Start here if you would like to learn more about our services. From a range of attractive loan facilities, great saving options and other services including financial advice, foreign exchange and more - here at Killarney Credit Union we are ready to serve you.
Buying a car from the UK? You need to talk to your local Credit Union
Second-hand, imported cars from the UK continue to rise in popularity with the Irish consumer. In fact, the latest Consumer Market Monitor (CMM)* reports that second-hand cars imported from the UK will overtake the number of new cars sold in Ireland for the first time ever this year. In 2007, imported second-hand sales were at just over 59,000. In the same year, new car sales in Ireland were at 180,000. However there has been a steady decline in the sale of new cars since then. In the first three months of this year, new sales had dropped to just over 50,800. By contrast, imported second-hand car sales had risen to over 25,900 in the same quarter. Helen Courtney Power of Killarney Credit Union says they have also witnessed this trend locally, with a rise in borrowers taking out loans for second-hand, imported cars. Helen said “While we are firm believers in the credit union, that shopping locally for a car is the best way to go with some terrific value to be had, we are seeing a surge in car loan queries from people considering buying from the UK. We would urge anyone considering going to the UK to talk to us in your local credit union in the first instance. Our car loan is straightforward, affordable and fair with a great value APR rate”. Helen continued; “When you arrange finance with us here at the credit union, you are effectively going as a cash buyer to the car dealer, and may well be able to negotiate a better deal. There are also other advantages, including fast approval, flexible terms and there will never be any hidden charges or fees.” Helen also says there are a number of factors to consider before making the decision to buy a UK imported second-hand car. He/she says the following points are the most important; • Buy from a recognised car dealership in the UK and avoid buying privately if possible. Shop around online and ensure you are getting the best value possible. Choose your car before you go. • Inform the UK authorities that you are exporting a car by obtaining and filling out the V5C document. • You will need to make an appointment for a Vehicle Registration Tax (VRT) inspection once back in Ireland, and you will also need to make the VRT payment. • You may also need to pay VAT if the car is less than six months old or has less than 6,000 kilometres clocked up. • You will need to purchase new registration plates. • Ensure you are fully up to date with all requirements and documents needed for importing a car by consulting the Citizens Information and the Revenue Commissioners websites. • Ensure you have also checked out your local car dealership. There is often great value to be found right on your doorstep. Don’t forget you have to factor in the cost of VRT, possibly VAT, new registration plates and fuel to get you home from the UK when importing a car.
Helen concluded; “Credit unions are not-for-profit, so our main concern when we are lending is always the financial wellbeing of the borrower. You can be assured of an affordable and ethical car loan when you come to us.” To make a quick car loan application here
* Published by the Marketing Institute of Ireland and the UCD Michael Smurfit Graduate Business School.
Central Credit Register
Notice to Members who have Outstanding Loans and Loan Applicants
Members will shortly be recieving letters in relation to the Central Credit Register. Information on your loans over €500 will be uploaded to the Central Credit Register database.
The Central Credit Register is a national database that will, on request, provide:
a borrower with an individual credit report detailing their credit agreements; a lender with comprehensive information to help with credit assessments; and the Central Bank with better insights into national trends in the provision of credit. The Credit Reporting Act 2013 requires us to process your personal and credit information for the Central Credit Register. From 30 June 2017, we will submit personal information to the Central Credit Register that we may already have about you, like:
your name; address; date of birth; and personal public service number (PPSN) – a very important piece of information for matching. The Central Credit Register needs this information to make sure it accurately matches your loans, including loans that you may have with other lenders. Producing a full and accurate credit report is one of the main aims of the Central Credit Register. We will also submit credit information each month about your loans, if the loan is for €500 or more.
Your loan information will be stored securely on the Central Credit Register where it will be used to create your credit report. The Central Credit Register will not calculate a score or grade for your credit report. Information will be kept on the Central Credit Register for five years after your loan is paid off.
In early 2018, credit reports will become available from the Central Credit Register. Once available, you may request your report at any time and are entitled to one free report each calendar year.
Lenders may only access your credit report:
when considering an application for a new loan; if you ask to change the terms of a loan; or if they are reviewing a loan in arrears. Employers, landlords, or any other person or entity cannot access your credit report without your written consent.
You do not need to take any action. We will shortly begin to send information on your loans to the Central Credit Register.
PSD2 is the second Payment Service Directive. It was introduced to improve security, reduce fraud and encourage competition taking into account modern payment methods such as mobile payment and online payment.
What is Strong Customer Authentication (SCA)?
On September 14th, additional security to protect online payments – known as “Strong Customer Authentication “ – will be introduced in Europe as part of the second Payment Services Directive (PSD2). What is Strong Customer Authentication? Strong customer authentication (SCA) is an authentication based on the use of two or more elements 1. Knowledge - something only the user knows. For example, a password. 2. Possession - something only the user possesses. For example, a mobile phone. 3. Inherence - Something the user is. For example, fingerprint or iris pattern.
How will this affect members?
In order to support these additional security requirements, the Online Banking website and Mobile App will be upgraded to include Strong Customer Authentication (SCA). This will only affect members who are registered users of online banking.
1) Whenever a member logs in to their account, they may be asked to take an additional step to further authenticate themselves. This must happen every 90 days. 2) When a member sets up a new payee they will be asked to provide further authentication. 3) If a member wishes to view transactions or documents older than 90 days they must provide further authentication.
What do I need to do?
As a member, nothing currently. Our online banking system including mobile app will automatically upgrade to include SCA. Members who are registered for online banking will recieve an email or letter to inform them of the changes. You will be required to go through additional security features via your phone. As you mobile number will be used as a authentication method, it is imperative that the mobile phone number that we have registered for your account is correct. To view the number registered to you, log in to Online Banking and click the Personal Settings option. If any details are incorrect please contact the Credit Union to update your mobile details.
We are delighted to be able to offer a third level bursary award of €1,000 to 4 students to help with their educational costs. This award is open to members of the credit union and it is an open draw, therefore, everyone that enters has an equal chance of winning.
Even if you don’t win, we are delighted to offer an extremely competitive student loan rate. This student loan can help with costs such as tuition, registration, books and other educational expenses.
€27,000 Car and Cash Bonanza for Killarney Credit Union Members
There was a delighted 23 year old Daniel O Donoghue from Killarney who received a call this week to find out he had won a brand new Ford Fiesta in the Killarney Credit Union members draw. Daniel from Killarney picked up the keys of his new car from Karena McCarthy, Youth and Marketing Officer at a prize giving ceremony at the credit union on Friday 19th July at the credit union headquarters. Speaking about the members draw, Karena McCarthy, Killarney Credit Union Marketing Officer stated “we currently have just over 2,200 members in the draw which is held twice a year. This year our prizes included a new car and prizes ranging from €250 to €1,500 cash, our next draw will take place in January 2020” she concluded. Members can apply for the members draw at any of the branches or download an application form online www.killarneycu.ie. €12 will be taken from your account twice a year as an entry fee for the members draw. The 14 cash prize winners were Niall O‘Riordan, John Burke, Betty Dennehy, Ella O’Callaghan, David Piggot, Maura Maher, Mary Flynn, Mary Coleman, Ted O’Shea, Geraldine O’Leary, Mary O’Leary, Ann Maria O Neill Hayes, Emma Dennehy & Susan Collett. The draw was adjudicated by solicitor Eoin Brosnan and KCU Risk and Compliance Manager Shane Foley in the credit union offices on Monday 15th July. Karena added “The draw is limited to members of Killarney Credit Union and anyone over the age of 18 can apply to join, so for €2 a month, you can be entered into the draw. We would encourage members to sign up, if they haven’t already, as the saying goes, if you’re not in, you can’t win” she concluded.
Killarney Credit Union here to help parents with back-to-school costs
The number of parents saying they are struggling with back-to-school costs is on the rise. A new national survey has found that more than three quarters of parents (78%) find the costs a financial struggle. This is a substantial 11% increase on last year. The findings were revealed in a new, national survey by the Irish League of Credit Unions. Half of parents said meeting costs was their biggest back-to-school related worry. One third said they would be forced to deny their children certain school items this year because they could not afford them. Extracurricular activities and new school shoes were amongst the items to be cut from the budget this year. Karena McCarthy, Youth & Marketing Officer of Killarney Credit Union said the credit union is all too aware of the struggle for parents this time of year. “We frequently assist parents in the South Kerry community around this time of year who need help either budgeting for the back-to-school spend, or taking out a loan to see them through. It’s understandable that these costs are a financial burden for so many when parents are paying €949 per primary school child. The spend is even higher for parents with secondary school children who are forking out and €1,399 per child. We want parents to know we are here to help, if only to have a chat about how they can budget for the upcoming spend.” The survey also found that there was a slight drop (1%) in the numbers approaching moneylenders. Parents saying they are relying on credit cards to cover the back-to-school spend also decreased by 5%, falling from 18% to 13%. “We consistently try to provide financial education to parents in the xx community and inform them of the extremely high interest rates charged by moneylenders. We are happy to see a fall in the numbers going this route, but still concerned that 3% of parents will approach moneylenders in an effort to cope with costs. Our message would be to chat to us first in the credit union before making this decision. Using moneylenders can result in a recurring cycle of unnecessary debt and panic borrowing” said Karena. Karena continued; “If for example a parent opted to take a Killarney Credit Union Back to School loan instead of using a moneylender, the APR rate would be 8.5%*, compared to rates of over 100% which some moneylenders can charge. Our loan is typically approved within 48 hours and there are no hidden transaction fees or charges. As always, we are happy to work with parents to structure repayments in a way that suits their individual circumstances. We are more than happy to assist anyone who might need a little extra financial assistance at back to school time.” * For a €1,500, 1 year variable interest rate loan with 12 monthly repayments of €130.62 an interest Rate of 8.2%, a representative APR of 8.5%, the total amount payable by the member is €1,567. Information correct as at 16/7/19
-ENDS- For more information, please contact Helen on 064-6623730 or 087451800
Have you been thinking about joining the credit union for a while? Well, now is the time to act! We are looking for new members to be part of our South Kerry credit union community. Young or old, we welcome all ages to join us.