Local Credit Unions to take on the banks

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Some of Ireland’s largest credit unions, including Alutra in Gorey have banded together to offer current accounts with online banking at more than 110 branches nationwide.

Currentaccount.ie is being launched by 30 credit unions after receiving full approval from the Central Bank, with more credit unions expected to offer the service from next year.

The participating credit unions have over 1.2m members at more than 150 of the 250 credit union branches in Ireland.

Customers will be charged €4 per month for a current account and be allowed unlimited point of sale and contactless transactions with their Mastercard debit card.

  • The service also offers mobile and online banking, standing orders and direct debits, but only five free ATM withdrawals per month after which a 50c charge applies for each withdrawal.
  • credit union members with savings and loans will now be able to get a competitive current account from their trusted credit union

Other fees include:

  • €10 for bounced cheques, cheque/direct debit payment being returned from the account or an an unpaid standing order;
  • a referral item fee of €5 per item up to a maximum of €15 per day, and
  • a €2.50 for a quarterly postal statement.
  • There are also €25 fees for setting up and renewing your overdraft.

Currentaccount.ie is being launched after three years of development involving the credit unions, their IT service providers, the Central Bank, and third-party debit card providers.
Currentaccount.ie chief executive Seamus Newcombe said the launch was a “very important milestone” in the development of Ireland’s credit union sector.

“This is great news for consumers who have limited choice at present,” he added.

“It means credit union members with savings and loans will now be able to get a competitive current account from their trusted credit union, and they will no longer need to go to a bank to get this service.

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