Credit unions turn away cash as bank rules force change

Capital Credit Union, which emerged from the merger of Dundrum and Sandymount in Dublin, said it was restricting new savings to €30,000 per member (Stock picture)

Charlie Weston

Credit unions unions are turning away cash. Some of them are telling members to reduce their savings balances below €25,000, with others putting caps in place for the amount of new savings they will accept.

Credit union leaders said the savings-and-loans bodies were suffering from their own success, as members wanted to save with them rather than with the banks.