ELEVEN of the largest credit unions in the State are set to launch debit card services, allowing them to compete head-on with banks by offering full current accounts.
The move is expected to give 250,000 people access to the debit cards by the end of the year, the Irish Independent has learned.
Banks are likely to see the development as a direct threat to their traditional strength of providing day-to-day current accounts and payment cards to their customers.
The 11 credit unions already offer their members online payments – where members can have their pay and pensions electronically paid into their credit union accounts.
Members can also put in place direct debits, and make electronic payments out of the accounts.
Now the credit unions are set to add a MasterCard debit card.
http://www.independent.ie/business/...anks-with-launch-of-debit-cards-31001548.html
Unfortunately they didn't go all the way and introduce a Visa card. Last time I had a Mastercard it had limited use especially when buying online. Maybe that has all changed now.
This might give the banks a bit of a wake up call and make them offer better current account
fees.
The move is expected to give 250,000 people access to the debit cards by the end of the year, the Irish Independent has learned.
Banks are likely to see the development as a direct threat to their traditional strength of providing day-to-day current accounts and payment cards to their customers.
The 11 credit unions already offer their members online payments – where members can have their pay and pensions electronically paid into their credit union accounts.
Members can also put in place direct debits, and make electronic payments out of the accounts.
Now the credit unions are set to add a MasterCard debit card.
http://www.independent.ie/business/...anks-with-launch-of-debit-cards-31001548.html
Unfortunately they didn't go all the way and introduce a Visa card. Last time I had a Mastercard it had limited use especially when buying online. Maybe that has all changed now.
This might give the banks a bit of a wake up call and make them offer better current account
fees.