Shannon Credit Union Limited

Shannon Credit Union Limited is a member-owned financial cooperative serving individuals who meet its common-bond criteria in the Shannon area. It operates under the Credit Union Act 1997 (as amended) and is regulated by the Central Bank of Ireland; eligible deposits are covered by the Irish Deposit Guarantee Scheme up to €100,000 per person, per institution. Core services typically include savings and personal lending, with loan assessments based on income, affordability, and credit history; credit facilities are reported to the Central Credit Register. Returns on savings are generally paid as a dividend or interest if declared by the board and are not guaranteed. The credit union facilitates day-to-day payments such as standing orders and direct debits, and provides branch-based service with online account access and application options where available. Membership requires appropriate identification and proof of address to meet anti-money-laundering requirements. Governance is on a one-member-one-vote basis, with a board of directors elected by members at the annual general meeting. Fees, interest rates, and any limits on individual share balances or lending exposure are set by the board in line with prudential requirements and are published in-branch and online; savings caps and product eligibility criteria may apply. The institution must maintain regulatory reserves and liquidity ratios set by the Central Bank and publishes audited financial statements annually. Complaints follow an internal process with the option to escalate unresolved matters to the Financial Services and Pensions Ombudsman. Prospective and existing members should refer to the latest schedules and disclosures for current rates, product availability, and terms.