Bill Buddy - Budget Account
The smart way to manage your monthly outgoings
How do I set up a Bill Buddy Account
Only active members of esccu are eligible to participate in the Bill Buddy Budget Account Scheme. Initially a Bill Buddy Budget Account Application form must be completed. Every year the member can review his/her proposed budget plan for the forthcoming year with your account commencing on the 1st of each month following the opening of this account.
What do I do?
When completing the application form you will be asked to list a description of your outgoings that you would like to put through your Bill Buddy Account. For example, Mortgage, Telephone, Electricity, Gas, TV. Broadband, Car insurance, Life insurance, Local Property Tax, Fuel, Mobile phone, Refuse collection and many more.
You will be asked to give us a rough estimate of what you spend per year on your outgoing listed items. A 5% contingency amount will be added so it protects against under budgeting of any item listed on the plan. This will also keep you in a plus balance. The calculation can be based on the number of payments for that year. For example if you are paying into your Bill Buddy account monthly the annual amount is based on 12 payments for that year.
What if I am over Budget?
Any surplus in a member's Bill Buddy Account at the end of their budget plan for that year will be carried forward as an opening balance to the following year or it can be withdrawn or transferred to your shares account.
What will be paid out from the Bill Buddy Account?
Only payment requests that are listed on your Bill Buddy form will be processed when at least one month of credit has been lodged to the account. You can add another utility onto the account by requesting this through email@example.com.
What if my Bill Buddy Account goes into a minus balance?
Payments will be made even if the account goes into a minus balance or is overdrawn. This sometimes may happen if we have a cold spell of weather and you may end up spending more on fuel during that month than anticipated. At least Bill Buddy members do not have to worry as the bills will still be paid. Lump sum cash lodgements or EFT transfers are accepted anytime to the Bill Buddy Account.
Will it cost me to have a Bill Buddy Account?
Only a small annual administration fee of €15 applies to hold a Bill Buddy account. If the Bill Buddy Account is overdrawn, interest will be calculated daily at a fixed rate of 8.9%APR and charged monthly to the Bill Buddy Account.
Other Terms & Conditions
If payments into the Bill Buddy Account cease all sums outstanding become due and immediately payable at the option of the Credit Union and no payments will be made unless the Bill Buddy Account is in credit.
esccu, it's directors, management and staff will not accept any liability for non-payments, delay in payment or error in payment of any invoice, standing order or other account however occurring not for any consequences thereof, however arising.
The Board of Directors or Management of esccu reserve the right to;
- Change or amend the rules, terms and conditions of the operations of the Bill Buddy Budget Account Scheme.
- Change the administration charge for the Bill Buddy Budget Account Scheme with 30 days' notice
- May change the terms & conditions of the Bill Buddy Budget Account Scheme.