Thousands more credit unions will now have access to debit cards and electronic banking services

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HUNDREDS of thousands of credit union members will have access to checking accounts and debit cards after the launch of a new offering.

he 16 credit unions have come together to offer a debit card to up to 400,000 members.

The new card and the new checking account are supported by the Irish League of Credit Unions.

Called MyCU, the account and card will allow members to manage their day-to-day banking transactions with their credit union.

The debit card is part of the Mastercard network, which means it can be used worldwide. They will also be able to access their account anywhere in the world.

An overdraft facility is offered to those who subscribe to the current account.

Most credit unions offering the new MyCU account charge a monthly maintenance fee of € 4, which is lower than what banks charge.

48 other credit unions offer approximately 1.5 million members a checking account and a debit card through the CurrentAccount.ie brand.

Also a Mastercard offer, it offers contactless payments with Apple Pay, Google Pay, and Fitbit Pay.

The shift to offering daily transaction services by credit unions comes as millions of people seek new banking deals with the impending shutdowns of Ulster Bank and KBC Bank.

Irish League of Credit Unions President Helene McManus said the new MyCU debit card offering is vital for the future of Irish credit unions.

“The Irish adopted debit cards and online banking overwhelmingly from day one and it makes sense that their trusted local credit union can now provide this level of convenience and access to their finances.”

Dermot Griffin, the payment organization behind the MyCU brand, said members of credit unions are very interested in signing up for a debit card and checking account.

“We are seeing great interest in the MyCU debit card and current account with the withdrawal of Ulster Bank and KBC Bank. People love the personal touch you get with a credit union.

He said MyCU will soon add Apple Pay and Google Pay to its checking account product.

Credit unions offering the option of electronic banking and the MyCU debit card include Ballinasloe and Naomh Breandán in Galway, Unity in Limerick, Enniscorthy and Wexford in Wexford, Gurranabraher and Mallow in Cork, Letterkenny in Donegal, Monaghan in that county , People First in Laois and St Colman’s in Mayo.

The Currentaccount.ie brand recently added Apple Pay for those who own an iPhone or Apple Watch. It already offers Google Pay and Fitbit Pay.

Seamus Newcombe of Currentaccount.ie said that Apple Pay is a secure, private payment method that eliminates the need to hand over a debit card to someone else, touch physical buttons, or redeem money. ‘money.

Members of participating credit unions hold their iPhone or Apple Watch near a payment terminal to make a contactless payment.

He said every Apple Pay purchase is secure because it’s authenticated with Face ID, Touch ID or a device password, as well as a one-time, one-time dynamic security code.


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