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Credit Union query

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  • 26-07-2010 1:04pm
    #1
    andreac
    Registered Users Posts: 8,000 ✭✭✭


    Not sure if this is the right section for this.

    If you have a loan with C.U. and you have funds in your account with them, but the amount outstanding on the loan is more than the savings you have with them, are you not allowed to withdraw any money from your savings?

    I had asked before about withdrawing some money but they said your outstanding loan must be less than your savings.
    So just wondering is there anyway around this or can you access your money if you really need to?
    Many thanks:)


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    #2
    gogo
    Registered Users Posts: 1,452 ✭✭✭gogo


    You cant touch the savings im afraid, its offset against the loan. Just in case people do a runner, the cu get something back. The loan is only supposed to be 3 times your savings in the cu, therefore losses are only supposed to be marginal because they have offset people savings. Top up the loan if your really stuck?


  • Options
    #3
    romah
    Closed Accounts Posts: 150 ✭✭romah


    andreac wrote: »
    Not sure if this is the right section for this.

    If you have a loan with C.U. and you have funds in your account with them, but the amount outstanding on the loan is more than the savings you have with them, are you not allowed to withdraw any money from your savings?

    I had asked before about withdrawing some money but they said your outstanding loan must be less than your savings.
    So just wondering is there anyway around this or can you access your money if you really need to?
    Many thanks:)

    When you have a credit union loan outstanding which is more than your shares :

    You may make a request to the board of directors of the credit union to approve a withdrawal.

    There is a limit of the amount you can withdraw from your shares which is up to an amount that does not bring your shares below 25% of you outstanding loan.

    For example : if you have say €1000 in shares and €2000 outstanding loan balance, the maximum you can request is €500 . This will reduce your shares to €500 as your shares cannot go below 25% of your outstanding loan ..

    It must be approved at a meeting of the board of directors.


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    #4
    andreac
    Registered Users Posts: 8,000 ✭✭✭andreac


    Ah ok, thats great, thanks for your replies. Just was wondering if theres def no way you can access it if the loan is more than the shares.


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