The Board of Ardee Credit Union Limited recently carried out a review of its members’ savings strategy and as a result, changes have been implemented which may affect the way you save in your account.
The maximum amount of savings for each member is €40,000, with a monthly lodgement limit of €3,000. This amount is inclusive of all balances in Savings accounts.
Juvenile accounts for members under 16 years of age have a maximum savings value of €25,000 and a monthly lodgement limit of €1,000.
The reason behind this limit is for every €100 saved in the Credit Union, we are required to set aside €10 (10%) from our surplus which is a legal requirement of the Central Bank. If the current savings growth rate continues, the Credit Union will need to use its current reserve levels to fund this capital requirement. This will reduce the capital available for investment in future services.
Should you wish to discuss this matter with one of our team, please contact our office on 041-6853453 for further information.