Article 5 Power to charge for ancillary services

After section 9 (deposits by persons too young to be members), insert—

“Power to charge for ancillary services

9A

(1)

A credit union which provides an ancillary service to a member or any other person from whom the credit union has accepted a deposit may charge a fee to cover the cost of providing that service.

(2)

In this section, “ancillary service” means any service which is ancillary to the activity of accepting a deposit or making a loan, and includes—

(a)

the making or receiving of payments, made by way of standing order, direct debit or any other means, as agent for a member or any other person from whom the credit union has accepted a deposit;

(b)

issuing and administering means of payment (for example, chequebooks and debit cards);

(c)

money transmission services;

(d)

giving advice on the services specified by paragraphs (a) to (c) above.”.