Cara Credit Union has announced that it is replacing its €2 Saving Stamps and machines with an E Stamp Balance now available on every members account.
“Our €2 Saving Stamps and machines are no longer compliant with Anti Money Laundering Regulation,” said Pa Laide, Cara Credit Union CEO.
Anti Money Laundering
“Guidance issued by the Central Bank’s anti money laundering regulation specifies that we must ensure that money in all accounts, including stamps, can be attributed to individual members.
“As this is not possible to do at the time of purchase with our existing €2 Saving Stamps and machines, we are moving saving stamp services to a more secure and efficient E Stamp Balance now available on members accounts.
Avoiding Central Bank Fines
“We know this may disappoint members and the shops who have our machines, but failure to comply with AML regulations could result in fines for Cara Credit Union.
“Other financial institutions received fines for breaches to AML regulations last year. Credit Unions are not exempt with two credit unions having also received fines from Central Bank for failure to comply with AML regulations.
Co-operation and Support
“So we thank them for their co-operation and support as we replace our Saving Stamps with our E Stamp Balance.
“We still have a saving mechanism in place, members have the option to save into their shares/savings account to earn a dividend and free life savings insurance.
“If they don’t want access to their shares/savings they now have an E Stamp Balance they can use,” said Mr. Laide.
Cash-In Stamps
Cara Credit Union will replace the €2 Saving Stamps and Machines from June 30th and members will have until September 30th to cash in their €2 Saving Stamps in any of their three offices.
Cara Credit Union Marketing and Business Development Manager, Suzanne Ennis said that having reviewed all options available they feel that the new E Stamp Balance is faster, more secure and will provide members with a more efficient service.
New Machine Roll-Out
“We have a new machine in our Tralee office which we will have available by June 30th and that can take lodgements and withdrawals. We also hope to roll this out in our other two offices in Castleisland and Killorglin at a later stage,” said Ms. Ennis.
Information at CCU Offices
Cara Credit Union has outlined a number of ways in which members can lodge money to their E Stamp Balance.
They can set up a Direct Debit and transfer funds from their bank account using their credit union IBAN and BIC; express lodge in their Tralee office or over the counter in any of their three offices. For further information visit www.caracreditunion.ie or call in to their offices in Tralee, Castleisland or Killorglin.
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