The change in the economic climate of Ireland in the last few months has caused many money lending institutions to change their policies. Credit unions are among the most common to change, with the current amount totaling 36 unions all across the state.
The largest adjustment to these businesses are focused around savings accounts of current members. People who are utilizing these saving tools are now being asked to keep their savings below a certain amount.
Some of the caps imposed on these deposit accounts range from €15,000 to €40,000, causing major problems for many of the current users. If an account is above the cap amount, the account owner is required to find an alternative place to store these additional funds in less than a month.
One of the largest draws towards credit unions for people is the ability to get higher interest rates on savings and lower interest rates on loans. High interest rates can be very beneficial on savings but without a significant amount of funds able to be held in an account you …