Savings and Lodgement Cap Introduction
The Board of Bruff Credit Union Limited recently carried out a review of its members’ savings strategy and as a result, several changes have been implemented which may affect the way you save in your account.
A cumulative monthly savings lodgement limit of €2,000 has been introduced from 17th September 2020.
Since June 2019, a Cap on Shares of €20,000 was introduced and this will continue to be implemented for the foreseeable future.
The reason behind the Share Cap of €20,000 and Cumulative monthly savings of €2,000
For every €100 saved in the Credit Union, we are required to set aside €10 (10%) from our surplus which is a legal requirement of the Central Bank. If the current savings growth rate continues, the Credit Union will need to use its current reserve levels to fund this capital requirement. This will reduce the capital available for investment in future services.
Should you wish to discuss this matter with one of our team, you can make an appointment with one of our staff to discuss the matter.
Thank you for your understanding in this matter.