ARE MY SAVINGS SECURE?
Yes, you can be assured that your savings at the Credit Union are secure.
All officials, whether they are volunteers or staff, must be fidelity bonded.
An independent auditor, appointed by the members at the Annual General Meeting, audits the annual accounts and ensures that the Board of Directors comply with the Credit Union Act, 1997 & 2012 as amended at all times.
The annual independently audited returns are lodged with the Central Bank of Ireland.
There is a Deposit Guarantee Scheme for Credit Union savings up to a maximum of €100,000.
Mallow Credit Union Ltd. participates in the Savings Protection Scheme established by the Irish League of Credit Unions. This is a stabilisation fund to help any Credit Unions that may get into difficulty. It also is designed to protect savings, within certain limits.