Thousands of people transfer their current accounts to credit unions in Cork as banks leave the market

Cork Credit Unions have reported a surge in current account openings in recent months as customers leave banks.

Eleven credit unions in Cork City and County recently launched a campaign to encourage people to switch to them for their checking account services. The campaign has enabled thousands of customers to open current accounts with them where they will benefit from services such as overdrafts and direct debits. Credit unions have expanded their offerings over the years and now offer a range of services such as checking accounts and mortgages. The campaign was launched in response to the announcement by a number of banks that they were leaving the Irish market.

The eleven credit unions involved in the campaign have 22 offices in the city and county of Cork. Credit unions are Access, Douglas, First South, Gurranabraher, Macroom Synergy, HSSCU, Bishopstown Mallow, St Pauls, Youghal.

The Irish League of Credit Unions said that across the country around 50,000 people have now transferred their current accounts from banks to credit unions.

Credit unions offer extremely competitive rates, with current account management fees starting from just €4 per month. They also offer free student banking. Credit union current account users also benefit from free processing of direct debits and standing orders. Credit union checking accounts are also compatible with Apple Pay, Google Pay and Fitbit Pay and offer a globally accepted Mastercard debit card. Additionally, credit unions offer a mobile app and electronic statements.

Gary Hanrahan of Cork Credit Unions said:

We are excited for people to see the value that credit unions can offer and to make the switch. Transferring your checking account to Credit Union can be done easily and we are here to help you through the process. Credit unions remain at the heart of communities across Ireland and each credit union is committed to giving back locally between sponsorship and charity. We are delighted to welcome new members and hope to welcome even more in the months to come.

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