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March 31, 2014

Credit Unions in Ireland may seek approval to offer debit cards

Credit Unions in Ireland are planning to seek approval to start offering debit cards, in a bid to provide electronic payment options to members.

By Verdict Staff

Credit Unions in Ireland are planning to seek approval to start offering debit cards, in a bid to provide electronic payment options to members.

The issuance and operation of debit cards by credit unions will provide an alternative option to banks’ current accounts.

A research by Dublin City University finance lecturer Dr Michael Dowling reveals that a family with two current accounts will end up paying €260 in fees and charges in 2014.

Credit Union Services Organisation (CUSO) CEO Kevin O’Donovan was quoted by independent.ie as saying that the electronic payments infrastructure would also be rolled out next month in credit unions in Letterkenny, Co Donegal; Portlaoise, Co Laois; Oldcastle, Co Meath; Baldoyle and Portmarnock in Dublin; and Dundalk’s Cuchullain.

"Debit card and other services are subject to Central Bank approval which we will shortly be seeking," O’Donovan added.

According to O’Donovan, offering of debit cards by credit unions may start in 2015.

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