General FAQs
The common bond is the factor which unites the members of a Credit Union together i.e. those that are living, working or studying within a 15 mile radius of Ballinasloe Credit Union. It ensures that the savings of members in the community are available to fellow members as loans.
You can see a map of the BCU Common Bond here.
To join us you will need to provide proof of address (bank statement or utility bill), dated within 3 months of account opening, and photographic ID (passport or driving license).
You can download an entry form which is available in the (services-members prize draw) section or click here. Entry forms are also available at our office on Main Street. Once you join, €4 will automatically be taken from your account every quarter, subject to the member having a minimum of €14 in their shares at the time of the withdrawal.
Full terms & conditions apply. Click here for more information.
To exit the Prize Draw you must inform us in writing, by filling in our Prize Draw Decline Form. Click here to download the form.
We strive to deliver the best possible service at all times. However, things may go wrong from time to time. We welcome feedback and complaints from our members so that we can improve our service to you, our members.
If you wish to make a complaint, you can contact us by email at info@ballinasloecreditunion.ie , in writing to our office on Main Street or click the following link for the complaints procedure form.
A full overview of our office opening hours can be found here.
Monday – Friday from 9.30 am – 5.30 pm, Saturday 9:30 am – 4.30 pm. We don’t close for lunch.
Outside of these hours, you can email info@ballinasloecreditunion.ie and we will respond to your query in due course.
From time to time these hours may change slightly to allow for staff training, bank holidays, or extenuating circumstances. If you are unsure if our office may be open on a certain date, you can check the news section of our website. Any office closures will be detailed here.
Your new PIN number will be sent to you by secure SMS, so it’s important that you have your contact details up to date. Once you have received your PIN, you can login to CU Online right away. You will also receive a One-Time Passcode (OTP) to your mobile number each time you login for enhanced security.
With Online Banking you will be able to transfer funds, view and print statements, and check account balances.
All Ballinasloe Credit Union accounts are eligible for free online access. You can register for online access to your account at the link below.
Please note that proof of ID and proof of address need to be up-to-date to allow members to transfer funds electronically.
Our Common Bond
Loan FAQs
At Ballinasloe Credit Union, loan approval is solely based on your ability to repay a loan.
With each application, we take into consideration your income and outgoings, and base your ability to repay the loan on these figures.
The maximum personal loan amount is €75,000. Mortgages are also available which have a larger limit.
No, you only need €10 in your savings account to apply for a loan, and can apply for a loan as soon as you join. We approve loans based on an ability to repay, not your savings record, or length of membership.
Members can apply for a loan in various ways – in our office, online via our website application or online through CU Online.
While some loan applications require more documentation than others, below is a general idea of what you will need to provide before we can process your loan application.
- Three months bank statements
- Photo Identification (Current Drivers License or Valid Passport)
- Proof of Address (Proof of Address dated within last 3 months)
- Evidence of PPS Number (Public Services Card not accepted)
- Proof of Income*
If you’re employed: three concurrent recent payslips
If you’re self-employed: Tax returns for the last 2 years and Tax Clearance Certificate
If you’re retired: proof of pension (receipt or bank statement)
If you’re unemployed: proof of social welfare payments (receipt or bank statement)
*additional paperwork may be required
You can join Ballinasloe Credit Union and apply for a loan straight away. Loan approval is based solely on your ability to repay the loan. If you are unsure, it’s best to apply for a loan, and we can advise you as to your options.
Generally, we will be back to you with a decision within 2 working days. To speed up the process, make sure you have the relevant paperwork.
Your credit rating gives us a good indication of the kind of borrower you might be. However your credit rating isn’t the only factor we take into account when approving or refusing a loan. A less than ideal credit rating does not automatically result in loan refusal.
Yes, although we cannot give you any assurances that our original decision will be overturned
You should submit your appeal in writing and supported by any additional relevant information that was not taken into account at the time of our original decision. Full details of our appeals process can be obtained from our office in Main street of Tel (090) 9643179.
Generally, loan applicants use guarantors if they believe that they will be unable to secure a loan on their own. This might be the case for applicants who have poor credit or no credit history. Individuals can serve as guarantors or can have guarantors for their loans.
The use of a guarantor on a loan application does not ensure that the loan will be approved, because the person who guarantees the loan is considered part of the loan application, so the credit rating of that person must be evaluated along with the loan applicant or applicants. If BCU believe that the guarantor cannot make good on the debt if the primary applicant defaults on the loan, then BCU will not approve the loan. When seeking a guarantor, someone who needs a loan should keep this in mind.
We understand there may be times when something happens in your life that may make it difficult to keep up with your repayments, for example a job loss. The first thing you should do is to contact our Credit Control department or a member of staff who will deal with your case confidentially.
Yes, you can repay your loan at any time without penalty. You can also increase your repayments and pay lump sums off the loan balance if you wish.
A share secured loan allows a member to borrow funds up to the value of their shares. The shares are held as security against the loan. Share secured loans offer a preferential rate of lending. We find they are a great way of protecting your savings, as there is evidence that borrowers find it easier to commit to loan repayments than to restore withdrawn savings.
It is important to understand your credit rating and what supports it. Having a good credit history, paying bills on time and not missing payments will all help give you a good rating.
Savings FAQs
Your savings in Ballinasloe Credit Union are very secure and are backed by strong assets and performing loans. In addition, your savings continue to be guaranteed by the Deposit Guarantee Scheme which guarantees all savings in financial institutions for amounts up to €100,000.
A limit applies to the total amount a member can have in savings in Ballinasloe Credit Union. The limit is based on the member, not the account. So, each member is limited to a maximum of €30,000 savings, whether they are in a single account, joint account or a combination of both Members with less than €30,000 can continue to save up to the new limit of €30,000. If a member currently has over €30,000 in savings, they will not be asked withdraw funds.
In addition, a savings limit €10,000 will apply for all new members and for existing juvenile accounts.
You may withdraw your savings on demand as long as they are not pledged against a loan with Ballinasloe Credit Union. There are a number of options available to you i.e. Cheque, Cash & Electronic Funds Transfers (EFT).
You can lodge or withdraw money as normal if you bring photo ID with you. If you have no photo ID, you can lodge money and we will issue a receipt with no balance details. Unfortunately, it is not possible to withdraw money without photo ID.
We can provide you with a statement of your account on request. Just let us know over the phone or in branch if you need a statement of your account. Annual Statements are also issued to all members in September.
Yes, you can have your wages and any other source of income paid directly into your account.
There is a daily maximum cash withdrawal of €3,000 from our branches.
If you need to withdraw more than €3000 in one day, you can transfer the money using an EFT (Electronic Funds Transfer). We have access to the Bank Clearing System, which means we can perform an EFT to any Euro-designated bank account across the Eurozone. No maximum limit applies to EFTs.
Please note: If your savings are in shares, and you have a loan outstanding with us, you may not be able to access your savings until the loan is cleared.
Online Banking FAQs
To get access to your Ballinasloe Credit Union account online, you’ll first need to register. Once you’ve completed the application, a confirmation email will be sent to the email address you have provided.
Your new PIN number will be sent to you by secure SMS, so it’s important that you have your contact details up to date. Once you have received your PIN, you can login to CU Online right away. You will also receive a One-Time Passcode (OTP) to your mobile number each time you login for enhanced security.
With Online Banking you will be able to transfer funds, view and print statements, and check account balances.
All Ballinasloe Credit Union accounts are eligible for free online access. You can register for online access to your account at the link below.
Please note that proof of ID and proof of address need to be up-to-date to allow members to transfer funds electronically.
If you’re having trouble with Online Banking, you’ll find a full library of FAQs at the link below.