Credit Union News

OOur office will not open at 9.30 on Wednesday 8^th September to allow for a staff meeting. We will be open from 10.00am. Sorry for any inconvenience caused.

This year International Credit Union Day will take place on Thursday 21^st October 2010. To celebrate this day any member that makes a transaction during the month of September 2010 will be automatically be entered into a draw between the Forum 5 Credit Unions.

There will be 20 prizes of €50.00 each for our members of Greenhills Credit Union. One of these winners will then go into a grand between all 5 credit unions- the prizes being

• 1^st €2000.00
• 2^nd €1000.00
• 3^rd €500.

This draw will take place in Kilnamanagh Credit Union. Best of luck to all our members.

Greenhills & District Credit Union’s AGM will take place on Wednesday 8^th December 2010 in the Greenhills Community Centre at 8.00pm.

From 1st September 2010 take advantage of our special rate car loan of 7.95% (APR 8.25%).

There has never been a better time to borrow from your local Greenhills Credit Union. Here are just some of the reasons why it pays to borrow from us:

• Interest is calculated on the reducing balance, which means you only pay interest on what you owe.
• Interest Rate will not be increased once you collect your loan.
• There are no penalties or charges for clearing the loan earlier than agreed.
• No charges or fees.
• Easy application process and speedy decisions.
• Free Life/Loan Protection Insurance (Terms & Conditions apply).

Compare the real cost of a Greenhills & District Credit Union loan with that of other financial institutions, ask the questions “what is the total cost of the loan including charges” taking into account all the advantages, you’ll find you’re better off talking to your credit union.

Phone-a-loan today on 450 8002.

Special offers for all our Credit Union members to stay in the Gleneagle Hotel in Killarney, Co Kerry.

For more information you can contact the Greenhills Credit Union office.

We are pleased to announce this new service available for members “Pay Point”. This service gives our members the opportunity to pay their ESB bill, GAS bill, Ntl bill, Cinergi Telecom and Chorus. Simply present your bill or card to the teller with your cash payment, they’ll process your transaction through the PayPoint terminal and give you a receipt.

This new PayPoint service also includes pre-pay mobile top-ups for Vodafone, O2, Meteor and now 3Pay. Also U Kash cards will be available which is pre payment for internet customers to pay in cash for online goods and services. For more information visit www.paypoint.ie.

There is no charge for this service.

We hope these new services will be of great benefit to our members and that they take full advantage of their Greenhills Credit Union.

Greenhills & District Credit Union are now members of the Irish Credit Bureau and for the benefit of our members, it will enable us to make faster decisions in providing credit plus aid the avoidance of over indebtedness of members.

The Irish Credit Bureau is an electronic library or database that contains information on the performance of credit agreements between financial institution (i.e. banks, building societies, credit union etc) and borrowers (i.e. the citizen).

When applying for a loan, members will be asked to sign a Consent Form which will authorize us to do a credit check on them. Without your consent, under Data Protection Legislation we will not be able to access your information on the ICB database.

For more information on the Irish Credit Bureau you can access www.icb.ie.

Also, Greenhills Credit Union is now in a group of 60 credit unions who have joined “Jungle Drums”. This is a database whereby we can check to see if one of our members is also a member of another credit union.

The database will not give any balances / credit rating, it will only let us know if you are a member of any other credit union.

The reason why we have joined Jungle Drums is to continue making better decisions on loan applications – and the more we know about a members financial circumstances, the better picture we can get about their ability to repay and hopefully not over-indebt them.

Congratulation to our winners of the draw for new members:

1^st draw – Winner: Brian Mannion -

                he won a cheque for €50.00 lodged to his savings.

2^nd draw – Winner Geraldine Sanfey – 

                 she won a voucher for €250.00 for the Ashleaf Shopping Centre.

RPI is an optional member pay insurance that is designed to pay the members loan repayments when a member is out of work as a result of involuntary unemployment, accident or sickness. There is also a critical illness benefit payable if a member is diagnosed with a specified serious illness.

RPI is offered to members when they are applying for a loan. Involuntary unemployment is a significant contributory factor to the loan arrears problem today. Where a member is out of work due to compulsory redundancy they can claim and their loan repayments will be covered for up to 12 months. This benefit is also payable in respect of self-employed members who have permanently ceased trading and filed closing accounts with the revenue.

The benefit to the member is obvious in that they do not have to worry about their loan repayments for up to a year. In addition to the unemployment cover provided by the policy, borrowers are also insured if they are out of work as a result of an accident or through illness. In this situation, the policy will pay their loan repayments for up to 60 months. There is also the Critical Illness benefit which will pay out a lump sum when a member has been diagnosed with a specified serious illness.

As with all insurance policies, terms and conditions apply, so please ask a staff member any questions you have and we will do our best to help you.

DBI is a basic life assurance benefit that is designed to pay a lump sum of money when a credit union member dies in order to help to alleviate the financial burden that the next of kin is faced with at a time of extreme emotional difficulty.  

DBI provides protection and support to members when they are at a low point in their lives. DBI is unique to credit unions as no other financial institution provides such a service for their “customers” better known to us as our “members”.

The DBI that Greenhills Credit Union provides for its members is €2600.00

Greenhills Credit Union is now in a group of 60 credit unions who have joined “Jungle Drums”. This is a database whereby we can check to see if one of our members is also a member of another credit union.

The database will not give any balances / credit rating, it will only let us know if you are a member of any other credit union.

The reason why we have joined Jungle Drums is to continue making better decisions on loan applications – and the more we know about a members financial circumstances, the better picture we can get about their ability to repay and hopefully not over-indebt them.

Why join Greenhills & District Credit Union?

The most obvious answer to this would be “it’s a safe place to save with attractive dividends and excellent rates on loans with easy application process and speedy decisions”, however below are some reasons you may not have thought of:

• Our Credit Union works in co-operation with the local community.
• Our Credit Union is a “not for profit” financial co-operative – we have no vested interest othe than serving our members.
• Greenhills & District Credit Union member’s saving / deposits, up to a maximum of €100,000 are guaranteed by the Governments Deposit Savings Scheme. In addition to this, all members are covered by the ILCU savings protection scheme.
• Life Savings and Loan Protection insurance cover is provided free of charge for members.
• Death Benefit Insurance to the value of €2,600 is provided upon the death of a member (terms & conditions apply). This insurance is free of charge for members and given towards funeral costs.
• You can avail of our free Will making service and meet with our solicitor in the comfort of the Greenhills Credit Union offices.
• Our solicitor will also offer you free legal advice on a once of basis, again in the comfort of the Credit Union office. Any business you want to pursue with him after this can be conducted at his own office.

What you need to join?

• Photo ID
• Proof of address
• PPSN number
• €1.00 joining fee.

For a child under 16 they just need their birth cert and proof of their PPSN number.

Come on in and join today, we look forward to seeing you.

Last chance for car loans at our reduced rate of 6.95% - This fantastic offer will be coming to an end, last date for applications will be 31st July 2010.

Any car loans after this date will be at our standard rate of 9.95% (APR 10.44%).

Drive away in your dream car with a motor loan from Greenhills & District Credit Union and see the benefits:

• No fees of hidden charges.
• No penalties for early settlement.
• No account maintenance charges.
• Free Life/Loan Protection Insurance (Terms & Conditions apply).
• Repay weekly/ fortnightly/ monthly (max 5 years).
• Clear existing car finance and transfer balance into the new loan (conditions apply).

Compare the real cost of a Greenhills & District Credit Union loan with that of other financial institutions, ask the questions :

“what is the total cost of the loan including charges”

taking into account all the advantages, you’ll find you’re better off talking to your local Credit Union.

Congratulations to Nickey Norman and Paul Carroll who are the latest winners of our cash draw. They both received a cheque for a grand total of €11,500.00. The draw took place on Thursday 1^st July in the Greenhills Credit Union offices.

Nickey and Paul were in real shock when they got the call. It was hard for them to believe the brilliant news.

Remember for as little as 63cents per week you can be in with a chance of winning. It’s simple to join, just complete an entry form which can be obtained from our office. The draw is non-profit making therefore any surplus at the end of the year will be given in smaller prizes at our AGM.

Well done and best wishes once again from all our Staff and Board to Nickey Norman and Paul Carroll.

We all like to borrow but now if you’re lucky enough to have enough money in your shares but don’t want to take it out, take advantage of our new “within shares” loan. With this new offer you only pay 6% back on the loan, whilst you leave your shares there as collateral and earn an attractive dividend.

Members who take out a loan that is greater than their shares will be charged the standard rate of 9.95%.

To calculate your own repayments, view the Loan Calculator on our website www.greenhillscu.ie or phone our friendly staff on 01-450 8002 or alternatively call to our office and we will do all we can to assist you with your enquiries.

Keep the money in your pockets.

Visit your local Greenhills Credit Union and we will get you on your way to that well deserved holiday to the sun. We have every thing you need to get you on your way:

• A holiday loan that is tailored to suit your needs. Special 1 year rate 7.5% or Standard rate 9.95%.
• Annual Multi or Single Trip Travel Insurance at competitive rates.
• Foreign Exchange, we sell and buy foreign currency and travellers cheques.
• It is now possible to buy drafts in most currencies.

Quotes are available for individuals for single trips and also multi trips – phone the Greenhills Credit Union now for a quote 01 – 450 8002. Quotes can be given to members up to age 74 and anybody over this age can get a quote be phoning Star Plan directly on 01 – 208 1400.

Bourke Solicitors will visit Greenhills Credit Union once a fortnight to allow our members to make their own Will. The next date is Thursday July 22^nd, to make an appointment ring our offices on 01 450 8002 and speak to Debbie.

The will making service is not available for the month of August as the solicitor is on holidays but he is back in action from the 2^nd September.

Also available, Bourke Solicitors offer free legal advice on any matter to members. This first consultation is of no charge but if you want to be represented by Bourke’s Solicitors there will be a fee.

Greenhills & District Credit Union limited has played an immense part in improving the lives of thousands of members in the Greenhills area providing low-cost finance for everything from essential home improvements, cars, insurance and special occasions to helping members to clear outstanding debts. These loans are made available by our members saving together to lend to each-other.

Since the Credit Union Movement was founded over 50 years ago, no member has ever lost as much as one euro of their savings. In relation to the soundness of credit unions, reassurance can be taken from the following information:

• Credit Unions have Reserves of over €1.5 billion.
• A Savings Protection Scheme exists to assist any credit union who may have any difficulty.
• The Government guarantees saving up to €100,000 per member.

There is no safer place than your local Credit Union.

We are pleased to announce this new service available for members “Pay Point”. This service gives our members the opportunity to pay their ESB bill, GAS bill, Ntl bill, Cinergi Telecom, Chorus and Dublin City Council. Simply present your bill or card to the teller with your cash payment, they’ll process your transaction through the PayPoint terminal and give you a receipt.

This new PayPoint service also includes pre-pay mobile top-ups for Vodafone, O2, Meteor and now 3Pay. Also U Kash cards will be available which is pre payment for internet customers to pay in cash for online goods and services. For more information visit www.paypoint.ie.

We hope these new services will be of great benefit to our members and that they take full advantage of their Greenhills Credit Union.

Greenhills & District Credit Union are now members of the Irish Credit Bureau and for the benefit of our members, it will enable us to make faster decisions in providing credit plus aid the avoidance of over indebtedness of members.

The Irish Credit Bureau is an electronic library or database that contains information on the performance of credit agreements between financial institution (i.e. banks, building societies, credit union etc) and borrowers (i.e. the citizen).

When applying for a loan, members will be asked to sign a Consent Form which will authorize us to do a credit check on them. Unless you sign the consent form, under Data Protection Legislation we will not be able to access your information on the ICB database.

For more information on the Irish Credit Bureau you can access www.icb.ie.

The Greenhills Credit Union and District is forever expanding and we welcome any person living or working in the Greenhills area that wants to become a member. Simply drop into our office and collect the membership form and nomination form.

Along with these two forms we need:

• Proof of address –i.e. utility bill or bank statement.
• Photographic I.D-i.e. driving license or pass port.
• Proof of P.P.S. number- i.e. Pay slips or Social Security Card or Pension Book or Proof from the Revenue office.

To be a full member the new account must have €13.70 lodged in to it on the day of opening. One euro will be taken out as a once of membership joining fee.

If you wish to open a childs account (Under 16) you need to bring down:

• Their Birth Certificate.
• Proof of their P.P.S. number.

To make savings easier for our members, we offer a standing order service, simply ask for the form from a member of staff.

From 8th April 2009 Deposit Interest Retention Tax (DIRT) rate was increased from 23% up to 25%. The new rate will have been apply to payments of dividend or interest in December 2009.

The accounts affected are:

• Special Shares Accounts.
• Special Term Accounts (for dividend or interest in excess of the tax free limit).
• Deposit Accounts.

If you have any questions you can ask a member of staff for more details.

Reporting of Dividend

The Minister for Finance has consented to the Revenue Commissioners making the Return of Payments (Banks, Building Societies, Credit Unions and Savings Banks) Regulations 2008. Following significant lobbying by the Irish League of Credit Unions and other credit union stakeholders late in 2007, a number of concessions have been achieved for credit unions in respect of these new reporting requirements.

These Regulations require financial institutions, including credit unions, to make an annual return of customers/members resident in the State to whom interest or dividend payments are made.

What needs to be reported?

In relation to credit unions, share or deposit accounts that pay dividend or interest respectively of €635 or less in a year will NOT be reported. This is subject to an account anti-splitting provision requiring dividend or interest on all accounts opened on or after 1 January 2008 to be reported in the first year any payment is made – there is no limit in respect of such accounts in the first year of opening.

When does reporting commence?

Dividends on share accounts

Reporting does not include any dividend made in respect of a period ending before the end of the year 2008. This means that the first dividend payments for which a report must be made to the Revenue Commissioners are those made in respect of year ending 30 September 2009.

Interest on deposit accounts

Reporting will commence for interest payments made in respect of deposit accounts for year ending 30 September 2008. This differs from the date applicable to dividend reporting.

Credit unions will be required to report certain details in respect of members, including name, address and gross payments made. In respect of accounts opened prior to 1 January 2009, date of birth must be reported.

For accounts opened after 1 January 2009, PPS Numbers must be reported. PPS Numbers are required to be collected for this purpose only in respect of all accounts opened on or after 1 January 2009.

If any member get into difficulties paying back their agreed payment of their loan we have a Credit Control Officer Gina Fleming. Gina is there to help the member in any way possible to prevent them from going further into arrears on their accounts.

We understand that member’s circumstances may change from the time they take out their loan’s.

If you need to talk to Gina her working hours our as follows:

• 9.30 – 5.00 Monday
• 9.30 – 4.00 Thursday
• 9.30 – 7.00 Friday

Don’t delay, talk to Gina today on 405 0156. Or you can e-mail her at gina3greenhillscunion@eirom.net.

To make paying your credit union more efficient, members now have the option by paying by standing order. You can call in to our offices and complete a standing order form or we can send a form out to you in the post.

Your Credit Union repayment can be taken out of your bank account on a weekly or monthly basis, what ever suits you best.

We are here to make things as simple for you as possible and a member of staff would be happy to help you complete the standing order form. There is no need for you to go to your bank, we can look after every thing for you.

If a member takes out a new loan and their repayments increase they need to complete a new standing order form.

You can also view your account on line, just apply on line for your pin number.

Now on offer we have medium or long term accounts for our members. A medium term account is a 3 year account and you are able to earn a yearly dividend of up to €480 without having to pay dirt tax. Any dividend you earn above €480 will be taxed at the normal 25%.

Money invested in a long term account must remain in the account for 5 years. On this account you can earn up to €635 tax free. Any dividend you earn above this figure will be taxed at 25%.

A member is only able to have one medium or long term account and you would be penalised if you withdraw your savings early from the account. To open your account call into us today.

Greenhills Credit Union opening hours:

• 9.30 – 5.00 Monday
• 9.30 – 1.00 Tuesday
• 9.30 – 5.00 Wednesday
• 9.30 – 5.00 Thursday
• 9.30 – 7.00 Friday

We are open at the above times and we do not close for lunch.

Here at Greenhills Credit Union and District we aim to deliver the most up to date services that we can provide for our members. Keeping up with technology we now have installed a camera on each of our Teller’s computers.

We are asking all members to bring up photographic identification with them for one last time. Once the Teller is happy with the I.D. they will be able to take your photograph. This means that any time a transactions is carried out on your account your photograph will be displayed on the Tellers screen.

We are confident that this new service will benefit all our members as they will no longer need to bring I.D. with them but at the same time have full confidence that their account is fully secure.

So remember to bring your I.D. and your best smile.

Savings.

Whether you’re saving for something in the future or just for a “rainy day”, regular saving is a good idea. Regular savings with Greenhills and District Credit Union is an even better idea. At your Credit Union, you’re not just a customer, you’re a member of a successful financial co-operative.

Each share you hold in your credit union is equal to €1. When your credit union declares a dividend at the end of its financial year, each share you hold for that year is eligible for a dividend. The more shares you have, the greater the dividend you will receive. You also have the added bonus of knowing that your savings are being used to make loans to other members. Members just like you….

Are my savings secure?

Your savings are protected in Greenhills Credit Union under the Savings Protection Scheme of the Irish League of Credit Unions.

Can I have access to my savings?

Yes, you can withdraw your savings provided they are not pledged as security on a loan. However, you are encouraged to keep your savings intact, so that:

• They continue to earn a dividend.
• They continue to benefit from the Life Savings Insurance protection.
• You maintain your credit worthiness and capacity to borrow.

Can anybody save with the credit union?

Members of a credit union are united by a common bond. This is a characteristic that every member has in common (for example, it might be where you live or where you work). Anyone within the common bond can apply for membership and start saving as soon as they are accepted into membership.

Is your nomination up to date?

Did you know….your loan dies with you….and your shares are insured?

At the time of joining the Credit Union the new member is asked to nominate a beneficiary on the application form. The person nominated will benefit from the member’s shares at the time of death. It is therefore important for members to update this form to ensure that it reflects any change in his/her status.

In circumstances where the nominated beneficiary pre-deceases the Credit Union member another beneficiary should be nominated. The original nomination becomes invalid once the Credit Union member gets married, it is important that the member updates the nomination after they marry.

• Members can nominate a person or persons to receive their Credit Union shares and insurance benefits (if any) on death.
• The person/persons nominated can receive the funds without any problems and there is no need for probate.
• There is a new maximum limit of €23,000 that can now be passed to a nominee in this way. The new balance if any goes into the estate.

The following is the insurance paid on shares and the age scale:

• Up to 55 years for every €1* for every €1 you have saved (this means your savings are doubled).
• Up to 56-60 years 75cent for every €1 saved.
• Up to 61-65 years 50cent for every €1 saved.
• Up to 66-70 years 25cent for every €1 saved

*Savings are insured up to a maximum of €13,000.

If you or your spouse is aged 65 or over & your total income is less than:

• €19,000 (for an individual) or
• €38,000 (for a married couple).

This could be good news for you! The Finance act 2007 introduced a scheme for DIRT (Deposit Interest Retention Tax) FREE savings accounts for certain members:

• Members who are 65 years and over.
• For permanently incapacitated members.

The exemption limit may be increased if the member has a dependent child.

Members in either of the above categories can now apply to have their dividend or interest earned on savings credited to their accounts. This means that members no longer pay DIRT on the interest earned on their savings provided they meet the above criteria.

For more information visit www.revenue.ie.

Due to new policies from the Financial Regulator when our members are applying for a loan they may be required to submit the following documents:

• 3 recent payslips as proof of income.
• A 3 month bank statement as proof of outgoings.

It is not our intention to make it harder for members to borrow, as ultimately we rely on you to continue borrowing and allow us to service the community. In “the good old days” we knew all our members, however times have changed and in this current market, we are forced to collate as much information about our members borrowing ability and hence make the best decisions whilst also safeguarding the credit unions assets and members money.

It would be advisable to produce these documents when submitting a loan application so as to get a speedy decision.

Send us your news and views so that we can keep our news current and up-to-date. If you have any other queries or comments we would be delighted to hear from you at any time.