FAQs

Here you can see a list of our most Frequently Asked Questions organised by category. If your question is not listed, please feel free to submit a question via our contact form or call us on: 01 6265 458

The European Communities Payment Services Regulations 2018 (PSD2) were transposed into Irish Law on the 13th January 2018. The purpose of PSD2 is to:

  • Make it easier and safer to use internet payment services;
  • Protect consumers against fraud, abuse and payment problems;
  • Promote innovative mobile and internet payment services;
  • Strengthen consumer rights.

Under Regulation 76(1) Ballyfermot Inchicore Credit Union Limited is required to provide members with a new Framework Contract.

Further information regarding the European Communities Payment Services Regulations 2018 (PSD2) is available below.

We will be introducing some improvements to your Online Banking experience over the coming months.

These changes are in preparation for compliance with European banking regulations - Payment Services Directive 2 (PSD2) - which come into force on September 14th 2019. These regulations bring additional safety and security to your online banking.

These changes are being introduced in order to protect consumers from increased online fraud. This additional security is known as Strong Customer Authentication (SCA) and will be introduced in both our browser-based services and Mobile App

Mobile App

There will be a new version of the Mobile App to cater for these changes and you may be prompted to update your app.

Mobile phone number

It is imperative that the mobile phone number that we have registered for your account is correct. To view the number registered to you, click the Personal Settings option in Online Banking. If any details are incorrect please contact the Credit Union.

Strong Customer Authentication (SCA)

The following actions will require SCA from 14th September 2019 however some may be introduced earlier:

  1. Logging in to your Online Banking
  2. Setting up new payees
  3. Viewing transactions older than 90 days
  4. View e-Statements
  5. View Documents older than 90 days

How will my experience change?

As part of these improved security measures you will logon as normal but you may be required to provide additional authentication via your phone.

Security Advice

When we communicate with you we will never ask you for your card number or PIN and we will never advise you to transfer money out of your account. Should you encounter any of the above requests you should report it to your Credit Union immediately.

Ballyfermot Inchicore Credit Union Limited generally requires bank account statements to assist with the assessment of loan applications. The Revised Payment Services Directive (PSD2) provides a means by which Members can supply bank account information electronically, by availing of Account Information Services (AIS). One of the main objectives of PSD2 is to promote competition in the financial services market by allowing people to safely and securely share their bank account information in order to get access to better financial services and products.
Using AIS may reduce the time taken to process loan applications.
AIS is provided by an independent third party, Truelayer (Ireland) Limited. Truelayer (Ireland) Limited is registered as an Account Information Services Provider (AISP) with the Central Bank of Ireland (Institution Code C433487) and their privacy policy is available here . As a Member, this is a new optional service offering to you by Truelayer (Ireland) Limited to enhance the loan application process which is at no extra cost.
This document explains the AIS process.
If you consent to using AIS to supply bank account information, we will provide instructions by e-mail, including a link to the portal of the Account Information Services Provider (‘AISP’) that will enable you to initiate the AIS process.
If you do not consent to using AIS to supply bank account information, you can:
  • Provide paper bank statements to us.
  • Send bank statements to us by e-mail.
  • Upload bank statements (when making an on-line loan application).

The revised Payment Services Directive (PSD2) is a piece of EU legislation which entered into force in 2015. Among the primary objectives of PSD2 were:

  • To protect consumers.
  • To give people and small businesses the ability and choice to safely and securely share their financial data in order to get access to better financial services and products.

Being an AISP (Account Information Service Provider) means that a company can ask an individual or business for authorisation to connect to a bank account and use that bank account information to provide a service.
The service provided by an AISP is a regulated payment service.

Businesses who are AISPs are authorised to access bank account information on a ‘read only’ basis. This means that the AISP has access to the account information but will never be able to complete any transactions on your bank account.

Truelayer (Ireland) Limited is the AISP used by the Credit Union to enable Members to provide bank account information digitally, in support of loan applications. Truelayer (Ireland) Limited is registered as an Account Information Service Provider (AISP) with the Central Bank of Ireland (Institution code C433487).
If an AISP is registered in any EU member state, it can provide Account information Services (AIS) to consumers and businesses in any EU member state.

This Document explains how the overall process works

This service eliminates the effort of collecting, printing and returning bank statements to the Credit Union. Instead, your bank account information is transferred electronically to the Credit Union on your behalf (but only when you give authorisation to do so).

Truelayer (Ireland) Limited will access your account data only once (immediately after you have given authorisation).

Truelayer (Ireland) Limited will access your account data only once (immediately after you have given authorisation).

Truelayer (Ireland) Limited will hold your bank account information on their systems for a maximum of one hour after accessing your bank account. After which, your bank account information will be deleted by Truelayer (Ireland) Limited on their systems.

Truelayer (Ireland) Limited will share your bank account information with the Credit Union (after authorisation by you) via the cloud-based loan application assessment system used by the Credit Union.

Truelayer (Ireland) Limited and Ballyfermot Inchicore Credit Union are two separate Data Controllers. Where Truelayer (Ireland) Limited shares bank account information with Ballyfermot Inchicore Credit Union it is based on consent which you provide to Truelayer (Ireland) Limited during the bank account information retrieval process to facilitate the loan application process, when you the Member authorise Truelayer (Ireland) to do so.

Truelayer (Ireland) Limited and Ballyfermot Inchicore Credit Union are two separate Data Controllers, therefore the Member will be able to access their rights separately with each entity. Ballyfermot Inchicore Credit Union’s privacy notices are available here. Truelayer (Ireland) Limited’s privacy policy is available here

As a Member, this is a new optional service offering directly for you by Truelayer (Ireland) Limited to reduce the time taken to process loan applications and to enhance the loan application process.

As a Member, this optional service is available to you directly at no extra cost.

The GDPR is a piece of EU legislation which will overhaul our current data protection legislation. It aims to strengthen and unify data protection for all EU individuals and in some cases those outside of the EU. It brings with it further obligations for organisations (like your credit union) who process your personal data in order that your personal data is fully respected. Processing is basically doing anything with, even storing, your personal data.

Below are a number of Privacy Notices which may be applicable to you depending on the service you are availing of.

We have appointed a Data Protection Officer (DPO) with responsibility for Data Protection.

You can contact them in respect of the above by emailing dpo@bicu.ie or by post to:

DPO

280 Ballyfermot Road,

Ballyfermot,

Dublin 10.

Safe, Secure and Easy.
Good news for our borrowers. Ballyfermot Inchicore Credit Union has simplified its lending process further. If you are registered for online banking you can sign your Credit Agreement and Loan Application at the click of a button from anywhere with DocuSign!

Using advanced encryption to ensure the privacy of your data, this new service is available through member’s online banking account. Compatible on desktop and laptop. No more waiting in the office to collect your loan!

DocuSign features:

  • Full document encryption
  • Highly secure access
  • Easy to use interface

Have peace of mind knowing that your data is secure.
How it works?

You will receive a notification via SMS to let you know there are documents waiting for your signature. Simply log in to the online banking area and follow the simple instructions.

Additional benefits
Ballyfermot Inchicore Credit Union utilise the DocuSign application (‘DocuSign’) to enable Credit Agreements and Loan applications to be signed.

In utilising such tools, it allows Ballyfermot Inchicore Credit Union to

  • Complete its core business execution and in particular the conclusion and execution of Credit Agreements and Loan Applications between Ballyfermot Inchicore Credit Union and you the member,
  • Meet compliance standards with legal or regulatory requirements including litigation and defence of claims and
  • For the prevention, detection and investigation of fraud.

If you would like to know more about DocuSign, please contact our office on 01 6265458 for further details.