St Canice's Credit Union will refund every member who has fees for their current account and debit card
St Canice's Credit Union has announced it is to refund quarterly fees and debit card fees for the quarter just ended March 31, to every member who has opened a current account with them.
The local Credit Union had made the decision to support members during the current uncertainty of the Covid19 crisis. It said it was yet another step the credit union is taking to uphold its strong ethical values.
One of the key operating principles of a credit union is that their services are directed towards improving the economic and social wellbeing of all members, whose needs shall be a permanent and paramount consideration, rather than towards the maximising of surpluses.
Day to day transactions are free with a credit union, and St Canice’s Credit Union is no exception. When you join a credit union you are part owner of that credit union and therefore can avail of the benefit of no transaction fees. When you have an account with a credit union you can have cheques issued to your desired payee - free of charge, no transaction fees means no transaction fees.
In 2019, St Canice’s introduced a new current account and Mastercard debit card, which offers contactless payments and can be used locally or abroad. There are fees for use of this card but significantly lower than those which must be paid to a bank. In light of the Covid-19 crisis the Credit Union has made the decision to support members further and will be refunding the quarterly fees for the quarter ended 31 March, to every member who has opened a current account with them.
Claire Lawton, CEO of St Canice’s CU, is leading the credit union through this difficult time for all.
“Lending is the life blood of every credit union, its what ensures their survival," said Ms Lawton.
"When we all survive this crisis of our time, the credit union will need members to borrow again, for it to continue to serve our community for another 56 years and beyond. We will support our members now for them to support us when this is all over.”