Greystones Credit Union

I Drink It Up!

Used to have a website, www.gcu.ie

Now that is gone and the Credit Union site [www.creditunion.ie] does not list a branch in Greystones proper.

I am a bit off the pace having not gone in there in some time.

So, is there still a C/U operating in Greystones.?

Thanks:cool:

loyatemu

I Drink It Up! wrote: »

Used to have a website, www.gcu.ie

Now that is gone and the Credit Union site [www.creditunion.ie] does not list a branch in Greystones proper.

I am a bit off the pace having not gone in there in some time.

So, is there still a C/U operating in Greystones.?

Thanks:cool:

www.gcu.ie is working fine for me

Pablo Sanchez

Its funny you should mention that, recently Credit Union Ireland had a Brian O'Driscol poster in the Irish Times to celebrate his 100 Ireland Caps, on the back it listed ever credit union by county, neither Bray or Greystones CU's were listed

Alun

The one in Roundwood isn't listed either. I assume they aren't members of the ILCU, see http://www.creditunion.ie/Default.aspx?p=100&n=140, which is effectively what the creditunion.ie web page represents.

pixbyjohn

Greystones is a member of the Credit Union Development Association.

I Drink It Up!

Cheers chaps. I guess it was just coincidence their site was down. I heard a story recently that they were suing a brokerage firm over losses incurred in the recent bust. I put 2 and 2 together and thought maybe they had gone down.

Cheers.

bido

Yea they invested badly, members money and lost it,now they are suing the broker:mad:

bido

Its getting near Christmas again wonder will the Credit Union pay out a dividend this year.maby they won the court case :mad:

vinpaul

It's true, they are taking an action against some stockbroking firm over bad advice. Over €1 million, seemingly lost on some investment. Therefore no dividend last year and probably none for some time to come.
What business has a Credit Union got getting involved with stock brokers?
Members must be bitterly disappointed.
What chance of them recovering their money?

Pablo Sanchez

You put your money into the credit union in the expectation of making somewhat of a return. To provide that return they need to invest your money, that is why they are dealing with stock broking firms.

I understand the case is based upon receiveing bad advice, the product they invested in was mis represented etc etc

GCU is one of many CU's who have been affected in the same way.I could be wrong but i think some CU's have won cases recently against this firm,so the odds may not be too bad.

vinpaul

I thought that the interest that members pay on their loans was the main source of income for credit unions.
Profits earned from the interest on loans that members borrowed was in turn paid to members by way of dividend. Speculation in the stock market is not what members jined credit unionns for as far as I am aware.

Pablo Sanchez

Not allof a CU's deposits are leant out at anyone time, if they have surplus deposits these can be invested.

There are pretty strict rules governing what they can and cannot invest their members money in. I still think its a pretty weak excuse for them to say that they were hoodwinked into a risky investment,they are after all still supposed to be finance professionals......albeit nice cuddley ones:D

Annasopra

Theres a lot of 'speculation' going on here - insinuations about draws, stuff about investments etc - It doesn't quite sit easy with me

bido

insinuations
An unpleasant hint or suggestion of something bad.

Dont see anything wrong about mentioning the draw as it was mentioned this week in the North Wicklow Times.

The Bishop Basher

bido wrote: »

insinuations
An unpleasant hint or suggestion of something bad.

Dont see anything wrong about mentioning the draw as it was mentioned this week in the North Wicklow Times.

Agreed. If there's even a hint of truth in it it should be investigated. This kind of censorship is what has us in the hole were in.