Members who want to be able to transfer money into your Credit Union account with ease can sign up to receive an IBAN and BIC number specific to their own account. This will allow the transfer of funds easily to their account. Members can make electronic payments internationally from their account also.
Your flexi account will be a sub- account of your Credit Union account and will not attract dividends. Members will be asked to agree to the terms & conditions on opening of a flexi account.
Frequently Asked Questions:
Q: What is a flexi Account?
A: A Flexi Account allows our members to make payments in to and out of their Credit Union Account. A Flexi Account is a sub account of a member’s main account.
Q: How do you open a Flexi Account?
A: It only takes a few minutes to open a flexi account. A member of staff will take you through this process. Please ensure you bring photo ID.
Q: Do I need a new credit union account?
A: No, your existing account will be used to set up these payments.
Q: I am not a member but wish to avail of this service, how do I go about this?
A: You must become a member to use this facility. To become a member all you need is photo ID, proof of address (within 3 months) and proof of PPSN. A membership fee of €1 and a minimum balance of €10.00 savings.
Q: Who can avail of the flexi account?
A: All members over the age of 18 can avail of this service.
Q: What happens if I do not have enough money in my credit union account to pay for my bills?
A: If there is not enough money to pay your bills, the payment will not be met. There is no onus on the Credit Union to inform you of this non-payment.
Q: How can I lodge money to my flexi account?
A: You can lodge money to your flexi account by the following means:
· Over the counter
· Express lodgement,
· From your bank account,
· From your wages,
· From your main credit union account by an internal transfer.
Q: Can I get my wages paid in to my credit union account?
A: Yes, wages can be paid in to your credit union account.
Q: Does the flexi account attract fees?
A: No, currently there are no fees being charged, however the credit union reserves the right to charge for the use of the flexi accounts in the future.
Q: Can I add bills to be paid throughout the year?
Q: Can I make payments directly from my credit union account to my bank account?
A: Yes, you can make a payment directly from your credit union account to your bank account.
Q: Does a flexi account attract dividend?
A: No, there is no dividend paid on flexi accounts
Members who would like more information on the new flexi account service can call into our office or phone 094 9371159.
Terms and Conditions of Flexi Account:
1. Definition of a Flexi Account:
A Flexi Account allows our members to make payments in to and out of their Credit Union Account. A Flexi Account is a sub account of a member’s main account.
2. Opening a Flexi Account:
a) Members of St. Colman’s (Claremorris) Credit Union Ltd (“the Credit Union”) are eligible to open a Flexi Account.
b) Prior to opening a Flexi Account, you will be required to
i. Complete a Flexi Account application form
ii. Provide Proof of PPSN, Proof of ID and Proof of Address all for Anti Money Laundering purposes.
c) If your account is in the name of two or more persons, both members are jointly and severally liable to meet any obligation concerning your account.
3. Fees / Charges / Exemptions:
We currently do not charge for this service, however we reserve the right to charge in the future. Should such charges apply, you will be notified in advance.
4. Transactions on your Account:
a) You are responsible for ensuring that instructions to pay money into and out of your account are correct and accurate. We do not check the accuracy of this information.
b) When we process any payment to or from your account, we will reply on the information your provide to us in the following format:
i. BIC (the Bank Identifier Code)
ii. IBAN (the International Bank Account Number that included the account number and codes to identify the country, bank and branch of an account)
iii. Account Number
c) If we receive a payment or payment instruction that does not have the information we need to identify the account, e.g. the Account Number, IBAN or BIC, we may refuse to process it. We will inform you of the refusal and the reason for the refusal. We will not be liable to you or anyone else if that results in any loss or expense.
d) If we receive a payment or payment instruction after the cut-off time we will not process it until the next banking day.
e) If we receive a payment or payment instruction on a non-banking day we will process such payment on the next banking day.
f) While every effort will be made to ensure that payments are made to third parties not later than the date specified, the Credit Union will not accept liability or be liable for non-payment of any account or the consequences therefor.
g) Members should review their Flexi Account outgoings at a minimum annually.
h) We will operate in line with the Payment Service Directive 2009 which is available from our website www.claremorriscu.ie or from our office and in line with the Credit Union Act 1997 (as amended) and the Credit Union Rules.
5. Incorrect, Disputed or Unauthorised Transactions:
a) If we pay money into your account by mistake, we will reverse the payment and correct the entries in your account. We will notify you of any such reversals.
b) You are obliged to inform us of any unauthorised transactions or of any transactions that were done incorrectly as soon as you become aware of it, but no later than thirteen months after the date of the transaction.
c) If there is a dispute between you and the Credit Union regarding a transaction, in the absence of obvious error, we will rely on the records held in respect to your account as evidence of dealings in relation to your Account.
d) If an unauthorised payment is made from your account, a full refund will be issued
e) You will be liable for the full amount of the unauthorised payments if they were made in a fraudulent manner or because you failed intentionally , or by providing us with an incorrect IBAN, BIC and Account Number, or due to gross negligence to fulfil your obligations under these terms and conditions.
6. Consequences, Costs and Penalties:
a) The Credit Union will not make payments on the Flexi Account where there is insufficient funds to meet such payment. The Flexi Account must always maintain a credit balance. No correspondences will be entered in to with the member advising of non-payment due to insufficient funds.
b) In the event a Credit Union loan falls in to arrears, this loan will be paid before any other payments are made from the Flexi Account
c) Upon death of a member the Flexi Account is closed in accordance with the Credit Union Act 1997 (as amended) and the Rules of the Credit Union
d) If you breach the terms and conditions, and we suffer any loss or expense, we reserve the right to seek compensation from you in full.
7. The Board of Directors reserve the right (on notice to the member)to:
a) Amend the terms and conditions in accordance with your rights under the European Communities (Payment Service) Regulations 2009. Should you wish not to accept the changes, you may end this contract and close this account. You are obliged to ensure any money that you owe in connection with this account is paid in full. If you do not ask us to end the contract, you are deemed to accept the changes which we tell you about on their effective date.
b) Cancel any payee instructions that are not operating in accordance with agreed terms of this account
c) Cancel this account where the Board of Directors identifies a clear and substantial risk (on the basis of a reasonable and legitimate concern) that such an account will not be operated in accordance with its agreed terms and conditions.
8. Making a Complaint:
Should you wish to make a complaint, please follow the following steps:
a. Inform any member of staff of your complaint
b. If we have not resolved your complaint within 5 working days, we will acknowledge your complaint in writing,
c. If the complaint is not resolved within 20 working days, we will issue you with a written update
d. If the complaint is not resolved within another 20 working days, we will issue you a written update outlining the reason for the delay and an estimated timeframe when we expect to resolve the matter
e. Upon completion of our investigation, we will issue our findings in a “final response letter”
f. If you are not satisfied with the outcome, you have the right to appeal our findings to the Financial Services Ombudsman (FSO), within 15 working date from the date of the final response letter.
FSO Contact Details:
The Financial Service Ombudsman, 3rd Floor, Lincoln House, Lincoln Place, Dublin 2 Lo Call 1890 88 20 90.
St. Colman’s (Claremorris) Credit Union Limited is regulated by the Central Bank of Ireland.