Credit Unions Launch Current Accounts

The Association of British Credit Unions Limited (ABCUL) this week unveiled their new current account services, which aim to provide an alternative to high cost bank accounts (particularly by avoiding high cost default charges).

Speaking at the ABCUL AGM in Blackpool on 15th March, Chief Executive Mark Lyonette said:

“We can offer a current account service similar to the banks, but with all the added extras associated with a financial co-operative that is owned and run by its members, for the benefit of members.”

The accounts, which will include a debit card for purchasing goods and making cash withdrawals, will not feature an overdraft option, meaning no high charges or fees. People who require a bank account in order to benefit from Direct Debit and Standing Order payments, will be ideally served by the credit union current account.