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Bank closures highlight the importance of credit unions

Bank closures highlight the importance of credit unions

Following Bank of Ireland’s closure of 88 branches across the country, the Irish League of Credit Unions (ILCU) has reaffirmed the commitment of credit unions to remain open in local communities across the island of Ireland.

Credit unions have been at the heart of Irish towns and villages for over 60 years and put their members’ interests ahead of profit. We offer members a range of financial services including access to cash and loans, and are working hard to get debit cards and current accounts in place for our members. The ILCU is encouraging customers affected by Bank of Ireland’s closure of 88 branches to contact local credit unions to find out about the range of financial services we offer. It’s easy to become a member and to switch your banking business to the credit union. We appreciate that banking is increasingly becoming an online service and have invested heavily in our online offering, with our new app recently launched, however we still believe in the importance of face-to-face interactions, particularly when it comes to your money.

There are over 300 credit unions in Ireland, North and South, many with sub offices, giving access in over 530 locations across local communities, each providing excellent services to members.

Commenting on the news, ILCU Head of Communication Paul Bailey said, “Friday’s closures only further highlight the profit over people ethos of the so-called pillar banks. Many towns and villages across Ireland will be left without access to a banking service including basic cash withdrawals. In contrast, credit unions have been at the heart of Irish communities for over six decades and remain dedicated to those communities. They exist solely to provide financial services to their members who are their shareholders. Credit unions offer a range of services to their members including, loans, savings, current accounts, apps and online banking. With the right support from the Government and the Central Bank, credit unions can continue to be present in every town and village in Ireland and become a community bank offering real alternatives to people who are not happy with their traditional bank. Credit unions will not desert their members. Their doors are open to new members where people will find friendly, familiar and trusted staff who will always go the extra mile on behalf of their members.

For those impacted by the Bank of Ireland branch closures, particularly those in Millstreet, please call us on 02221121 or drop into our Millstreet branch where our dedicated team are on hand to continue to provide local financial services to you and your family.

Bank of Ireland closure Millstreet Credit Union
Millstreet Branch of Mallow Credit Union

Thinking of joining the credit union? You just need to bring the following:

3 forms of identification*, one from each of the sections below:

  • A Photo ID – valid passport or driver’s license.
  • Proof of Address – utility bill or bank statement dated within in the last three months.
  • Your P.P.S. number on an official document.

*Three forms of identification are required in order to comply with the Criminal Justice (Money Laundering & Terrorist Financing) Acts 2010 to 2021, and the Return of Payments Regulations (Banks, Building Societies, Credit Unions and Savings Banks) 2008 as relates to all financial institutions.


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