Budget Account
The smart way to manage your monthly outgoings
The Budget Account is a service to help members plan and pay for household bills and manage their money effectively. It allows members to split their outgoings evenly over a 12 month period. Members deposit a set amount regularly into the Budget Account which is then used to cover their expenses.
Active members of First Tech for the last 12 months with a minimum balance of €250 in their share account are eligible to participate in the Budget Account Scheme. Initially a Budget Account Application form must be completed. On an annual basis every year members will be asked to review their proposed budget plan for the forthcoming year upon renewal.
When completing the application form you will be asked to list a description of your outgoings that you would like to put through your Budget Account. For example, Mortgage, Telephone, Electricity, Gas, TV. Broadband, Car insurance, Life insurance, Local Property Tax, Fuel, Mobile phone, Refuse collection and many more.
A 5% contingency amount will be added to protect against under budgeting of any item listed on the plan & repayments are calculated based on the number of payments for that year. For example if you are paying into your Budget Account monthly the annual amount is based on 12 payments for the year.
For your convenience we recommend that you set up the majority on your bills on direct debit. You do this by giving your bill provider & iban & bic for your Budget Account which will be provided to you when the account has been opened.
Any surplus in a member's Budget Account at the end of their budget plan for that year will be carried forward as an opening balance to the following year or it can be withdrawn or transferred to your share account.
Only payment requests that are listed on your Budget Account form will be processed when at least one month of credit has been lodged to the account. No further bills can be added until your account is up for renewal.
Payments will be made even if the account goes into a negative balance or is overdrawn once you are within your overall budget for the year for the item that is due to be paid.
An annual administration fee of €30 applies to your Budget Account. If the Budget Account is overdrawn, interest will be calculated daily at a fixed rate of 8.9%APR and charged monthly to the Budget Account.
If payments into the Budget Account cease all sums outstanding balances immediately becomes due and payable at the option of the Credit Union. No further payments will be made until the Budget Account is in credit.
First Tech Credit Union, it's directors, management and staff will not accept any liability for non-payments, delay in payment or error in payment of any invoice, standing order or other account however occurring not for any consequences thereof, however arising.
The Board of Directors or Management of First Tech Credit Union reserve the right to;
- Change or amend the rules, terms and conditions of the operations of the Budget Account Scheme.
- Change the administration charge for the Budget Account Scheme with 30 days' notice
- Change the terms & conditions of the Budget Account Scheme
