Become a Member
Our credit union is for people, not for profit!
A credit union is a group of people who save together and lend to each other at a fair and reasonable rate of interest. Credit unions offer members the chance to take control over their own finances by making their own savings work for them. Every Credit Union is owned by the members – the people who save & borrow with it, each of whom has one vote (once aged 16 or over) - regardless of how much or how little they have saved.
The Credit Union exists only to serve its members. When you save with the credit union you contribute to your credit unions loan fund – in effect by saving you are helping other members – members like you.
The Credit Union is an organisation run for people, not for profit. Any surplus income generated is either returned to members by way of a dividend on your savings, and / or is directed to improved or additional services required by the members.
Credit unions differ from banks and other financial institutions in that the members who have accounts in the credit union are the owners of the credit union and they elect their board of directors in a democratic one person-one vote system regardless of the amount of money invested in the credit union.
Our Common bond
Each credit union serves members drawn from particular area or group - this is known as a common bond. For many credit unions that common bond is the area they live in. For others the common bond might be the occupation members work in, the employer they work for or, perhaps, members are drawn from a society or association. This common bond is what enables members to know and trust one another. Our common bond is the County of Longford excluding Lanesborough, and including Streete and Rathowen.
Members of a credit union enjoy many benefits, including:
No fees - Free Services - Convenience - Community Benefits
- There are no account fees, maintenance costs or charges
- We offer a wide range of financial services with a variety of discounts for members - Car/Home & Holiday Insurance through CoverU.ie and group member discount for private health cover
- Competitive loan interest rates
- You own the credit union, one vote (equal say) per member at AGMs regardless of how much you have in shares.
- Pay into your savings or pay off your loan by standing order, salary deduction or Debit Card
- Loan Protection and Life Savings Insurance at no direct cost to eligible members
- Nomination of your accounts - See the Savings Section for more detailed information.
- Friendly personal service.
- The knowledge that your savings are being used for the benefit and development of your community
Joining is Easy! To be eligible for membership of Longford Credit Union you must be living or working within our common bond area.
The common bond area for Longford Credit Union is the county of Longford, excluding Lanesborough and including Streete and Rathowen.
You need to present 3 forms of identification to join and a minimum of €7 is needed to open an account and keep it activated.
Three forms of identification. One form of ID from each of the sections below is required:
1. Evidence of ID: For example a current valid Passport or Drivers Licence
2. Evidence of Address:
Permanent address will be established with reference to any one of a
- Utility bill, e.g. telephone/Broadband (but NOT mobile phone bill), electric, gas. issued in last 3 months
- bank or credit card statement issued in last 3 months
- Current household or motor insurance certificate,
- Local authority document, e.g. rent or mortgage statement, issued in last 3 months
- Revenue or Department of Social Protection documentation showing name address & PPSN issued in last 3 months
- Letter from a recognized school or college (for students only).
3. Evidence of PPS Number: For example document from the Department of Social Protection or the Revenue Commissioners.
If you do not hold any of the above, please contact our office and we can further advise.
To Open A Minor Account (Up To Age 16) The Following Is Required:
Evidence of ID: Child’s original birth certificate and passport if available.
Evidence of PPS Number: This must be presented on official documentation. This is normally issued by the Dept. of Social & Family Affairs.
Photo ID and proof of address (as per above) of the Parent or Guardian who is opening the account on the child’s behalf.
Children aged 7 years and over must be present along with Parent or Guardian to complete the membership form.
Please note the following operating principles in relation to minor accounts:
Prior to the minor’s 7th birthday, withdrawals on an account in the sole name of a minor must be made by either the parent/guardian named on the account opening documentation*, signing either alone or with the minor.
After the minor’s 7th birthday, withdrawals on his/her sole account require the signature of both parent and minor.
*or such other person who has been subsequently made an authorised signatory
Once the minor reaches the age of 13, (s)he is authorized to
- Make withdrawals without limitation only on the basis that they present with their pass book
Once the minor reaches the age of 16, (s)he is authorized to
- Remove any other signatories on the account
Members pay a €1 fee to join our credit union and do not pay transaction or other fees.
A minimum share balance of €7 is required to open an account and to retain membership
For any other queries please contact a member of our friendly staff who will be happy to help.
We look forward to seeing you
You will be asked to fill out a nomination form when you are opening your account. This allows you to nominate the money in your account, in the event of your death, to whomever you choose, up to a certain limit.