Two credit union accounts

bertsmom

Just wondering is it allowable by credit unions in Ireland to have two different accounts?
I have one account in my local town with a small amount of savings in it and a car loan (up to date), I would also like to open an account in the one near to work for a separate bit of regular saving.
I'm thinking maby this wouldn't be allowed for some reason that perhaps they want all saving to be done in one credit union.
They are not different branches of the one credit union they are separate ones.
Thank you

coylemj

The one near your work will probably decline your business for fear that you are a 'credit tourist' i.e. you are borrowing money here there and everywhere and leaving bad debts behind you. Unless it's a work-based CU (e.g. ESB, CRH etc.), your typical local CU will insist that you live in their area and will want proof of this before allowing you to open an account.

Aside from the credit issue, there is a gentleman's agreement between CUs not to poach business so each one confines it's membership to people who live locally.

bertsmom

Coylemj thanks for your response. Yes I can totally see the point of them having restrictions alright,
I just got a notion when I seen the poster in work that they would be onsite to seek new members and deal with any questions etc that I would keep my local one to my home for my day to day eg saving for hols, car loan and a bit of savings for when washing machine breaks etc and I could use the one near work for more serious saving as after breaking up with my ex last year we have agreed to sell up the house we bought together in approx 5yrs and I'll need a deposit for my own place.
Thank you

GrumpyMe

There is no restriction on being a member in any, many, or all credit unions where you hold the common bond.

naughtysmurf

I've two credit union accounts with two unrelated credit unions, often have two loans out at the same time, covered loans though, borrowed less than my shares/savings, never an issue & each of them know about the other because they both mention the other when applying for a loan

MouseTail

bertsmom wrote: »

Just wondering is it allowable by credit unions in Ireland to have two different accounts?
I have one account in my local town with a small amount of savings in it and a car loan (up to date), I would also like to open an account in the one near to work for a separate bit of regular saving.

No issue at all, you will just need proof you work there (payslip, letter from Manager on headed paper etc).
As Grumpy said, no restrictions as to how many accounts you have as long as you satisfy the Common Bond.

coylemj

bertsmom wrote: »

Coylemj thanks for your response. Yes I can totally see the point of them having restrictions alright,
I just got a notion when I seen the poster in work that they would be onsite to seek new members ....

If they are coming to your workplace and inviting you to become a member then their 'common bond' probably includes people who work in the area. So you're good to go.

There is no restriction on having multiple CU accounts. For example, you could be a postman living in Naas have accounts in both Naas CU and the An Post Employees' CU.