Find out about our members cash draw

Members Cash Draw

Lisduggan Credit Union operates a cash draw on a break-even basis for all participating members over the age of 18:

  • There are 12 monthly prize draws of €10,000
  • All prizes are in the form of cash
  • Additional prize draws may be held where excess funds exist.
  • €50 is deducted annually from the members share account for participation in the draw. The participation fee is deducted annually on the anniversary of the member joining the draw.
  • All subscriptions collected from members are only used to pay for prizes and operating expenses of the draw.
  • Members must complete the required form in order to participate in the draw.
Read our Cash Draw Rules

  1. Application and authorisation forms for membership of the draw must be completed in full prior to participation. Terms and conditions must be accepted and no entry is valid until fees are paid and credited in advance.
  2. All entrants must be at least 18 years of age on the commencement date of the first draw and participation is limited to members of Lisduggan District Credit Union. Only one entry is allowed per member.
  3. Members joining the Cash Draw will automatically be included in the next monthly draw provided their application is not on the day of the next draw.
  4. The annual fee is deducted from member’s shares within the first 14 days of the month. For new entrants this may be within the first 14 days of the following month depending on when they join. Thereafter the fee will be deducted on the anniversary of joining annually unless the member opts out of subsequent draws by notifying their intent to revoke their participation in writing at least 21 days prior to their anniversary of joining.
  5. A minimum share balance must be retained in the credit union account in order to remain a member. Therefore, a minimum of €60 is required for draw eligibility. It is the member’s responsibility to ensure that sufficient funds are in place at the relevant time to enable their entry to be included. The Credit Union has no obligation to notify members with insufficient funds in their accounts.
  6. In the event of insufficient participation, the draw may be suspended or discontinued and/or alternative prizes may be given at the discretion of the Board of Directors.
  7. The draw will be held on a monthly basis in the offices of Lisduggan District Credit Union, under the supervision of senior staff management and verified by the Board of Directors. The Board reserves the right to increase the number of individual draws in any 12 month period or discontinue the Lisduggan District Credit Union Members Cash Draw based on the level of participation.
  8. Draws are held within the first 14 days of the month, on a working day, depending on the availability of a Director, Board Oversight Committee member and independent observer all being available. The draw may be rescheduled beyond this where there is an issue, for example with obtaining witnesses to the draw. However, a draw must be held in the month.
  9. A register of entrants is maintained at the Credit Union offices. Winners are notified in writing and/or by telephone. Additionally, the names of all winners will be posted in the building premises of Lisduggan District Credit Union Limited with the consent of the winner and/or in marketing materials circulated, including but not limited to the Lisduggan District Credit Union website/Facebook page and any future newsletter publications and local newspapers.
  10. The draw will be non-profit making and surplus funds will be disposed of by way of additional draws. All legitimate expenses and overheads relating to the operation of the draw will be borne by the draw itself.
  11. Audited financial accounts of the draw will be presented to the Annual General Meeting of Lisduggan District Credit Union as part of the consolidated accounts of the Credit Union.
  12. The value of prizes will be at the sole discretion of the Board of Directors.
  13. In the event that a winning member is a person who is in arrears or in default in carrying out any financial commitment or obligation to Lisduggan District Credit Union, the Board of Directors reserve the right to withhold delivery of the prize until the arrears have been paid or the default rectified. In such a case, the winner will be notified of the outstanding amounts in writing. If within 21 days of the notification, the winner has failed to comply with the requirements of the Board of Directors in relation to any arrears/defaults, the Board of Directors may pay over to the member the net proceeds after deducting any such arrears or paying the monies required to rectify the default.
  14. All prizes must be claimed within 90 days or will be returned into the Members Cash Draw fund.
  15. All decisions of the Board of Directors relating to the Lisduggan District Credit Union Cash Draw and interpretation of foregoing rules or any matter pertaining to the draw are final.
  16. The Board of Directors may amend these rules as they deem appropriate. The current rules of the draw will at all times be displayed in the offices of the credit union and on the credit unions web site.

If you would like more information on participating in the Cash Draw, or a Cash Draw form, please contact us.

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