Credit unions to launch ATM service

THE Credit Union movement announced plans yesterday to roll out a nationwide ATM and electronic payments service.

The new system, which took five years and almost €1 million to develop, will allow the country’s estimated 2.5 million credit union members to access their accounts from any of the country’s 4,000 ATM machines using a new CU Moneycard.

Each individual credit union will decide on the charges levied on the ATM card.

A new CU EasyPay facility will allow members to set up an Electronic Fund Transfer (EFT) service to facilitate the payment of payroll and selected government payments, such as child benefit, directly into a credit union account.

The system can also allow credit union members to withdraw sterling from ATM machines at airports. There are more than 600 credit unions in the Republic of Ireland and in Northern Ireland. They hold collective savings of more than €15 billion.

The system has been successfully tested in a handful of credit unions. It will be offered to all registered credit unions. Ten new branches are about to sign up and there are 30 more in the pipeline.

The system was developed and tested by CU Solutions Limited, a credit union technology service company.

“This is a very exciting and progressive initiative as members of participating credit unions can now apply for an ATM card in their local credit union,” said CU Solutions director, Tim Molan.

“It is the first, and only, truly integrated EFT/ATM solution for credit unions. So far, 10 credit unions have tested and implemented the system.

“There are a number of additional credit unions who will be coming on stream in the coming months and we hope to extend the service further in the future.”

The company received invaluable technical and business management advice from one of the country’s biggest banks, and from government agencies, he said.

Liam O’Dwyer, the chief executive officer of the Irish League of Credit Unions, also welcomed the initiative.

Marie Hoctor, Minister of State at the Department of Health, said the system would connect the credit union community nationwide.

“It will allow a member from Cork to access his or her local credit union account from an ATM in Donegal, or for someone from Tipperary to access his or her account from Dublin.”

An information website, www.cusolutions.ie, will go live within weeks.