Financial News

Credit Unions announce details of debit card rollout

By Business & Finance
31 May 2016
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A number of Credit Unions across Ireland are launching a new debit card to be made available to more than 350,000 members.

The new debit Mastercard facilitates contactless payment and supports fully electronically enabled accounts, online access and transaction facilities and a mobile app for managing finances.

The Credit Unions involved have come together to form a not-for-profit organisation, DCG Card Services, to manage the product. Participating Credit Unions include Gurranabraher, First South, Cork, Tullamore, Mullingar, Waterford, St Canice’s Kilkenny, Navan, Tralee, Health Services Staff, Mitchelstown and Ballinasloe.

Following a recent survey, which revealed that 84% of members wanted a debit card from their Credit Union, extensive measures were taken to address this demand. The 11 Credit Unions involved worked on the development of a more complete banking package as an alternative to the banks’ current accounts.

Commenting on the launch of the debit card, chairperson of DCG Card Services and CEO of Tralee Credit Union, Fintan Ryan, said: “This debit card will give members that flexibility. It works fluidly with our existing CU Online and CU Anywhere mobile app services. We are delighted to now offer such a complete and comprehensive service for our members.”

He continued; “We are proud to offer this product as part of the not-for-profit DCG organisation. The debit card means that Credit Unions can strengthen their member service relationship and that members can, at last, use their Credit Union as their primary financial service provider. We expect that more Credit Unions will take the opportunity to offer this service to members in the coming months.”

This is the first time a debit card offering has been developed and launched by a group of Credit Unions for their members and rollout of the new card will begin in June.

The card is supported by Mastercard and is accepted anywhere the MasterCard logo is displayed worldwide.

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