Enhanced Budget Accounts
PRISCU Budget Account - The Positive Way Forward
If you would like to set up a budget account, please request an application form via e-mail to email@example.com and we will get you set up.
Once your account is set you you will receive your unique IBAN & BIC which you can use to transfer all your current direct debits to.
Terms & Conditions
- Only members of Prison Service Credit Union (PRISCU) operating an active credit union account in good standing shall be eligible to participate in the budget plan.
- I understand that PRISCU reserves the right to decline my application or renewal without giving a reason and without entering into correspondence
- I agree to have the total amount involved deducted from my Payroll/Pension by equal fortnightly instalments and paid to the Credit Union over the period of the agreement. I understand that this account is additional to any other account I may have with the Credit Union. I understand that in my absence from work where payroll deduction cannot be made, I will be required to maintain normal contributions through direct payment/standing order to the Credit Union. Failure to maintain contributions will result in the freezing of all budget payments.
- Where there is insufficient funds in the members account at the time a bill is due to be paid, the credit union will pay the bill, provided the deficit balance is cleared in full with the next payroll/pension payroll and provided the member has made adequate provision for the payment of the bill in question.
- Members must ensure that they have budgeted sufficiently for the year. A 5% contingency is compulsory to cater for potential price increases. The contingency amount CANNOT be withdrawn. Web withdrawals are not permitted on this account.
- Unless advised by the member, the budget account will automatically renew at its anniversary.
- While every effort will be made to pay bills on or before a specified date, the credit union will not accept liability for the late non-payment of any bill or the consequences of same.
- All payments from budget accounts will be via:
- Direct Debit
- No dividend or interest is paid on budget accounts.
- Where a member holds a loan account with the credit union that is in arrears due to a shortfall in payments received, the credit union reserves the right to:
- Transfer any surplus on the budget account to the loan account in order to reduce and/or repay any outstanding arrears and/or
- Amend the members budget account to support payments to the loan account
- I understand that upon cessation of membership of the Budget scheme or the Credit Union, all sums outstanding become due and immediately payable. I hereby authorise the Credit Union to clear any debit balance remaining due on my budget account from my share/savings accounts where no arrangements have been made to clear the budget account balance.
- I accept the scale of interest charges on overdrawn Budget Accounts as laid down by the Board of Directors.
- I accept there will be an annual administration charge on my budget account and that the Board may change this at their discretion giving prior notice to members.