# Credit union wont take cash!!



## deco87 (4 Oct 2020)

I have my apartment for sale. I have a credit union account for a number of years .
I expect , in around 125 k , or around.
I enquired with the credit union if they would take the money in due course and they said no !!!
I had thought that they would take deposits up to 100 k ( minus shares already saved) up to the 100k ( government guarantee) ?
Where can I put these funds where they will be safe ? I intend to use it rather quickly to purchase another property. 
appreciate any advice . Thanks


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## NoRegretsCoyote (4 Oct 2020)

A bank.


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## Monbretia (4 Oct 2020)

Quite a few credit unions have limited their deposit account limits recently as they have no use for all the extra cash and it's costing them money to mind it!

My own has reduced their limit to 50k last year and down further this year to 30k


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## deco87 (4 Oct 2020)

Ok thanks a lot bank at 100k and credit union 30 maybe should do it thanks


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## WizardDr (5 Oct 2020)

You might read my post in the 10% Reserve Ratio column


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## PMU (5 Oct 2020)

As provided by art. 6 para. 2 of EU Directive Directive 2014/49/EU, as recast, on deposit guarantee schemes: “2.  In addition to paragraph 1, Member States shall ensure that the following deposits are protected above EUR100,000 for at least three months and no longer than 12 months after the amount has been credited or from the moment when such deposits become legally transferable:

(a)    deposits resulting from real estate transactions relating to private residential properties;

(b)     deposits that serve social purposes laid down in national law and are linked to particular life events of a depositor such as marriage, divorce, retirement, dismissal, redundancy, invalidity or death;

(c)    deposits that serve purposes laid down in national law and are based on the payment of insurance benefits or compensation for criminal injuries or wrongful conviction.  https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX:32014L0049

So the Deposit Guarantee Scheme covers your deposit if it is above 100,000 for at least 3 months and up to 12 if it results from a transaction relating to a private residential property.   You could check with the Central Bank that administers the DGS in Ireland on how long the maximum duration is in Ireland.    Then make certain your deposit is lodged with a covered institution and is a protected deposit within the meaning of the DGS.


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## NoRegretsCoyote (5 Oct 2020)

PMU said:


> So the Deposit Guarantee Scheme covers your deposit if it is above 100,000 for at least 3 months and up to 12 if it results from a transaction relating to a private residential property.



The implementing measure for Ireland seems to specify a period of *six months*.


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## PMU (5 Oct 2020)

NoRegretsCoyote said:


> The implementing measure for Ireland seems to specify a period of *six months*.


.  Thank you for bringing this to our attention.  This is an important point of which depositors of amounts in excess of 100,000 need to be aware.  If you are depositing a 'temporary high balance', e.g. proceeds from the sale of a private residence, in Ireland you are covered "up to a limit of €1 million for 6 months after that amount has been credited or from the moment when such deposits become legally transferable."


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