As of 1st May 2021 there will be a monthly limit per member of €3,000 on lodgements to your account. This will not include loan repayments.
Member First Credit Union is a safe, strong and secure financial institution and we have always adapted our business over the years to ensure we remain in this position. The financial markets in which we operate pose new challenges to all Credit Unions. Member’s savings that are not on loan to other members are invested to generate income. Until recent years, these investments have provided substantial income.
However, due to the low interest rate environment, this income has now declined substantially with some banks actually charging Member First Credit Union for holding your savings, which is an additional cost for your Credit Union. This lodgement cap is simply one more adjustment to ensure we are prepared for the changing financial landscape we operate in and the limit of €3,000 per month was chosen in an effort to be fair to all members.
As the financial climate changes, we can certainly revisit this issue when we believe it is in the best interest of the Credit Union and its members to do so.
Member First Credit Union is a testament to what local people and communities can achieve and we look forward to your ongoing support, enabling us to continue to expand the range of financial services within your local community.