Central Bank approves CU current account

Ballyconnell Credit Union Staff and Management: Lisa O’Reilly, Christina McKiernan, Gerard Lennon (Director), Naoise Neary and Sharon O’Neill.

Credit Union customers in Ballyconnell can now use their checking account to access a range of facilities

The Central Bank has given approval to Ballyconnell Credit Union for the local financial institution to begin offering customers access to current account facilities.

Ballyconnell Credit Union board member confirmed approval and decision to continue with the new offering, which they hope will be in place for clients by the spring of next year .

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

Current account facilities have already been rolled out to dozens of credit unions and more than 100 branches nationwide.

The move will allow new and existing Ballyconnell Credit Union clients to better manage their day-to-day finances, said Gerard Lennon, director of Ballyconnell.

He says the “void” left by banks leaving the Irish market shows how “valuable” CU’s network is to communities across Ireland.

“We are part of the community and we are here to stay. We have more than one member now, one lady in particular who put her third and fourth children through college with a loan from the credit union, ”he says, adding new checking account facilities that customers will get. everything they can expect from a normal checking account.

There will be a small monthly fee and an internationally accepted Mastercard debit card, which like other credit unions will cover an unlimited number of euro outlets, unlimited mobile and online banking, standing orders and direct debit processing, as well as five ATMs. withdrawals per account and per month.

Overdrafts will also be available based on credit history.

This means that Credit Union clients in Ballyconnell can now use their checking account to access a range of services, from receiving their paycheck to paying bills.

They can even start setting up direct debits or standing orders to make regular payments, while also benefiting from the Ballyconnell Credit Union Banking app, available at Apple and Android stores.

It’s all part of “making life easier” for customers, says Lennon.

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

The tool allows clients to sign all Credit Union related documents and return them to ensure that processes like loan agreements are completed quickly and productively without even having to travel to the brand in person. .

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

Additionally, Ballyconnell Credit Union is participating in an initiative that has seen them partner with Energia and House 2 Home, to launch ‘CU Greener Homes’, a one-stop solution for all energy efficiency upgrades in your home.

Grants and supports of up to 40% are available under this program.

“The Sustainable Energy Authority of Ireland (SEAI) provides grants of up to 35% depending on the type of energy efficiency improvements made and the age of the house,” Lennon says. “In addition, as part of this initiative, Energia will provide additional support of up to 5%. Approved renovations, which allow the home to achieve a Building Energy Rating (BER) of A3 or better, will attract an interest rate on the loan of 4.9% APR. “

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