Some CUs now pass details onto the ICB. See [broken link removed].Historically, you were not obliged to provide details of CU loans to mortgage providers etc - don't know if this is still the case.
Historically, you were not obliged to provide details of CU loans to mortgage providers etc - don't know if this is still the case.
See my first post above.This was definitely the case in the past - dont know if it still is? Id be interested to find out if anyone knows the answer.
Was it not the case at one state that dividends and/or interest paid by the CU was better than that available from other financial institutions? Not the case now when you compare CU dividend/interest returns with high rate deposit rates on offer from the banks etc.
Don't they double the savings of a deceased member and pay it to the next of kin or something like that?
Don't they double the savings of a deceased member and pay it to the next of kin or something like that?
However, in the light of these two complaints the Ombudsman took the view that the circumstances of these cases raised wider questions of public policy in that the Nomination system may be unfair to people, such as surviving spouses. In effect the system could be used to deprive a surviving spouse of his/her statutory rights under the provisions of the Succession Act 1965.
In these circumstances the Ombudsman decided to refer the issue to the Registrar of Credit Unions (the Financial Regulator) so that full consideration could be given to the public policy issues raised arising from the circumstances disclosed by these complaints.
Was it not the case at one stage that dividends and/or interest paid by the CU was better than that available from other financial institutions? Not the case now when you compare CU dividend/interest returns with high rate deposit rates on offer from the banks etc.
Don't they double the savings of a deceased member and pay it to the next of kin or something like that?
I don't believe that this is necessarily or actually the case. Many CUs have been paying dividends of c. 3% in recent years. Many banks offer better than this even on demand deposits.If so the simple answer is money is available on demand over the counter at a better rate of interest from the Credit Union.
Comparing a CU account to a current account is not a fair comparison. Most CUs don't offer current account facilities (e.g. ATM withdrawals, Laser/debit cards, chequebook, DDs/SOs, online access, call centre assistance etc.). A fairer comparison would be with a bank savings account and there are many of these that offer much better rates than most CUs. And there are even some current accounts now that offer a better rate of interest on limited cleared balances than the CU!They were better than most banks for interest (still are better than most ordinary current accounts).
Surely if you wanted to empty (but not close) your bank account you bank would issue a cheque so it would be the same as the CU on that score?They allow any size withdrawls without notice. Granted it's not cash but when I needed a cheque for the deposit on my house I had no trouble. My bank only allows me to move 5000 online every day, probably less if I went in looking for cash.
No - just that most people ignored the tax issues and evaded tax. Only in recent years has partial tax exemption on special term accounts (offered by the CUs and other financial institutions) with access restrictions been introduced.If I remember correctly the interest on savings was DIRT exempt at one point or at least a portion of it was.
I only got 2% this year in my CU...so I`m outta there next week.No real reason to save with CU now unless you`re planning to pop your clogs soon!I don't believe that this is necessarily or actually the case. Many CUs have been paying dividends of c. 3% in recent years. Many banks offer better than this even on demand deposits.