Frequently Asked Questions

A: A Credit Union is a financial cooperative, owned, and controlled by its members for its members.

A: The members own the credit union.

A: Any person over the age of 16 can apply for membership, once they are within the common bond of membership.

A: The common bond is that factor which unites all members of a credit union. It defines the area within which the credit union can operate. In Ireland, the most usual common bond is the Community Bond (where all members live in defined locality);
The Occupational Bond is ( where all members are in the same occupation or work for the same employer);
The Associational Bond ( where all members are in the same society or association) as in ASTI.

A: A voluntary board of directors, elected by the members at a general meeting runs the credit union.

A: Credit Unions are regulated by the Financial regulator, through the Registrar of Credit Unions. Every Credit Union has an appointed supervisory committee whose role is to protect the interests of members. Credit Unions are governed by the 1997 Credit Union Act
Credit Unions are also independently audited every year. The Audited accounts are distributed to all members and are presented for approval at the annual general meeting.

A: ASTI credit union can help you achieve financial independence through regular savings and fair and affordable access to loans.

A:. There are 10 guidelines founded on the philosophy of co-operation, equality and self help:

These include:

1) Open & Voluntary Membership
2) Democratic Control – all members have equal rights
3) Limited Dividends on Equity Capital
4) Return on Savings & Deposits- a fair rate of interest is paid on savings & deposits.
5) Return of Surplus to Members
6) Non Discrimination in Race, Religion, and Politics
7) Service to Members – improving services to members
8) On going Education – promotion of education of members, officers and employees.
9) Cooperation among cooperatives – cooperation with other credit unions at local, national and international level.
10) Social Responsibility – advocating social justice and development

A: Provided that you meet the membership criteria you can transfer your savings and keep you savings history. You can also transfer your loan subject to approval.

A: Every €1 saved is equivalent of 1 share in a credit union. A minimum saving of 5 shares (€5) is needed to keep the account open. You should save regularly to build up a savings history. Each share is eligible for a dividend at the end of the year. The more savings held by the Credit Union, the more funds are available for loans to members.

A: Life Savings insurance provides cover on savings to all eligible members as an additional incentive to save regularly and maintain savings in the Credit Union.
In the event of your death the person(s) nominated by you will receive a financial sum. The amount that they receive depends on your age and how much you have saved in ASTI Credit Union Ltd over the years. Life Savings Insurance is provided by ASTI Credit Union, there is no direct cost to you.
You are entitled to Life Savings Insurance cover if you join the Credit Union before the age of 70 years and are actively at work, and if not working are in good health.

A: Loan Protection insurance provides cover on your loan in the event of your death or total and permanent incapacitation. There are some terms & conditions. Loan Protection Insurance is provided at no cost to the member.

A: Salary deduction allows members to have payments made directly from their salaries to their account in the Credit Union.