Switching your Current Account

Step by Step Quick Guide

STEP 1: open your MYCU Current Account, online or in any office. If you are not a member you need to join first. It is also extremely useful to register for Online Access so that you can easily access your current account information. See more detail below in ‘How do I switch current account?’

STEP 2: Contact Enniscorthy Credit Union about making the Switch, you can do that by making an appointment on 053-9233835. It is particularly useful to bring 3 months statements from your old bank with you or a schedule of all Standing Orders and Direct Debits made on your account, you can request this from your old bank.

STEP 3: The switching date is one of the most important things to think about. Choose a time of the month when there is little activity on your old Current Account in terms of bill payments. This date will be the agreed switching date. Make sure your old account has a credit balance on the agreed switching date – if it is overdrawn, we cannot complete the switch. See more detail below in ‘Best time to transfer payments?’

STEP 4: Complete the account transfer form in the Switching Pack and make sure that you sign it. You can download the form, fill it in and bring to your appointment or this can be done during your appointment. The forms are available below in ‘What forms will I need for Switching?’

STEP 5: Notify your employer and anyone else who lodges money in your account, such as social welfare, pension, or child welfare that you are switching current accounts. This step must be completed by you, you can use the form provided by us to inform your employer of your MYCU account details. More detail below in “How do I get my salary paid to my MYCU current account?”

STEP 6: You need to confirm whether you want to close your old account as part of the process. See more detail below in ‘Do I have to close my old account?’

STEP 7: You should stop using any debit card or cheque books on your old account from the agreed switching date and make sure that any cheques you have recently issued have cleared.

STEP 8: We will send your completed account transfer form to your old bank, who will, close your account and send us the closing balance, if selected, they will send you a list of Direct Debits and standing orders, send us standing order details and notify the Direct Debit originators of your new account details.

STEP 9: To complete the Switch we will lodge the balance to your new account if you are closing your old account and set up your standing orders on your new account. Find out which payments are changed as part of the Switching process and which you need to do yourself in “What happens payments from my old account?”

STEP 10: Apply for an overdraft on your MYCU current account if required. More details below under “Can I switch my overdraft?”


Switching MYCU Current Account FAQs

You may want to switch your current account because your fees are too high, you are unhappy with the service, or your current bank is leaving the market.

When you decide to switch you can either manage the switch yourself or you can avail of our Switching Service.

STEP 1: First thing you need to do is open your MYCU current account, this can be done online and at any of our offices. Joint accounts can only be opened by contacting our offices.

You do need to be a member of Enniscorthy Credit Union to apply for a MYCU Current Account.  You can become a member by opening a share (i.e., savings) account (once you hold the common bond of the Credit Union).

In common with other financial institutions, new members will be asked to provide proof of identity (e.g. passport, driving licence) and proof of address (e.g. utility bill, financial statement) to open the account and PPSN (e.g. salary slip, tax credits certificate) if applying for an overdraft facility. Existing members may be asked to provide updated documentation verifying this information.

Details of the required documentation is available on our website or from our Staff who are always happy to answer your questions.

Choose a time of the month when there is little activity on your old Current Account in terms of bill payments. For example, you should avoid selecting a date on or near when you get paid, when your mortgage or rent payments come out or when there are a lot of direct debits or standing orders.

A handy way to be sure this does not happen is to go through your bank statements and/or online banking for the previous three or four months and make sure nothing is due to be paid on the date you have picked.

You need to keep an eye on your old and new Current Accounts until the transfer process is complete and to make sure each account has sufficient funds to meet any payment requests.

You should contact service providers (i.e. Direct Debit originators) with your new Current Account number as soon as possible to ensure that the account details are changed before bills are processed.

These forms are part of the Switching process, you can also manage the switch yourself. You can download and fill in the forms prior to your appointment or during your appointment.

One of the most important parts of the switching process is notifying your employer and anyone else who lodges money into your account, such as social welfare, pension, child welfare that you are switching. Provide them with your new account details to make sure any future payments will go to your new MYCU current account.
You must complete this step yourself as we can’t do it for you. The switching pack has a sample form you can use to inform your employer about your new account details.

When your MYCU current account has been opened with us, we will provide you with an account number called an IBAN (International Bank Account Number). You will need your IBAN for payment instructions to/from your Current Account. If you have opened your account online the IBAN can be seen on your online banking or app.

Credit Union staff will guide you through the process of moving your salary and other regular payments to your new MYCU Current Account and setting up standing orders and completing new direct debit mandates for regular bill payments from your account.

There are two options, you can:

  • Switch your personal current account to Enniscorthy Credit Union including all standing orders and direct debits and close your old current account.
  • Keep your old account open with your old bank and only switch your active standing orders and direct debits to your new account.

If you keep your old account open, you may have to pay fees and stamp duty on your old account and cards. You must let your us know which option you choose before you switch.

Standing Orders are payments initiated by you from your Current Account. Direct debits are instructions where you have given service providers the authority to seek payment from your Current Account.

Direct Debits

As part of the Switching process your old bank will then notify any company you have a direct debit with of your new bank details so they can update their records.

We would recommend that you contact service providers (i.e. Direct Debit originators) with your new Current Account number as soon as possible to ensure that the account details are changed before bills are processed, as some Direct Debit originators do not accept instructions from 3rd parties.

If you have any direct debits that originate outside of Ireland, you will have to notify these providers yourself. You will need to contact the direct debit originator and give them your new MYCU personal current account details ie.: Bank Identifier Code (BIC) and International Bank Account Number (IBAN).

Recurring Payments

Various Utility and Service Providers offer customers the option to sign up to a payment method called continuous payment. The payment method uses the customer’s debit card details rather than the customer’s account details. These payments are not direct debits and are not covered by the Switching process. It is the sole responsibility of the customer to contact their providers where they have opted for this payment method and inform them of their new account details.

Also check things like gyms, tolls, streaming services, Apple ID, which might be linked to your old debit card.

Standing Orders

Your old bank will send your new bank a list of your standing orders and they will set these up to go from your new account, but again it is recommended that you double-check these have been set up correctly and will be paid on time.

An overdraft balance cannot be transferred from your old bank to us. You may apply for an overdraft facility on your MYCU Current Account on opening your account or subsequently through our online banking or app or in any office. Overdraft applications are subject to credit assessment. You will be required to provide supporting documentation for your Overdraft application.

Important Information

To apply for the MYCU Current Account and MYCU Debit Card you are required to be a member of your credit union and be aged 16 years or older. Terms and conditions apply. 

Overdrafts may be available to MYCU Current Account holders who are aged 18 years or older. Lending criteria and terms and conditions apply.

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