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Questions about the Credit Union

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  • 17-01-2016 4:44pm
    #1
    Worztron
    Registered Users Posts: 8,672 ✭✭✭


    Hi.

    I've got a few questions about the Credit Union. Sorry, some maybe silly.

    1. Can I buy things online with a CU account?
    2. Must I deposit regularly?
    3. How long before an account goes dormant?
    4. If I open a CU account, can I only lodge and withdraw money from that particular branch of can I use any CU branch?
    5. Do I have to take out a loan? What I mean is -- can I just use the CU to save money with?

    Thanks.

    Mitch Hedberg: "Rice is great if you're really hungry and want to eat two thousand of something."

    Tagged:


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    #2
    Toots
    Administrators, Business & Finance Moderators, Society & Culture Moderators Posts: 16,905 Admin ✭✭✭✭✭Toots


    Worztron wrote: »
    1. Can I buy things online with a CU account?
    AFAIK there aren't any CUs that have debit cards so buying online wouldn't be possible unless you were doing something on the likes of Done Deal or Adverts, in which case you could do an electronic transfer to the seller's bank (not all CUs offer this facility)
    2. Must I deposit regularly?
    No, you can lodge as little or as often as you like. Most, if not all, CUs offer the option to set up a direct debit for regular savings.
    3. How long before an account goes dormant?
    I know with banks if there are no customer initiated transactions on an account for 15 years, the money goes into the NTMA. Usually after 3 years of inactivity a bank will flag an account as 'dormant' and will ask you to provide ID before you start operating it again. I'm not sure how this works with CUs because AFAIK they're not subject to the same legislation around dormant accounts.
    4. If I open a CU account, can I only lodge and withdraw money from that particular branch of can I use any CU branch?
    You can only use branches which are a member of the same CU. Depending on the CU, they may have several different offices (I know the one I use has 4) but many of them only have the one office. It depends on the size of the CU.
    5. Do I have to take out a loan? What I mean is -- can I just use the CU to save money with?
    No, you don't have to take out a loan, it's fine to use the CU just for savings.


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    #3
    Worztron
    Registered Users Posts: 8,672 ✭✭✭Worztron


    Hi Toots.

    So the big drawbacks I see in using a CU account to a Bank account is the limitation of having to use a particular branch. For example, if someone with a CU account was on holiday -- how could they access their money?
    Not being able to buy things online from e.g. komplett, memoryc, etc. is a big minus for me.

    Can someone withdraw from their CU current account from any Bank ATM? I presume not but thought I'd ask anyway.

    Mitch Hedberg: "Rice is great if you're really hungry and want to eat two thousand of something."



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    #4
    BuffyBot
    Moderators, Motoring & Transport Moderators Posts: 24,924 Mod ✭✭✭✭BuffyBot


    Unless you're holidaying near the CU, then you would have to have your finances arranged before hand.

    You would only be able to use an ATM if the Credit Union in question issues a compatible card (there are a few who do issue Debit Cards, and plans for more to come).


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    #5
    P. Breathnach
    Registered Users Posts: 12,089 ✭✭✭✭P. Breathnach


    Worztron wrote: »
    ... So the big drawbacks I see in using a CU account to a Bank account is the limitation of having to use a particular branch....
    Just to clear up your understanding of things: each credit union is a separate institution; it's not the case that there is one Irish credit union with a network of branches. And yes, your relationship is with the CU that you join, and not with any or all of the others.

    I don't find that my CU gives me a wide enough range of services to meet all my needs, so I also run a bank account.


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    #6
    snubbleste
    Banned (with Prison Access) Posts: 31,117 ✭✭✭✭snubbleste


    Just to point out, there are some CUs with debit cards
    http://www.stpaulscu.ie/forms/debitcard_application.pdf


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