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Terms & Conditions

Terms and Conditions

Member Account Terms & Conditions

These Terms & Conditions apply to all accounts which you hold with us. Additional Terms & Conditions may also apply in respect of the type of account you hold with us.

A. Membership

All matters in relation to applications and qualifications for and/or cesser of membership in Savvi Credit Union (Savvi), as well as the exercise of any voting rights or of rights of membership, shall be determined in accordance with our Rules (the Rules of Savvi Credit Union as updated or amended from time to time).

 

B. Account Opening

Only such person(s) who has/have been admitted as a member shall be entitled to open an account.

  1. An account may be opened in your name by completing the appropriate application form for the account type concerned.
  2. You will be required to provide us with such documentation and identification as we may reasonably require to enable us to comply with our customer due diligence obligations under applicable anti-money laundering & payments and taxation legislation before opening and using your account.
  3. If your account (or the balance on such account) is one which constitutes an ‘eligible deposit’ under the Deposit Guarantee Scheme, then at the time of your opening such account and annually thereafter we will provide or make available to you information on such scheme in the form of a ‘Depositor Information Sheet’

 

C. Operating Your Account

  1. You are required to maintain a credit balance on your account at all times.
  2. You must ensure that there are sufficient cleared and available funds in your account to pay or discharge all transactions, interest, fees and charges which may be payable from or due on your account.
  3. You authorise us to accept and act on any payment orders (an instruction requesting the execution of a transaction) issued or authorised by you in relation to the account. Subject to and in accordance with the requirements of the agreement (the terms and conditions set out in these Terms & Conditions, the online banking service Terms of Use, any signing instructions given by you in respect of your account and any other agreement or terms and conditions relating to your account or which may be incorporated into the agreement from time to time), payment orders may be given to us:
    1. in person at any of our offices (during the opening hours of the applicable office)
    2. through the online banking service/mobile app
    3. by post
    4. or in such other manner as we may inform you of from time to time
  4. You are solely responsible for ensuring the accuracy and completeness of all payment orders which you give to us. We shall have no liability or responsibility whatsoever for any delay, errors, non-execution or incorrect execution of or affecting any transaction which resulted from any incompleteness, inaccuracy or error in or relating to any payment order given to us.
  5. We may sometimes contact you by telephone or email to seek confirmation of any payment orders received from you otherwise than in person or in writing, but we shall not be obliged to do so on any particular occasion no matter how many times we have done so in the past
  6. You may authorise us to provide information to, and accept payment orders and other instructions in relation to your account from, nominated third parties by notice in writing. We are entitled to accept and act upon all such payment orders and other instructions received from such nominated third parties until such time as we receive written revocation of such authorisation. We shall be entitled to give effect to any payment orders or other instructions from such nominated third parties which were received by us prior to our receipt of your written revocation unless you specifically instruct us otherwise and provide us with details of the particular payment orders or other instructions to be refused.
  7. We may require you, or any other person duly nominated by you in relation to the account in accordance with Clause 6 above, to provide us with appropriate proof of identity before accepting any payment orders or giving out any information, in relation to the account.
  8. In the event that any amount is incorrectly credited to or made available on your account (including in respect of any paper item (cheque/bank draft) lodged to your account which has not cleared) we shall be entitled to debit such amount from and make any other corrective entries required to your account without notice to you
  9. You are liable for the repayment to us of any debt which is owing on or in relation to your account.
  10. No withdrawal may be made from your account at a time when you have any outstanding liability to Savvi Credit Union (including any contingent liability) unless permitted in accordance with the requirements of the Rules and the Credit Union Acts
  11. Where you hold more than one account with us, we shall be entitled without notice to set off balances between each and every such account to satisfy all and any sums owing by you to us.

 

D. Account Information

  1. Information on the current balance on your account, as well as the information specified in Clause 3 below in relation to individual transactions executed on your account, shall be made available to you via the online banking service or in our office.
  2. A statement for your account shall be issued to you whether by post, online or in person at any of our offices, on an annual basis (or such period as may be determined by us from time to time). Each statement shall include the following information in respect of your account:
    1. (as applicable) a statement that your account (or the balance on such account) is one which constitutes an ‘eligible deposit’ under the Deposit Guarantee Scheme
    2. the balance on your account as at close of business on 30th September in the year concerned
    3. any fees or charges applied to your account during the period covered by the statement.
    4. the information specified in Clause 3 below in relation to individual transactions executed on your account during the period covered by the statement.
  3. Each account statement issued to you shall specify (as applicable) the following information in respect of each transaction on the account within the period concerned covered by the statement:
    1. the amount of the transaction
    2. a reference enabling the transaction to be identified.
    3. the value date of the transaction
    4. the amount of any fees or charges payable in relation to the transaction
    5. the person paying out or receiving (as applicable) the monies on behalf of Savvi Credit Union
  4. All or any of the information specified in Clause 3 above, as well as the updated balance on your account, may also be recorded in a receipt issued to you at the time of your giving a payment order in any of our offices in relation to the transaction concerned (which receipt shall constitute due notice to you of particulars of the transaction(s) listed therein).
  5. Any account statement issued by us to you will be sent to the postal address which you have provided to us or made available to you online. In the event that you change your postal address, you should immediately notify us of your new address in writing. You are required to verify any change in your postal address by providing us with a current original utility bill/bank statement in your name for your new address.
  6. You should ensure that you review any account statement issued by us to you as soon as practicable after receipt to ensure that there have been no unauthorised transactions. We may not accept any liability for unauthorised transactions where you fail to do so.
  7. Closed accounts will not receive a dividend/interest rebate for the financial year of the account closure, payment of same can be requested in writing after the annual dividend has been posted.

 

E. Transactions On Your Account

Please refer to our Framework Contract for further information

 

F. Amendments

  1. We may make amendments to these Terms & Conditions or otherwise to the agreement from time to time for various reasons.
  2. We shall notify you at least two months before any proposed amendments to these Terms & Conditions or otherwise to the agreement (unless we are otherwise required or permitted by law to give shorter notice), specifying the proposed date on which such amendments shall enter into force.
  3. We may notify you of any proposed amendment to these Terms & Conditions in any one or more of the following ways:
    • in writing or by email;
    • by notice published in a national or local newspaper in circulation within the area covered by the Common Bond;
    • by notice displayed prominently in our offices; or
    • by notice displayed on our website.
  4. If you do not accept the proposed amendments to these Terms & Conditions, you may close your account without any additional charge by notifying us in writing. If you do not so notify us prior to the proposed date on which the amendments are to enter into force, you shall be taken to have accepted the proposed amendments.
  5. We shall be entitled to change the rate of any debit or credit interest which applies to your account from time to time and at our absolute discretion.
  6. We shall give you notice of any proposed change in the applicable interest rate in accordance with Clause 2 above of these Terms & Conditions. We shall not however be obliged to give any prior notice in respect of changes to interest rates which are more favourable to you.

 

G. Termination

  1. These Terms & Conditions are not subject to any minimum term and will continue in full force and effect until such time as your account is closed, and without prejudice to any antecedent breach on your part of these Terms & Conditions.
  2. We may close or suspend your account immediately, or with less than two months’ notice, or block any payments from your account, in any of the following circumstances:
    • If you are declared bankrupt or insolvent under the laws of Ireland or any other jurisdiction;
    • you enter into any scheme of arrangement or compromise or settlement agreement with your creditors (including under the Personal Insolvency Act 2012);
    • (in the case of corporate customers) any steps are taken to appoint a receiver, examiner, administrator or liquidator or similar officer over or in respect of your company or its business;
    • if any form of attachment or receiving order is made against you;
    • if you are in breach of these Terms & Conditions or any other agreement with us;
    • if you default in payment of any sum due or owing to us under these Terms & Conditions or any other agreement with us;
    • if any representation, warranty or statement you make to us is or becomes untrue;
    • if required to do so by law, regulation or at the direction of any regulatory body with appropriate jurisdiction;
    • if we have reasonable grounds to suspect that your account is being or has been used by any person to commit or facilitate fraud or other illegal activity;
    • on your death;
    • on the cessation of your membership of Savvi Credit Union;
    • on your becoming incapacitated or no longer being capable of managing your own affairs; or
    • If you have failed our security checks as conducted from time to time.
  3. Subject to the Rules and the Acts, we may also close your account for any other reasons whatsoever by giving you not less than two months’ notice in writing to include (without limitation) where the balance on your account is less than €10 and you have not carried out any transactions on your account for a period of 36 months or longer.
  4. Subject to the Rules and the Acts, you may close your account at any time by giving us written instruction.
  5. Upon the closure of your account, you must immediately pay all sums owing on your account (including any interest, or fees and charges payable) and return to us all property belonging to us which you may hold.
  6. The closure of your account shall be without prejudice to any of our respective rights and obligations under these Terms & Conditions and/or the agreement, including without limitation to any continuing indebtedness which you may have to us, and/or to any indebtedness which you may have to us under these Terms & Conditions.

 

H. Joint Accounts

  1. We shall be entitled to accept payment orders to effect transactions and withdrawals from a joint account from any one joint account holder, unless we have been otherwise instructed by the joint account holders in writing.
  2. We shall be entitled to rely on any signed written instruction received from the joint account holders unless and until we receive new instructions in writing from the joint account holders.
  3. All correspondence and notices in relation to a joint account shall be sent or served by us to the first named joint account holder, unless we have been otherwise instructed in writing by the joint account holders.
  4. The joint account holders shall be jointly and severally liable for all outstanding balances, debts, fees, charges, interest and arising on or with respect to their joint account or any transactions executed on their joint account, subject to and in accordance with these Terms & Conditions.
  5. On the death of any joint account holder, all of their interest in the joint account shall become the property of the surviving joint account holders. A letter of clearance (form IT8), issued by Revenue, must be presented to the Credit Union to facilitate the release of jointly held property to the surviving joint holder who is not a surviving spouse or surviving civil partner of a deceased person, where the amount in the account is in excess of €50,000 (or whatever the applicable limit is by law at the time).
  6. The joint account holders may close a joint account at any time by giving us notice in writing in accordance with the latest signing and payment authorisation instructions received.
  7. If the joint account holders or any of them are or is indebted to us, and whether on any loan account or otherwise, we may at any time and without notice withdraw all or any of the monies standing to the credit of their joint account(s) to be applied by way of set-off to reduce or (as applicable) discharge the amount of such indebtedness, and regardless as to which joint holder may have incurred or owes such indebtedness.

 

I. Online Banking Service

  1. Access to and use of the online banking service shall be subject to prior registration for use of the online banking service, and shall be in accordance with the online banking service Terms of Use at all times.
  2. We are authorised to accept and act upon any payment orders given by you (or any person authorised or permitted by you to access the online banking service on your behalf) in respect of your account.
  3. No payment order issued by you through the online banking service shall be accepted or processed by us unless (inter alia) you have sufficient cleared funds in your account to meet the amount in full of such payment order.

 

J. Communication

  1. All communications with you shall be in the English language.
  2. Save as may otherwise be provided herein, we may communicate with you by post, email, telephone (including SMS messaging), through the online banking service and/or in person, subject to any applicable legal or regulatory requirements. We may for security and/or operational reasons relating to your account monitor and/or record communications between you and us, and you hereby consent to same.
  3. You must notify us immediately in writing of any change to your postal or email address or other contact information. If you fail to do so, there is a risk that any correspondence or other items which we may send to you may be intercepted, which could result in fraud or in unauthorised use of your account.
  4. Any demand or other legal notice or process in respect of this agreement may be served by us on you personally or by being left at or posted to your address last known to us. Any notice or demand so served shall be deemed to have been served on you:
    1. when served (if served on you personally);
    2. when left at your address last known to us; or
    3. two days after posting (if sent by post),

and in providing service by post it shall be sufficient to show that the notice was properly addressed and posted notwithstanding that it was in fact delivered or was returned undelivered.

 

K. Deposit Interest Retention Tax

  1. DIRT will apply to credit interest and/or dividends paid on your Account unless you are exempt from DIRT. Eligibility for any exemption from DIRT shall be determined in accordance with applicable legislation.
  2. At the time of us applying any credit interest and/or dividends to your account, we shall at the same time deduct from your account the amount of DIRT (to the extent applicable).
  3. The rate of DIRT payable in respect of credit interest and/or dividends paid on your account shall be determined in accordance with applicable DIRT legislation.

 

L. Data Protection

Please refer to our Data Protection Statement for further information

 

M. Miscellaneous

  1. In the event that we agree to provide you with additional services or facilities in connection with your account from time to time, the provisions of such additional services or facilities shall be subject to such terms and conditions as may be notified to you at the time such additional services or facilities are first provided. In the event that there is any conflict between these Terms & Conditions and those additional terms and conditions, those additional terms and conditions will prevail.
  2. A copy of these Terms & Conditions, and all other documents which constitute the agreement, is available upon request free of charge at any of our offices and is also available for download from our website.
  3. If any provision of the agreement is found to be invalid by any court having competent jurisdiction, the invalidity of such provision shall not affect the validity of the remaining provisions of the agreement, which shall remain in full force and effect.
  4. No waiver of any clause or other provision of the agreement on our part shall be deemed a further or continuing waiver of such clause or other provision of or any other clause or provision.
  5. To the extent permitted by law, we may assign, novate or transfer our rights, benefits and/or obligations in relation to this agreement and we may impart any information concerning you or the account to any actual or proposed assignee, novatee or transferee (and you hereby consent in advance to any such novation or transfer).
  6. To the extent permitted by law, this agreement shall constitute the entire agreement between us and you in relation to the subject matter of this agreement

 

N. Complaints

Please refer to our Members Complaints Procedure for further information.

 

 

Junior Members (aged 15 and under) Account Terms & Conditions

These T&Cs are in addition to the T&Cs above.

  1. At least one parent/legal guardian must apply for a junior account with a junior applicant aged from 7 to 15, or on behalf of a junior applicant aged 6 or under
  2. Only one Shares Account is allowed per junior member
  3. The account will be opened and operated for the sole benefit of the junior member in whose name the account is held. Funds in the account are the sole property of the junior member
  4. All signatories to the account must be identified by the Credit Union in compliance with anti-money laundering legislation
  5. Any correspondence relating to the account will be sent to the current address held for the parent/legal guardian unless otherwise requested
  6. A minimum balance of €10 must be maintained for the account to remain open
  7. Only parents/legal guardians are permitted to withdraw funds, on behalf or in conjunction with the junior member
  8. If the junior member is under 7, then the parent/legal guardian may sign on their behalf
  9. From the age of 7 to 15, the authorisation to withdraw funds from this account will consist of both the junior member’s and parent’s/legal guardian’s signatures
  10. On reaching 16, the junior member will qualify for full membership of the Credit Union and any third party access previously authorised will cease
  11. Closed accounts will not receive a dividend/interest rebate for the financial year of the account closure, payment of same can be requested in writing after the annual dividend has been posted
 
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