ILCU encourages Ulster Bank customers to talk to their local credit union today
Posted on: 19 Feb 2021
Following the announcement today that Ulster Bank is to wind down its banking operations in the Republic of Ireland, the Irish League of Credit Unions (ILCU) has reaffirmed the role credit unions, as integral financial cooperatives on the island of Ireland, can play in offering bank customers a range of financial services. The ILCU is encouraging banking customers to talk to their local credit union about the financial services they offer and how they can offer support.
Commenting on today’s news, ILCU CEO Ed Farrell said, “I would urge Ulster Bank customers to consider their local credit union as an alternative to other traditional high street banks. Credit unions are ethical lenders and pride themselves on their unrivalled customer experience. They are member, not shareholder owned, and are in every community on the island of Ireland and have been for the past 60 years. An increasing number of credit unions are offering full current account and debit card services and many have full digital services, including member apps.”
“Credit unions remain committed to their local communities and are well placed to provide a range of banking services to members including personal loans, EFTs, mortgages and SME loans.”
Today, there are over 300 credit unions in Ireland, North and South, many with sub offices, giving access in over 530 locations across local communities, each providing excellent services to members. As independent, not for profit organisations, they exist solely for the benefit of their members who are their shareholders. Many credit union members carry out all of their banking transactions, including payment of utility and other household bills, through their credit union account.
Credit unions have members, not customers, and offer an unrivalled experience in terms of value, trust, and loyalty. Credit unions would welcome Ulster Bank customers, who may be considering an ethical alternative to traditional banks, to become a credit union member, open an account, and use the credit union for all their banking needs.