Blog – McCarthy & Associates – Galway Talks, 19/02/2015

infoIssue: 11 Credit Unions to offer debit cards to their customers.
Comment: The Credit Unions have a very loyal customer base and unfortunately they have not been able to offer a wider range of services to compete with the banking sector.  Recent media comment that certain Credit Unions will begin to offer debit cards is a very welcome development and I would hope that it will be expanded across the movement in time.
The more competition we have for banking services the better and Credit Unions are well placed to do this.

Question: My bank turned me down for a term loan 18 months ago and I am now thinking of reapplying. I get the impression that it may be easier now to get a loan, is this correct?
Comment: I believe it would be worth your while re-applying, depending on why you were turned down in the first place. Many customers were given verbal answers that the bank was not prepared to lend them further monies, for a variety of reasons.
Recent evidence suggests that they are becoming a little bit more flexible on their lending criteria but it is important to remember that the application process will still be quite stringent.

Question: I am 70 years of age and wondering where I could invest €50,000 and do I also qualify for the DIRT exempt status?
Answer: Just because you are over 70 does not mean that you qualify for DIRT free status. The conditions that apply to qualify for exemption are that you must be over 65 and as a single person have an income below €18,000 p.a. (joint €36,000).
With regard to the options you have rather than a deposit account, this will depend on your financial circumstances. For example, do you have a sufficient monthly income that these monies are surplus to your needs? I would suggest that you contact me and I can discuss this further with you.