Subscribe to The Money StopNews Feed

Browse > Home / News, News-Banking / Current accounts now available through credit unions

Current accounts now available through credit unions

April 23, 2007 by admin  
Filed under News, News-Banking

Leave a Comment

Credit Unions have recently announced that they will now be able to offer current bank account facilities to their members, giving bank customers that are getting irate with the way that they are being treated by the UK’s major banks another option when it comes to their banking needs.


Banks have come under intense fire over recent months, for everything from charging unfair and unlawful fees to misleading customers, selling payment protection insurance inappropriately, and charging extortionate fees on credit cards.

The Credit Union current account comes with many of the benefits that come with a standard bank current account, along with some extra benefits that are available to member for being part of a credit union, which is a financial co-operative that is run and operated by its own members. Amongst the benefits that come with this account are a debit card and cash withdrawal facilities. However, the accounts do not offer any cheque books or any overdraft facilities.

The announcement regarding the availability of through credit unions was made earlier this week at the annual general meeting of the Association of British Credit Unions (ABCUL), which is a non-profit organization. The aim of this facility is to try and help those that could otherwise be left without current account facilities, and could end up paying additional fees simply for having to make cash payments rather than pay via a bank account.

The Chief Executive of ABCUL stated: “We can offer members a current account service similar to that offered by banks, but with all the added extras associated with a financial co-operative that is owned and run by its members, for the benefit of those members.” The accounts will be run and managed by each individual credit union, but overall support will be provided from the Co-operative Bank.

Tom Smith

23/4/07

Tags: bank accounts, credit union, Chief, current accounts, banks, misleading customers, cheque, Co-operative

Tags:

Related Entries

  • Current accounts help poor save money, union says
    • Current accounts are the safest way for those on low incomes to save money, credit unions said today.ABCUL, the main trade association for the unions, said that these accounts also give lower-income customers access to
  • Credit unions offer more controlled borrowing
    • Credit unions can offer a more controlled borrowing system compared with other financial institution claims the Church of England. The institution said that many financial organisations are in place to make money and although some
  • New project to get affordable credit to everyone
    • A new project has been launched with the intention of helping people on low incomes to find affordable credit.Citizens Advice (CAB) has linked up with the Association of British Credit Unions Limited (ABCUL) to launch
  • Current Accounts
    • Current accounts are a popular type of bank account used by many UK consumers in order to have their salary paid into the bank, to pay bills, and to manage their finances. Current accounts are
  • Personal loan rates need to be capped
    • Calls have been made for the government to put a cap on the interest rates charged on personal loans. This follows research that showed that most consumers in Britain want to see a cap on
  • Interest payments on current accounts to be abolished by First Direct
    • The Internet banking arm of the HSBC, First Direct, has announced that it will be cutting interest charges on current accounts for customers. According to officials from the bank the money that is saved from
  • Bank savings interest rates start to come down
    • The interest rates being offered to savers with some banks have already started to fall following the recent base rate cut from the Bank of England. Following the latest Monetary Policy Committee meeting early in
  • New packaged accounts launched by Abbey
    • Spanish owned High Street bank, Abbey, has recently launched two new packaged accounts for its customers, and according to reports has started a new packaged current account war amongst banks that are vying for the

Speak Your Mind

Tell us what you're thinking...
and oh, if you want a pic to show with your comment, go get a gravatar!