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Ireland Credit unions across Ireland roll out new current account service

09:55  18 october  2019
09:55  18 october  2019 Source:   thejournal.ie

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115 branches have begun rolling out the service today under the currentaccount.ie brand.

Credit unions offer members the chance to have control over their own finances by making their own savings work for them. Credit unions have been voted Number One for Customer Experience in the 2018 CXi Ireland Report, taking the award for an incredible, record breaking fourth year running.

a sign in front of a brick building © Sam Boal via RollingNews.ie

DOZENS OF CREDIT unions around Ireland have rolled out a new current account service. 

115 branches have begun rolling out the service today under the currentaccount.ie brand. 

Members who sign up for the current accounts will be able to avail of a Mastercard debit card with the contactless feature. 

Those with current accounts will be able to use direct debits, standing orders and overdrafts.

A monthly fee of €4 applies to all current accounts. 

Joint accounts can be opened at participating credit unions. 

Consumer site Bonkers.ie has said today’s announcement is “unsurprising, if a little overdue”. 

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Dozens of credit unions across the country are gearing up to take on the banks by offering current accounts for the first time. From today, a total of 30 credit unions with 115 branches nationwide will begin rolling out a full range of current account services , including a Mastercard debit card

Credit Unions across Ireland are now offering current account servicesCredit: Alamy. The new current account service will have a standard monthly fee of €4 - which attempts to undercut the charges currently being imposed by banks across the country.

“This new account offers little new and its pricing isn’t overly competitive,” it said. 

However, the charging structure is fairly simple and straightforward so customers should at least be able to know what they’ll be hit with in terms of fees each quarter. But the account won’t really be suitable for those who prefer cash over card payments. 

“The Credit Union is known countrywide for its excellent customer service, friendly approach to doing business, and is one of the most trusted brands, let alone financial institutions, in the country,” it said. 

“This means the account should still do well, despite not offering anything particularly new or innovative.” 

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Ireland ’s financial sector is set for a major shake-up with the announcement that some of the largest credit unions in the State are coming together to roll out full- service current accounts . Pointing to what he said was “the increasing depletion of some financial services available to communities”, he

Credit unions in Northern Ireland are authorised by the Prudential Regulation Authority, and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. When acting as an insurance intermediary the Irish League of Credit Unions is regulated by the Central Bank of Ireland .

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