Q: Can I transfer my credit union account to Wicklow and District Credit Union Ltd?
A. Provided that you meet the membership criteria of living or working within the common bond area of Wicklow and District Credit Union Ltd (10 miles radius of Wicklow Town and Rathnew).You can transfer your savings and keep your savings history. You can also transfer your loan – subject to approval by the Credit Committee and continue to pay the loan balance at Wicklow and District Credit Union Ltd.
Q. Can I withdraw my savings at any time?
A. You can withdraw your shares on demand, provided that they are not pledged against a loan. Members are encouraged to keep their savings intact thus ensuring that:
- the Member can maintain credit worthiness and capacity to borrow
- they continue to earn a dividend
NOTE – After the age of 55, share withdrawals have a negative impact on Life Saving Insurance as this is calculated on lowest share amount.
Q. Do I have to pay DIRT?
A. Deposit Interest Retention Tax (D.I.R.T.), at the rate of 37% (from the 1st January 2018) is deducted at source by deposit takers (e.g. banks, building societies, Credit Unions, Post Office Savings Bank etc.) from interest paid or credited on deposits of Irish residents.
From this year on Credit Unions must deduct DIRT from dividend paid to all members, unless the member is exempt from DIRT. Please note that the only members who can be exempt are those aged over 65 who meet the criteria laid down by revenue or those who are permanently incapacitated and meet the criteria laid down by revenue (click on link for criteria http://www.revenue.ie/en/tax/dirt/leaflets/de1.html). Children are not exempt.
Reporting to Revenue
Following the introduction of the Return of Payments Regulations 2008, all financial institutions (including credit unions) are obliged to report details in respect of dividend and interest to the Revenue Commissioners. In summary, credit unions must report annually certain details in respect of dividend or interest payments to members in excess of €300; they must also report the first relevant dividend or interest payment on new accounts, irrespective of the size of the payment.
Financial Institutions including credit unions must make reasonable efforts to seek Tax Reference numbers (PPS Numbers) from members.
Some Important Points to Note:
- The Regulations do not apply to Loan Interest Rebates
- The Regulations do apply to all Share and Deposit Accounts
- The amounts to be reported are the gross divided or interest i.e. before any deductions including DIRT
Q. How do I get a statement of my account?
A. A personal visit to the office or a written, telephone or e-mail request. Register for a free online account with CU Online and you can view transactions on your credit union account 24/7. Just click on the Register button on the Home Page and follow the online instructions.
Q. How do I change my name on my account?
A. Your name can easily be changed on your account. Members will need to visit the office for this to be completed. Just follow these simple steps:
- Members must call at the office in person with evidence of their name change e.g. a marriage certificate
- Staff will complete a change of name and copy the certificate
- The members account will be immediately updated
NOTE – Members updating names may also wish to update their form of nomination to take account of their change in circumstances.
Q. How do I change my address on my account?
A. Your address can easily be changed on your account. Just follow these simple steps:
- Members must submit evidence of the change, e.g. a current (within the last 3 months) utility bill or bank statement
- Submit your Address Eircode
- Staff will complete a change of address and copy your documents
- The members account will be immediately updated
Q. Can I borrow from Wicklow and District Credit Union Ltd. if I have moved outside the Common Bond Area?
A. Yes, however all Credit Unions are limited in the amounts of loans which they can offer to persons who are living outside of their Common Bonds and the Credit Union has to ensure that such persons do not represent more than 10% of the Credit Union’s total loan book.
Members who once held the common bond will continue to pay off their existing loans in the normal manner but if they require a new loan or top-up loan then this must be approved in the manner prescribed under standard rules 45(3), this means that Loan Applications to members who live outside the common bond can only be passed by the Board of Directors.
The exception to this is where the member’s savings exceeds their loan (standard rule 45(5)).
Q. How do I close my account?
A. You may close your account at any time providing there is no loan outstanding on your account. Your passbook must be presented and a withdrawal form completed.
Q. When should I update the Nomination (Beneficiary) on my Account?
A. Have you recently – Reached the age of 16? Married? Divorced/Separated? Had a Baby? Had a death in the Family?
If you answer yes to any of these questions, it’s time to update your Nomination Form. Making sure your Nomination Form is up to date couldn’t be easier. Simply ask any member of staff to check whom you have nominated as beneficiary on your account. If you would like to change the nominated beneficiary then simply fill out a new Form of Nomination and leave the rest to us.
It is each member’s personal responsibility to ensure that their nomination is current and we would encourage all members to ensure they have an up to date nomination form on file.
If no nomination is made or if the nomination becomes invalid then the contents of the Credit Union account forms part of the deceased’s estate.
Please Note: A change in family status doesn’t automatically change a previous Nomination Form (Beneficiary); a benefactor on an old form could still receive the benefits you designated.
Q. What will happen to my Account in the event of my death?
A. Wicklow and District Credit Union Ltd members complete a form of nomination whereby they can chose where their money will go in the event of their death.
A nomination is a written instruction to the Credit Union as to how to dispose of the contents of a Credit Union account, including insurance benefits, up to a maximum of €23,000, when the holder of the account dies. Any surplus above this figure is passed on to the members’ estate. It is a legally binding document and is effective regardless of whether a will exists or not. A nomination may be revoked or altered by a subsequent nomination. Marriage invalidates an existing nomination.
Making a nomination is simple: –
Visit the office and our staff will guide you through the process easily and without fuss. Once completed and duly witnessed, the Form of Nomination must be lodged in the Credit Union Office.
Please Note: The nominee or beneficiary is not allowed to witness the nomination. Before the property is transferred to the nominee, proof of death is required.
If you have any concerns or queries about the nomination on your account please speak to any member of the Credit Union staff.
Q. How do I make a complaint?
A. Wicklow and District Credit Union Ltd want to be viewed by all of its Members as efficient & fair in all of its dealings. However, as with any service provider, things may go wrong from time to time. Where you have a Complaint, we want you to tell us if;
- Something has occurred in respect of any service we provide which you are not happy with
- You believe that an application for either Membership or a Loan has been unfairly declined
- You think we have discriminated against you
- You think we may have been less than courteous
- You think that our service is unduly slow or inefficient, or
- In respect of any other aspect of our service to you, with which you were unhappy
Telling us has two advantages.
- Firstly, any Complaint will be investigated fairly, and in accordance with our Complaints Policy (a copy of this is available on request, and for free)
- Secondly, your Complaint may help us improve our service to you and other Members.
Our Complaints Officer is Robert Dunne.
Thankfully, this Credit Union rarely gets Complaints, but we are keen not to become complacent. If something has gone wrong we want to hear from you, not lose you. We cannot address the matter unless we know about it.
After we have had a chance to investigate your Complaint, we will tell you what, if anything, we plan to do about your concerns. If you are unhappy with this you will be able to refer the matter to the Financial Services Ombudsman, 3rd Floor Lincoln House, Lincoln Place, Dublin 2. Telephone (01) 6620899 or LoCall 1890 882090.