Frequently Asked Questions
Q) Why should I join TUI Credit Union?
A). TUI Credit Union exists to serve the members of TUI and their families as a
co-operative on a not- for- profit basis.. The members own the Credit Union and have a say in how it should be run. In this era of bank bailouts, the co-operative and voluntary ethos of credit unions may point our way to the future.
Q) What are the main advantages of membership?
A) Loans at fair and affordable rates.
Steady growth in savings
Free life protection on savings and loans.
Deduction at source from salary (D.A.S.) .
Interest paid only on outstanding balance. As loan decreases so does interest.
No penalties for early repayment of loan
Dedicated to providing the best financial service to members.
Q) I am already a member of a local credit union. Can I join TUI Credit Union?
A) Certainly. As a TUI member you are entitled to join both - and can transfer shares between accounts.
Q) What happens if I want to withdraw my savings?
A.) Savings may be withdrawn on demand, provided they are not already offered as security for a loan. However, keeping some savings in your account allows you to avail of life assurance and death grant. Membership is a commitment to the co-operative and is rewarded in the long term.
Q) Who runs TUI Credit Union?
A ) TUI Credit Union is run by a voluntary board of directors, elected by members at the AGM. All members are invited to attend. Day to day services are provided by our staff - Madeleine, Nadia and Fiona.
Q) Can you arrange loans and repayments to suit my particular needs?
A). Yes. We advise members on repayment schedules suitable to their particular needs. Members are advised to contact us immediately if there is a change in their personal circumstances, affecting loan repayments.
Q) How do I contact TUI Credit Union?
A) Just ring 1850 741600 at local rates or 01 4266060. You can also look us up on our website. www.tuicu.ie or email tuicreditunion@eircom.net
.net Of course you can also call to our new offices at Ballymount, Dublin 12. just off the M50. ( see map)
Q) How do your rates compare with banks?
A) See for yourself!
Based on a Loan of 13,000 over 36 Months.
| Institution |
Rate Type |
APR % |
Monthly
Repayments |
Total Cost
Of Credit |
| TUI Credit Union |
Fixed |
5.99% |
394.50 |
1202.00 |
| Acc |
variable |
11.46% |
425.10 |
2,303.60 |
| AIB |
variable |
11.35% |
424.39 |
2,278.04 |
| Bank Of Ireland |
variable |
13.00% |
433.37 |
2,601.32 |
| National Irish Bank |
variable |
11.47% |
425.14 |
2,305.04 |
| Permanent TSB |
variable |
10.60% |
420.08 |
2,122.88 |
| Ulster Bank |
variable |
11.90% |
427.31 |
2,383.16 |
1. Quote based on standard rates applicable.
2. All quotations are based on standard rates, cheaper rates may be available depending on individual circumastances.
Source: http://www.itsyourmoney.ie 19th March 2010
Q) Are Credit Union shares like bank shares?
A) No. They are quite different. Unlike banks, all members- both savers and borrowers, are shareholders. Members shares act as part security on loans- unlike banks. In the event of death, shares may be doubled and a death grant is paid out to help relatives with funeral costs-banks do not do this. Terms and conditions apply.
Q) Do shares attract a dividend?
A) Shares do attract a dividend - that is, a share in Credit Union profits, as bank shares do; but your shares cannot be wiped out. They are safe and under Government guarantee, unlike Bank shares. |
05 September 2010
