Budget Account Scheme Rules - CANA Credit Union

  1. Members of CANA Credit Union Ltd. are eligible to participate in the Budget Scheme. Membership is non-transferable.
  2. The Budget items included in the application will remain in force, as will the budget form and agreement, from year to year unless changed or withdrawn by the member or renewal is declined by the Credit union.
  3. Budget payments will be made only in respect of items listed in the Agreement Form.
  4. Members must ensure that they have budgeted sufficiently for each item/code. All relevant bills in respect of which members have budgeted must be delivered to the office at least seven days before the date on which payment is due. The members name and PPS No. must be clearly stated on all bills.
  5. The month in which payment is required must be indicated on the Application. The account number(s) must be shown where direct payment is to be made.
  6. A contingency provision of 5% must be included to safeguard against inadequate budgeting. (Exclude bank loans, mortgage and hire purchase when calculating contingency figure.)
  7. Members agree to pay by deduction such fees and/or transaction charges and/or interest as decided by the Board of Directors from time to time.
  8. Interest on overdrawn balances will be charged at the Credit Unions normal lending rate, which may vary from time to time at the discretion of the Board of Directors, and will not exceed 1% per month. Interest rebates if paid by the Credit Union will not apply to Budget Scheme accounts.
  9. Credit balances on Budget accounts will not attract dividend/interest.
  10. The Christmas Expenses allocation may not be withdrawn before 1 st November in the year, in which the Budget Scheme operates.
  11. Only three withdrawals per annum may be made against holiday budgeting.
  12. Payments in respect of car tax and car insurance will not be made directly by CANA i.e. the relevant cheques will be issued to the Member.
  13. Budget Account overdrafts will not be allowed except where debits and credits are planned to balance over the period as a whole and in no case will deficits over 20% of the annual Budgeted Amount be allowed without the specific authority of the Credit Union. Overdrawing in excess of €5,000 will not be permitted.
  14. A member who fails to honour his commitment to the Budget Account Scheme during any year may have future applications rejected.
  15. A member’s account must be cleared or in credit at the end of each Budget period.
  16. At the end of a Budget year where a surplus exists in a member’s account it will be carried forward into the following year as an opening Balance.
  17. CANA Credit Union Ltd., its Directors, Employees, Servants or Agents will not accept any liability for non-payment, delay in payment or error on payment of any Invoice, Standing Order or other account howsoever occurring nor for any consequences thereof, howsoever arising.

Scale of Charges

The Scale of charges will be decided by the Board of Directors from year to year.

Application and Agreement

I wish to participate in the Budget Account Scheme to provide for the items listed overleaf, and I hereby instruct CANA Credit Union Ltd. to pay those nominated, by direct payment (or Direct Debit where group payment is applicable) such monies as become due in respect of accounts or agreements furnished by me within the limits of the budgeted amounts shown.

I further irrevocably agree to have the total amount involved deducted from my Salary/Wages by equal weekly/fortnightly/monthly installments of €……… and paid to the Credit Union over the period of the Agreement. I understand that this account is additional to any other account I may have with the Credit Union. I understand that in my absence from work where payroll deduction cannot be made, I will be required to maintain normal contributions through direct payment to the Credit union.

I accept the scale of charges as laid down by the Board of Directors from year to year.

I agree that in the event of my death, any monies owed by me to the Credit Union in respect of my Budget Account may be deducted from any monies accruing to me by the Credit Union.

I understand that upon cessation of membership of the Budget Scheme or of the Credit Union, all sums outstanding become due and immediately payable.

I hereby authorise the Treasurer to transfer any debit balance remaining due on my Budget Account to my shares account where no arrangements have been made to clear it.

I understand that CANA Credit Union Ltd. reserves the right to decline my application or automatic renewal without giving a reason and without entering into correspondence.

I agree to be bound by the rules laid down by CANA Credit Union Ltd for the operation of the Budget Account and by provisions of the application and agreement section, all of which are set out overleaf, by any changes or amendments in the rules and by any Board decisions made from time to time in relation to this Account.

The Signature to the Application and Agreement is appended overleaf to denote acceptance.