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Credit Union Shares vs Loan

  • 03-01-2015 4:20pm
    #1
    mirwillbeback
    Registered Users, Registered Users 2 Posts: 2,016 ✭✭✭


    Hi all,

    Just a question for my own understanding.

    Was in the credit union earlier, paid 350 of my loan there reducing the balance to 8,700 from an original 15,000 - have never missed a payment.

    I have a balance of 3,000 in savings and for convenience I asked to take 100 from that to save me having to go to a bank.

    The girl behind the desk said the system wouldn't let her do it as my loan was greater than savings - anyone heard of this before?


Comments

  • #2
    Kaizersoze81
    Registered Users, Registered Users 2 Posts: 1,238 ✭✭✭Kaizersoze81


    Yes. Your shares are held as security against the loan.


  • #3
    Outkast_IRE
    Registered Users, Registered Users 2 Posts: 7,516 ✭✭✭Outkast_IRE


    mirwillbeback wrote: »
    Hi all,

    Just a question for my own understanding.

    Was in the credit union earlier, paid 350 of my loan there reducing the balance to 8,700 from an original 15,000 - have never missed a payment.

    I have a balance of 3,000 in savings and for convenience I asked to take 100 from that to save me having to go to a bank.

    The girl behind the desk said the system wouldn't let her do it as my loan was greater than savings - anyone heard of this before?
    Standard Practice in every Credit Union i know of anyway.

    Its pretty fair in my opinion. as they generally offer pretty good interest rates in comparison to the banks, and they are much more understanding than banks if your in trouble for a short period of time


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