Regulatory Notices
Regulatory Notices
Payment Services Directive
The Payment Services Directive (PSD2) is a new law within the European Union that was introduced in January 2018 designed to benefit customers by enhancing transparency, giving you greater control over your data and will further protect your banking and purchases online. This came into force on 14th September 2019.
What is Strong Customer Authentication (SCA)
Strong customer authentication (SCA) is the process that validates the identity of you the user when you log in to access online and mobile banking, and for further services such as making payments or changing your address.
You will be asked for additional security credentials. We will be sending you notifications to ask you to confirm that you have authorised payments, logged in or wish to make changes to your accounts. We will also implement additional fraud prevention measures.
How does SCA work?
When accessing your account or approving certain actions, you will be required to authenticate yourself using two out of three of the following:
- Something you know - i.e. password or PIN
- Something you have - i.e. mobile application
- Something you are - i.e. fingerprint or facial recognition
When did SCA it come into effect?
SCA came into effect on the 14th September 2019.
Why did this happen?
The second Payment Services Directive (PSD2) came into effect on the 13th January 2018 which contained 12 mandates. One of these mandates covered strong customer authentication, the Regulatory Technical Standards (RTS) which were effective from the 14th September 2019, detailing how the mandate should be implemented. Accordingly, all account providers, online retailers etc. are required to comply with these Standards.
When is SCA applied?
SCA will be used when you do any of the following actions on your cuOnline account:
- Access your account
- Initiate a payment
- Initiate an action which may imply a risk of payment fraud, such as creating a new payee.
Can I opt out of using SCA?
No, the EU directive is mandatory and all cuOnline users will be required to complete SCA.
What do I need to do?
To make this change easier, check that your mobile phone number and personal details are up to date on your cuOnline profile, or you can call into your local branch.
Deposit Guarantee Scheme
Under the EU Directive on the Deposit Guarantee Scheme, credit unions are obliged to provide certain depositor information to new and existing members by way of the standardised Depositor Information Sheet.
Eligible Deposits in Enfield Credit Union are protected by: The Deposit Guarantee Scheme (“DGS”)
Limit of Protection: €100,000 per depositor per institution
If you have more eligible deposits at the same credit institution: All your eligible deposits at Enfield Credit Union Ltd are ‘aggregated’ and the total is subject to the limit of €100,000.
If you have a joint account with other person(s): The Limit of €100,000 applies to each depositor separately.
Reimbursement period in case of credit institution’s failure: 20 working days
Currency of reimbursement: Euro or, for branches of Irish banks operating in other EEA member states, the currency of that state.
To contact Enfield Credit Union Limited for enquiries relating to your account:
Enfield Credit Union Limited
Enfield
Co Meath
Tel: 0469541296 Fax 0416 9541959 Web: www.enfieldcu.ie email info@enfieldcu.ie
To contact the DGS for more information Deposit Guarantee Scheme
Central Bank of Ireland
PO Box 11517
Spencer Dock
North Wall Quay
Dublin 1
For more information visit www.depositguarantee.ie Tel: 1890 777777
Email: info@depositguarantee.ie
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