Direct Debit Payments – For Information Purposes only
From the 1st of January 2018, the name First South Credit Union will no longer show on your bank statement for your Credit Union Direct Debit. Instead, your bank statement will display the name on the account held in the Credit Union from where the Direct Debit originated.
First South Credit Union is obliged to make this change; it is stipulated by SR VII and the Regulation (EC) No 1781/2006 of the European Parliament and of the Council of 15 November 2006 on information on the payer accompanying transfers of funds. It is also considered best practice to include true remitter name in payments, as it affects the effectiveness of Anti Money Laundering (AML) and Countering the Financing of Terrorism (CFT) screening and sanctions filtering.
If you have any queries please do not hesitate to contact First South Credit Union on 021-4965134 or at firstname.lastname@example.org.