The Carrick-on-Shannon Credit Union is to implement a number of changes to services at the start of next month.
In a letter sent to all members, the management of the Credit union claim that due to negative interest rates for the investment of surplus funds, they will only be accepting small lodgements to accounts from the 1st of September.
Carrick-on-Shannon credit union members received a letter earlier this month making them aware of a number of changes to services at the branch in the coming weeks.
Members were advised that to avoid a substantial fine and adverse publicity, they require additional identification checks for members with accounts in order to comply with the Criminal Justice Act 2010.
The letter also claims that the credit union is reverting back to the old ethos of being for small saver and from the 1st of September, a one euro fee for all cheques issued in excess of daily cash withdrawal limit of €300 is being implemented.
The management claim they are doing this because Carrick has been subjected to negative interest rates for investment of surplus Credit Union funds.
There will also be a €1 fee for all cheque lodgements to an account while a monthly charge of €4.00 per thousand on all cash lodged in excess of monthly threshold of €5,000 cash lodged to an account.
The management claim that members should be aware they are not a bank and that accounts cannot be used to avoid bank charges at a cost to the credit union.
The branch is also advising that they plan to introduce more automated services will be available to members in the coming month.
No one from Carrick-on Shannon credit was available for comment this afternoon on the letter.