Each share you hold in your Credit Union is equal to €1. You will need to hold a minimum savings of ten shares (€10) to keep your account activated. Members enjoy equal rights to vote (one member, one vote) and participate in decisions affecting the credit union.

The maximum savings amount with Ballina Credit Union is €30,000.

With life savings insurance your dependents will receive a financial sum in the event of your death, up to a maximum amount of €5,000 per member. The amount they receive will depend on your age and how much you have saved with your credit union over the years.

Life savings insurance is paid for by your credit union. There is no additional cost to you. This is subject to certain terms and conditions; for example, eligibility only applies to those who joined the credit union prior to their 70th birthday.

Credit union members can rest easy in the assurance that their savings are safe.

Credit Unions in Ireland, which are affiliated to the Irish League of Credit Unions, are secured in several ways:

• All officials of credit unions, whether volunteers or staff, must be fidelity bonded.
• All monies received in the credit union are properly recorded and lodged regularly.
• Savings (shares and deposits) up to €100,000 are automatically covered by the Government Deposit Guarantee Scheme.
• Annual independently audited returns are lodged with the Central Bank of Ireland.

Full financial statements are prepared, audited independently, and can be examined by members.

A valuable free service offered to members is that of Nomination. As a member you can nominate a person (or persons) to become entitled on your death to any property (shares and deposits) up to the value of €27,000 that you may have in Ballina Credit Union.

This nomination service is valuable to members in that it allows access to nominated funds by the nominee(s) within a very short period of the death of the member.

This facility is provided free of charge. Members are advised to make a nomination when joining and to regularly review that nomination. Nominations can be made and subsequently amended easily.