Amendments to Standard Rules arising from
League AGM 2014
St Michaels Credit Union Limited
Download Amendments to Standard Rules (372kb)
Notice of our Annual General Meeting for 2012,2013 and 2014, will take place on Wednesday May 6th at 7.30pm at the Blackrock Hurling Club, Church Road. All members are requested to attend this meeting.
Members please note the facility to apply for a loan through our website is no longer available. Please call into the office on the Skehard Road and one of the tellers will be happy to discuss your options with you.
Tony Burke / STMCU Bursary
Tony Burke/ St. Michael’s Credit Union Bursary
Owing to the generosity of the family of the late Tony Burke, former Chairman of St.Michael’s C.U. we are offering a Bursary of €1000 for the next Academic year to a student entering U.C.C. for the first time. The conditions are;
The recipient must be a member or the child of a member of St. Michael’s C.U.
Subjects for study must include at least one (1) of the following; Irish, Mathematics or Geography.
The applicant must have achieved a minimum Grade C3 in Honours Irish in the Leaving Cert. Only performance at a first sitting of the Leaving Cert. will be considered.
The award will be made by U.C.C. on our behalf based on Leaving Cert. results.
In the event of no student qualifying the Bursary will be held over until the following Academic Year.
Entry forms may be collected at either Skehard Road or Mahon point Offices.
Closing Date is 31st August 2013.
ILCU research future outlook for CU’s
ILCU publishes research on future outlook for credit unions:
I am delighted to present the results of the second comprehensive Amárach research into credit union member (and non-member) attitudes and the future outlook for the Irish credit union movement. As you will see from the detail that follows, the results are heartening for all involved in our movement, despite the current challenges in the financial services sector in general. Credit unions remain popular and trusted, with convenience and community ethos being key drivers of this view. This is in stark contrast to the public perception of banks. In addition, it is worth noting that over two thirds of respondents in the Republic of Ireland agreed that credit unions can play an important role in economic recovery.
Some of the key highlights from the research are as follows:
- Half of the adult population in the Republic of Ireland are active credit union members. This is the highest membership penetration rate in the world.
- Almost 8o% of adults believe that credit unions are becoming more relevant and almost all believe that our service levels have improved, unlike many of our competitors who are actively reducing the level of service available to their customers.
- Credit unions have over three times the number of people who would recommend them than other financial institutions and have substantially fewer people who view them negatively. There is a significant opportunity for credit unions to capitalise on this positive feeling.
- Credit unions are seen as being financially stronger than other financial institutions and are the preferred choice for personal loans and car loans. It is worth pointing out that credit unions are open for business and have plenty of funds available to lend. Our personal loan rates are capped at 12% per annum and the average rate charged is close to 10%.
- 32% of non-members surveyed said that they are likely to join their credit union during the next year. The challenge for us is to capitalise on this positivity and make sure that these people know that they are welcome in our credit unions, a challenge that I am sure we are up for.
- Importantly for our future, there is a huge appetite for our members for more products and services, particularly for electronic services and in shared branching, which would allow members to avail of services through any credit union.
All of this is good news for our movement. It shows that credit unions can thrive in adversity and that they can play a huge positive role in the future of our country.
Martin Sisk, President ILCU.
New Services @ St Michaels CU
· DIRECT DEBIT FACILITY
· E.F.T. PAYMENTS
· LASER/DEBIT CARD & CASH BACK
PLEASE ASK STAFF FOR DETAILS
New EMAIL Address
Members please note our new email address for your records,
We are now at: firstname.lastname@example.org
St. Michaels Credit Union Ltd.
NOMINATIONS - IMPORTANT NOTICE FOR MEMBERS
Property in a credit union can be subject to a Form of Nomination so that on the death of the member making the nomination (the nominator), the property is distributed in accordance with the nomination.
All types of property in a credit union can be subject to nomination. This includes savings, loans and insurances.
To be valid, a nomination must:
* be made by a person over 16 years of age who has been duly admitted as a member of the credit union in accordance with the Act and the Rules
* be in writing and delivered during the member’s lifetime to the offices of the credit union
* name and clearly identify the person or persons to be entitled to the nomination ( the nominees)
* New Nomination Limits were brought into legislation on 17th October 2006. The Credit Union Act 1997(Alteration of Financial Limits) regulations 2006 provides for the following:
- There is an increase in the statutory maximum which may be paid out under a validly completed nomination form from €13000 to €23000.
- There is also an increase in the statutory maximum which may be paid out by a credit union under the provision for small payments on death from €6400 to €15000.
St. Michaels Credit Union encourages all members to complete a valid Nomination Form today.
If you have any questions, please ask a staff member.