Electronic banking, also known as electronic fund transfer (EFT), uses computer and electronic technology in place of checks and other paper transactions. You probably already use some types of EFTs without realising. For example, getting your wages paid into your bank account directly is a form of EFT. EFTs allow you to process regular, recurring payments in or out of your account automatically.

Direct debits lets you authorize specific payments — like loan repayments or savings — into your account on a regular basis. You can also pre-authorize direct withdrawals from your account so that recurring bills — like insurance premiums, mortgages, utility bills— are paid automatically. These payments can be weekly, fortnightly or monthly, or whatever suits your payment schedule.

Direct debits can be used to pay regular amounts known to you, like a loan repayment, or irregular amounts like your electricity bill that changes based on your usage each month. You can set up a direct debit in Skibbereen Credit Union at any time, just bring along the BIC and IBAN for the account your payments are coming from. We can also provide you with a BIC and IBAN for your own account in the credit union.

Online Banking lets you handle many banking transactions using your own computer, phone or tablet. For example, you can request transfers between accounts and pay bills electronically. This is especially useful for one-off payments from your account. You can sign up for online banking at www.skibbereencu.ie.

E-Cheques allow you to transfer money from an account in one financial institution to another, without physically visiting both institutions. These can be done online or in person. There are many advantages to doing this over cheques, or even cash. First of all, a cheque can take up to 10 days to clear, depending on the financial institution, so the funds will not be readily available to you immediately. With an e-cheque, the funds are transferred electronically, a process which normally takes 2-3 working days. E-cheques can also be more secure for moving large sums of money, as you don’t run the risk of losing your cash in transit, or a cheque getting lost in the post. There is no risk of an e-cheque bouncing, as the funds must be in your account to send it.

Some banks charge for these types of transactions, but in general they are cheaper than making cash transactions in a bank branch.  With Skibbereen Credit Union, there are no charges for any transactions, so sending money by EFT with us can save you time and money. You can ask any member of staff for more information.


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Posted on: May 26th, 2016

Posted in Uncategorized

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