Clonmel Credit Union will consider loan applications from members for a wide range of purposes. Each application is treated in the utmost confidence and will be considered on its own merits. Our staff are here to help members in making the application.

Loans can be applied for by:

• Freephone 1800 945 987
• Online. Click here for more info

Clonmel Credit Union will consider loan applications from members for a wide range of purposes. Each application is treated in the utmost confidence and will be considered on its own merits. Our staff are here to help members in making the application.

Loans can be applied for by:

Freephone 1800 945 987
Online. Click here for more info

Typical supporting documents include, but are not limited to, recent payslips / proof of income, bank statement for the last 6 months and PPS. Each application is assessed on an individual basis & you must be a member. Member’s record of savings, loan repayments & ability to repay are taken into account. If you are topping up your loan with Clonmel Credit Union, the criteria applies to your overall loan balance.

Up to €20,000 - Proof of Income (eg recent payslips)

€20k-€30k - Proof of Income, Recent 6 month Bank Statement, Recent Credit Card Statement (if applicable).

€30k-€50k - Proof of Income, Recent 6 month Bank Statement, 1 Recent Mortgage Statement (if applicable), 3 Recent Credit Card Statements (if applicable).

NOTE: Additional info may also be required by lenders before loan can be considered

Credit unions are flexible with regard to repayment plans, though there are some legal limitations to length and amount of loans. The member will be advised on the best repayment plan to meet their own circumstances. Ten years is currently the maximum loan term although five years is the recommended norm. Should a member experience difficulties in meeting repayment commitments, they should immediately contact us and we can talk in confidence about the situation. Depending on circumstances, the loan will be renegotiated if possible.

There are no penalties associated with clearing your loan quicker than agreed.

Loans are subject to approval. If you don't not meet your repayments your account will go into arrears. This may affect your credit rating , which may limit your ability to access credit in the future.

By law credit unions cannot charge any more than 1% per month on the reducing balance of a loan. This represents an interest rate of 12.68% APR (Annual Percentage Rate). Credit unions do not charge fees or transaction charges. The current rate of interest on standard personal loans charged by Clonmel Credit Union is 10.49% (APR 11.06%). Since the interest is charged only on the outstanding balance of the loan, you will pay even less if you repay in a shorter time than planned.

If your business is experiencing financial difficulties it is important to communicate these issues to us as soon as possible so that we can work together to address them. Engaging with the credit union at the earliest possible stage gives us the best chance of finding a resolution that works for both sides.

We will consider any financial difficulties situation sympathetically and work with you constructively to find appropriate solutions. In most cases, by continuing to work together, we will find an acceptable alternative way forward.

The booklet attached below outlines the definitions of terms such as arrears and financial difficulties. It is helpful to familiarise yourself with these terms and the procedures surrounding them. The most important step however is to engage with the Credit Union at the earliest possible point. Apart from our own internal processes we can also point you in the direction of other outside bodies who may be able to further assist your business in solving any trading difficulties it may be experiencing.

The Credit Union Information Booklet below outlines Clonmel Credit Union’s procedures when dealing with SMEs in ‘financial difficulties’ and gives information on the support which will be provided by the Credit Union to SMEs in this situation. The Credit Union recognises that individual SMEs may differ by size and indeed sector and therefore each SME in financial difficulties will be dealt with on a case-by-case basis.

Steps involved in dealing with SME’s in or facing financial difficulties:

1. Contact the Credit Union as soon as possible
2. Inform the Credit Union of your concerns
3. Agree an approach to resolve the situation
4. Provide relevant and reliable information as requested by the Credit Union
5. Complete any necessary documentation requested as part of the assessment
6. Regularly Review your progress with the Credit Union and advise us should your situation change

How it works?

You will receive a notification via SMS and/or phone call to let you know there are documents waiting for your signature. Simply log in to the online banking area and follow the simple instructions. It's that easy!

Additional benefits

• An alternative to calling in to our office
• Reduction in paper usage
• Meets compliance standards for the prevention, detection and investigation of fraud.

If you would like to apply for a loan online and try it for yourself, please click here

Under current limits set by the Central Bank:

• First-time buyers can borrow up to 4 times their gross income.
• Second/subsequent buyers can borrow up to 3.5 times their gross income.
• You can borrow up to 90% of the value of the property.

Your overall monthly loan repayments, including your Mortgage and other financial commitments such as car loan or credit cards, cannot exceed 40% of your net monthly income.

Our mortgages can be for terms of up to 35 years.

Our job is to guide you and give you friendly, professional help every step of the way. We will discuss your requirements and look at how we can package the ideal mortgage for you. We prepare the application and take the hassle out of the whole process.

Credit unions are flexible with regard to repayment plans, though there are some legal limitations to length and amount of loans. The member will be advised on the best repayment plan to meet their own circumstances. Ten years is currently the maximum loan term although five years is the recommended norm. Should a member experience difficulties in meeting repayment commitments, they should immediately contact us and we can talk in confidence about the situation. Depending on circumstances, the loan will be renegotiated if possible.

There are no penalties associated with clearing your loan quicker than agreed.

Loans are subject to approval. If you don't not meet your repayments your account will go into arrears. This may affect your credit rating , which may limit your ability to access credit in the future.

Once we have all the paperwork in place, we aim to give you a decision followed by your Approval in Principle generally within 2 weeks.

Switching your mortgage to Clonmel Credit Union could reduce your monthly payments and save you thousands.

Email us on mortgages@clonmelcu.com, call Richard on 1800 945 987 or call into us for an initial chat at our Parnell Street, Clonmel branch.

If you would like to download the checklist of information that may be required, you can download the form by clicking here

Your financial situation may have changed in recent years, and you may have fallen into arrears on your mortgage repayments, or you may be concerned about falling into arrears in the future. Whatever the cause of your financial problems, Clonmel Credit Union is committed to supporting you if you are in financial difficulty.

Our guide is designed to help you understand the Mortgage Arrears Resolution Process (MARP) and what support is available to you. We provide it to help members who think they may be in financial difficulty, those already in difficulty and those who are currently in an agreed arrangement with their mortgage. We want to assure you that we are committed to helping you with any repayment difficulties you may have, treating you fairly, and finding the most appropriate solution to best suit your circumstances.

• Download Mortgage Arrears Resolution Progress Leaflet

ADULT ACCOUNT

1. Confirmation of your identity-,
   • Valid Passport
   • Valid Driving licence
   • Please Note that only valid passport and card form driving licence can be used when joining online.
2. Confirmation of your address- (dated within the last six months), typical forms of address proof are:
   • Utility bill i.e. telephone, gas, electricity, broadband, etc in your own name
   • Bank statement or statement from regulated financial institution (other then Clonmel Credit Union)
   • Motor/ household insurance statement
   • Dated document from a government department
3. Confirmation of your PPS number-
• Revenue Letter
• P60
• Payslip
• European Health Insurance card

For Juvenile (16 years and under) we require the Child’s birth certificate or Passport and PPS number printed on an official document. Plus proof of address dated in the last 6 months and valid photo ID for the adult (eg parent / guardian) opening the account with the child.

Who can open an account for a child?
If the child is 7 years or older, the child must come into the Credit Union with an adult and open the account themselves. If the child is under 7 years old, the account can be opened by a third party, e.g. parent, grandparent. If a third party, other than a parent, opens the account then they can nominate one of the parents (named on the birth certificate) to operate the account, until the child reaches 7 years old. Where the third party does not wish a parent to be nominated, then only lodgements can be made on the account until the child reaches 7, i.e. no withdrawals can take place.

Withdrawing funds from a child’s account
Money in a child’s account is the sole property of the child and no other person (including the parent/guardian or person who originally opened the account) is entitled to use this money for his/her benefit. Who can withdraw from the child’s account depends on the age of the child:

• If the child is 12 to 16 years old, the minors themselves are the only ones that can sign for a withdrawal. It is not necessary for the child to be accompanied by an adult.
• If the child is 7 to 11 years old, they are the only ones that can sign for a withdrawal but they must be accompanied by either the originator of the account, or the parent/ guardian that was designated by the originator.
• If the child is under 7 years old, then the parent/ guardian (if they opened the account) or the parent/ guardian named by the third party who opened the account, is the only person that can withdraw from the account.

The club must name at least 2 club members to act as signatures for the account.

We require the club to provide:

• Letter detailing the purpose of the account and who the designated signatories will be.
• A set of rules for the club ( Where rules Exist )

Each Signatory will be required to provide the following:

• Photo ID in Date ( Driving Licence, Passport)
• Proof of Address within the last 6 months (Utility Bill, Bank Statement )
• Proof of PPS Number ( Medical Card, Payslip)
• Please note that the public service card cannot be accepted for Photo ID or Proof of PPS.

All Signatories need to be present for opening club account.

Membership subject to approval.

You must reside or work within a 20 mile (32km) radius of the Clonmel Credit Union building in order to join the Clonmel Credit Union.

Evidence of employment may be required if you are relying on your place of work to meet the common bond requirements.

A person can also qualify for admission to membership of the credit union if they are a member of the same household as, and is a member of the family of, another person who is a member of the credit union who had qualified for membership directly.

Acceptable Proof Documents

ADULT ACCOUNT

1. Confirmation of your identity-,
   • Valid Passport
   • Valid Driving licence
   • Please Note that only valid passport and card form driving licence can be used when joining online.
2. Confirmation of your address- (dated within the last six months), typical forms of address proof are:
   • Utility bill i.e. telephone, gas, electricity, broadband, etc in your own name
   • Bank statement or statement from regulated financial institution
   • Motor/ household insurance statement
   • Dated document from a government department
3. Confirmation of your PPS number-
• Revenue Letter
• P60
• Payslip
• Medical Card
• European Health Insurance card

This is a unique facility for credit union members. Credit unions have a nomination facility whereby if you are over 16 years of age, you can nominate someone to receive the property of your credit union accounts upon your death. This is of benefit if the member dies without leaving a will as the property left in the credit union will not have to pass through the sometimes timely intestacy process.

You may nominate a person(s) of choice to receive your property presently up to a maximum value of €27,000 in Republic of Ireland Any amount in excess of €27,000 will form part of your estate.

• You may change the details of your nomination as often as you like. A completed nomination must be signed and witnessed. Ask in the office and a staff member will help you complete the relevant form and witness your signature. The most recent nomination is the valid nomination.
• A nomination is not revocable or variable by the terms of your will or by a codicil to your will.
• The nominated property does not form part of a deceased person’s estate.
• A nomination is automatically revoked when your nominee dies before you. In this case, you should consider completing a new nomination. If you do not, your property in the credit union may form part of your estate.
• Where your personal circumstances change (e.g. marriage, divorce or separation) you should review your nomination at that time.
• A nomination is automatically revoked by your subsequent marriage.

You may be asked for Photo ID and/or Proof of Address from time to time

We ask for Identification to protect our members, to keep our records up to date and to adhere to our regulatory obligations. Thank you for your cooperation.

1. These instructions only apply where a member has and remembers a current valid PIN. Lost or forgotten PIN requests must be processed separately.

2. Log into online banking through the credit union website (pin management is not available through the app) by clicking on the log in button on our website www.clonmelcu.com

3. Then enter your member number, date of birth and current pin number.

4. Click the “Launch Now” button on the “Online Banking” option or alternatively click “Online Banking” on the left-hand sidebar.

5. At the top of the next page click the “Personal Settings” icon.

6. Click on the “Change Pin” option. This will result in a six-digit code being sent to the app on your phone. If you do not have the app read next step.

7. A white screen called “Authentication Required” will appear where six red boxes will be provided. A six-digit authentication code will be sent to the app on your phone. Please enter this six-digit code into the red boxes provided. Where you do not have the app and would prefer a text message, on the “Authentication Required” screen please click on the text below the six red boxes worded as follows "Click here if you do not want to install the mobile app or do not have a smart device". This will result in a text message being sent to your mobile phone with the required six-digit code (instead of sending it to the app).

8. On the next screen you must enter your current pin once and then your proposed new pin twice separately in the boxes provided for confirmation purposes. Then hit “Save”. Your new pin has been saved successfully and is immediately operational.

9. In the “Personal Settings” area the following information, preferences and settings can also be managed

- Marketing Preferences

- Obligatory communications (E-AGM and E-statement)

In today’s digital age, the transfer of money electronically has become a common practice, facilitated by the convenience and speed it offers. However, with the rise of digital transactions, there also comes the need for heightened security to protect against fraud and unauthorized access. This document provides comprehensive information on how to safely transfer money electronically in Ireland, focusing on best practices, regulatory frameworks, and the role of financial institutions.

Electronic Money Transfers (EMTs) allow individuals and businesses to transfer funds from one account to another without the need for physical cash. This can be done through various methods such as bank transfers, online payment services, and mobile banking apps. In Ireland, some of the commonly used electronic fund transfer systems include SEPA (Single Euro Payments Area) transfers, SWIFT (Society for Worldwide Interbank Financial Telecommunication) transfers, and local interbank transfers. The credit union uses the SEPA system.

Ireland's financial system is regulated to ensure the security and integrity of electronic money transfers. The Central Bank of Ireland oversees the implementation of European Union directives and regulations to safeguard financial transactions. Key regulations include:

· Payment Services Directive 2 (PSD2): This EU directive enhances the security of electronic payments by enforcing strong customer authentication and secure communication.

· General Data Protection Regulation (GDPR): This regulation ensures the protection of personal data, which is crucial for maintaining privacy during electronic transactions.

· Anti-Money Laundering (AML) and Counter-Terrorism Financing (CTF) Regulations: These regulations require financial institutions to monitor transactions for suspicious activities and report them to the relevant authorities.

To ensure the security of your electronic money transfers, it is essential to follow best practices and guidelines:

Use Trusted Platforms

Always use reputable and trusted platforms for electronic money transfers. Ensure the platform is regulated and has a history of secure transactions. Look for security features such as encryption, two-factor authentication, and secure login methods.

Verify Recipient Information

Double-check the recipient’s account information before initiating a transfer. Ensure that the name, account number, and bank details are accurate to avoid transferring money to the wrong account.

Enable Security Features

Take advantage of the security features offered by your bank or payment service provider. This includes setting up strong passwords, enabling biometric authentication, and receiving transaction alerts via SMS or email.

Monitor Your Accounts

Regularly monitor your bank statements and account activities for any unauthorized transactions. Report suspicious activities to your bank immediately.

Use Secure Internet Connections

Avoid using public Wi-Fi networks when conducting electronic money transfers. Use secure and private internet connections to prevent unauthorized access to your financial information.

Financial institutions in Ireland play a crucial role in ensuring the security of electronic money transfers. Banks, Credit Unions and payment service providers implement various security measures to protect their customers' funds, including:

• Fraud Detection Systems: Automated systems that monitor transactions for unusual activities and flag potential fraud.
• Customer Education: Providing customers with information and resources on how to protect themselves from fraud and unauthorized transactions.
• Secure Communication Channels: Ensuring secure communication between the financial institution and the customer, such as secure online banking platforms.

While electronic money transfers are generally safe, they are not without risks. Common risks include:

Phishing Attacks

Fraudsters may attempt to steal your financial information through fake emails, websites, or messages. Always verify the authenticity of communication from your bank and avoid clicking on suspicious links.

Account Hacking

Unauthorized access to your bank account can lead to financial loss. Use strong passwords, change them regularly, and enable two-factor authentication to protect your account.

Identity Theft

Ensure that your personal information is protected. Be cautious about sharing your financial details online and shred any documents that contain sensitive information before disposal.

Human Error

Mistakes in entering recipient information can result in funds being sent to the wrong account. Always double-check the details before confirming a transfer.

Safely transferring money electronically in Ireland involves a combination of using trusted platforms, following best practices, and being aware of potential risks. By adhering to the regulatory frameworks set by the Central Bank of Ireland and implementing robust security measures, individuals and businesses can enjoy the convenience of electronic transfers while minimizing the risk of fraud and unauthorized access. Always stay informed about the latest security practices and remain vigilant to protect your financial well-being.

Credit union members can rest easy in the assurance that their savings are safe. Credit Unions in Ireland, which are affiliated to the Irish League of Credit Unions, are secured in several ways:

Saving for individual members up to €100,000 are protected under the Deposit Guarantee Scheme. For further info on DGS, contact 0818681681 or visit www.depositguarantee.ie.
Clonmel Credit Union operates a cap on savings of €100,000 per member. Members can lodge a maximum of €10,000 in cash per quarter. This limit does not apply to electronic transfers.
All officials of credit unions, whether volunteers or staff, must be fidelity bonded.
Members savings within certain limits are insured through Life Savings Insurance.
All monies received in the credit union are properly recorded and lodged regularly.
Full financial statements are prepared and can be examined by members.

*payment of dividends are not guaranteed

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For Juvenile (16 years and under) we require the Child’s birth certificate or Passport and PPS number printed on an official document. Plus proof of address dated in the last 6 months and valid photo ID for the adult (eg parent / guardian) opening the account with the child.

If the child is 7 years or older, the child must come into the Credit Union with an adult and open the account themselves. If the child is under 7 years old, the account can be opened by a third party, e.g. parent, grandparent. If a third party, other than a parent, opens the account then they can nominate one of the parents (named on the birth certificate) to operate the account, until the child reaches 7 years old. Where the third party does not wish a parent to be nominated, then only lodgements can be made on the account until the child reaches 7, i.e. no withdrawals can take place.

Money in a child’s account is the sole property of the child and no other person (including the parent/guardian or person who originally opened the account) is entitled to use this money for his/her benefit. Who can withdraw from the child’s account depends on the age of the child:

• If the child is 12 to 16 years old, the minors themselves are the only ones that can sign for a withdrawal. It is not necessary for the child to be accompanied by an adult.

• If the child is 7 to 11 years old, they are the only ones that can sign for a withdrawal but they must be accompanied by either the originator of the account, or the parent/ guardian that was designated by the originator.

• If the child is under 7 years old, then the parent/ guardian (if they opened the account) or the parent/ guardian named by the third party who opened the account, is the only person that can withdraw from the account.