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

Brendan Burgess

Brendan Burgess

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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
 
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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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.

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

Brendan
Click to expand...

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.
 
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.
 
Brendan Burgess said:
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.
Click to expand...

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.
 
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.
 
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
 
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.
 
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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MrEarl said:
only thing I didn't see mentioned is a cheque book
Click to expand...
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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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?
Click to expand...
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.
 
Grizzly said:
If I am giving a larger gift to my children I include the cheque with the birthday/Christmas card.
Click to expand...
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?
 
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.

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
Click to expand...

€10 too lodge a cheque is steep
 
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.
Click to expand...

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 :D
 

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