Central Bank is set to delay credit union debit cards

It is yet to grant approval to the scheme...

Plans by a group of credit unions to launch a combined Mastercard debit card service are likely to be delayed by the Central Bank which has yet to grant approval for what’s known as "an appropriate transaction account."

Eleven credit unions initially have come together to form a not-for-profit organisation, DCG Card Services are to manage the new debit card for a prospective 350,000 members.

The service, for which each participating credit union would charge different fees, is set to launch in Mid-June.

The average fee for making cash withdrawals from ATMs will be 40c, there will also be fees of 15c for point of sale transactions and contactless payments, making the average charges more expensive than those currently offered by some banks.

The Central Bank, in a statement late yesterday evening, said it would begin formally engaging with the credit unions involved in the proposed new scheme.

The credit unions say that they have kept regulators informed about their plans and that the launch is expected to go ahead as planned.