Odd questions by Credit Union !

ethical

Went into my local Credit Union recently to do a run of the mill transaction and the very nice cashier/official told me she was unable to go ahead with it ....due to my ID being out of date!!!! (its what they hold on their computer she said was out of date) I've been a member of this same Credit Union for 20 + years!!!,have had the usual motor loans etc and was never in arrears with anything and pay into it monthly as well as availing of their various Prize Draws.I was really annoyed to encounter this issue.
My passport ,I did renew this year (thats what they had on record for the past 20 yrs and yes I did renew my passport a few times over this 20 yr.period ....but was never ever asked to renew my ID details with the Credit Union during this time).
I had lots of ID with me on the day as I had to pay a few bills etc but nothing that they would accept,I generally do not carry my passport around with me except when abroad.Now I do understand the importance placed on money laundering etc but I find it a bit much to stop someone from paying their Household Bin charges,and other bills etc. from an account that has been used extensively over the past 20 yrs since its inception.This same Credit Union has "grown" a bit in the past couple of years and is now turning into an unfriendly faceless bank as far as I can see.I do not see an option available to me now other than to closes the account and move somewhere that I'm valued!:mad:

kippy

ethical wrote: »

Went into my local Credit Union recently to do a run of the mill transaction and the very nice cashier/official told me she was unable to go ahead with it ....due to my ID being out of date!!!! (its what they hold on their computer she said was out of date) I've been a member of this same Credit Union for 20 + years!!!,have had the usual motor loans etc and was never in arrears with anything and pay into it monthly as well as availing of their various Prize Draws.I was really annoyed to encounter this issue.
My passport ,I did renew this year (thats what they had on record for the past 20 yrs and yes I did renew my passport a few times over this 20 yr.period ....but was never ever asked to renew my ID details with the Credit Union during this time).
I had lots of ID with me on the day as I had to pay a few bills etc but nothing that they would accept,I generally do not carry my passport around with me except when abroad.Now I do understand the importance placed on money laundering etc but I find it a bit much to stop someone from paying their Household Bin charges,and other bills etc. from an account that has been used extensively over the past 20 yrs since its inception.This same Credit Union has "grown" a bit in the past couple of years and is now turning into an unfriendly faceless bank as far as I can see.I do not see an option available to me now other than to closes the account and move somewhere that I'm valued!:mad:

This is the price of progress. I think every credit union in the country has had to update members details to fall into line with Revenue and Anti Money Laundering rules.
To be fair I can see why. A lot of accounts were setup a long time ago when these things weren't so strict.

Most CU's have sent letters/emails or have advertising to the effect (since circa 2017) that they need to update your ID details etc for the past number of years. They've gotten to the point now whereby they wont let you transact without compliance. I think this is the position you find yourself in.
You'll find more info here (I assume most other CU's would have similiar available on their webpages: https://lifecu.ie/news/member-records-update/ )

I suppose with all the "issues" at various credit unions over the years, as well as the expansion of their services, I think it only right that they verify all and every account holder to reduce fraud and the likes.

You don't really have any other alternatives but to comply.

Humour Me

The credit union doesn’t have a choice. Failure to implement anti money laundering requirements leaves the credit union open to fines by the Central Bank. Out of date ID is a huge issue across the sector which they have to actively manage.

All financial institutions are now subject to these requirements, so closing your account isn’t going to make much of a difference to how you are treated. Did you receive any letters from the credit union over the last year advising that your ID is out of date? It would have stated that they would not be able to process transactions on your account without up to date ID.

MarkR

I've been with mine for a long time, but hadn't stepped inside the door in ages. Doing standing orders in. They asked for ID, I had my licence with me (new card one very handy) and was done in a moment.

No point leaving the credit union over it, they are required by law to do this.

Unless you're going to start keeping it under your mattress, you'll find that anywhere you go to save will require ID.