Credit Union online?

forestfruits

Im about to join my local credit union mainly for savings but dont seem to be able to find any info online as to whether they offer online banking or not.

Has anybody any idea?

Delirium

Some credit unions do. My own credit union in the midlands has it.
Very handy for making sure the loans are kept up to date.:)

EDIT: not sure what level of functions are available as I only pay into it.
Have a bank account for general bill paying.

Delirium

Try this site, http://www.cuonline.ie/index2.htm
It has a credit union branch locator on it.

Best way would be to contact your branch.

forestfruits

just contacted local branch- im not yet a member- they say to lodge to a credit union account online I would have to lodge to their account in the bank of Ireland and then it would be passed on?

Delirium

forestfruits wrote: »

just contacted local branch- im not yet a member- they say to lodge to a credit union account online I would have to lodge to their account in the bank of Ireland and then it would be passed on?

Probably what happens with my direct debit to my credit union. Its something I wasn't aware of due to the direct debit. The cuonline site seems to indicate that a lot of the usual online banking functions are available to credit union online banking.

forestfruits

according to the cuonline site only 2 credit unions in the west are currently up and running for online banking- and mine isnt one of them.

On a different topic- they dont do joint accounts anymore so im told as only one of the account holders would be insured!

Ogham

forestfruits wrote: »

Im about to join my local credit union mainly for savings but dont seem to be able to find any info online as to whether they offer online banking or not.

Has anybody any idea?

Any reason why you are putting money in the Credit Union? The interest rates are not great, your money is less safe than in a bank and as you are finding out - their online facilities are close to non existent.

Anyone

Ogham wrote: »

The interest rates are not great, your money is less safe than in a bank and as you are finding out - their online facilities are close to non existent.

Ok, please explain how Credit Unions are less safe than a bank, I mean in 50 years of business never once has a person ever lost any money within a Credit Union.

Thomas_S_Hunterson

I refer you to the case reported in the media of a credit union ridiculously taking a case through the ombudsman against a stockbroker when they lost money. IIRC, it was a failing perpetual bond deal. (although the blame here lay mainly with the the ombudsman about being too litigously gung-ho)

Credit unions will not get bailed out if they go down the tube. /edit: They're highly unlikely to get bailed out by the government anyway.

They invest, but they lack the sophistication of the larger players in the market. All it'll take will be a bit of bad luck, or credit union managment getting greedy, and you'll have quite a few angry people.

Anyone

First point, the Credit Unions involved actually won that case, and a settlement to the full sale value of the bonds was met.

Secondly, Credit Unions have their own Savings Protection Fund available if its needed to assist other Credit Unions.

And lastly, Credit Unions are heavily regulated in regards to investments, and can only invest in Capital Guaranteed Products.

I'll still point out that in 50 years, no member of a Credit Union has ever lost 1c of their money. No Credit Union has ever collapsed in that time either.

Thomas_S_Hunterson

Anyone wrote: »

First point, the Credit Unions involved actually won that case, and a settlement to the full sale value of the bonds was met.

Not quite, it may look like that, but in reality, the broker just repackaged the bonds and derivatised them. They have american calls (which i'd be willing to bet have a very low strike) on all the original perpetuals and stand to make a killing if they regain value (which is quite likely). Davy even agreed to split the profits they make on the deal above about 25-30 million if memory serves me correct!

Anyone wrote: »

And lastly, Credit Unions are heavily regulated in regards to investments, and can only invest in Capital Guaranteed Products.

The ILCU seem to think that these perpetual bonds are suitable for CUs. The whole case was just credit unions being sore after seeing an intrinsic risk materialise.

Anyone

The ILCU has nothing to do with the regulation of Credit Unions.

Anyway thread was derailed...sorry OP. As for online banking, most of the larger Credit Unions have some form of internet banking. The only way you will find out is to contact them and ask.

stepbar

I'm afraid the Credit Union movement will not progress anywhere fast until they start operating on the same underlying banking technology platform.