06 Dec 2021

Longford Credit Union assures local members that its car draws are fair and transparent

Longford Credit Union

Longford Credit Union

Longford Credit Union has issued a statement this afternoon insisting that its car draws are completely above board.

Through Facebook, the financial institution said that in light of the various reports regarding Credit Union car draws local staff would like to reassure their members that the draw which has been in place at Longford Credit Union since 1998 is legitimate and fair.

The statement indicated that in the 20 years since the Draw’s inception just one staff member - a former director - has been a lucky winner.

“All our draws are held in our branch and are overseen by an independent external adjudicator to ensure that the selection process is fully transparent,” a spokesperson continued, before pointing out that all the car draws were non-profit making and completely self-financing.

“All money generated through entry fees are used exclusively in the purchasing of the prizes and in the payment of expenses incurred solely in respect of the draw.

“All deductions are recorded on each member’s statement and statements are available to members at any time on request.”

Meanwhile the statement went on to say that all members were required to have completed a written application form prior to having money deducted from their accounts and members were also free to withdraw from the draw at any time.

“Our external auditors carry out a full review of the process annually and we have also requested that our internal audit review the car draw on a periodic basis,” the spokesperson added.

“Each year the board of Directors nominate a car draw committee who are assigned responsibility for the running of the car draw and we publish all our winners on local media and on our Facebook page.

“Longford Credit Union does not make any financial gain from the operation of the draws and we hope that all our members are fully reassured and will continue to enjoy their chances of winning any of our draws.”

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