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



## Brendan Burgess (26 Jul 2021)

I have a thread  here comparing the current account offerings of AIB, BoI and ptsb:






						Key Post - Which is the best current account for a personal customer?
					

As I pointed out in another thread, in the UK, Which?  magazine would have a detailed survey of a few hundred customers and would rank the various offerings. I want to see if we can do that via Askaboutmoney.  This is for personal accounts only and not "Which is best for business?"  It should be...



					www.askaboutmoney.com
				




But does anyone have a CU current account only and not use a bank account from one of the main banks? 

*Does it offer all the following: *
Web based account management including payments 
Smart phone account management 
Debit Card 
Withdraw cash from any ATM 
Cheque book - but probably  not necessary anymore 

*Is there any facility missing which you would expect on a current account? 

Is there any additional facility which bank current accounts don't have? 

Brendan *


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## 24601 (26 Jul 2021)

Hi @Brendan Burgess , yes, some credit unions do. See: https://currentaccount.ie/support/participating-credit-unions/

There are more credit unions providing current accounts via a separate scheme but I am unfamiliar with this.

Edit: they are the same as any bank current account from what I can tell. There's nothing missing and there's nothing additional.


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## Brendan Burgess (26 Jul 2021)

So I checked with my own credit union which is Capital Credit Union. (By the way, they answered the phone immediately after giving me 6 options)

They provide a current account but no debit card.  So if I want cash, I have to go to the branch.

They told me that they are not part of the pilot scheme.

Brendan


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## 24601 (26 Jul 2021)

Brendan Burgess said:


> So I checked with my own credit union which is Capital Credit Union.
> 
> They provide a current account but no debit card.  So if I want cash, I have to go to the branch.
> 
> ...



I think you've been given incorrect info. I don't think Capital CU have current accounts.

Edit: You've definitely been given incorrect info. Their Annual Report from March has the following:
*While 44% of members said they would like to see Capital Credit Union introduce current accounts, half of those who would consider switching to a credit union current account said they would not be prepared to pay any fees. Significantly, over two thirds of members aged 18-24 said they would not be prepared to pay any fees. At this point in time, we are not convinced there is a business case to introduce current accounts, but we will continue to closely monitor and review this position.*


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## Brendan Burgess (26 Jul 2021)

Thanks 24601 

So these credit unions offer a full service. 

_Current Account, from your trusted credit union is a full service account that allows you to access a range of facilities, such as receiving  your salary, paying bills setting up direct debits and standing orders to make regular payments. You can operate your account online and using the mobile app.

With Current Account, from your credit union, you get a dedicated IBAN (International Bank Account Number). You also get a Mastercard Debit Card with Contactless payments which allows you instant access to your money so you can make a payment or withdraw money whenever or wherever you need._


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## 24601 (26 Jul 2021)

Brendan Burgess said:


> Thanks 24601
> 
> So these credit unions offer a full service.
> 
> ...



Yes, I know someone who closed their PTSB account and just have their CU Current account now - they have an overdraft, debit card and all the usual current account features etc. Think the basic fee structure is €48 per annum. They moved because they had a few issues dealing with PTSB over the phone and couldn't really get them resolved in a branch without hardship or serious delays whereas they can visit their CU on a Saturday morning. 

Also, I don't think there is a current account offering in Ireland where a debit card is not an option.


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## niceoneted (26 Jul 2021)

I use a credit union account. I get my wages paid in, all my direct debits out. I use a credit card for all my purchase - which I receive points on for other benefits. The credit card is cleared every month. I’ve Revolut. I rarely use cash but always have a very small amount avl.


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## Brendan Burgess (26 Jul 2021)

Hi Ted
Interesting.

Is there a limit on how much you can pay into the CU each month? 
Is there a limit on the balance you can have in your account? 

Brendan


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## niceoneted (26 Jul 2021)

Brendan, I’m not sure on limits. I’ve it split between a share and like a budget account - which acts as the current account. I have all the direct debits coming off this latter account. If the balance builds up I transfer it to state savings or investment. The only negative I find is it’s a bit slow on transfers (2 days). But look when it’s free and you know this and your prepared it’s fine. Got my spouse to close all their bank accounts in the last month and move all their banking to the cu to save on charges.


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## MrEarl (26 Jul 2021)

Hello,

I've just had a quick look at Progressive CU's offering -  and it appears to have all of the day to day requirements, incl Debit Card, optional Overdraft (subject to fees), an app, contactless payments over Google Pay, Apple Pay and FitBit Pay etc. Most of their branches appear to open on Saturdays.

One thing they've listed, which I had forgotten about, was the ability to get cash back, when using your debit card. That, plus 5 free ATM cash withdrawals, should be plenty, before you start to incur additional charges.

The only thing I didn't see mentioned is a cheque book - perhaps its not available (it wouldn't matter to me, but might to some people).

Information on charges etc can be found  here


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## tomdublin (27 Jul 2021)

MrEarl said:


> only thing I didn't see mentioned is a cheque book


Just out of interest, why would anyone want a cheque book these days?  Or for that matter use cash provided they buy legal items from legal merchants?


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## Grizzly (27 Jul 2021)

tomdublin said:


> Just out of interest, why would anyone want a cheque book these days? Or for that matter use cash provided they buy legal items from legal merchants?


I write less than 10 cheques a year. 

 If I am giving a larger gift to my children I include the cheque with the birthday/Christmas card. 
There is one company that I don't want to set up a DD with, so I sometimes post them a cheque and pay three or four months payment at a time. I can control this.
When opening an An Post NTMA account, I just fill in the form and post the cheque.

I find it easy to sometimes drop in to my local EBS office or Credit Union and top up my account there, using a cheque drawn on my current account. I sometimes just post it through their letter box.

Generally I use my ATM card for cash. My Credit Union also. Contactless card for small items where they don't take cash. I use my credit card for car tax, Laya, Airlines, house and car insurance and online purchases. Although, sometimes it is easier just to post these a cheque when I am happy with their renewal offer.

I have a post box 50 yds. from my front door.

I still like using cash.


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## NoRegretsCoyote (27 Jul 2021)

Grizzly said:


> If I am giving a larger gift to my children I include the cheque with the birthday/Christmas card.


I appreciate that it looks more like a gift, but when I want to gift someone money I just ask them for their IBAN. 

Why would you give someone the hassle of having to lodge a cheque?


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## Grizzly (27 Jul 2021)

NoRegretsCoyote said:


> Why would you give someone the hassle of having to lodge a cheque?


I think that getting a surprise cheque inside a card is a far nicer way of giving a gift than asking someone for their IBAN.


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## 24601 (27 Jul 2021)

Grizzly said:


> I think that getting a surprise cheque inside a card is a far nicer way of giving a gift than asking someone for their IBAN.


Surprise cash is even better though.


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## Pinoy adventure (27 Jul 2021)

MrEarl said:


> Hello,
> 
> I've just had a quick look at Progressive CU's offering -  and it appears to have all of the day to day requirements, incl Debit Card, optional Overdraft (subject to fees), an app, contactless payments over Google Pay, Apple Pay and FitBit Pay etc. Most of their branches appear to open on Saturdays.
> 
> ...



€10 too lodge a cheque is steep


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## 24601 (27 Jul 2021)

Pinoy adventure said:


> €10 too lodge a cheque is steep


Where did you get that from?  It says cheque processing is free.


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## Brendan Burgess (27 Jul 2021)

But it's actually a very good point.
A lot of people might find it difficult to lodge a cheque.
Brendan


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## MrEarl (27 Jul 2021)

I think it fair to say that cheques are slowly disappearing from circulation. While they won't disappear today, or tomorrow, people will generally prefare the speed and convenience of electronic payments.



NoRegretsCoyote said:


> I appreciate that it looks more like a gift, but when I want to gift someone money I just ask them for their IBAN.



The last couple of times I've suggested doing that for nephews and nieces, I was told I was being old fashioned - and to "Revolut" them, instead


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## Pinoy adventure (27 Jul 2021)

24601 said:


> Where did you get that from?  It says cheque processing is free.
> [/QUOTE
> 
> On page 2 of the link Mr Earl posted


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## 24601 (27 Jul 2021)

@Pinoy adventure  You're not reading it properly. That's for bounced cheques.


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## MrEarl (27 Jul 2021)

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


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## RedOnion (28 Jul 2021)

Brendan Burgess said:


> 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."


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## Ceist Beag (30 Oct 2021)

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.


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## MrEarl (31 Oct 2021)

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:






						Current Accounts
					

Debit Card and Current Accounts



					www.progressivecu.ie
				




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.)


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## 24601 (31 Oct 2021)

MrEarl said:


> 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:
> 
> ...



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.


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## 1dave123 (10 Nov 2021)

RedOnion said:


> 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.


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## RedOnion (10 Nov 2021)

1dave123 said:


> @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.


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## Paul O Mahoney (10 Nov 2021)

RedOnion said:


> 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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## Daveevan34 (9 Jun 2022)

niceoneted said:


> Brendan, I’m not sure on limits. I’ve it split between a share and like a budget account - which acts as the current account. I have all the direct debits coming off this latter account. If the balance builds up I transfer it to state savings or investment. The only negative I find is it’s a bit slow on transfers (2 days). But look when it’s free and you know this and your prepared it’s fine. Got my spouse to close all their bank accounts in the last month and move all their banking to the cu to save on charges.





Brendan Burgess said:


> I have a thread  here comparing the current account offerings of AIB, BoI and ptsb:
> 
> 
> 
> ...


Hi Brendan.

Im just wondering has anyone else found the Credit union banking terribly slow?
My issues started within a month of moving from Ulster bank. I have a subscription to Eir and keep updated on their app. For the last 3 months on my bill date i get conflicting messages between Eir and the CU of about 4 days regarding a request for funds and the transfer.
After many phone calls between the two, their appears to be atleast a couple of problems. 

One problem that appears to be happening is, when Eir makes their request for funds they are also updating my bill information as paid.

The second problem that appears to be happening is, when the bank has had this request made of it, it is not informing my CU at that time, so its not appearing to me as a pending transaction. So for up to 4 days my Eir bill is paid and my CU funds are cleared, which ofcourse is untrue.

Thats what im being told and theirs no sense in it. I cannot talk to the bank which is inbetween! So as it stands the CU dont see the problem because they dont deal with third parties. How am i supposed to get this slow update of info rectified? 

Any way i removed all funds from the nearest ATM as i was annoyed, got my cash, an ATM pending transaction from the CU and a referral fee on top of being overdrawn. None of this would have happened if AIB didnt have 15 yearold outdated data on me which prevented me from opening an account. I got it scrubbed so im going back on the months waiting list. Jokes on me i guess.
Regards


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