The following Rule Amendment will be presented to our members at AGM 2019:
(Member Personal Current Account Services)
Letterkenny Credit Union Ltd. has regulatory approval from the Central Bank to offer a current account facility including a debit card. We are working with CUSOP to deliver this service.
CUSOP is a credit union owned shared services company set up in 2013 by the ILCU and credit unions to develop a standardised payment services operating model. LKCU already use CUSOP to enable us to offer payment services to our credit union members (Credit Transfers, Standing Orders, Direct Debits).
As well as having a separate current account, members will have the following Debit Card functionality:
- ATM access worldwide
- Point of Sale (retailers) access worldwide
- Chip and PIN enabled
- Contactless enabled
- eCommerce (online shopping) supported by 3D Secure (latest version)
- 24/7 call centre for lost and stolen, disputes
All credit unions have a set of rules that set out the operating principles of the credit union. When a credit union wants to change/add a rule, it must pass a resolution at an Annual General Meeting (AGM) or Special General Meeting (SGM) at which two-thirds of those present vote for the change.
The MPCAS facility is still in development stage; however, we require a rule change approved at this AGM to ensure we can offer the service to our members.
That the Rules of Letterkenny Credit Union Limited are hereby amended in [Rule 5 (1)] by
the [deletion of number (viii) and the insertion of the following therefore] or [insertion of the following after number (vii)]:
“the provision of the following additional service(s) by the credit union to the members’ subject to the prior approval of the Registrar of Credit Unions and any other permissions or licences that may be required by law:
Member Personal Current Account Services