Credit Union increases membership base to 35k
By Maurice Garvey
RATHFARNHAM and District Credit Union (RDCU) has grown to such an extent in recent years, that the Board are considering a name change to reflect the diversity of it’s membership.
The branch recently completed a transfer of engagements of 10,000 members from Walkinstown, Meath Street, and Rialto Credit Unions – increasing it’s membership base to 35,000.
In 2015 and 2016 respectively, RDCU merged with Templeogue and Harold’s Cross Credit Unions.
According to RDCU’s annual report for 2017, the Templeogue and Harold’s Cross mergers have contributed positively to the organisation.
They have reported a surplus of €800,000 for 2017, up 15 per cent on the previous year’s surplus of €694,000.
Post-mergers, the branch has assets of approximately €135 million.
RDCU Chairman Michael McLoughlin said they will need to “expand in the months and years to come if we are to keep up with developments in the sector.”
In his annual report, Mr McLoughlin said a proposed new name change has emerged – Heritage Credit Union Limited – and they will be seeking the approval of attendees at an upcoming AGM.
“The name of our credit union reflects the new reality that over 60 per cent of our members live outside the original Rathfarnham common bond.
“In addition, as a geographically-based name, it does not travel easily to the new areas of our common bond. We believe that our proposed new name will serve as a source of unity amongst our membership.”
The branch maintain they have very competitive interest rates when compared to equivalent rates for credit cards and personal loan rates from high street banks.
Mr McLoughlin said they would continue to develop loan interest income as the primary source of income.
“It is this change of income profile and income pressure, coupled with the increased cost of compliance, that is the driver of change in the credit union movement.”
Since 2014, members at the branch can receive salary, pensions, grants and other payments directly into their credit union account, whilst electronic payments can be made to any of over 30 SEPA countries.
RDCU are also engaged with the Irish League of Credit Unions in exploring options for mortgage provision to members.
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