneficiary of their account.
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A nomination must be in writing.
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The statutory maximum amount that can pass under a nomination is currently €23,000.
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You may change you Nomination at any time.
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A Nomination is not changed by a Will or Coicil to a Will.
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When you marry you need to fill a new Nomination form even if you wish to nominate the same person.
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The Nominated property does not form part of the deceased estate.
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Only members over the age of 16 can fill Nominations.
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Members Please Note: It is important to update your Nomination form should your circumstances change.
Nomination forms are available in our office.
Types of Share Accounts
Regular Share Accounts
This is where the onus is on the member to declare any dividend they receive to the Revenue Commissioners in their Annual Return of Income and that will be taxed at your marginal rate (either 0%, 20%, 42%). The dividend rate is declared at the A.G.M. every year and is posted to members accounts. No disclosure is required by Credit Union.
Special Share Accounts
You may opt in writing to have a Special Share Account (forms available on request). This means Drogheda Credit Union will automatically deduct DIRT, currently at 25%, from your annual dividend. Therefore, you will have NO further liablility to tax and are not required to make any return for that dividend. The return made by your Credit Union does not include individual members details.
In January 2002, the Credit Union Movement and the Government agreed a set of proposals regarding DIRT on your dividend received. Up until October 2002, all share accounts were regular share accounts. In October 2002, every member received notification of the changes and were given the option to choose which share account they would like by returning their enclosed form. Since then, any member joining has been asked which share option they would like to hold.
Member can hold both a regular or special share account but not both. You can check at any time which type of account you hold by calling us at 041-9838496
Special Term Accounts (STA)?
A Special Term Account offers a tax-efficient savings option to Credit Union members, subject to certain terms and conditions. The dividend earned on these accounts is tax-free up to certain limits. The dividend rate is approved every year at the Annual General Meeting. There are two types of accounts:
1. Medium Term Account.
2. Long Term Account.
To qualify for the tax benefits, funds must be left in the accounts for either three years (Medium Term) or five years (Long Term). There are tax penalties for early withdrawal of funds.
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Medium Term Share Account |
| The holder of a Medium Term Account is allowed to earn a tax-free dividend of €480. Any dividend in excess of this amount is taxed at the DIRT rate of 25%. Once DIRT has been deducted the member has no further Income Tax Liability on his/her dividend and does not have to declare it in his/her annual tax return. |
| To qualify for the tax benefits, funds must be left in the account for 3 years. |
| The minimum that can be lodged to a Medium Term Account is €2,000 and the maximum is €20,000. |
| A once off lodgement (not exceeding €20,000) can be lodged to this account at the time of opening the account. No further lodgements can be made to this account following commencement for the duration of the 3 year period. |
| Shares cannot be withdrawn from this account for 3 years without penalty. |
| On the death of a member, capital can be withdrawn without penalty. |
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| The holder of a Long Term Account is allowed to earn a tax-free dividend of €635. Any dividend in excess of this amount is taxed at the DIRT rate of 25%. Once DIRT has been deducted the member has no further Income Tax Liability on his/her dividend and does not have to declare it in his/her annual tax return. |
| To qualify for the tax benefits, funds must be left in the account for 5 years. |
| The minimum that can be lodged to a Long Term Account is €2,000 and the maximum is €28,000. |
A once off lodgement (not exceeding €28,000) can be lodged to this account at the time of opening the account. No further lodgements can be made to this account following commencement for the duration of the 5 year period.
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Shares cannot be withdrawn from this account for 5 years without penalty.
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| On the death of a member, capital can be withdrawn without penalty. |
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Terms & conditions apply. Full details available from the office. |
Security
Credit union members can rest easy in the assurance that their savings are safe. Credit Unions in Ireland, which are affiliated to the Irish League of Credit Unions, are secured in several ways:
- All officials of credit unions, whether volunteers or staff, must be fidelity bonded.
- Savings up to a limit of €13,000 per member are protected by the Savings Protection Scheme in all credit unions participating in the Scheme.
- Members savings within certain limits are insured through Life Savings Insurance.
- All monies received in the credit union are properly recorded and lodged regularly.
- Full financial statements are prepared yearly and can be examined by members.
- Annual independently audited returns are lodged with the relevant authority, The Irish Financial Regulatory Authority.
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08 September 2010
