Does anyone rely fully on their Credit Union current account for day to day banking?

MrEarl

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I wonder if they mean that if you lodge a third party cheque, and it bounces, that there is then a charge?
 

RedOnion

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They provide a current account but no debit card. So if I want cash, I have to go to the branch.
This really depends on what exactly your definition of a "current account" is.

Capital Credut Union, along with most, provide full SEPA functionality, and Internet Banking. So you can make and receive payments, use your account for direct debits, etc. But there's no debit card.

Link it up with Revolut card, and you've free banking. But as @niceoneted mentioned, you don't have real-time transfer to Revolut, because you're relying on SEPA transfer cycles.

Here's directly from Capital CUs FAQs;

"The first is that we do offer a current account facility which is free of fees and charges. It operates in exactly the same way any current account does but just doesn’t have a debit card facility. Any direct debits can by routed through this and wages can be paid into your account with us as well. This means Members can use their account with us for their wages, savings and loans whilst using a free debit card account (e.g., Revolut) for their day-to-day banking. Our online facility allows Members to transfer to these external accounts at any time."
 

Ceist Beag

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For those using it, how do you find the credit union online banking? We're thinking of moving to the credit union current account, from UB, as it seems to meet our relatively basic needs and has low fees. I use the UB online banking a lot so this feature is important to me.
 

MrEarl

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I think it depends on which credit union you look at, there seems to be different offerings, from different credit unions.

For example, I see that Progressive CU offer a Debit Card, and you can potentially also have an Overdraft:


I have their app, but don't currently have their current account, only a share account. The app works fine, and looks like it could cater for the day to day requirements, if I had a current account with them (ie view transactions, transfer funds etc.)
 

24601

Registered User
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331
I think it depends on which credit union you look at, there seems to be different offerings, from different credit unions.

For example, I see that Progressive CU offer a Debit Card, and you can potentially also have an Overdraft:


I have their app, but don't currently have their current account, only a share account. The app works fine, and looks like it could cater for the day to day requirements, if I had a current account with them (ie view transactions, transfer funds etc.)

All current accounts come with a debit card regardless of the provider. Overdrafts are also a feature with all CU current accounts too (subject to approval etc. etc.).

In terms of the online banking, all credit unions offering current accounts have online banking and (I think) a mobile app. It will depend on which IT system they use, but both the main IT system providers have decent functionality that is on par with what the banks have. My credit union is on the Wellington system and I find the online banking fine. The app is a bit clunky but is grand for what I use it for. Not sure how they compare to UB's.
There are some differences between credit unions in terms of additional current account functionality. Some have Apple/Google Pay and others don't yet but by and large they operate identically to bank current accounts.
 

1dave123

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165
Here's directly from Capital CUs FAQs;

"The first is that we do offer a current account facility which is free of fees and charges. It operates in exactly the same way any current account does but just doesn’t have a debit card facility. Any direct debits can by routed through this and wages can be paid into your account with us as well. This means Members can use their account with us for their wages, savings and loans whilst using a free debit card account (e.g., Revolut) for their day-to-day banking. Our online facility allows Members to transfer to these external accounts at any time."
@RedOnion Thanks for posting this. This option never crossed my mind. So, just off the phone with Capital CU. True enough - they confirmed I can set up my Direct Debits with them which is all I really need (I think) once KBC departs.

I don't need an overdraft facility or debit card or ATM facility or Apple Pay or mobile APP etc. Capital CU current a/c plus my existing N26 a/c may just about do it.

Thank you.
 

RedOnion

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6,161
@RedOnion Thanks for posting this. This option never crossed my mind. So, just off the phone with Capital CU. True enough - they confirmed I can set up my Direct Debits with them which is all I really need (I think) once KBC departs.
I'm a big fan of the Credit Union ethos, etc but I think they've caused some confusion about what's actually available to their members. Not only are there 2 groups of Credit Unions (ILCU and CUDA), but also each CU is independent and can choose which products/ software etc to use and provide.

Almost all CUs offer SEPA payments and online access. This is free.

Then there are 2 new products with full debit card support which are 'current accounts' provided together with 3rd parties, for which there is a charge of 4 euro per month.

Depending on your CU, they might sign up to either of:
CurrentAccount.ie or
MyCU.ie

Not all Credit Unions are offering these products. There might be other offerings in future.
 

Paul O Mahoney

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I'm a big fan of the Credit Union ethos, etc but I think they've caused some confusion about what's actually available to their members. Not only are there 2 groups of Credit Unions (ILCU and CUDA), but also each CU is independent and can choose which products/ software etc to use and provide.
Well said, they really could be an " independent" financial powerhouse for this country, but like everything else, parish pump politics still play too big a role.
And having experience with them I can't see it happening.
 
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