The board of TUI credit union have taken the difficult decision to limit savings to €30,000 per member account after the continued increase in the value of cash deposits received by the credit union and the knock-on implication this has had on the credit union’s overall reserve position with effect from 1st April 2021.
Members will be aware the credit union introduced a €50,000 limit in May 2019 however savings have continued to flow into the credit union at unprecedented levels.
What happens next and what do you need to do?
The vast majority of our members will be unaffected by this change, however, a small proportion may be impacted. There are a few possible scenarios:
1. If your savings balance is currently well below the €30,000 cap, you do not need to do anything currently except be aware you will be contacted by the credit union if and when you approach or reach this cap.
2. If your savings balance is currently approaching the €30,000 cap and you are saving into your credit union account regularly, please make arrangements to terminate any such arrangement - Deduction-at-source facility, Direct Debit, Standing Order etc. in a timely manner to ensure the savings terminate prior to the cap being reached.
3. If your savings balance currently exceeds the €30,000 cap, please make arrangements to terminate any savings such as Deduction At Source, Direct Debit, Standing Order, etc. as soon as possible but at the latest by 1st April 2021. Any savings in excess of the cap which are received after 1st April 2021 will be returned to the member.
4. If you are unsure as to your current savings balance, please access your account via our website www.tuicu.ie using your member number, date of birth and PIN. If you do not have an on-line user profile, you may apply for on-line access via the website Online Banking > Register for Online Access on the top right-hand corner. You may also contact the credit union office to enquire as to your savings balance.
What does this mean for the future?
The board of TUICU will continue to monitor the situation carefully going forward and in the event of a material change in the factors (which are largely outside the control of the credit union) this decision re the savings cap will be reviewed, and any change will be communicated to you.