D
Modern Credit Unions do not insist on a savings account minimum balance offset, and indeed this was evident from a few of the recent RTE money programmes.
Perhaps Statler could ring the GM of any main CU like Tullamore, Newbridge, Bishopstown, etc and check his knowledge, then after eating a bit humble pie he or she might enlighten us as to the findings. The stuff on AAM about Credit Unions is inaccurate, but then again so is a lot of other self serving opinions where their is an on-line community need to see the world in a particular way, ie an inbuilt prejudice.
Perhaps scud could check his/ her facts and who actually posted the comments (s)he is referring to, then after eating a bit of humble pie he or she might withdraw that comment.Perhaps Statler could ring the GM of any main CU like Tullamore, Newbridge, Bishopstown, etc and check his knowledge, then after eating a bit humble pie he or she might enlighten us as to the findings.
Scud, you seem very keen on others making phone calls and verifying their comments. Perhaps you might like to present any evidence or facts you have to back up your assertions?I've already done so and I'm challenging you to verify your comments.
Suddenly we've gone from over 12% to 10%
Interest on credit union loans
'Truth in Lending' is the policy of the credit union movement. Normally there are no fees or transaction charges.
By law a credit union cannot charge more than 1% per month in the reducing balance of a loan. This represents an annual interest rate of 12.68% APR. Some credit union may choose to charge even less than this 1% per month or give a rebate of interest to borrowers at the end of the year. 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. Thus the credit union gives you control of your own finances, even when you are a borrower.
Interest on Credit Union Loans
'Truth in Lending', with no hidden costs, is the policy of the Credit Union movement. By law a Credit Union cannot charge more than 1% per month on the reducing balance of a loan. Tullamore Credit Union presently charge 0.75% per month. This represents an annual interest rate of 9.1% APR (annual percentage rate). Credit Unions do not charge fees or transaction charges.
Saving while Repaying
Members are encouraged to continue saving at all times, even when repaying a loan. Remember that even the smallest amount saved regularly grows quickly, and that your savings and loan will be doubly protected by insurance. Savings not only help build up your own fund but also contribute to the Credit Union's fund.
The interest rate is under a percent a month, coming to 0.79% a month and 9.9%APR
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Benefits of saving
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Easy access to your savings if you wish to make a withdrawal (once not pledged against loans)
I wonder will this be covered by IFSRA's report into the way financial institutions passed on rate cuts?
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