Bank account with Visa Debit Card

MediaFrenzy

Evening folks,

After reading so many posts re: Basic Account with debit card I thought I'd let you know that my credit union is now offering current accounts alongside their savings and loans.
It comes with a full VISA debit card and offers SO and DD facilities; not all CUs are operating them but I know for sure that Edinburgh (Capital) and Leeds are. (If you google them they should appear.)

I hope this helps some of you.

MF

moonlightpjs

Thanks for posting this, it seems like a great idea - already been on website and downloaded forms. They even offer a credit facilit which is great for someone like me. Thanks again.

sgx.saint

Sorry to be naive, but what is a Credit Union?

The name is a little ambiguous

moonlightpjs

Hi, I might be wrong but it a "company" who people who don't have a lot of money can save with and take out a loan with - for people who can't get credit elsewhere at low interest rates as opposed to high streets banks. When I looked at the website last night, they offer savings plans, christmas savings, loans, current accounts, Child Trust Funds, members lottery, insurance services, budget accounts etc. I have heard of them before but know you have to be a member in order to take out a loan and save. They are all over the country and are kosher (if that makes sense). Some people save with them through their employer if their employer signs up and they can take savings direct from your wages. But after downloading the forms, realisesd that you don't have to be a member to open a current account but you do have to be to save or take out a loan (I think). But it doesn't cost anything to join if you wanted to. Sorry if I've rambled on but hope it makes sense. By the way, if you use them to take out a loan I don't think it can be a large one. Not sure if this will help but hope so. Credit Unions have got a good reputation so it might be worth a look.

MediaFrenzy

...and they are regulated by the FSA, same as other Financial institutions. I think the current account facilities are backed up by the Co-op.

sgx.saint

Thanks for that information!

I just Googled the Credit Union that the OP refers too and it says their in Leeds.

So does that mean you have to live in the local area to apply?

moonlightpjs

Yes, you have to live in the area where the Credit Union is - there are credit unions in nearly every city. Though, as previously said there are only the Leeds and the Scottish branch that offer a current account I think but it might be worth checking. Good luck

sgx.saint

Ok, thanks for that.

Following on from this then. What advantages and disadvantages are there with taking out an account with a Credit Union, compared to a normal bank?

MediaFrenzy

I think there are eight CUs offering current accounts, with a view to most rolling them out in the coming years.
Advantages? I assume they have a more lenient approach to offering the facilities compared to major banks, promoting financial inclusion.

moonlightpjs

Have just read up on credit unions and they are a "financial company" that is run by its members. They encourage people to save and take control of your money. They are sympathetic to people with poor credit history etc, cheaper to borrow from and as you progress in saving with them (even a small amount) the more they will lend you at a lower interest rate than High Street Lenders and encourge you to borrow only what you can afford etc

I am not sure if I have done this right but have tried to copy a website address that gives you details, here goes:-

http://www.fsa.gov.uk/consumer/04_CREDIT_DEBT/mn_credit_union.html

Hope you can get on it ok and maybe it will give you the information you need. Let me know!!!

MediaFrenzy

Hello again,
I've been searching for the CUs I mentioned who are pioneering the current accounts; they are below.

Capital CU (Edinburgh & borders)
Glasgow Council
Scottish Postal Workers CU
Scotwest (public service employees, west scotland)
Hull & East Yorkshire CU
Leeds City CU
Southwark CU
White Rose CU (Wakefield)

There is more information on the ABCUL.org website

I hope this helps some of you.
MF