Credit unions hail start of rollout of current accounts
A group of 30 credit unions, including ones in Cork, Kerry, and Tipperary, has hailed the rollout of current accounts for the first time as an alternative to the big banks for its members.
Products such as overdrafts, Mastercard debit cards with contactless payments, standing orders, and direct debits will be offered by the credit union group, currentaccount.ie, which will coordinate the services on behalf of the credit unions.
The fees include a monthly account maintenance fee — which is charged on a quarterly basis — of €4.
ATM withdrawals are free, although a charge applies for users making more than five ATM withdrawals a month.
The credit unions say they are among the most trusted of all financial institutions, as the banks rate poorly in customer-satisfaction surveys.
But the credit unions are also trying to appeal to younger people and are meeting the same challenges faced by the banks — keeping pace as more people make electronic payments and buy goods and services online
“This is a very important milestone in the development of the credit union sector in this country. Credit unions offer something different to the major banks and are considered more friendly and trustworthy — for the last five years, they have held the accolade for ‘best customer experience’ in Ireland,” said the chief executive at currentaccount.ie, Seamus Newcombe.
“For the first time, credit unions will be able to provide their members with a real choice for their day-to-day financial needs.
"And, this new service, which will be accessible globally and digitally, will enable credit unions to become even more relevant to their members in our ever-increasingly digital world,” he said.
The tie-up with Mastercard appears to be the feature that the credit unions are most eager to promote.
Sonya Geelon, country manager at Mastercard Ireland, said credit union members will have access to their money around the clock.
They will also have the “flexibility, security, and convenience that they require when paying in the physical or digital world,” she said.
