Frequently Asked Questions

1. What is the common bond?

The common bond is that factor which unites all members of a credit union. It defines the area within which the credit union can operate. In Ireland, the most usual common bond are Community bond (where all members live in defined village, town or locality); Occupational Bond ( where all members are in the same occupation or work for the same employer); Associational Bond ( where all members are in the same society or association).

2. What can a credit union do for you?

Your credit union can help you achieve financial independence through regular savings and fair and affordable access to loans.

3. What are shares?

Every €1 saved is equivalent of one share in a credit union. A minimum saving of €6.35 is needed to keep the account open. You should save regularly to build up a savings history. Each share is eligible for a dividend at the end of the year. The more savings held by the Credit Union, the more funds are available for loans to members.

4. How do I pay money into my account?

Celbridge Credit Union offers a range of different ways for members to pay into their Credit Union account. Members can pay by cash or cheque at the counter, or by standing order from the member's bank or building society, or alternatively by deduction from the member's place of employment. Each member is issued with a Passbook. Members account statements are available on request.

5. What is an annual dividend?

Members' savings are used to make loans to members. The interest received from these loans and any investments is used to pay expenses and to build up services. The remaining income may be returned to members as an annual dividend. The rate of dividend can vary from Credit Union to Credit Union and depends on the surplus of money available after all expenses are paid.