Frequently Asked Questions
I am a new member when can I start borrowing?
There is no hard and fast rule about this. We would recommend that you save regularly for a certain period. This way you will be able to build up a share balance quickly and are likely to get a first loan because you have demonstrated that you can save on a regular basis and in doing so have shown that you will be able to repay your loan.
Who can open a minor account for a child?
The child’s parent or legal guardian only may open an account for a child. The parent or legal guardian must present the child’s long-form birth certificate and proof of the parent/ guardian’s Address. In the case of legal guardianship, proof of guardianship i.e. adoption papers must also be presented.
When does a minor account become an adult account?
When the minor turns 16 we close the minor account and open an adult account for the child transferring all funds into the new account. We will notify the minor of this change and invite them to visit the office along with their signing parent or guardian to present the required identification and collect their new passbook. A minor must have £5 in their account in order for this transfer to take place.
What is the savings limits for minor accounts?
The current savings limit for minor accounts is £10,000.
Are my savings doubled at death?
Not necessarily. Shares that double are shares you lodged before age 55, shares that you lodged while you were in good health and shares that you kept in your account.
Remember that the current maximum amount insured under Life Savings Insurance is £10,000. Amounts over this continue to earn a dividend but will not earn any additional insurance. However if you withdraw any portion of your shares you loose insurance on those shares resulting in a reduction of the total amount of shares + insurance. It is in your best interests to save as young as you can and keep your shares in your account.
Are all my shares insured?
Not necessarily! The shares that are not insured are those that you lodge after you reach age 70 or those that you lodge while not in good health or shares you withdraw.
Is my loan always cleared at death?
No. Loans taken when you were not in good health and loan balances remaining after you reach age 85 are not insured by Loan Protection Insurance. If you are approaching age 85 it may be wiser to withdraw some of your shares especially those not covered by Life Savings Insurance rather than borrow and risk leaving an outstanding loan balance for your loved oned to pay.
Can my family get my savings at death?
Of course. But first you have to complete a Form of Nomination available at our counter. On this form you will be asked to name the person or persons you wish to receive your shares in the event of your death. Irvinestown Credit Union can disburse amounts up to £20,000 to the person or persons nominated upon request. Probate must be extracted on amounts over £10,000. By completing this nomination form you can be assured that the person or persons you intented to receive your shares will receive them without delay. You must update your nomination form if you marry, divorce or the person nominated dies before you. In addition a properly completed Form of Nomination takes precedence over a will. You may change your nomination as often as you