About Portarlington Credit Union
Portarlington Credit Union is a community based credit union built upon co-operative principles with a strong ethical foundation at its core. As shareholders, it is owned by its Members. It is governed on behalf of the members by an elected Board of 9 volunteer Directors. Provision of high quality savings and loans products to its members has always been and continues to be, the primary aim of this credit union.
Having opened in 1969 from rented premises on Main Street, it is a source of great pride to be able to say that membership has grown steadily since then and now stands at over 10,000 members with share capital of over €42m and member loans of €24.5m.
Why Choose Portarlington CU?
Our mission is to achieve this vision by:
- Delivering superior service in a friendly, courteous manner with respect for the worth and dignity of all our members;
- Promoting the practice of saving and the co-operative ideals of the credit union philosophy;
- Offering savings accounts and loans at competitive rates and other financial services at fair prices for our members;
- Maintaining long-term financial stability to ensure security of members’ savings;
- Being a responsible member of the wider community.
A strong set of Core Values underpins all our efforts to achieve our mission and these are:
- Community at the core of all our efforts, with the credit union being governed by volunteers drawn from our community, for the benefit of our community;
- Confidence of our members, your trust in us is very highly valued;
- Common Bond being that which joins us together as a credit union, i.e. living or working in Portarlington or its surrounding townlands;
- Co-operative structure of our business, owned by our members who all have a say in the running of our business at our AGM;
- Capital generated by our loyal savers, which allows us to lend to those in our community who choose to borrow from us;
- Credit available to our members at fair and reasonable rates;
- Competitive rates available to our members in all areas including loan interest rates, dividend payments, interest rebates, etc. with no hidden charges;
- Challenge ourselves as volunteers and staff of the credit union to meet and, where possible exceed, our members’ expectations in servicing their financial needs;
- Competency through training and education of all our credit union officers is considered vital to providing our members with the best service possible;
- Commitment to our community that we will be able to service their saving and loan needs well into the future as a strong and independent credit union.
The Operating Principles upon which this credit union operates and which are intrinsic to our ethical approach to business are as follows:
- Open & Voluntary Membership
- Democratic Control
- Limited Dividends on Equity Capital
- Return on Savings and Deposits
- Return of Surplus to Members
- Non-discrimination in Race, Religion, and Politics
- Service to Members
- On-going Education
- Co-operation Amongst Co-operatives
- Social Responsibility
How Do We Deliver on our Vision, Mission, Values, and Principles?
- Credit union membership is being a part of an ethical, co-operative, local, financial institution whose purpose is to promote the financial health and wellbeing of our community.
- The credit union movement motto is “Not for Profit, Not for Charity, But for Service”.
- Operating surplus is used to build up our reserves and to reward our savers in the form of dividend payment to our borrowers through an interest rebate.
- We value the trust our members place in us and treat our members as individuals, providing a personal service.
- We listen to our members’ needs and aim to meet and exceed those needs whenever we can.
- Our members elect directors to serve as volunteers on the Board at each AGM and these directors oversee the operation of our credit union.
- We offer loans at competitive rates to our members for a variety of purposes, and not just small loans, we currently offer loans up to a maximum of €60,000 net of shares.
- Both savings and loans are covered by FREE life savings and loan protection insurance. (Terms and conditions apply link.)
- We provide FREE Death Benefit Insurance of €1,300, being available on the passing of a member to assist with funeral expenses. (Terms and conditions apply link.)
- There are no transaction fees on savings or loans.
- We offer a range of services such as Paypoint, Fexco electronic fund transfer, laser payment, Christmas savings club, quarterly cash draw and discounted insurances at favourable rates to credit union members.
- Our members’ interests are at the centre of all our efforts.
Portarlington Credit Union is Local, Loyal and Lending
LOCAL – The first meeting of Portarlington Credit Union was held in the Parochial Hall on the 24th of March 1969 and was attended by an enthusiastic cross section of the community. This impressive community spirit was the foundation upon which our credit union was built and has allowed it to grow in strength and reputation ever since. Being consistently led by local volunteers on the Board of Directors and overseen by our volunteer Board Oversight Committee has ensured that it is firmly grounded in the particular needs of our local community. Your trust in us is our most valued asset.
LOYAL – Since our foundation, Portarlington Credit Union has serviced the savings and loan needs of our community, with a particular focus on sections of the community which might otherwise have been unable to avail of such services. Every year the credit union supports the local economy through the issue of millions of euros in loans to those who live and work in the area. This is direct investment in all our futures. Our on-going support of local charities, community groups, youth groups, sporting organisations and other good causes has placed us at the centre of our community, a position which we are honoured to do our utmost to preserve.
LENDING – The loyalty of the members of Portarlington Credit Union who regularly save with us has allowed us, in turn, to make these funds available to our membership in the form of loans at fair, reasonable and competitive rates. As a result of this member loyalty, we have plenty of funds available to meet the borrowing needs of our community and we will consider loan applications up to a maximum of €60,000 net of shares. The income generated by member loans allows us to meet our operating costs, to invest in the infrastructure needed to meet members’ service needs, to build up appropriate reserves and to pay our savers a dividend and our borrowers an interest rebate (subject to surplus generated in any given year and at the discretion of the Board of Directors).