On International Credit Union Day, it was announced that some of the largest credit unions in Ireland have come together under the currentaccount.ie brand, to roll-out a new full-service Current Account for credit union members.
The new Current Account includes the globally accepted Mastercard Debit Card with Contactless Payments, Standing Orders, Direct Debits, an Overdraft. Credit Union members will be able to open an account online or in the Credit Union Offices. Over the coming weeks, 30 Credit Unions, with 115 Branches nationwide will begin offering the service. This figure is expected to rise further next year.
This is good news for consumers who have limited choice at present. Credit Unions are seen to offer something different to the major banks and are considered more friendly and trustworthy. Credit Unions are the number one for ‘Best Customer Experience in Ireland’ a position they have held for the last five years. (CXI Report, October 2019).
The Current Account has simple and transparent pricing. A low monthly fee of €4.00 applies and that covers unlimited euro point of sale and contactless transactions, unlimited mobile and online banking and unlimited standing orders and direct debit processing and up to five euro ATM withdrawals per month. Full details of fees and charges are available on currentaccount.ie
The roll-out of the new service commences today and will continue into 2020. Details of the Credit Unions offering the new service are available at www.currentaccount.ie
Commenting on the launch of the service, Sonya Geelon, Country Manager for Mastercard in Ireland said:
“We are delighted to be partnering with the Credit Unions, enabling their current account holders to have access to their funds 24 hours a day, 7 days a week through their Mastercard Debit Card. This partnership offers Credit Union current account holders the flexibility, security and convenience that they require when paying in the physical or digital world.”
Seamus Newcombe, Chief Executive of currentaccount.ie said:
“This is a very important milestone in the development of the credit union sector in this country. 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. 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.”
currentaccount.ie is the trading name of Payac Services, a shared service company established by credit unions. It is the only Credit Union Services Organisation (CUSO) of its kind in Ireland that is directly owned and operated by participating credit unions. Member credit unions have 1.2 million members and a presence in over 150 locations throughout the country.