We wish to advise our members that the Savings Stamp service will be discontinued on the 27th February 2018. No further savings stamp books or stamps will be available for sale in branches. Killarney Credit Union are offering an alternative to our members in the form of an electronic stamp, an eStamp, on their Credit Union account which they can use for savings for bills, holidays, Christmas etc.
Why is the savings stamp service being discontinued? Unfortunately, we are no longer issuing stamps in any of the branches. The savings stamp scheme is being discontinued due to Central Bank of Ireland regulations.
What are my savings options now? The saving stamps are being replace by the eStamps account works in the same way as 'buying a stamp' - the money is lodged to a special stamp account and the member holds their own passbook showing the balance. The new estamp account will not be attached to any loan as security. These savings are fully withdrawable and are much safer than traditional stamps. The stamps are also covered by the Government Deposit Guarantee Scheme and the credit unions Life Savings Protection and would be eligible for annual dividends if declared.
What do I do with my savings stamp book?
Please return the savings stamp book and stamps (whether the book is complete or not) to the credit union. All existing outstanding stamps value will be honoured and can be converted to the new E-Stamp at any time. You can chose to redeem your stamps, pay towards a credit union loan to transfer the value to the new estamp account. You have until the 31st May to return your stamp book and stamps, after that date, stamps may not be redeemed. All returned savings stamp book will be entered into a draw to win a tablet computer from now until the end of May 2018.
What is the benefit of the eStamp account?
- Added security, member’s funds are safe, in the event of theft of their membership book. At present, if a member’s physical book of stamps is lost or stolen, the loss is borne by the member.
- Member’s E-Stamp account will earn dividend and is included in a member’s insurable balance.
- The E-Stamp is not attached to loan balances. It can be lodged to and withdrawn from at member’s own discretion
- Odd and even amounts can be lodged into it – i.e. €7, €12, €19, €20 etc
- Odd and even amounts can be withdrawn from it – for example €127.50 – to pay any utility bill or other expenses.
- It can be withdrawn as cash or cheque or paid directly to a service provider by EFT, once bank details are provided.
- Members can add funds to the eStamp account using its BIC/IBAN which is available for online EFT transfers.
- Members can add to the balance in their E-Stamp account at the counter also.
- Withdrawals from the E-Stamp account will take place at the counter, just as it is now – from members own E-Stamp account.