Central Bank gives CU current account approval

Credit Union customers in Ballyconnell can now use their Current Account to access a range of facilities

The Central Bank has granted approval to Ballyconnell Credit Union for the local financial institution to begin offering customers access of Current Account facilities.

The Board member of Ballyconnell Credit Union confirmed approval, and the decision to press ahead with setting up the new offering, which they hope will be in place for customers by Spring next year.

The new service is being launched in response to member demand, and also in response to meet the needs of hundreds of potential new customers who will be seeking new banking arrangements with the impending closure withdrawals of Ulster Bank and KBC Bank.

Already Current Account facilities have been rolled out at dozens of Credit Unions and at over 100 branches nationwide.

The move will allow new and existing customers to Ballyconnell Credit Union to better manage their day-to-day finances, says Ballyconnell Manager, Gerard Lennon.

He says the “gap” left behind by banks leaving the Irish market shows just how “valuable” the CU network is to communities across Ireland.

“We’re part of the community and we’re here to stay. We have more than one member now, one lady in particular who has put her third and fourth child through college on a Credit Union loan,” he says, adding of the new Current Account facilities that customers will get everything they can otherwise expect from a standard current account.

There will be a small monthly fee and an internationally accepted Mastercard Debit Card, which like at other Credit Unions, will cover unlimited Euro point of sale, unlimited mobile and online banking transactions, standing orders and direct debit processing, as well as five ATM cash withdrawals per account per month.

Overdrafts will be also be available depending on prior credit history.

It means that Credit Union customers in Ballyconnell can now use their Current Account to access a range of facilities, from receiving their salary to paying bills.

They can even begin setting up direct debits or standing orders to making regular payments, while benefiting too from using the Ballyconnell Credit Union Banking app, which is available from both Apple and Android stores.

Its all part of making “life easier” for customers, says Mr Lennon.

Ballyconnell Credit Union recently launched the use of DocuSign eSignature service and a new, intuitive online loan application form.

Th tool enables customers to sign any Credit Union related documents and return to ensure processes such as loan agreements are completed in a quick and productive manner without ever even having to attend the brand in person.

“Once a loan decision has been received, all agreements are then completed using DocuSign, so there is no need to call to one of our branches to sign and collect your loan,” explains Mr Lennon. “Essentially, members can now sign for and access loan funds without ever having to come into our offices.”

Furthermore, Ballyconnell Credit Union is taking part an initiative that has seen them form a partnership with Energia and House 2 Home, to launch ‘CU Greener Homes’, a one-stop-solution for all your home energy efficiency improvements.

Grants and supports of up to 40% are available as part of this scheme.

“The Sustainable Energy Authority of Ireland (SEAI) provide grants of up to 35% depending on the type of energy efficiency improvements carried out and the age of the home,” informs Mr Lennon. “In addition, as part of this initiative, Energia will provide additional support of up to 5%. Approved retrofit work, which results in the home achieving a Building Energy Rating (BER) of A3 or better, will attract a loan interest rate of 4.9% APR.”