General FAQs

What is the Ballinasloe Credit Union common bond?

A credit union’s common bond is the total population eligible to apply for membership.

Ballinasloe Credit Union’s common bond is a 15 mile radius of Ballinasloe:

  • Employees of local companies situated within the common bond area of Ballinasloe Credit Union- Local schools within the common bond area of Ballinasloe Credit Union including primary, and secondary.
  • The existing members of Ballinasloe Credit Union and their families and friends.

If you fall within any of these criteria, you are eligible to join.

You can see a map of the BCU Common Bond here.

What documentation do I need to open an account?

To join us you will need to provide proof of address (bank statement or utility bill), dated less than 3 months of account opening, and photographic ID (passport or driving license).

If you are working in the area we will also need a letter from our employer, verifying that you work in the area.

How can I join the Prize Draw?

You can download an entry form which is available in the (services-members prize draw) section here. Or you can pick up a form 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.

How do I exit the Prize Draw?

To exit the Prize Draw you must inform us in writing, by filling in our Prize Draw Decline Form.

You can find this in (services-members prize draw) or forms section, or in our office on main street.

How can I make a complaint?

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 or in writing to our office on main street.

What are your opening hours?

A full overview of our branch 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 a branch may be open on a certain date, you can check the news section of our website. Any branch closures will be detailed here.

How do I get online account access (Online Banking)?

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.

Can I transfer funds online between my credit union account and my bank account?

Once you have signed up for Online Banking with Ballinasloe Credit Union, you can transfer funds to and from this account online. Please note that transfers can take up to 3 working days to be processed.

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.

Loan FAQs

How much can I Borrow?

At Ballinasloe First Credit Union, loan approval is solely based on your ability to repay a loan. There is no limit to the amount you can borrow based on your savings.

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.

Do I need to have a proven savings record to apply for a loan?

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.

How do I apply for a loan?

Members can apply for a loan in various ways – in our office, online via or website application or online through CU Online.

What documents do I need to apply for a loan?

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 (if you have a bank account)
  • Photo Identification
  • 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

How long do I have to be a member before I can borrow?

You can join Ballinasloe Credit Union and apply for a loan straight away. You don’t need to have any savings with us to be approved for a loan. Loan approval is based solely on your ability to repay the loan. We will also take into account proof savings with other financial institutions. If you are unsure, it’s best to apply for a loan, and we can advise you as to your options.

How long will it take to get approval on my loan?

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.

How will my credit rating affect my loan application?

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.

Can I appeal against the loan decision?

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.

Why are Guarantors used?

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.

What do I do if I miss a payment?

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.

Can I repay my loan early?

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.

What is a Share Secured Loan?

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.

How can I improve my credit rating?

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

Are my savings secure with Ballinasloe Credit Union?

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.

What is the saving limit?

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.

What return can I expect on my savings?

Subject to the approval from the Board of Directors a dividend is paid on savings usually in December of each year. This percentage is dependent on the financial success of our credit union during the past year, after accounting for statutory obligations and other relevant factors. The Board may also decide not to pay a dividend at the end of the financial year and retain this funding in the credit union reserves for future expenditure.

Can I withdraw my savings at any time?

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).

I don’t have my book. Can I lodge, or take out, money without it?

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.

How do I get a statement of my account?

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.

Can I have my wages or social welfare paid into my account?

Yes, you can have your wages and any other source of income paid directly into your account.

Is there a limit to how much money I can withdraw from my shares?

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.

How can I get my IBAN and BIC?

Your BIC and IBAN number are printed on every transaction receipt. Alternatively, you can call us at any time and we can give you your IBAN and BIC.

Online Banking FAQs

How do I get online account access (Online Banking)?

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.

Can I transfer funds online between my credit union account and my bank account?

Once you have signed up for Online Banking with Ballinasloe Credit Union, you can transfer funds to and from this account online. Please note that transfers can take up to 3 working days to be processed.

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.

Do you have a smartphone app?

Yes, we have an App which allows you to access your account on the move. Just search Ballinasloe Credit Union mobile your App Store and download.

I need help with Online Banking

If you’re having trouble with Online Banking, you’ll find a full library of FAQs at the link below.

https://live.cuonline-ebanking.com/screens/help.html