Framework Contract



This is your ‘framework contract’ with us in relation to the particular account for the purposes of the Regulations.


Portarlington Credit Union Limited is regulated by the Central Bank of Ireland.

Contact details for the Central Bank are:





New Wapping Street
North Wall Quay
Dublin 1+353 1 224 6000+353 1 224




Address: Upper Main Street
Co Laois





Register Number:

057 8623336

057 8623216


Our Business Days are as follows:   Tuesday to Saturday



The following is a description of main characteristics of the account and payment services on the account:

Lodgements & Withdrawals to/from Share Accounts, Repayment of Loans, MABS, Payroll Deduction, Standing Orders & Direct Debits, Laser Card lodgement facility.


  1. Giving an order for payment from your account: When you give us an order to make a payment from your account, we will need you to provide us with the details of the beneficiary of the payment (i.e. their BIC and IBAN, together with any relevant identification details for the payment service provider (‘PSP’) with which they hold their account). Depending on how you place your order with us (i.e. online, in our offices, by telephone etc.) we may also need you to verify that order by signature, by use of a password, or by use of a PIN, depending on the type of account that you hold.  All of this information, taken together, is known as the ‘unique identifier’ that you must give us.  In giving us that unique identifier, you will be consenting to our execution of that order for you.  You cannot withdraw that consent after you have given it to us.  However, if the order is for a direct debit to be taken from your account, you can revoke that order and your consent by notice to the beneficiary of that direct debit up to close of business on the business day before the funds are to be debited from your account.   If the order is for a standing order to be taken from your account, you can revoke that order and your consent by calling into our offices up to close of business on the Business Day before the funds are to be debited from your account.  In exceptional cases, we may allow you to withdraw your consent after the times specified above, but our specific agreement will be required and we will not be obliged to do this.
  2. Cut-off times: When we are given an order in relation to a payment on your account, we must be given that order before 11 am on one of our Business Days. If we are given that order after that time, we will be deemed to have received that order on our next following Business Day.  If we agree with you that an order is to be executed on a particular Business Day, then we will be deemed to have received that order on that particular Business Day.
  3. Execution times: We confirm that we have up to the end of the first Business Day following the date of deemed receipt under 2 above to so credit that amount. If the order is initiated by paper, we will have an extra Business Day to do this.
  4. Spending limits and payment instruments: Not Applicable to Portarlington Credit Union.
  5. Charges: We only levy one charge in connection with the accounts that we offer. This charge relates to the recovery of bank charges in the event that a member’s cheque is returned from the bank unpaid.  The charge is €3.30 to cover the cost of the bank charges.
  6. Interest rates: If an interest rate applies to your account, you are told this when you open your account and that interest rate is incorporated by reference into this Framework Contract. You can obtain confirmation of that interest rate by contacting us as set out on page 1 above.
  7. Exchange rates: If any payment on your account (including a withdrawal by you from your account) involves a currency conversion being made by us, we will use a reference exchange rate provided by FEXCO (the ‘reference exchange rate’). The reference exchange rate will change daily in accordance with the rate we receive from FEXCO and this is the basis on which we will calculate the actual exchange rate.  On the date on which we effect the currency conversion, we will take the reference exchange rate that applies on that date, add a commission (see below) and the total will equal the actual exchange rate that is used by us in the currency conversion.  You can find out the daily changes to the reference exchange rate by contacting us as set out on page 1 above.  The daily rates are also displayed in the outer office area.

Schedule of Approved Commissions (approved by Central Bank of Ireland)

Transaction Type Approved Amount
  % Minimum Maximum
Buy Foreign Note 2% €1.50 €15.00
Sell Foreign Note 1% €1.00 €15.00
Buy Foreign Cheque / Travellers Cheque 2% €1.50 €15.00
Buy Euro Travellers Cheques 4% €5.00 €30.00


Please note that the commission charged on a single transaction should not exceed the commission rates and amounts stated above.  However, the commission charged on a single transaction may be less than the commission rates and amounts stated above.

  1. Giving you information: If we need to communicate with you, give you information or notice of any matters relating to this Framework Contract, we will do so in writing unless we state otherwise herein. Such information or notice will be given to you promptly upon the requirement to do so arising. You may request that we provide or make available to you certain information (prescribed by law) relating to individual payment transactions executed on your account at least once a month and free of charge, in a manner that allows you to store and reproduce the information unchanged.
  2. Copy Framework Contract: For as long as you hold this account with us, you have the right to receive, at any time and on request by you, a copy of this Framework Contract on paper or, if possible, by secure email.
  3. Unauthorised transactions: If you become aware of a transaction on your account that is unauthorised or incorrectly executed, you must tell us without undue delay and, in any event, within thirteen months of such a transaction being debited from your account. You will be entitled to rectification from us if that transaction was unauthorised or incorrectly executed.  If the transaction was unauthorised, we will refund the amount of it to you and, if necessary, restore your account to the state that it would have been in if the unauthorised transaction had not taken place PROVIDED THAT:
    • you will bear all losses relating to an unauthorised transaction on your account if you incurred those losses by acting fraudulently;
    • if we have not required strong customer authentication, in accordance with applicable legal or regulatory standards, you will not bear any financial losses unless you have acted fraudulently.
  4. Refunds of direct debits: If a direct debit is taken from your account but:
    • your direct debit authorisation did not specify the exact amount of the payment; and
    • the amount of the payment exceeded the amount you could reasonably have expected taking into account your previous spending patterns, this Framework Contract Information and other relevant circumstances; and
    • you give us such factual information as we may require; and
    • you did not give us consent in advance to the direct debit being taken from your account; and
    • neither we nor the beneficiary of the direct debit made information available to you about the transaction at least four weeks before the debit date then you may request a refund from us of that direct debit for an eight week period following the debit date. We will then have ten Business Days to refund you, or give you reasons for our refusal to refund you.
  1. Unique identifier: If you give us an order to make a payment from your account and we execute it in accordance with the correct unique identifier, we will be taken to have executed it correctly as regards the beneficiary of that order. If you give us an incorrect unique identifier, we will not be liable for the non-execution, or defective execution, of the order.  We will, however, make reasonable efforts to recover the funds involved.
  2. Our liability if you make a payment out of your account: If you give us an order to make a payment from your account, we are liable to you for its correct execution unless we can prove to you (and if necessary to the beneficiary’s PSP) that the beneficiary’s PSP received the payment. If we are so liable to you for a defective or incorrectly executed order, we will refund the amount of it to you and, if applicable, restore your account to the state that it would have been in if the defective or incorrect transaction had not taken place.  Irrespective of whether we are liable to you or not in these circumstances, we will try to trace the transaction and notify you of the outcome.  If we refuse to execute a payment transaction we will provide the reasons to you and the procedure for correcting any factual mistakes that may have led to the refusal unless prohibited by law or regulatory requirements.
  3. Our liability if you receive a payment in to your account: If the payer’s PSP can prove that we received the payment for you, then we will be liable to you. If we are liable to you we will immediately place the amount of the transaction at your disposal and credit the amount to your account.  If you have arranged for a direct debit to be paid into your account, we will be liable to transmit that order to the payer’s PSP.  We will ensure that the amount of the transaction is at your disposal immediately after it is credited to our account.   If we are not liable as set out above, the payer’s PSP will be liable to the payer for the transaction. Regardless of whether we are liable or not, we will immediately try to trace the transaction and notify you of the outcome.
  4. Duration, changes and termination: Your contract with us, as detailed in this Framework Contract, is of indefinite duration. If we want to change any part of the information provided herein which is required by Regulation 53, we will give you at least two months’ written notice of the proposed change where required by law to do so. If you do not notify us within that two month period that you do not accept the proposed change, you will be deemed to have accepted it.  If you do not want to accept the proposed change, you must notify us in writing and you will be allowed to terminate your contract with us in relation to the account to which this Framework Contract relates immediately and without charge before the end of that two month period.  If we change an interest rate or an exchange rate in a way that is more favourable to you, we have the right to apply that change immediately and write to you soon afterwards confirming that change.  We can change an exchange rate immediately and without notice if that change is based upon the reference exchange rate agreed in this Regulation 53 Information.  You may terminate your contract with us in relation to the account to which this Regulation 53 Information relates on one month’s notice in writing.  We may terminate our contract with you in relation to the account to which this Framework Contract relates on giving you two months’ notice in writing.
  5. Governing law and language: This Framework Contract Information shall be governed by and construed in accordance with the laws of Ireland, and all communication between us and you during our contractual relationship shall be conducted in English.
  6. Redress: If you have a complaint in relation to the matters governed by the Framework Contract, you can write to us and we will deal with your complaint in accordance with our obligations under the Regulations. If you are not satisfied with the outcome of this internal process, you may refer your complaint to the Financial Services Ombudsman.  Contact details are as follows: Financial Services Ombudsman Bureau, 3rd Floor, Lincoln House, Lincoln Place, Dublin 2 Lo-call 1890 662090, Tel. (01) 662 0699, Fax (01) 6620890, E-mail:
  7. Consent: By maintaining and/or carrying out transactions on this account, you explicitly consent to us accessing, processing and retaining personal data necessary for the provision of these payment services. By ticking this box and returning one copy of this Framework Contract to us at the address stated above, you provide such consent.



Updated January 2018.