Credit Unions query

Captain Kidd

Hello, I’m a KBC customer, and I’m considering moving my main account to a credit union.

i know nothing about credit unions and if anyone has advice I would love to hear it.

my process would be to get my salary paid into my credit union. And have my savings there too ( In a separate account). Also my bills would be direct debited. I would then transfer my monthly spending to my Revolut.

Would all of that be possible with a credit union? Or am a describing a bank here.

Also, are all credit unions a sole entity or are there branches of the same credit union. Or is it best to just find the nearest one?

Appreciate any help and advice,

Jim_Hodge

It varies by Credit Union. Some offer those services, others don't. Some are multi branch, others are stand alone single operations. Check out your local ones and if you gave one linked to your work.

coylemj

Also, are all credit unions a sole entity or are there branches of the same credit union.

Technically, each CU is a sole entity. There was a fair bit of consolidation after the financial crash so there are now lots of CUs with multiple branches. Most of then have websites so that's an easy thing to check.

Or is it best to just find the nearest one?

You typically can't shop around. Your local CU will take you on but you will probably be refused if you try a different CU in a nearby town or suburb. The principle under which CUs work is that there is a 'common bond' among the members so the CU only serves the people living in that area. Your only other option is to join a CU which serves people who work in a particular industry or sector e.g. the INTO (primary teachers), Gardai and Health Services have CUs to serve their members.

You mentioned savings, a lot of CUs have a limit on how much you can have in a savings account because not enough people are borrowing and they are drowning in cash. Some of them could even have a lower limit for new members so check that before you move your business.

Captain Kidd

Thanks, that’s really helpful and enlightening too 👍🏼

L1011

There is often - not always - a credit union with a common bond for your line of work instead of geography. Or more than one. Also, most that have geographical common bonds define it to include you workplace.

I fall in to the common bond of (at least) Life CU on where I live, FirstTech due to my job, Savvi who cover all of D1/D2/D4 for employment and Progressive who cover the specific area I work in for employment. Only two of these offer current acounts.

You do not lose your account if you move or change job.

AndrewJRenko

Many credit unions offer this https://currentaccount.ie/ service. Check and see if your local CU is on the list.