Transferring money from bank to credit union?

Captain Slow IRL

Hi all,

I was hoping to set up a regular transfer from my bank (Ulster bank) to my credit union - I was just wondering who I have to set it up with, the cu or the bank? (or both)

Thanks

amdublin

The bank.
You need to set up a "standing order" from your bank account to the credit union.

You should check with the cu what bank account you should transfer to and what reference you should use (generally your cu membership number and name)

BuffyBot

Captain Slow IRL wrote: »

Hi all,

I was hoping to set up a regular transfer from my bank (Ulster bank) to my credit union - I was just wondering who I have to set it up with, the cu or the bank? (or both)

Thanks

Standing order from your bank seems like what you need.

Some credit unions have sort codes and individual account numbers*. Some don't ( so you will need their generic sort code and account number and a reference [normally your CU account number] so they can apply your payment when received). Check with your CU abd they will gladly let you know, I'm sure.


*Technically BICs and IBANs these days..

Whilst some CU's have their own sort code, every CU has an account with a local bank. Members can always make a s/o payment to their CU by instructing their own bank to make a regular payment to the CU. You just need to ask the Cu for the IBAN of their bank and making sure to quote the members CU account as the reference on the payment. This will ensure that the funds go directly into the members CU account via the CU's bank

I'd say the CU will be able to give you a preprinted S/O form with all the details already on it. Just need to fill in the blanks and send to the bank.

If you have online banking with your bank you can even set this up online, like any other s/o you might have

Captain Slow IRL

Thanks for all yere help, I'll try get in sometime this week to sort something