Credit Union deposit of cheque limit of €3500

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bestestimate

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Got a bit of a lump sum , a cheque for €4 k so I said I'd stick it in my local credit union account for a rainy day. The teller told me that they could only accept cheques for €3500 or less . Is this common practice ?
 
bestestimate said:
Got a bit of a lump sum , a cheque for €4 k so I said I'd stick it in my local credit union account for a rainy day. The teller told me that they could only accept cheques for €3500 or less . Is this common practice ?
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Yes. A lot of credit unions have monthly savings limits of €3,500 a month. It’s probably that rule.
 
My local CU had a deposit limit of €2000 during c19 and a limit of €20k total.
They now have lifted the 2k limit to €3k monthly and the credit limit too €30k.
Still no dividends on shares though.
 
That seems mad.
So higher paid people could not use it as their main bank as if their salary exceeded €3k , they couldn't lodge it?

I have long said that they should have a limit on the amount of savings people could have, but I thought it should be a cumulative limit and not a lodgement limit.

Brendan
 
No they couldn’t lodge over €3k in one month.
If you had over €20k they first wrote out asking you to withdraw anything over the limit.

It seems during c19 they were awash with cash hence the limits but no with the increase in interest rates,they have upped the limits so members can lodge more with them.
 
Brendan Burgess said:
That seems mad.
So higher paid people could not use it as their main bank as if their salary exceeded €3k , they couldn't lodge it?

I have long said that they should have a limit on the amount of savings people could have, but I thought it should be a cumulative limit and not a lodgement limit.

Brendan
Click to expand...
The savings limit is normally on the savings acc and does not apply if you have a current acc with the credit union.
 
Cavanbhoy said:
The savings limit is normally on the savings acc and does not apply if you have a current acc with the credit union.
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Just rang my local Credit Union. Same limits apply for current account with them. €3500 maximum per month ,with a limit of €10000 deposit per anum.
 
bestestimate said:
Just rang my local Credit Union. Same limits apply for current account with them. €3500 maximum per month ,with a limit of €10000 deposit per anum.
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Sure that's a waste of time as a current account. I wonder do they make that clear at account opening? You'd wonder why they are bothering with current accounts at all if that's the approach.
 
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