What is Loan Protection Insurance?

In Synergy Credit Union, the outstanding loan balances of eligible members are automatically insured at no direct cost to the member. This means the loan debt will be wiped clean in the event of the member’s death. Banks and other financial institutions charge a separate insurance premium on top of loan repayments for this service. You can take out a credit union loan in the full confidence that your dependants will not have to pay it off should you die or (under most contracts) total and permanent disability for any occupation.

Age Limits

Under the basic policy, insurance cover ceases on the member’s 70th birthday. However,Synergy Credit Union has the “Over 70 Rider” which extends the cover until the members 85th Birthday. Members over 16 years of age who were not eligible for insurance cover (because they were in ill health at the time a loan was granted to them) can be insured up to an amount of €4,000 in respect of disability and €8000 in the event of death regardless of their health status at loan application time.

Insured Member

In respect of a Joint Account both members shall be insured as long as both members sign the Credit Agreement. If you are borrowing from Synergy Credit Union using your Joint Account it is worth noting that both members are covered if and only if both sign the Credit Agreement. Cover will not apply until the loan is paid to the member and an actual indebtedness created, at which time for each loan, the conditions for eligibility shall apply. To be insured members must meet certain insurance company requirements.

Disability

Disability under the loan protection policy is defined as a condition of health, which renders the member totally and permanently unable to engage in any occupation. Disability must be medically determined. The insurer reserves the right to request the member to attend an independent medical examination. Disability cover ceases at age 65. Once a disability claim has been paid, the insurer’s liability for any future claims on behalf of that member in that or any other Credit Union is terminated, unless the member completes a declaration of health form on each occasion a loan is applied for and submits it for approval. If approved, the member will have cover for all illness and injuries except that for which disability benefit was paid.

Loans to clubs or societies are not insurable.

The provision of free insurance on loans makes the Credit Union keenly competitive compared to other lending agencies and contributes in a significant way to the peace of mind of its members.

Note: Terms and Conditions Apply

With life savings insurance your dependents will receive a financial sum in the event of your death up to a maximum amount of €3,000 per member. The amount they receive will depend on your age and how much you have saved with Synergy Credit Union over the years.

Life savings insurance is paid for by your credit union. There is no additional cost to you. This is subject to certain terms and conditions; for example eligibility only applies to those who joined the credit union prior to their 70th birthday.

Provided the member meets eligibility conditions savings up to €3,000 are insured in the following way, provided that those savings are not subsequently withdrawn.

Savings lodged up to 55 years of age, increased by 100%

Savings lodged between 55 and 60 years of age, increased by 75%

Savings lodged between 60 and 65 years of age, increased by 50%

Savings lodged between 65 and 70 years of age, increased by 25%

Loan Repayment Protection (LRP) is an optional insurance protection policy which provides cover for members’ loan repayments (under their loan agreement) in the event that the member is unable to work due to an accident, sickness or involuntary unemployment.

Members have a 30 day cooling off period.

The premium “pay as you go” (weekly / fortnightly / monthly) charged as a % of your loan repayment amount.

Please ask any of our qualified lending team for full benefits and eligibility criteria.

Freephone: 1800 272927 or email loans@synergycu.ie for more information.

• How can you help protect yourself and your family financially should your income be affected in the event of illness or injury?
• How can you plan for events in the future, like your children going to college or your retirement?

Finding the answers to these questions can be daunting. Financial planning helps to give you peace of mind and helps you take care of the things that matter.

Who are Irish Life Financial Services and what do they do?

Irish Life Financial Services is an insurance intermediary that can review your protection, retirement, savings and investment needs, and they offer a full financial review with one of their Qualified Financial Advisers. This can be done online or over the phone at a time and place that suits you, taking just 45-60 minutes of your time. There is no obligation to purchase and all information you provide is private and confidential.

Irish Life Financial Services is tied to Irish Life Assurance for life and pensions, so any products recommended by Irish Life Financial Services will be from Irish Life Assurance, one of Ireland’s leading life and pension providers.

Irish Life Financial Services Limited is regulated by the Central Bank of Ireland. Irish Life Assurance plc is regulated by the Central Bank of Ireland.

To find out more on how you can plan ahead for you future, and start your financial planning journey today, see the 5 simple steps below:

The Financial Review - Step by Step

• Find out about you
• Identify your needs
• Agree your priorities
• Consider your options

What Do You Get?

You will get a personalised report detailing your current financial status and options to consider, including the steps needed to help protect you and your family, and how to plan ahead for the future. Then it’s up to you to decide what to do next

Arranging a Financial Review

Irish Life Financial Services have a team of financial advisers ready to help get you started with your financial planning. Why not take the first steps in Financial Planning with Irish Life Financial Services? They just need a few basic contact details from you to get started. Please click here

Please the button below and a member of the Irish Life Financial Services team will contact you by phone to arrange your Personalised Financial Review.

Request a call back

While none of us like to think about it, providing for your dependents in the event of an unexpected death is something we should all do. By choosing to set up a nominated person on your account you will be enabling your family to access funds at the time of your death without having to wait for all the legal matters to be sorted out. This can be particularly beneficial in the event of an unexpected death when a family may be asset rich but experience a cash shortage while probate is in progress.

Filling in a nomination form is very simple and can be done at any time by calling into the office and is a free service to our members.

Under Section 21 of the Credit Union (Amendment) Act 2023, a Credit Union member is entitled to nominate a person to be the beneficiary of their savings following their death (Terms & Conditions Apply).

Please read these important details relating to Nominations below:

• A nomination must be in writing. You may complete a nomination form at the Credit Union office.
• A member making a nomination must have it witnessed by 2 other persons.
• The Statutory maximum amount that can pass under a nomination is currently €27,000. Any amount in excess of this balance will form part of your estate.
• If you elect not to complete a nomination, the proceeds of your account will form part of your estate on your death and will be dealt with under the terms of your will, under the rules of intestacy if you make no will, or under small payment provision.
• You may revoke or vary your nomination at any time by completing a new nomination form.
• A nomination is automatically revoked when your nominee dies before you. In this case, you should consider completing a new nomination. If you do not, your property in the Credit Union will form part of your estate.
• A nomination is automatically revoked by your subsequent marriage.
• Where your personal circumstances change (e.g. marriage, divorce or separation) you should review your nomination at that time.
• The nominated property does NOT form part of a deceased person’s estate.
• A person under the age of 16 cannot make a valid nomination.
• We urge all members to check if their current nominees are as they intend and if not, to visit the office to update the nomination form.

If you have any queries on Nominations please do not hesitate to call us on our Freephone number 1800 272927 or email info@synergycu.ie

Bureau De Change (at the counter)

• Your credit union can help you with all your foreign exchange requirements.
• No commission charged to members over 60 years of age.
• Dealing in most major currencies.
  Traveller’s cheques for most major currencies.
• Cashing foreign currency cheques. (Please note that it takes 4 weeks to clear a foreign exchange cheque).

Please note that 7 days notice is required when ordering currencies and 10 days for traveller''s cheques.

For any foreign exchange queries contact our office on Freephone 1800 27 29 27 or email us info@synergycu.ie

Bureau De Change (Online - Click and Collect - Order online Collect in Synergy Credit Union)

Members of Fermoy Credit Union Ltd. can now order currency directly online and collect at our main office!

www.fexcocurrency.com

The Process:

• Members order currency online (up to 4 currencies - maximum €2500)
• Member will receive a follow call to confirm the order
• Member has 3 days to collect currency at that rate
• Payment on collection

Synergy Credit Union offers its members a range of services online. Our CU Online service gives you, the member easy and convenient access to your Credit Union accounts from the comfort of your home or workplace via the internet. Getting started is fast and easy.

If you are a member and have not already registered then you can click here to register for CU Online. When you have filled in all the required details and are happy with the details entered, click the confirm button. You will receive a phone call within 2 working days to confirm your details, Please ensure your mobile is entered correctly. Your PIN will be posted to your home address, as appears on your account, in a secure PIN mailer. It is important your address is up to date. Please note the PIN mailer will take up to 3-5 working days to arrive in the post.

When the PIN is received you will be able to login by clicking on the Members Login.

The following are some of the services available:

• View and Print balances and transactions
• Apply for a loan
• Check repayments with the loan calculator
• Pay bills online direct from credit union account
• Transfer funds online

Apply for your PIN today.

Register for PIN

Download Our Free Mobile App

Download Mobile App

Security Features:

• Protection of your personal data using SSL (Secure Socket Layer) encryption - Industry wide strong level of encryption.Protection of your personal data using SSL (Secure Socket Layer) encryption - Industry wide strong level of encryption.
• Secure sign-in - Three tiered login - for additional levels of access and security.
• 6 digit PIN - as per industry best practice guidelines (upgrade from 4 digit pin).
• Firewall protection - to stop unauthorised access and protect the information on your systems.
• Time-out facility - which automatically signs you out after a period of inactivity (to continue banking online, simply sign in again).
• PINs issued by secure pin mailer, with accompanying letter.

What is an e-statement?

An e-statement is an electronic version of your bank statement. It is formatted as a traditional bank statement, but is available as a portable document format file (PDF) via our web site.

Why should I switch to e-statements?

You should switch to e-statements for many reasons. They are actually more secure than receiving a statement via traditional mail. The statement is stored on our secure servers and is only accessible via online banking. We will alert you via email when your statement is ready to view. Your statements are available as soon as they are generated instead of needing to wait for mail delivery.

How do I save my e-statement for future reference?

Since the e-statement is provided to you as portable document format (PDF) file, you can use your PDF viewer software to save a copy of the statement to your local computer. You can then back it up electronically for archival purposes. You can also print the statement on your local computer and archive the paper copy of you wish. As with all online banking and personal information, you should ensure your computer is secured.

Is there a charge for e-statements?

No. You can switch to e-statements for free!

Is my e-statement information secure?

Yes. Your e-statements are stored at our secure servers. We protect our data centers with physical security as well as with firewalls and various intrusion detection and prevention systems. If you choose to print or store your statements locally, they are as secure as you make them.

Will I need a password to view my e-statement?

Yes. You will need your online banking login name and password. That is all.

Will I be able to print my e-statement?

Yes. The e-statement is delivered to you as a PDF file which you can print on your local printer.

How do I sign up for e-statements?

You can sign up by visiting our Credit Union.

Will I need any special software to view my e-statement?

You will need a PDF viewer program. You probably already have one installed. The most commonly used program is Adobe Acrobat reader. This are available to download for free from their makers' respective sites.

What is Adobe Acrobat Reader, and why do I need it?

Adobe Acrobat Reader is one example of a PDF reader program. In order to view your e-statements you will need this or another PDF reader program installed on your computer. These programs are generally available for free download via the web.

How can I get Adobe Acrobat Reader?

You can download Adobe Acrobat reader from the Adobe web site.

How long will it take to set up my e-statements once I'm enrolled?

After you enroll, your first e-statement will be generated at your account's normal statement cycle date.

Who should I contact if I can't access my e-statement?

You should contact us at the your local Credit Union office.

How do I cancel my e-statement?

If you need to cancel e-statements, you will need to contact a customer service representative at your local Credit Union.

Can I receive both paper and electronic statements?

No.

Will I continue to receive paper statements?

Once enrolled, you will no longer receive paper statements on the enrolled account(s).

Sign up for e-Statements

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Credit Unions in the Republic of Ireland are covered by the Deposit Protection Scheme which is administered by the Financial Regulator. This is a scheme that can provide compensation to depositors if a credit institution is forced to go out of business.

It covers deposits held with Banks, Building Societies and Credit Unions.

The maximum amount a Credit Union member can receive under this scheme is €100,000.

See the Central Bank of Ireland HERE  for more details

The Deposit Guarantee Scheme covers:

• Current accounts;
• Demand deposit accounts
• Term deposit accounts
• Share accounts and deposit accounts with Credit Unions.

In addition to this, the Savings Protection Scheme (SPS) owned and operated by the Irish League of Credit Unions is also available to pro-actively intervene to protect members’ savings by making available financial assistance to help any Credit Union which may experience difficulties.

Also, members’ savings are insured through Life Savings insurance.