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Seven British credit unions launch current account

The total number of credit unions offering the service is 18

The Association of British Credit Unions has announced that seven credit unions across England, Wales and Northern Ireland have launched the credit union current account.

 

The credit unions that have launched the credit union current account (CUCA) are Tower Hamlets, Just (in Shropshire), South Tyneside, Llandudno, Lewisham, Hartlepool and Newry.

 

The rollout is being supported by the Department for Work and Pensions through the growth fund and this brings the total number of credit unions offering the service to 18.

 

The credit union current account offers a debit card which can be used in shops and also could be used to withdraw money from cash machines and account holders can set up standing orders and direct debits. However, there is no overdraft facility so account holders cannot incur charges for going overdrawn, said the Association of British Credit Unions (ABCUL).

 

The accounts are being run and promoted by the individual credit unions but the behind the scenes IT and administration is carried out by The Co-operative Bank.

 

Mark Lyonette, CEO of ABCUL, said: We’re delighted that the rollout of the CUCA continues apace. The addition of a further seven providers will bring this important new service to many more credit union members.