Is there anyway I can find out the financial health of my local CU?

Discussion in 'Credit Union issues' started by briste, Dec 17, 2011.

  1. briste

    briste Frequent Poster

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    I have come into some money and want to stick in a my local CU (Athenry) for my son's Uni fund but am concerned that it might be one of the CUs in trouble.

    Is there anyway I can find out the health of my local CU?
     
  2. becky

    becky Frequent Poster

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    They issued a dividend this year so better than others. They issue a booklet to everyone with their accounts, I'd start there.
     
  3. Complainer

    Complainer Frequent Poster

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    Every CU is different. Some issued dividends, some didn't.
     
  4. becky

    becky Frequent Poster

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    I specifically meant Athenry. Some who use to issue a dividend in the past have not issued this year.
     
  5. Complainer

    Complainer Frequent Poster

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    Sorry, missed that in the OP.
     
  6. Slim

    Slim Frequent Poster

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    Last edited: Dec 20, 2011
    You can look at the published accounts. Many but not all CU accounts have to be approved by the regulator before holding AGM or declaring a dividend. This does not mean problems won't arise in the future, ie bad debts etc. Perhaps you should spread the money about different state guaranteed banks, and keep some in the CU for access.
     
    Last edited: Dec 20, 2011
  7. briste

    briste Frequent Poster

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    Thanks. We're not talking a huge amount - €10k.
     
  8. Fiskar

    Fiskar Frequent Poster

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  9. Slim

    Slim Frequent Poster

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    Last edited: Dec 18, 2011
    All CU savings are guaranteed up to €100k per member. If the regulator approves the accounts, i.e if they are holding an AGM before Dec 31st and especially if they are paying a dividend, then you're safe enough.
     
    Last edited: Dec 18, 2011
  10. briste

    briste Frequent Poster

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    Thanks for the advice folks.
     
  11. RichInSpirit

    RichInSpirit Frequent Poster

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    Interesting article in Today Irish Independent by Charlie Weston

    Some interesting pointers in today Independent on determining the health of your credit union.
    I might try some reverse engineering on some of the figures from my Credit Union's AGM (held lately )