Changes to the Current Account Terms and Conditions

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Dear Member,

We are  making some changes to the Cara Credit Union Current Account and Debit Card Terms and Conditions.  Please find attached a copy of the updated document.

Summary of key changes

SEPA Instant Payments and Verification of Payee (VOP)

  • On or before the 9th of October 2025 you can send and receive funds to your Current Account in under 10 seconds via our online services or in branch. We are also introducing Verification of Payee (VOP). VOP is a new security measure to ensure that your funds are sent to the intended recipient. When making payments you will be prompted to carry out a check  to identify if the name of the payee you are paying matches the IBAN before you send the SEPA Payment. Clauses 5, 10, 13, 14, 15 and 16 have been updated to reflect these changes

Making our documents more accessible.

  • In line with the European Accessibility Act 2025 (EEA), we are committed to making our services more accessible to all and the updated documents meet the European Accessibility Act requirements.

Other Updates

  •  We have expanded our Definitions to provide further clarity and  include ‘SEPA Instant Credit Transfer’ and “Verification of Payee’.
  •   Reference to “Mastercard” has been replaced with reference to “Card Scheme” to cover both “Mastercard” and “Visa”.
  • We have updated the account usage to enable us to offer “sole trader” accounts in the future.
  • We have updated the time it takes to clear cheques lodged to your account from “up to 5 Business Days” to “up to 10 Business Days”.
  • We have updated Clause 61 Ending this Agreement and Interruption to services to include we may cease the account “if you are not resident in the Republic of Ireland”.
  • We have clarified how we handle payments made in error and your responsibilities in such cases.
  • Also attached is a copy of our updated Fees and charges brochure. There has been no change to our Fees and Charges, the document was updated similar to the Terms and Conditions to remove reference to “Mastercard” and replace with reference to “Card Scheme” to cover both “Mastercard” and “Visa”

If we do not hear from you by the 19/09/2025, we will take it that you are satisfied with the changes to your Current Account Terms and Conditions, if you are not satisfied with the amendments, you are free to close your account in line with the terms and conditions.

Any questions?

Please contact us on 066 712 2373 or email [email protected]  and we will be happy to address your questions.

Click here to view the updated Current Account terms and conditions

Click here to view the Current Account_fees_& charges