Online Banking
Our online banking services give you the freedom to manage your accounts, transfer funds, pay bills, and apply for loans—all from the comfort of your home or on the go.
Mobile App
Whether you need to check your account balance, transfer funds, or apply for a loan, you can do it all with just a few taps—anytime, anywhere.
Foreign Exchange
We buy and sell foreign currency and Euro to and from our members. We are usually well stocked in the more popular currencies such as USD & GBP.
Lough Loyalty Fob
Our members & community are always our number one priority. To support this, our Lough CU Loyalty Fob is the perfect way to save our members money and to support local businesses in Cork.
Payzone
Payzone is a more convenient way to pay your household bills, top up our mobile and make other payments in cash at The Lough CU.
Payzone
Payzone Ireland is the largest consumer payments network in the country.
Payzone offers a flexible and convenient solution to pay your household bills, top up your mobile phone and make other payments.
Payzone is available in both our offices.
Direct Debits
At the Lough Credit Union, we have many different options to ensure that you can handle your finances with ease.
Direct Debits
At the Lough Credit Union, we have many different options to ensure that you can handle your finances with ease. Direct Debits can be set up on your account, allowing you to make loan or savings payment to your LCU account or even to pay bills to external sources.
We strongly advise setting up a Direct Debit for loan repayments in order to prevent your account from entering into arrears from a missed payment which can affect your future ability to access credit from other financial institutions.
If a Direct Debit does not suit but you would like to make regular payments to your account via Debit Card, we also offer a Recurring Card Payment option which can facilitate this.
Speak to us today about our Direct Debit or Recurring Card Payment facilities:
Call Us: 021-496-3384
Email: staff@loughcu.ie
Visit us in either one of our branches.
Standing Orders
Standing Orders can be set up so that automatic regular payments can be made from or to accounts at other financial institutions/to other people.
Standing Orders
Standing Orders can be set up so that automatic regular payments can be made from or to accounts at other financial institutions/to other people.
Many members use these to grow their credit union savings or help pay off their loans with fixed amounts. You set these up and only you can make any changes.
Payroll Deductions
Payroll deductions are specific amounts chosen by you that are taken from your wages and saved into your The Lough Credit Union account
Payroll Deductions
This is currently very popular with members working in University College Cork, Bons Secours Hospital, Heineken, Health Services Executive, VEC and more workplaces within our common bond.
Loan Protection Insurance
The Lough Credit Union provides a unique Loan Protection insurance policy on all our personal and business loans for our members
Loan Protection Insurance
One of the attractions of a loan with The Lough Credit Union is free Loan Protection Insurance. It repays the balance of the loan in the event of a member’s death. Cover is available for those in good health or carrying out normal occupational duties at the time the loan is granted.
What is Loan Protection Insurance?
We offer free Loan Protection insurance to members. Loan Protection Insurance is the insurance cover, your Credit Union provides on the lives of eligible members with Credit Union loans. Provided you are in good health and engaged in your normal life occupation, your loan is covered by insurance. Should a member with an outstanding loan balance die, the balance is repaid in full, subject to certain cover limits which may apply. You must be under the age of 80 years when applying for the loan to be eligible for Loan Protection Insurance.
Loan Protection Insurance is payable subject to policy terms and conditions.
If you have any questions about this cover, please ask at the counter, or call us on 021 496 3384, or email staff@loughcu.ie.
Life Savings Protection
When you open a credit union share account and save with the credit union, your savings are automatically covered.
Life Savings Protection
Life Savings assurance is a life assurance cover The Lough Credit Union provides freely to all eligible members as an additional incentive to save regularly and maintain savings in the Credit Union.
What are the benefits of Life Savings Assurance?
A nominee elected by a member will receive a financial sum in the event of your death. The amount you receive depend on your age and how much you have saved in The Lough Credit Union Ltd over the years. Life Savings Insurance is provided by The Lough Credit Union Ltd, there is no direct cost to you.
Am I eligible for Life Savings Assurance?
To be eligible for the savings insurance, a Member must be under the age of 70 and be in good health. Once the member fulfills these conditions, cover is automatic.
The amount of insurance benefit to which a member is entitled is in proportion to the amount of savings the member has made during the term of membership, and depends on the member’s age at date of lodgement. Maximum benefit of €3,000.00
Amounts saved after the 70th birthday are not insured. However, cover built up before the 70th birthday remains in force after the 70th birthday as long as the savings are left in the credit union. Withdrawals may affect the amount of insurance payable in the event of a claim.
If you have any questions about this insurance cover, please ask at the counter or contact us at 021 496 3384 or staff@loughcu.ie.
Death Benefit Insurance
All eligible members of The Lough Credit Union are covered under our Death Benefit Policy.
Death Benefit Insurance
No one likes to think about death, be it your own or that of a loved one, but the simple fact is a bereavement can result in very significant expenses and financial worries for loved ones, at a difficult time. Your credit union cares about its members and may provide a service called Death Benefit Insurance (DBI) to help pay for these expenses.
In recent years the average cost of a funeral has increased from €250 to over €3000. Death Benefit won’t ease bereavement but it will go a long way towards easing the financial burden your death may place upon your family.
To qualify for Death Benefit Insurance the following must apply:
- The deceased must have been a member of The Lough Credit Union for the previous twelve months,
- The member must have joined The Lough Credit Union before their 70th birthday,
- The deceased must have a minimum of €200 in shares on date of death.
DBI is a unique service offered by some credit unions to help pay for end of life expenses. It pays a fixed lump sum in the event of death and where death is as a result of an accident, the lump sum can be doubled. There are some terms and conditions to meet for inclusion and you should ask at your local branch for more information.
Once you are included for DBI you will continue to be insured as long as you remain a member of the credit union and a premium is paid each year. This will be the case even if your health worsens and as long as your credit union keeps the service in place. Note the lump sum payable and amount of savings required in your account can change from year to year, so please check with your credit union.
Nominations
Credit unions have a nomination facility whereby if you are over 16 years of age, you can nominate someone to receive the property of your credit union accounts upon your death.
Nominations
This is a unique facility for credit union members. Credit unions have a nomination facility whereby if you are over 16 years of age, you can nominate someone to receive the property of your credit union accounts upon your death. This is of benefit if the member dies without leaving a will as the property left in the credit union will not have to pass through the sometimes timely intestacy process.
You may nominate a person(s) of choice to receive your property presently up to a maximum value of €27,000 in the Republic of Ireland. Any amount in excess of €27,000 will form part of your estate. You may change the details of your nomination as often as you like. A completed nomination must be signed and witnessed by two persons. Ask in any branch and a staff member will help you complete the relevant form and witness your signature. The most recent nomination is the valid nomination.
A nomination is not revocable or variable by the terms of your will or by a codicil to your will.
The nominated property does not form part of a deceased person’s estate. A nomination is automatically revoked when your nominee dies before you. In this case, you should consider completing a new nomination. If you do not, your property in the credit union may form part of your estate. Where your personal circumstances change (e.g. marriage, divorce or separation) you should review your nomination at that time. A nomination is automatically revoked by your subsequent marriage.
Please note that a nomination must be in writing. You may obtain a nomination form from any branch of Athenry Credit Union.
If you elect not to complete a nomination, the proceeds of your account will form part of your estate on your death and will be dealt with under the terms of your will, under the rules of intestacy if you make no will, or under the small payments provision*.
You may revoke or vary your nomination at any time by completing a new nomination form.
Where your personal circumstances change (e.g. marriage, divorce or separation) you should review your nomination at that time.
The nominated property does not form part of a deceased persons estate.
A person under 16 years of age cannot make a valid nomination.
*Small Payments Provision: Where no valid nomination exists and the amount in your account is under €18,000 in total (including insurance, etc.) the board of directors of the credit union may, without letters of administration or probate of any will, distribute your property in the credit union to such persons as appears to the board to be entitled by law to receive it.
If you have not yet added a nomination on your account or need to change your current nomination call to our branches.
The increase to the nomination limit applies to all deaths occurring or nominations made from 22nd February 2024.
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