More bank closures only further highlight the importance of credit unions to local communities

Posted on: 08 Oct 2021

Credit unions remain committed to staying open in towns and villages across Ireland and to putting members before profit 

Following the closure of 88 Bank of Ireland branches across the country today, the Irish League of Credit Unions (ILCU) has reaffirmed the commitment of credit unions to remaining open in local communities across the island of Ireland. Credit unions have been at the heart of Irish towns and villages for over 60 years and put their members’ interests ahead of profit. They offer members a range of financial services including access to cash and loans, and in ever increasing numbers, debit cards and current accounts. The ILCU is encouraging Bank of Ireland customers affected by today’s closures to contact their local credit union to find out about the range of financial services they offer. It’s easy to become a member and to switch your banking business to the credit union.

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.

Commenting on today’s news, ILCU Head of Communication Paul Bailey said, “Today’s closures only further highlight the profit over people ethos of the so called pillar banks. Many towns and villages across Ireland today will be left without access to a banking service including basic cash withdrawals. In contrast, credit unions have been at the heart of Irish communities for over six decades and remain dedicated to those communities. They exist solely to provide financial services to their members who are their shareholders. Credit unions offer a range of services to their members including, loans, savings, current accounts, debit cards, apps and online banking. With the right support from the Government and the Central Bank, credit unions can continue to be present in every town and village in Ireland and become a community bank offering real alternatives to people who are not happy with their traditional bank. Credit unions will not desert their members. Their doors are open to new members where people will find friendly, familiar and trusted staff who will always go the extra mile on behalf of their members.”

For those impacted by the Bank of Ireland branch closures, a list of the credit unions who are open to meet the needs of their members can be found here.

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