FAQ
FAQ Menu
New Accounts
1. Can I join Waterford Credit Union?
In order to become a member of Waterford Credit Union you must either live, work or study within the common bond. Find out who can join the credit union.
2. How do I join Waterford Credit Union?
You can open an account in any of our three branches; Parnell Street, Upper Grange and Tramore. Or sign up online. Click here to find out what documents you need.
3. Are there fees and charges for having an account?
No, there are no charges associated with your account. There is a once-a-year affiliation fee paid to the Irish League of Credit Unions.
If you sign up for a Current Account there will be fees and charges for the current account. Full information on the Current Account available here.
4. Can I have more than one account?
With Waterford Credit Union each member is entitled to hold one single account and one joint account.
5. What do I need to open a child’s account?
A Parent or guardian can open a minor account (under the age of 16) on behalf of the minor. You will need the following:
- Birth Certificate for the minor
- Proof of PPS Number for the minor
- Photographic ID for the parent/guardian
- Address Verification for the parent/guardian
6. I am with another Credit Union can I join Waterford Credit Union?
Yes, you can be a member with more than one Credit Union provided you meet the common bond requirements.
7. Can I transfer my account from one Credit Union to another?
Yes, we can transfer your account from your previous Credit Union to Waterford Credit Union. You will need to have an account with Waterford Credit Union before the transfer can take place, the transfer can be arranged at account opening or any time after.
Online Banking
1. Can I view my account online?
Yes, you can register for Online Banking, once registered you can view account balances, download statements, transfer funds, apply for a loan and much more. Click here to find out more about Online Banking.
2. Is there a Waterford Credit Union Mobile App?
Our Mobile App is called “Waterford Credit Union” and can be downloaded from the Google Play Store or Apple App Store, wherever you get your apps. Full details on the Mobile App.
3. Can I transfer money into and out of my Waterford Credit Union Account?
We allow members to transfer money electronically from their bank account to their credit union, and vice versa. All we need is your bank IBAN and BIC, as well as your member IBAN and BIC. Feel free to contact us if you’ve any questions.
4. If I transfer funds electronically how long does it take?
If you transfer funds from Waterford Credit Union to a bank account it takes approximately one working day. If funds are transferred in the morning on a Monday to Friday, they will hit the bank account that afternoon. If transferred in the afternoon/evening or on a weekend they will hit the account on the afternoon of the next working day.
5. Can I pay bills online?
Yes, you can pay bills online and in branch. You will need the receiver details for the bill you wish to pay. You can set up a frequency (weekly, fortnightly or monthly) on your account for a set date with a set amount to pay. Or you can also make one-off payments at any time.
6. Are there charges for online or electronic transfers?
No all-electronic payments are free of charge. However, if you transfer funds abroad using another currency (dollar/sterling etc) you will pay foreign exchange fees. Foreign exchange transfers can be done in branch only.
7. What do I do if I can’t remember my username and/or password?
When logging in you will see the option to click “Forgot Username” and “Forgot Password”. If you click “Forgot Username” you will be prompted to enter your email address and you will be sent your Username via email.
If you click “Forgot Password” you will be prompted to enter your memorable word. If you do not have this or cannot remember please contact us and we can issue you with a new password.
8. My online banking is suspended, what do I do?
Contact us by phone or email to have your online account reactivated.
9. When I log in, I get an error message saying “This transaction cannot be approved”, what do I do?
This message means you are using an incorrect username, or incorrect case for the username e.g., capital letters where they should be lower case. If you are unsure of your username, click “Forgot Username” when logging in and you will get a reminder.
General
1. Can anybody else lodge money to my account?
Yes, anybody can lodge funds to your account using your book or account number. They will not be given closing balances or any information on your account.
2. Can I have my wages or social welfare paid into my account?
Yes, you can have income paid directly into your Credit Union account using your IBAN and BIC. Talk to a member of staff for more details.
3. Can I lodge money to my account or pay a loan using a debit card?
Yes, you can make debit card lodgements in branch at the counter, by phone and through your online banking when logged in.
4. I don’t have my book. Can I lodge, or take out, money without it?
You can make transactions in the branch without your book, we will ask you some security questions to verify your identity and check your photograph/signature against what we hold on file.
5. What is the car draw?
Every month we hold a member draw, giving away a car and vouchers. View the Member Monthly Draw leaflet for full information.
6. What is the Member Reward Card and how do I sign up?
Our Member Reward Card gives Waterford Credit Union members access to exclusive special offers and discounts when shopping locally. Click to find out more about the Member Reward Card.
7. Can I withdraw my savings at any time?
Yes, you do not need to give notice to withdraw your savings. We do have daily cash limits, talk to a member of staff for more details. You can withdraw any amount by cheque or electronic transfer.
8. How do I check my balance?
You can check your balance online, once registered for Online Banking.
You can also request a balance receipt in branch and you can request a balance or statement by phone.
9. What is the Death Benefit Insurance (DBI) and am I covered?
Full information on the Death Benefit Insurance.
To find out if you are included in the scheme, please ask a member of staff.
10. What happens to my savings and/or loan in the event of my death?
Every Member is covered for Life Savings and Loan Protection Insurance free of charge.
11. I have moved, how do I change my address?
In order to update/change your address you will need to provide verification of the new address dated within 3 months. This can be dropped to branch or emailed to us and we can update same.
Current Account and Debit Card
1. What are the fees and charges for the Current Account?
For full fees and charges click here.
There are concessions for students and seniors – ask a member of staff for more details.
2. Who can apply for a Current Account?
Any active member of Waterford Credit Union over the age of 12 can apply for a current account. Members aged between 12-16 will need parent/guardian consent.
3. How do I open a Current Account?
You can apply for a current account online, when logged in on your online banking. You can also apply in branch at any of our three conveniently located offices.
4. What happens after I open a Current Account?
Shortly after you apply for a Current Account you will receive a welcome letter by post containing your IBAN and BIC for your current account section. You will then receive your Debit Card by post within 10 working days, followed by your 4-digit PIN number.
5. I misplaced/damaged my Debit Card, what do I do?
If you have temporarily misplaced your Debit Card you can suspend the card through your online banking when logged in or by calling ‘Credit Union Card Services’ team on 01-693-3333. You can also contact our Member Services Advisors.
6. I forgot/lost my Debit Card PIN, what do I do?
If you forget your PIN call the number on the back of your Debit Card and they can issue a PIN reminder by sms. ‘Credit Union Card Services’ team on 01-693-3333.
7. Can I change my Debit Card PIN?
Yes, you can change your 4-digit PIN at most ATM’s. The machine will give you a “change PIN” option when you enter your card. If you forget your existing PIN call the number on the back of your Debit Card and they can issue a PIN reminder by sms. ‘Credit Union Card Services’ team on 01-693-3333.
8. Can I get cash using my Debit Card or shop online?
Yes, you can use your Debit Card in shops, ATMs, and online. Our Mastercard Debit Card is accepted globally. Read more.
9. What do I do if I do not recognise transactions on my Debit Card?
If you are suspicious of a transaction on your debit card account, please call our ‘Credit Union Card Services’ team on 01-693-3333. Or call in to our Member Services Desk at any three branches to complete a Disputed transaction form.
10. What do I do if my Debit Card is stolen?
If you need to get in contact regarding a lost or stolen debit card or you are suspicious of a transaction on your debit card account, please call our ‘Credit Union Card Services’ team on 01-693-3333.
Loans
1. How do I become a borrower with Waterford Credit Union?
If you are a new member or an existing member who has not borrowed from Waterford Credit Union previously and are considering a loan, talk to our lending team today. They can be contacted by phone on 051-861 616, by email at loans@waterfordcu.ie, submit loan enquiry online, alternatively visit us in branch at Parnell Street, Upper Grange or Tramore.
There is no minimum saving history required. Join today, borrow today. All loans are subject to individual assessment. Our loan officers are happy to answer any queries you may have and discuss repayment options with you.
2. How much can I borrow for my first loan?
Your first loan will be based on your affordability to repay the proposed loan amount. Each loan will be assessed on its own merits.
You will be asked to provide evidence of your income e.g., recent payslips, and 3 months up-to-date bank statements. For your first loan a loans officer will meet you to explain how a credit union loan works and answer any questions you might have. A credit check will also be carried out to make sure you are not over-indebted elsewhere.
3. I’m retired, unemployed or on disability benefit – can I still borrow?
Of course, you can. Being on a lower income or a government payment does not exclude you from borrowing; it just means you will be borrowing smaller amounts.
4. Does the purpose of the loan matter?
We lend to our members for everything from household appliances to holidays, cars, bills, weddings and home improvements. It’s important to be honest and tell us why you want a loan. Being realistic is all about you taking a step back and looking at what you really need to borrow and can afford to pay back.
For example, borrowing for a holiday or Christmas means repaying the loan in full over 12 months, with a view to you borrowing for the same purpose again next year. The more you borrow the higher the repayments and bear in mind you may want to borrow again during the year for other expenses like back to school, a communion, confirmation, car tax or insurance. Make smart decisions now and don’t put yourself under pressure in the future.
5. What happens to my shares when I get a loan?
Some or all of your shares are pledged (locked in) as security on your loan. The amount will be discussed and agreed upon when you apply for the loan. This means you cannot withdraw your pledged shares while you are repaying the loan. If your shares are higher than the pledged amount, you can withdraw the surplus.
We can also open a sub-account for you called STAMP if you wish to continue saving after you borrow. The funds in the Stamp account are not held against the loan and are available to you at any time.
6. Do I need to pay my loan on time?
Yes definitely, whether you pay weekly, fortnightly or monthly, it’s vital that you pay on time and do not constantly change your repayments. The date you draw down your loan determines when your repayments are due. Interest is added daily and if you are not consistent with your repayments, it can cause interest arrears to build up.
For example, if paying weekly, and you draw down your loan on a Friday, then the payment is due every Friday. If paying fortnightly, the first payment is due two weeks later and every two weeks thereafter. If paying monthly, your payment is due on the draw down date each month; paying later than this date will result in arrears building.
If you are topping up an existing loan, you will still have to make your due payment for that week, fortnight or month. Topping up a loan doesn’t mean you are skipping the due payment because of the top up. If you skip, it will result in arrears.
7. What happens if I’m going away or think I’m going to miss a payment?
If you can pay ahead, you are covered and won’t fall behind. Otherwise, a multiple payment will be due on your return to bring your loan up to date. Failure to catch up on missed payments will result in arrears.
8. What do I need to do to ensure I can borrow again?
Keep your repayments up to date and don’t fall into arrears – that’s the best way to ensure you can borrow again. But another way to increase your favourability when looking for future loans is to continue saving. We always recommend to our members to save something with their loan repayments if they can. As well as having a nest egg to fall back on, you are building on your ability to borrow again in the future as higher savings can mean bigger loans.
9. I’m paying my loan by direct debit, standing order or wage deduction; will this automatically stop as soon as my loan is cleared?
No. Electronic payments are instructions from you to pay a set amount regularly until you tell the sender/debtor to stop or alter the payment. You can only make those changes yourself. Any payments received after a loan is cleared/ completed will automatically go to your shares. Please note that direct debits are set up with us and MUST be cancelled or altered with us, not at your bank.
10. Does Waterford Credit Union sometimes refuse a loan?
Yes. We will not lend if it is unaffordable or puts you under pressure to repay it. Sometimes when calculating the affordability, after we add up all a member’s financial commitments, it becomes clear that the requested loan is unaffordable for that member under their current financial circumstances and we have to say no.
11. Can a loan refusal be appealed?
Yes. If your loan is refused, the reasons will be clearly explained to you and we will explain how you can work towards having an approval the next time you apply. You always have the right to appeal a loan refusal to our credit committee. They meet monthly or fortnightly depending on the number of cases. You can make an appointment with them or they will look into it for you, if you can’t or don’t want to attend.
12. What happens if I fall into arrears on my loan?
The first thing you need to do is contact our team in Credit Control on 051 861666 as soon as your circumstances change. We always work closely with our members and come up with the best solution to help you get through this difficult period, whether it’s short term or long term. We are here to work with you, not against you and there are always options. Early communication is vital. Putting it on the long finger or ignoring it will only make it harder to sort out the problem when you do eventually come to us.
Please be aware that arrears will show up on a credit report and may affect future borrowing. A loan and any arrears history will remain on a credit check for 5 years after the loan has been completed as per regulatory requirements and cannot be removed or altered unless the information is incorrect.
Information for SME Borrowers concerned about Financial Difficulties.
13. What paperwork do I need to take out a loan?
- One form of Photographic Identification:
Passport, Driving Licence, National Identity Card (EU Only), Age Card plus Birth Certificate, Birth Certificate plus WCU Identify Form (with passport photo).
- Recent Payslips: Three paylips are needed for those who are paid weekly, while two payslips are needed for those who are paid monthly.
- One form of Address verification dated within the last 3 months: current utility bill (gas, electricity, landline telephone), Government issued documentation, social welfare documentation, correspondence from the Revenue.
(Note: Bank statements may be required depending on the amount you borrow).
(Note: Payslips or Mobile Phone bills are not accepted for Proof of Address).
14. What is the Central Credit Register?
The Central Credit Register (the Register) is a new centralised system for collecting personal and credit information on loans. It is a secure database established and controlled by the Central Bank of Ireland, under the Credit Reporting Act 2013. It is used to collect and store personal and credit information on loans of €500 or more from lenders.
Full CCR details.
