Who owns a credit union?
Members own it. Every member has an equal vote in how the credit union is run, and can exercise this vote at the credit union AGM. Members elect a Board of Directors, also members, to oversee the running of the credit union.
Who can join a credit union?
Once you satisfy the common bond criteria anyone can join a credit union.
What is a Common Bond?
The common bond is the factor which unites the members of the credit union – it is what members have in common. Because of the common bond, all members have the good of their community at heart; they know and trust each other. The common bond for HSSCU is employment in the health services sector in Ireland.
Can I become a member of more than one credit union?
Yes, once you satisfy the common bond, whether that be within a community (geographical), or industrial (employment), you can have multiple credit union membership. So ,that means you can have a local credit union account where you live and a credit union account through your work (where available).
Who regulates a credit union?
The Central Bank of Ireland regulates credit unions in Ireland. HSSCU is affiliated to the Irish League of Credit Unions (a trade representative body for credit unions in Ireland) and regularly provides copies of financial accounts to the ILCU, as well as to the Central Bank of Ireland. HSSCU also has a Supervisory Committee whose role is to protect the interests of members, and to act as independent watchdog of the credit union. HSSCU is audited by an independently approved auditor on an annual basis.
How secure are my savings?
Credit Unions in the Republic of Ireland are covered by the Deposit Protection Scheme which is administered by the Central Bank of Ireland. This is a scheme that can provide compensation to depositors if a credit institution is forced to go out of business. It covers deposits held with banks; building societies; and credit unions. The maximum amount a credit union member can receive under this scheme is €100,000.
The Deposit Protection Scheme covers:
- current accounts;
- demand deposit accounts;
- term deposit accounts;
- share accounts and deposit accounts with building societies; and
- share accounts and deposit accounts with credit unions.
In addition to this, the Savings Protection Scheme (SPS) owned and operated by the Irish League of Credit Unions is also available to proactively intervene to protect members’ savings by making available financial assistance to help any credit union which may experience difficulties.
The Savings Protection Scheme (SPS) fund currently stands at €118 million.
What’s the difference between a credit union and a bank?
Credit unions operate on a ‘for people and not for profit’ basis. Any profit made after operational costs are met is returned to the members. Members own the credit union. Banks, on the other hand, are owned by shareholders. Banks exist to make profit for those shareholders, and so are profit-focused as opposed to people-focused.
What are the benefits of HSSCU members?
Membership of HSSCU is membership of a community owned co-operative – in your community. HSSCU offers members a range of services and products including competitive loan rates, electronic money transfer, online accounts, free savings protection & *loan protection, tele-loans, annual bursary, payroll deduction and more.
How does Payroll Deduction work?
Once your employer operates a payroll deduction scheme you can pay monies into your savings/loan/budget account directly from your wages. If your salary section is interested in setting up this facility please contact us directly.
If your work place does not operate a payroll dedcution sheme, you can make regualr payments to your HSSCU account by direct debit from your bank account.
Can I become involved in HSSCU?
Yes, you can. HSSCU welcomes member involvement. Make your voice heard at the AGM or run for election to the Board of Directors.
Should I close my HSSCU account when I retire from my job in the health services?
No. There is no requirement for you to close your account. You can continue to pay in to your HSSCU account regularly from your pension or through your bank (direct debit).
What is the minimum savings requirement?
You are required to save a minimum of €6.35 per month. However, if you find you are unable to save this amount monthly, you can cease your savings, either temporarily or permanently, once you are not repaying a loan.
Can I transfer from one credit union to another?
Yes, you can. It’s easy to do & your savings and credit history transfers with you. However, there is no need to transfer from your community credit union to ours. You can keep both accounts open should you so wish.
How easy is it to access my savings?
Once your savings are not securing a loan, you can access your savings at any time, by calling into our office, by phoning, writing or emailing us. We can post you out a cheque or transfer the funds electronically to your bank account (once those details are on file with us). If your savings are securing a loan, you will have to apply to our Board of Directors to access your savings.
* cover is subject to certain terms.