BELOW ARE SOME OF THE MOST COMMONLY ASKED QUESTIONS BY NEW AND EXISTING MEMBERS ALIKE.

If you have any further questions, you can contact the officce where our staff would be more than happy to help.

What services does the Credit Union offer me?

SAVINGS (SHARES)

• Members can save with their Credit Union in the form of
  Regular / Special Share Accounts.
  These are the ordinary savings accounts.

• Also, new to citybus employee's credit union in the past year, we have introduced a CUCASH Account.

• Do I receive interest on my savings?

Yes, the surplus each year is distributed back to the members in the form of a dividend which is paid to the member's share account.

• Is tax deducted from my dividend?

If you are eligible to pay tax, your dividend is liable to D.I.R.T. Tax. If you have a special share account and/or a CUCASH account, the tax is deducted automatically, forwarded to the Revenue on your behalf, and you have no further tax liability.
If you have a regular share account, any dividend earned must be declared to the Revenue by you personally in your Annual Tax Return.

• Are my savings secure?

Yes, your savings are protected in your credit union under the
SAVINGS PROTECTION SCHEME of the IRISH LEAGUE OF CREDIT UNIONS.
This is a free service provided by the credit union, available to all members.

Your savings are also secured under the GOVERNMENT GUARANTEE SCHEME,  whereby savings of up to €100,000 are guaranteed.

An auditor and Supervisory Committee are elected each year at the AGM to monitor and help protect member's interests.
All directors, supervisors and staff are fidelity bond yo protect against fraud.

Finally, Citybus has a policy of maintaining very strong reserves to ensure financial stability.

• What is a CUCASH Account?

As and from 1st February 2009, Citybus have offered members the opportunity to open a CUCASH Account.
A CUCASH Account is an instant access deposit that earns interest every month, just like regualr and special share accounts.
The interest payable will be 1& per annum and will be set yearly as in the case of the dividend. All deposit accounts are subject to D.I.R.T. Tax.

Members can lodge and withdraw savings from this account at any time, as they are not held as collateral against a loan.
There are NO PENALTIES and NO CHARGES for this service.

PLEASE NOTE THAT THIS ACCOUNT CANNOT BE USED TO FINANCE A LOAN. ALSO, IF YOU HAVE A LOAN, YOU MUST CONTINUE TO SAVE AT LEAST €10 PER WEEK TO MAINTAIN YOUR SHARE TO LOAN RATIO.

LOANS:

• How do I apply for a loan?

Members can apply for a loan ina variety of different ways;

1. Online at www.citybuscu.ie. To apply, members must firat register with us for a pin number, all details of which are on the websites homepage. Please note, you will need an valid email address.
2. By calling the office on 01-7031328 / 01-7031345
3. By calling into the office and making the application with a member of staff.

• How much can I borrow?

Tha maximum size of a loan is based on various factors such as;

1. Your savings and loans record
2. The purpose of the loan
3. Your ability to repay
4. Personal circumstances
5. Current lending procedures and policies of the Credit Union.

• How do I repay my loan?

As per our policy, all accounts must be paid through Payroll deduction

The amount deducted may only be amended by calling to our offices in person and signing the relevant paperwork.

At present, Citybus can offer a maximum of either 3 times what a member has in their Regular/Special Shares, or €10,000 above their shares, whichever is the least amount. For more information, contact the office.

Please note, when a member is being considered for a loan over €12,000, they must provide pay slips, bank statements and proof of address to support their application, as per our policy.

ADDITIONAL SERVICES;

• What is a Budget Account?

A Budget Account is a service offeres by th credit union to help the member budget for their household bills for the year ahead.
It takes the hassle out of bill paying, and allows us to do the work for you.

Members would need to call to the office for a form which has details of all your outgoings, i.e. mortgage, ESB, Gas....The member then works out how much these bills cost on a yearly basis and then divides the total amount by 50.
This gives you a weekly payable amount. A 5% contingency is recommended to cope with unforeseen bills or any increases.

There is a service charge of €50 per year. The budget account can be opened on a quarterly basis, in January, April, July and October. Forms are available from the office.

This is a highly popular service among our members as it gives them peace of mind that their bills will be paid on time, hassle free.

For more information, please contact the office.

• What is Paypoint?

This is another service offered by Citybus for the members covenience. Why go further when you can pay your bills in the credit union?

You can top up your mobile (for which there is no surcharge); pay your ESB, Gas, NTL, Eircom, Bin Charges and more.

There is no charge for this service.

• Do you provide Foreign Currency?

Yes, the credit union buys and sells all foreign currecy.
Sterling and US Dollars are generally available on the day; unless it is a large amount, for which we may need notice.
If an order is placed before 12 noon, the currency is generally available the follwing working day.
All orders placed after 12 noon will usually be in the office within 2 working days.

Commision is charged at 1.5%.

• Do you provide EFT (Electronic Fund Transfer)?

At present we do not have this facility, however we do hop to have this service up and running by June (2010)

When a member is collecting a loan or share withdrawal, the money can be lodged directly to their bank account.
This is a safe, simple and convenient method of transferring money. If your E-Cheque is processed before 12 noon, it can be in your account the next day. (max 3 days)

To avail of this new service, members will need to provide us with their bank name, account number and sort code.

We will keep our members informed of the progress of this new service and when we hope to have it up and running.

If you have any other queries, please do not hesitate to contact the office where we will happily assist you.

Citybus Employee's Credit Union Ltd.