This credit union offers our members the opportunity to manage their bills more efficiently with our Budget Account. A Budget Account is an account designed to enable you to budget for major household bills, e.g. rent / mortgage, ESB, gas, telephone, bank loans, car tax/insurance.
This account is operated on a money in / money out basis, i.e. members accumulate funds through their payroll, in addition to their normal credit union deduction, in order to pay these bills. We do not allow for overdrafts with Budget Accounts.
We would recommend that you must be a member of HSSCU for a minimum of 3 months before opening a budget account, as sometimes we may need to put a small loan into the Budget Account to start it up for you.
For a Budget Account to be successful, members need to be realistic and specific about the amounts and dates of the items they require to have covered.
The Budget Account is run as a separate account to your normal credit union account and the contributions required to service the account are taken in addition to the credit union deduction. A member’s credit union account is always given priority when deductions are being applied. In other words payments must be made to the credit union account before any monies can be applied to the budget account.
At present the annual fee for operating a Budget Account is €36. Further fees may be charged if the account is not operated correctly.
We would advise that members attend the credit union office when opening one of these accounts. It is very important that members bring details of all items to be paid, i.e. account numbers, addresses, as we cannot process payments of bills without all relevant information.
The matters that are considered when opening a Budget Account are:
To ensure that there will be sufficient money in the account to meet commitments as and when they are due.
Overdrafts are not provided.
If it appears that there will be a shortfall at any time during the year, the member will be so advised. The member can either make his/her own arrangement to meet this shortfall or can apply to the credit union for a Budget Loan. When this exercise is carried out properly there should be sufficient money in the account thereafter to meet all bills when due. Budget Loans are only issued once.