Update on Credit Unions Offering Debit Cards

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Charlie Weston, in the Indo, has an update on credit unions offering debit cards and offering electronic payments.

60 credit unions to offer electronic payments by September


Debit cards to launch in 2015, subject to CBI approval

No word on fees, hard to see credit unions price matching PTSB or even service matching PTSB.
 
Is there any list of the 60 credit unions. I cannot wait to move from my bank. But I'd need international transfer options as well.
 
Bronte said:
Is there any list of the 60 credit unions. I cannot wait to move from my bank. But I'd need international transfer options as well.
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No list as the 60 CU's are not live yet. Also, the debit card option is not be live until 2015.

You may be eager to switch but you will find that the level of service is not the same as a bank. Also, I would be shocked if any CU price matches PTSB.
 
CiaranT said:
You may be eager to switch but you will find that the level of service is not the same as a bank. Also, I would be shocked if any CU price matches PTSB.
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You mean the level of service as in options. I would be willing to pay more for dealing with human beings instead of call centers and what passes for customer service in my bank.
 
The Government should sell or give a copy of PTSB systems to Credit Unions.

1. We own the PTSB
2. Credit Unions would have systems that work
3. In then to internet banking; debit cards; credit cards etc etc

er without catastrophic failure which is a hallmark of large scale developments
 
CiaranT said:
Interesting. IBAN's only? So they do not offer US wire transfers?
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I might have been sloppy in my terminology. On screen, it says;

"International/SEPA Payment"
and asks me to enter;
Payee Name
Bank Account Name
Payment Ref
IBAN
BIC

Does that help you to see if US transfers are included?


Interesting suggestion. It would depend on whether PTSB own their own in-house systems and have rights to give it away, or use licensed 3rd party software, where they would be unlikely to have rights to give it away, or possibly even to provide a bureau-type service.

However, while we do own PTSB, we (the State) don't own the CU movement. Yes, CUs are technically member owned, but members have really no control. There are no particular provisions in law about members running for Director posts, as was the case with the Building Societies (remember them?). Should the State be intervening to support a community movement like the CUs?
 
RainyDay said:
I might have been sloppy in my terminology. On screen, it says;

"International/SEPA Payment"
and asks me to enter;
Payee Name
Bank Account Name
Payment Ref
IBAN
BIC

Does that help you to see if US transfers are included?
Click to expand...

You cannot do a US transfer with the above fields. US transfers do not have IBAN's. US transfers have an ABA code and 2 sets of bank details for both the clearing bank and the final bank.
 
Well the State has intervened and in a very direct manner.

The essential question though is what is the evidence for their actions through their enforcer, the Central Bank. Their attitude is that they have 395 independent companies managed by incompetent older fools.

However - name one bank that survived apart from Post Office Savings Bank?

Name all the Credit Unions that have failed.

No marks for Newbridge or Howth.

Is it 100?

Is it 50?

Is it 25?

Is it 10?

Er - we don't know do we.

There are structures where we could:

- bring in shares that are risk capital and real owners
- bring in Debentures that could be risk capital.

Fundamentally we have a Central Bank who simply want less of these to manage. They have no interest in sponsoring their future what so ever. They know full well that large scale IT projects are not in the competence specialties of Credit Unions. Mind you the State is equally incompetent - but that is another story.
 
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