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Probably a stupid question...

  • 31-08-2010 9:35am
    #1
    RedXIV
    Registered Users, Registered Users 2 Posts: 8,493 ✭✭✭


    Hi all

    I have a quick question about credit unions.

    I have a credit union account which I also have a substantial loan from. I recently switched banks and have been trying to switch the account from which the direct debit to pay off this loan comes from.

    After finally completing this, I'm also looking to completely balance the current a/c that the direct debit USED to come from, which is over drawn by about €500

    I've just checked my savings a/c in the credit union and have about €1K in it. Would I be able to take the 500 from this a/c if I am still paying them back a loan?

    Is this liable to affect me or my credit rating if I do this? I'm able to make the payments, I just want to balance the current a/c that the DD used to come from.

    Any light that can be shed on this would be great :D

    Cheers!


Comments

  • #2
    eimearcmh
    Closed Accounts Posts: 599 ✭✭✭eimearcmh


    Every credit union is different as they are each managed separately so i can't give a generic answer.

    In my local credit union when you get a loan your savings are held in security against your loan, until its paid off. If my loan balance was €18,000 and savings were €1,000 i wouldnt be able to go in and just withdraw €500.
    The only options for me would be:
    1) write to the board of directors explaining the reason and need for my withdrawal
    2) apply for a loan of €500

    It would depend on what your Credit Union loan balance is of course.

    The best thing you could do is to call/email/go in directly to your branch. I hope this information helps


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