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Credit Union account withdrawal / closure questions

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  • 22-04-2013 4:23pm
    #1
    panama
    Banned (with Prison Access) Posts: 579 ✭✭✭


    I have a sum of money in my CU account for the last few years which I have left untouched.

    I took out a car loan which I still am paying back, I believe I will be done with the repayments in October.

    I want to withdraw whatever cash I have in the account (a couple of grand or so) and deposit it into my bank.

    Does anyone know if this is straightforward?

    I mean is there a limit to how much you can withdraw at any one time?

    Does it depend on the amount of shares you have earned?

    How will my outstanding loan balance affect it?

    Would be greateful for any advice as it's hard to contact them during the day at work to obtain this info.


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    #2
    petersburg2002
    Closed Accounts Posts: 346 ✭✭petersburg2002


    You can withdraw funds up to the amount of loan balance i.e. if you have 300 left on the loan and 1500 in savings, then you can withdraw 1200 (1500-300).


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    #3
    Southern Belle
    Registered Users Posts: 136 ✭✭Southern Belle


    Credit unions have in the past actively discouraged withdrawal of shares preferring you to take out a loan - have they changed their attitude to this - I have a bit of an excess in shares over loans and want to just withdraw what I need rather than re-financing, can they stop me from doing this?


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    #4
    P. Breathnach
    Registered Users Posts: 12,089 ✭✭✭✭P. Breathnach


    It does not matter greatly what they prefer: what does matter is what the rules allow.

    Of course you are entitled to withdraw any funds the exceed the amount needed to underpin your loan.

    Many credit unions are happy to see members reduce their deposits. That is because they have far more funds than they need to cover their loan book, and all they can do is put the surplus on deposit at a very low rate of interest.


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