Electronic Funds Transfer (Automatic Payments)
Credit Union Plus offer out members a full Payment Account Facility service. This service enables you to send money into your Credit Union account and send money out of your Credit Union account by means of electronic funds transfer. This convenient service allows you to manage your finances directly from your Credit Union account. We continue to offer our Direct Debit and Standing Order facilities whereby you can send money from your Bank account into your Credit Union account.
Electronic Fund Transfers
What is an EFT (electronic funds transfer)?
A facility where funds can be transferred to your beneficiary’s bank account at your request.
How do I set up an EFT to pay money in?
- Step 1 Obtain BIC (MNCUIE21XXX) & IBAN from the Credit Union
- Step 2 Complete an EFT Break down form to tell the Credit Union where you would like the money to go e.g. €100 broken into €40 loan, €40 own shares , €20 current balance.
- You may also send money from the same payment into a different Credit Union account(s), e.g. save into a children’s account.
- Step 3 Once setup reoccurring payments are available in your Credit Union account(s) within 24 hours from when they are sent from the bank.
How do I set up a direct debit?
Easy! Just call in to the Credit Union office to complete a direct debit mandate. Please ensure you bring your bank account details with you. Please note that Direct Debits cannot operate from a bank savings account.
Later on, if you need to adjust the date or amount of your direct debit, just give us a call and we can deal with your request over the phone, no more form-filling! (Once we have your signature on your original mandate).
Standing Orders are also a convenient way to lodge money from your Bank account to your Credit Union account on a regular basis. Avoid the queue and arrange your Standing Order today.
How does it work?
Your bank account is debited on a date requested by you, and with an amount requested by you, and the funds are credited to your Credit Union account on the next bank working day. A Standing Order can be operated from a bank savings account.
How do I set up a Standing Order?
Please call in to the office to complete a Standing Order mandate. Please ensure you bring your bank account details with you.
Foreign Currency Transfers
This service allow members transfer money to countries outside the Eurozone in the currency of the receiving bank account. The service is provide through Fexco.
In order to meet the compliance requirements for this service you will need the below documents with you when requesting the service:
- Photographic Proof of identity (a passport or driving licence)
- Household bill/Bank Statement as proof of address (must be within the last 6 months)
How do I set up a Foreign Currency Transfer?
- Step 1 Collect an order form at the foreign exchange desk at Credit Union
- Step 2 Complete the order form ensuring the correct bank details are used. There may be an extra charge levied if incorrect bank details are supplied.
- Step 3 Present the order form to the foreign exchange desk at Credit Union for processing.
- Step 4 The payment will be sent on your behalf by FEXCO International Payments. The payment can typically take between three to five days to be credited to the beneficiary’s account.
- Step 5 The payment received by your beneficiary. Your reference will appear on their bank statement.
Members operating any of the above facilities, receive a quarterly statement free of charge. It may be of interest to you to register as an on-line member, therefore you can view your transactions whenever suits you.