Membership

Who can become a member?

Once you live or work within the ‘Common Bond’, you can become a member of Waterford Credit Union. The ‘Common Bond’ is the characteristic that unites all members of our Credit Union. It defines the area in which our Credit Union can operate and those who are eligible for membership. During 2019 we merged with Tramore Credit Union and proudly extended our common bond to include Tramore and its surrounding areas.

We operate from three offices, Parnell Street | Upper Grange | Tramore

Details of Waterford Credit Union’s Common Bond are available on request from either of our offices.

You may also join by association. To do so, you must be living in the same house as a person with an account in Waterford Credit Union.

Members can have just 1x Personal Account with Waterford Credit Union. (1 Personal Account &1 Joint Acc allowed)

Click the above tab ‘What you Need’ for more information.

Types of accounts:

• Personal/Single Accounts
• Joint Accounts (cannot be opened online – please email member-services@waterfordcu.ie)
• Kids Accounts
• Business Accounts (cannot be opened online – please email member-services@waterfordcu.ie)

What paperwork do you need?

Documents required for opening a Personal Account:

• One form of photographic identification: passport, driving licence, national EU ID card, ML10 form (signed and dated by An Garda Siochana within the last 2 calendar months and birth cert)
• One form of address verification dated within the last 3 calendar months: current utility bill (gas, electricity, landline telephone), bank statement, Revenue documentation, social welfare documentation, insurance policy (house or car, renewal notices NOT accepted), any correspondence from a recognised source (hospital, school, government body)
• Proof of PPS number: medical card, DPS card, Government letter etc.

(In the case of a joint account, each person must provide the above documents.)

NOTE: Waterford Credit Union CANNOT accept the Public Service Card (Green Card) for Proof of ID or PPSN.

Documents required for opening a Minor Account (under the age of 16):

Each new junior saver account (under 16 years) opened in WCU will receive a Junior Savers Reward Card.

For each lodgement (minimum €5) the junior saver makes to their account, they will receive 1x sticker which will be placed on their Junior Saver Reward Card. When 4x stickers are collected, Waterford CU will lodge €10 to their shares.

Open a Junior Savers Account (minor ac) by dropping into one of our offices at Parnell Street, Upper Grange or Tramore. Terms and Conditions apply – full details available in branch.

Minor accounts must now be opened by the minor’s legal parent or guardian only. The parent/guardian will have authority to operate the account up to the child’s 16th birthday.

As per WCU’s New Member Policy, all minor accounts opened for persons under the age of 16 years require the following documentation:

• A Birth Certificate; to confirm the person opening the account is the parent/guardian of the child.
• A passport (if the minor holds a passport)
• Proof of the minor’s PPS number, e.g. medical card, government letter
• Proof of the parent/guardians address (dated within 3 months) and current photographic ID e.g. passport.   

Documents required for opening a Business Account:

• Photographic Identification for each beneficial owner of the account
• Address verification (dated within the last 3 months) for each beneficial owner of the account
• PPSN for each beneficial owner – payslip, revenue documentation, medical card, any social welfare
  documentation
• Proof of Business Address
• Original or Certified copy of the Certificate of Registration/Certification to Trade of that Business Name –
  only required if registered with the Companies Registration Office
• A full listing of all beneficial owners
• Where the business is incorporated under the Companies Act – confirmation that the beneficial owners have been registered with the Central Banks Register of Beneficial Owners
• Most recent set of Certified Audited Accounts (if available)
• Copy of the resolution from the governing body authorising application for membership (where applicable)
• List of all company Directors, names, addresses, occupation, date of birth and voting rights of each (where applicable)
• Certificate of Incorporation (limited company only)
• Memorandum & Articles of Association (limited company only
• Written confirmation from your accountant that the transactions on the account are consistent with the
  business generating the funds
• Written confirmation from your accountant that withdrawals from the account are credited to the account of
  the business which generated the funds

Please note certain documentation will be required to be provided annually to our Finance Department.

The above items are all requirements of the Criminal Justice (Money Laundering and Terrorist Financing) Act 2010.

Financial institutions in Ireland, such as Credit Unions, are required under legislation namely, the Organisation for Economic Cooperation and Development (OECD) Common Reporting Standard (CRS), to seek answers to certain questions for purposes of identifying accounts that are reportable to the Irish Revenue Commissioners for onward transmission to tax authorities in relevant jurisdiction(s).  The Common Reporting Standards (CRS) is a legal framework which requires Waterford Credit Union to report details of financial accounts held by reportable persons (i.e. customers who are not tax resident in the Republic of Ireland) to the Irish Revenue on an annual basis who will then exchange this information with tax authorities in relevant jurisdictions.  We will ask you to fill out self-certification form prior to account opening. The self-certification form will capture information on your Tax-residency status, Tax Identification Number (TIN) and Country of tax residence.

Further details are available in the downloads section of our website.