Direct Payment Account

How Does it Work?

A Direct Payment Account allows you to have your social welfare payment, Children’s Allowance or state pension paid directly into your LCU account.

 

Features of this Account:

• Loan Deduction: Your loan repayment can be automatically deducted  – ensuring your loan is up to date and your LCU record is kept in good order.
• Social Housing Rent can be paid directly from your account via an automated EFT each week
• Our Post Point Bill service allows you to pay most major utility bill providers

 

How do I avail of a Direct Payment Account?

• Speak to any member of staff. We have the required Transfer forms and Waterford City Council Rent Standing Order Forms available and we will look after the process for you.
• Rent A/C Number and proof of welfare payment is required.

 

What are the advantages of this account?

• By automating your loan repayment, you ensure that payment is made on time each week. This greatly improves your credit record, making it easier for LCU to favourably consider future loan applications.
• Convenience! Whether you are a borrower or a saver with LCU – now you don’t have to queue in both the post office and the credit union. You can also collect your welfare payment whenever you wish – once it’s lodged to your account it can be collected at your convenience.

 

 

Opening a New Account – Requirements

 

Department of Social Protection