Credit Union (merged)

leftieM

I think you'd need to check that your credit union is covered by the FSA compensation scheme to say that.

The presbyterian mutual society weren't and now they can't cope with the run on their capital.

http://www4.u.tv/news/localNews/index.asp?sel=1&sel2=1&local=1&id=92067&pt=n

Dean101

Most credit unions in NI come under the wing of the ILCU (the Irish League of Credit Unions)

Previously only 100% of savings up to 12,700 euros (and sterling equivalent) were protected. The 'safety fund' currently has around 110 million euros in it.

However, since September, all ILCU members now have the same protection as all Irish deposit takers i.e. 100,000 euros.

So it's equivalent to having your money in the Bank of Ireland etc. as far as protection goes.

Source

http://www.irishtimes.com/newspaper/finance/2008/1107/1225925540486.html

Hope this helps!

Some additional info: A smaller number of NI credit unions belong instead to the UFCU (the Ulster Federation of Credit Unions). From what I've read (but this particular info was 1 year old), they protect savings up to 80% with no limit. You can find out which group your CU belongs to at either

http://www.creditunion.ie/

or

http://www.ufcu.co.uk/

Margaret54

Hi My husband and I are in our local Credit Union, and we just had to fill in a form to join, and we find them brilliant. We have had a few loans from them and it was a great help to us for major purchases(car) and a wedding. We are saving every month with them, and it is a very good thing to join we believe. I wish I had of been aware of them when all my children were small, and money was so very tight for us, but I never knew of one. We are better off nowadays(comfortable not rich) and we still save with them. It gives us peace of mind as you never know what is around the corner, especially these days. Our local branch are very friendly and helpful.

cooki2222

how do you find out where your local credit union is?

System

I love my credit union, its the only way I can get a loan, my bank has never done !!!!!! all to help me,

System

Dean101 wrote: »

Most credit unions in NI come under the wing of the ILCU (the Irish League of Credit Unions)

Previously only 100% of savings up to 12,700 euros (and sterling equivalent) were protected. The 'safety fund' currently has around 110 million euros in it.

However, since September, all ILCU members now have the same protection as all Irish deposit takers i.e. 100,000 euros.

So it's equivalent to having your money in the Bank of Ireland etc. as far as protection goes.

Source

http://www.irishtimes.com/newspaper/finance/2008/1107/1225925540486.html

Hope this helps!

Some additional info: A smaller number of NI credit unions belong instead to the UFCU (the Ulster Federation of Credit Unions). From what I've read (but this particular info was 1 year old), they protect savings up to 80% with no limit. You can find out which group your CU belongs to at either

http://www.creditunion.ie/

or

http://www.ufcu.co.uk/

Typical of this country, You just can't have the one, No you have to have a Protestant anc Catholic one.

pennywise2

Hi , anyone have any idea what the distance is from your nearest branch to your address ???

bullpeppar

Be very careful of these crowd.

We were members of our local branch and slipped into arrears. We would have paid it off had we known but no one told us. (I know we should have kept an eye on this). We had an £8000 loan and in the space of 18 months we paid £2000 of interest on the loan. An absolute shower of rip off merchants.

Be aware

ooo000ooo

bullpeppar wrote: »

Be very careful of these crowd.

We were members of our local branch and slipped into arrears. We would have paid it off had we known but no one told us. (I know we should have kept an eye on this). We had an £8000 loan and in the space of 18 months we paid £2000 of interest on the loan. An absolute shower of rip off merchants.

Be aware

How did you manage this? Any time we've had a loan they've put a sticker in our wee book each week when we've paid which shows how much you've paid, how much you owe, how much you've saved and the interest?

Colin_Kee

Credit unions are great too as if you Die and you have a loan with them, it gets written off.. great for all you oldies out there!!! (Sorry I mean that with tongue in cheak)