1. Who can become a member of the Ervia Employees Credit Union?

Any current or retired Employee of Ervia and paid through the Ervia payroll system. Current employees being those who are working for Irish Water, Gas networks Ireland or Ervia Corporate.

Retired employees could have worked for Bord Gais Eireann, Dublin Gas, Cork Gas etc

2. How can I become a member of the Ervia Employees Credit Union ?

Simply complete in full the membership Application Form which can be downloaded from the Document Download section of this Website. Send the completed form along with the required documentation to the Ervia Employees' Credit Union Office, Foley Street , Dublin 1.

3. How much does it cost to become a  member of the EECU ? and how much must I save ?

It costs just €1.00 to become a member of the Credit Union, which will be deducted from your first saving. You must save a minimum of €5.00 per fortnight or €10 per four weeks(depending on how you are paid), with the Credit Union. You can of course save more and we encourage members to do so.

4. I’m a new member, when may I borrow my first loan?

When you have saved with the Credit Union for 4 weeks. Of course after just 4 weeks it is very doubtful if you would be approved for a large loan over 5 years. Approval of Loan Applications is based on Credit Worthiness and Ability to repay

5. May I borrow again before a current loan is paid off?

The maximum of outstanding loans a member can have is three. A member can only have 2 loans in a 3 month period. The maximum value of all loans cannot exceed €50k

6. May I save while repaying a loan?

Yes, borrowers are required to save a minimum of €5 per fortnight from your payroll deduction.

7. When do I need to complete a Declaration of Health form?

According to age and amount of loan you may need to complete this form. If your total loan balance is over €40,000 at any age; If you are over 40 years of age and your total loan will be over €25,000; if you are over 55 years of age and your loan will be over €20,000. The form is sent to the Insurance section of the Irish League of Credit Unions. They assess the form and advise us if cover applies. In certain cases, the League may wish to contact your doctor.

8. Loan Rates

The EECU's standard Loan rate is 8%, but we do have certain types of loans that may qualify for different interest rates.

6% Rate

a)Car Loans repaid within a term of 4 years qualify for 6%

b)Home Improvement loans over €15,000 to €50,000 maximum repaid within a term of up to 5 years for building a house extension , adding a conservatory or similar may qualify for a 6% loan.

c)Life Time Event loans over €10,000 repaid within a term of up to 5 years e.g. for a Wedding, Special Anniversary/Birthday ,Funerals, College Fees and Living expenses and Holidays of a Life-time, may qualify for a 6% Loan.

5% Rate

A loan that is repaid within 1 year ideal for holidays, Back to School, College Course, Christmas, Christenings, Communions and Confirmations

4% Rate

A loan within shares - loan must be for less that the savings held in EECU. The member must maintain their shares for the duration of the payback of the loan. Ideal if you do not wish to loose out on your Savings Life Insurance.

10. How do I know the Credit Union is run well ?

The Board Oversight committee are elected separately from the Board to monitor the work practises of Board and employees. Each member can assist by checking their statements carefully and responding to the statement verification.

The financial books of the Credit Union are audited annually and a report prepared for the Central Bank (regulator) Board and AGM. Each member receives an annual report prior to the AGM and questions are welcomed.
All credit unions must now employ the services of an Internal Auditor
Irish Credit Unions are under the control of the Registrar of Credit Unions which is part of the Central Bank of Ireland.

11. What is the Nomination Form ?

As an EECU member you are entitled to complete a Nomination form to nominate a person or persons to be beneficiary to your Credit Union shares following your death. If there is a change in your personal circumstances (eg Marriage, Divorce etc) you should ensure you change your form of Nomination. The person(s) named on the form of Nomination is known as the beneficiary or beneficiaries and will have immediate access (on production of a Death Certificate or Coroners Report) to the deceased member's shares up to a maximum of €23,000. Any balance over this amount will form part of the member's estate. If you require a Nomination form contact us at creditunion@ervia.ie