Notice to Members from the Board of Directors – Savings Limits January 2023
Over the past number of years, Tipperary Credit Union has seen a dramatic increase in new savings. We see this as a vote of confidence from our members that we are their #1 financial provider and we thank all members who trust us with their savings.
The Board of Directors of Tipperary Credit Union made the decision to abolish the temporary savings limit of €30,000 per member across all accounts and increase it to €100,000 as per deposit guarantee scheme. This came into effect on 1st January 2023.
However, as per changes made February 2020 members will be asked to limit savings to a maximum of €2,500 per month (across all accounts). Members are free to lodge over €2,500 in a month so long as they ensure they make sufficient withdrawals in that same month to remain within the €2,500 limit. Some examples are set out below:
Example 1 = Member’s balance on 1st September 2023 is €4,000 and on the 30th September 2023 is €6,000. Member has remained within the €2,500 limit and no action required.
Example 2 = Member’s balance on 1st September 2023 is €4,000 and on the 30th September 2023 is €8,000. Member has not remained within the €2,500 limit and will be asked to withdraw funds to comply with the new savings limit. Member will be given one month’s grace to comply with savings limit.
The Board of Directors will be constantly monitoring the level of savings in our credit union and reserve the right to increase, decrease, or remove entirely the temporary savings limit in the future. Our staff will be monitoring daily to ensure all members stay within their savings limit.
These savings limits will ensure that Tipperary Credit Union continues to be a strong, secure and top-performing credit union. It does not impact on our ability to lend and we ask that you consider Tipperary Credit Union for any lending needs now and into the future.
We thank you for your understanding on this matter and apologise for any inconvenience this may cause.
Frequently Asked Questions:
If your question is still unanswered please email info@tipperarycu.ie
What is the saving restriction?
The credit union now has a saving restriction of €100,000 per member across all accounts. This means that each member can only have €100,000 in savings with the credit union. Members who have less than €100,000 can increase their shares to €100,000– but no more than that.
What about members with savings under €30,000?
If the member has less than €30,000, they are free to increase it to this amount, but not beyond this level. Staff will be tracking this to identify members that are reaching the limit and the member will be advised accordingly.
Are my savings safe here?
I can assure you that your savings remain safe and secure at Tipperary Credit Union. We are a financially strong and stable credit union our capital reserves standing at nearly 17% and we have €161m in assets. In addition, your savings continue to be guaranteed by the Government Deposit Guarantee Scheme up to €100,000.
Does this mean the credit union cannot give out loans?
Tipperary 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 limit. We continue to provide valuable loan services to the local community.
