If you are experiencing difficulty in maintaining your contractual repayments due to some unforeseen circumstances we would ask that you contact the credit union immediately at 067 34444 or email creditcontrol@nenaghcu.ie . Alternatively, you can call the credit union to discuss the matter with our friendly staff.

Making prompt and timely contact with us in such circumstances is very important as missed or irregular loan repayments may cause your account to fall into arrears and may limit your ability to access credit in the future. Members experiencing such difficulties will be treated sympathetically and every effort will be made to come to a mutually agreeable resolution.

If you are a small or medium enterprise and have difficulties making repayments click here to download our booklet download here

It is an advantage to have an established savings pattern before you borrow but it is not essential. Nenagh Credit Union considers all loan applications. The credit union will talk through the loan application with the member.

This is a myth. Nenagh Credit Union will look at each loan application and determine the members' affordability for the proposed loan in line with the loan product terms and conditions.

Nenagh Credit Union members can have more than one loan with an extensive suite of loan product options. Members can apply for a top-up loan on existing loans and/or apply for a new loan subject to the loan product terms and conditions. Ultimately the lending decision will be made based on repayment ability and the member's track record with their financial commitments.

Nenagh Credit Union welcomes loan applications from all our members subject to the loan products' terms and conditions.

Some of Nenagh Credit Union loans have a term greater than 5 years subject to the terms and conditions of the loan product.

There are no hidden costs associated with taking a credit union loan and there are no penalties for early redemption of a loan.

It is extremely important and in your own interests to declare all of your outstanding commitments i.e. mortgages, personal loans, hire purchase, leases, credit cards, in order that an accurate assessment of your ability to repay can be established. The credit union has a duty of care to ensure that members do not become over-indebted.  Nenagh Credit Union undertakes a central credit registrar check with all loan applications which will summarise the members lending commitments to include balances, repayments, terms and the history of the loans. Terms and conditions of all loans apply.

Nenagh Credit Union does not offer preferential rates - the same interest rates and loan assessment criteria apply to Board members/Volunteers and Staff as do for members. Consideration of such loans can be subject to a more stringent assessment and approval.

Free Loan protection cover applies to eligible members to include single and joint loan applications. Nenagh Credit Union also has free savings insurance for both single and joint accounts. Terms and conditions apply

Missed or irregular loan repayments may cause your account to go into arrears which may affect your credit rating and result in limiting your ability to access credit in the future. Nenagh Credit Union is a member of the Central Credit registrar. Provided a borrower's consent has been obtained, information regarding Nenagh Credit Union loan repayments is sent regularly to the Central Credit Registrar - in summary, the Central Credit Registrar reflects a picture of your credit history.

Nenagh Credit Union loans can be only drawn in one amount. However, if you don’t need part of the loan for a considerable amount of time, apply only for the amount you require immediately and state that you will be applying for a top-up loan for the balancing amount at a later stage. Loan approval in Nenagh Credit Union lasts 90 days.

Nenagh Credit Union will have a saving cap of €20,000 per member effective from 01st April 2021. This means that each member can only hold €20,000 with the Credit Union.

For members who currently have less that €20,000 with the Credit Union they can continue to make lodgements until the balance reaches €20,000.

For members that currently have over €20,000 in the Credit Union, these funds can remain in the Credit Union but cannot be increased further. As withdrawals are made from the account reducing the balance no further lodgement can be made until the balance is under €20,000.

The Board of Nenagh Credit Union will keep the savings restriction under constant review, if they make any decision to change the current cap, members will be informed

No, this had no bearing on the day-to-day operations of the Credit Union. Nenagh Credit Union is adequately capitalised and has assets of 78.5m. In the past year, savings have increased by 13%. Nenagh Credit Union is very well capitalised, well in excess of the regulatory requirements and is making this change to maintain that strength. Currently our total reserves are 21.7%.

Nenagh Credit Union continues to grow its loan book which is crucial in generating income in future years based on the current low interest environment. Last year with our members support we grew our loan book by 9% to €12.850m.

Your savings remain safe and secure at Nenagh Credit Union. We are a financially strong and stable Credit Union with €17m in capital reserves and €78.5m in assets at the last financial year end on 30th September 2020. In addition, your savings continue to be guaranteed by the Government Deposit Guarantee Scheme up to €100,000. We will continue to provide valuable services to our members and will continue to provide improved and new ways of doing business for our members.

Nenagh Credit Union is in a strong position to give out loans, subject to appropriate assessments being completed. Our ability to lend is in no way affected by the savings cap. We continue to provide valuable loan services to the local community and have a range of competitive products available. A priority in Nenagh Credit is to continue with your support to grown the Loan Book of the Credit Union.

Life savings insurance is the life insurance cover a credit union provides for its eligible members (free of charge) as an additional incentive for them to save regularly in the credit union. The amount of insurance benefit to which a member is entitled is in proportion to the amount of savings the member has and benefits are payable only on the death of a member (terms and conditions apply). Nenagh Credit Union has opted to insure members’ savings up to a maximum of €3,000.

The maximum benefit is currently €3,000 which may be amended from time to time by the Board.

Benefits (must have at least €3,000 in the account at the time of death)

0-54 years: €3,000 or 100% of savings if < €3,000

55-59 years: €2,250 or 75% of savings if < €3,000

60-64 years: €1,500 or 50% of savings if < €3,000

65-Plus: €750 or 25% of savings if < €3,000

Savings after 70th birthday are not insured.

Terms and Conditions apply.

Please note you must have joined the Nenagh Credit Union before the age of 70 to be eligible for the Life Savings Insurance. For more information on Life Savings Insurance, please contact us on 06734444 or email at info@nenaghcu.ie

This amount is calculated by the Irish League of Credit Unions and is based on the age, and amount of savings of the deceased member, on his/her death.

Withdrawal of Shares will impact the amount of Life Savings Insurance received

Members can take out a credit union loan in the full confidence that their dependents will not have to pay the loan off on death in total Banks and other financial institutions charge a separate insurance premium on top of loan repayments for this service.

Loan Protection Insurance is payable subject to policy terms and conditions.

• The insurance benefit payable is the amount of the member’s outstanding loan balance
• Cover ceases on the member’s 80th birthday

Loan Protection Insurance is payable subject to policy terms and conditions.

The insurance benefit payable is the amount of the member’s outstanding loan balance

Cover ceases on the member’s 80th birthday

Current Account, is a full service account that allows you to access a range of facilities, such as receiving your salary, paying bills setting up direct debits and standing orders to make regular payments. You can operate your account online and using the mobile app.

With Current Account, from your Nenagh Credit Union, you get a dedicated IBAN (International Bank Account Number). You also get a Mastercard Debit Card with Contactless payments which allows you instant access to your money so you can make a payment or withdraw money whenever or wherever you need.

FAQs

Once you are a Member of Nenagh Credit Union and over the age 12 you can apply for a Current account. If you are 12 or 15 years of age, we require the consent of your parent or guardian for you to open an Account. 
Will I be able to view my Current Account online? Yes, once you are registered online you can:

• View your balance & account transactions
• Transfer money within your CU or externally(SEPA)
• Manage Standing Orders & Direct Debits
• Download eStatements and recent transaction reports
• You will also be able to view and make quick account transfers using the Mobile App

Notify your Credit Union or call +353 (1) 6933333 immediately. We will then cancel your card immediately and a new card and PIN will be issued to you at your request.

You can order a new card by calling Credit Union Card Services on +353 (1) 6933333 (Our Customer Services line is open 24 hours a day, 7 days a week. Calls are charged at your standard network rate. Calls from mobiles may be higher).

We will cancel your existing card and a new card will be issued to you within 7-10 working days.

Yes, you can change your card PIN to something more memorable at most ATM machines. You just need to have your card available, enter your existing card PIN and follow the instructions.

Payment Service Directive 2 (PDS2) which came into force on the 14thof September 2019, are regulations to bring additional safety and security to your online banking. These changes have been introduced to protect consumers from increased online fraud. This additional security is known as Strong Consumer Authentication (SCA) and it was introduced on both our browser-based services and Mobile App. For further information, please go to: www.currentaccount.ie.