Letterkenny Credit Union have a shares cap of €25,000. A shares cap is where a ceiling is put on the amount that a member can save in their shares with their credit union.

You can make a withdrawal from your savings by cheque, cash or electronic transfer. The easiest way to make a withdrawal from your LKCU shares account is to use the ‘quick transfer’ function in your online account. You can also use our self-service Kiosk. Cash withdrawals are subject to an on-demand daily limit of €1,500.

As part of our philosophy of encouraging Members to manage their finances wisely, we recommend that they save something, even a small amount, on a regular basis, as this has the following advantages:

• You will build up a significant balance over time that YOU will own.
• You will be able to use this as collateral to access loans on competitive terms.
• You will pledge and amount of shares to be held as collateral against your loan

You can make lodgements to your LKCU account for savings/loan/current account as much as you'd like. Just make sure to select the correct destination for the lodgement.

When you log into your online account, you can use the “Lodgements” menu, where you have 2 options.

1. Make a Lodgement – from a bank account, enter BIC and IBAN
2. Make Debit Card Payment – using a Debit Card

Alternatively, you can use our self-service Kiosk in our main office or come to our tellers at the counter.

You can update any personal information by uploading documents through your online account in the ‘documents’ section. Alternatively, you can email them to info@letterkennycu.ie

To update your address, we will need a bill / bank statement showing your new address, dated in the last 6 months.

We can assure you that your savings remain safe and secure at Letterkenny Credit Union.

In addition, your savings continue to be guaranteed by the Government Deposit Guarantee Scheme up to €100,000.

For each of our loans, a certain amount of your savings is required to remain in your shares account. This amount varies depending on the size and duration of the loan. Get in touch by phone or email if you have any further questions about your pledged amount.

A standing order is a regular payment that you can set up to pay other people, organisations or transfer to your other bank accounts. You can amend or cancel the standing order as and when you like.

A Direct Debit can only be set up by the organisation to which you're making the payment.

Protection just when you need it!

LKCU provides to all eligible members Life Insurance on Savings. This service is provided free to the member and is paid for by the Credit Union as an operating cost*. Many members do not realise just how valuable this insurance is.

“Life savings insurance is payable on the death of the eligible member, subject to policy terms and conditions. This cover is very beneficial to the member’s family at a difficult time and is an important protection cover that many members are not aware of.”

*Terms & Conditions apply. Subject to eligibility.

Death Benefit Insurance (DBI) is a unique service provided by your credit union. It pays a fixed lump sum in the event of death. There are some terms and conditions to meet for inclusion.

Letterkenny Credit Union is registered for SEPA payments only.

If as a member you wish to transfer funds into your account, then the payment should be made as a SEPA payment only. If you are aware that a third party is making a payment into your account, it is advisable that they tell their financial institution that the payment should be made via SEPA. If a payment is sent in any other way, for example by SWIFT, the payment will be rejected by our processing Bank and the Payer may incur a rejection charge that he/she may be liable for.

What is a SEPA payment?

SEPA stands for Single Euro Payments Area. A SEPA payment is sent through the SEPA Scheme. The SEPA payment scheme was created to simplify euro transfers between EU member states.

The SEPA scheme consists of the 27 EU Member States plus Iceland, Norway, Liechtenstein, Switzerland, Monaco, the United Kingdom and San Marino.

To make a SEPA payment you need:

• The IBAN of the person you want to pay
• The bank to which you are sending the payment to be a member of the SEPA scheme
• The payment to be in euro

Please note: Letterkenny Credit Union is unable to accept SWIFT payments. You may incur charges if you attempt to send money to your account in Letterkenny Credit Union via SWIFT.