Ulster Bank Overdraft

cooperguy

It seems to me that anybody I talk to around college owes Ulster Bank €650 from that offer they have had running for the last few years of an interest free overdraft. Alot of people went and opened the account took out the €650 and never went near the account again!

So what I want to find out is what percentage of boardsies owe Ulster Bank for the overdraft? And how many of ye know how or when ye are going to pay it off (and will it be done by the end of 4th year before that interest kicks in!).

I had intended on paying it back on CoOp but that didnt work out so now the end of 4th year is looming and no idea how im going to pay it back!

Patricide

I steared well clear of it so far,bastards gave me a credit card after i specificly told them not to so i had to go back and change it. Not gonna be in debt before i even start working, well if i can help it anyway.

kaimera

lol.

I know a guy who just graduated and still owes the overdraft

Thanks for reminding him

cooperguy

kaimera wrote:

lol.

I know a guy who just graduated and still owes the overdraft

Thanks for reminding him

As a matter of interest how does that work cause ill probably be in the same situation. Whats the interest like? Do they send out more threatening letters?

PeakOutput

cooperguy wrote:

As a matter of interest how does that work cause ill probably be in the same situation. Whats the interest like? Do they send out more threatening letters?

dont know this for a fact as im with aib but it will prob be close enough to 10% a month

ninty9er

I owe them money was lured after getting approved after I specifically asked NOT to get the overdraft.

I'm planning on getting the €1500 from AIB next month paying it off and closing the UB account as they are absolute wan|<ers to deal with in a cvlubs and socs capacity so that's 2 accounts they're losing next month!!

cooperguy

PeakOutput wrote:

dont know this for a fact as im with aib but it will prob be close enough to 10% a month

Thats hardly right. APR is annual. If it was 10% a month then that would put the APR ridiculously high. And I know overdrafts are expensive but not THAT expensive surely! If that was the case I might aswell pay it off using my credit card!

rmacm

cooperguy wrote:

Do they send out more threatening letters?

Have you gotten a threatening letter? The last letter like that I got from Ulster Bank had "Sod Off" written across it and was stuck to my bedroom wall. I'm the one Kaimera mentioned and as far as I know I don't have to start paying it off until the end of December.....I know of one other person in the same position as myself and I think she has the same "sod off" attitude to them that I have.

Cheers
Rory

PeakOutput

cooperguy wrote:

Thats hardly right. APR is annual. If it was 10% a month then that would put the APR ridiculously high. And I know overdrafts are expensive but not THAT expensive surely! If that was the case I might aswell pay it off using my credit card!

like i said i could be wrong but i have images of my debt jumping by 30/35 euro at the end of the month when i owed 400/450

i cant check the acocunt now as its closed but im sure someone with the actual credit card will be along soon

cooperguy

rmacm wrote:

Have you gotten a threatening letter?

Ya do you remember about halfway through the first semester last year they sent out threatening letters (which got progressively more and more threatening over about a month) to anybody who took out the overdraft and never put anything back into the account again.

I went in to the bank to ask what was going on because I checked the terms and conditions specifically to see if you had to make any repayments before I signed up. They claimed it was a computer error but I reckon they were (and still are) loosing a huge amount of money on those accounts because they are earning nothing on what would normally be a high interest account so they might have decided to see if they could get some of it back.

rmacm

cooperguy wrote:

Ya do you remember about halfway through the first semester last year they sent out threatening letters (which got progressively more and more threatening over about a month) to anybody who took out the overdraft and never put anything back into the account again.

Hmm no I never got one of those.....probably because I was using the account as my primary bank account. The only threatening letter I got off them was about a direct debit. Well I'm going to start paying off the OD soon enough anyway and then close my account because I don't particularly like Ulster Bank anymore.

Cheers
Rory

bluedolphin

Ha! They stopped offering those overdrafts to this year's new accounts afaik and offered €100 cash instead. Clearly those overdrawn accounts have been hurting them. I know a ridiculous number of people who opened the accounts purely for the overdraft, despite having accounts with other banks which were their preferred bank accounts for regular transactions.

To answer the question, no I do not have one.

I refuse to support an aggressive monopoly, which is what, I believe, Ulster Bank effectively are on campus.

I have never completed any financial transaction on their property and hope never to do so either. I am completely satisfied with the service I have received from the bank that I opened an account with when I was in secondary school and who formerly occupied the location now in UB's tender. I don't think there has been sufficient competition in the banking sector on campus since 2005, which I believe suffered as a result of the deal done between UB and UL. However, UB are well within the contract in maintaining their stronghold on campus, so I feel that UL is partly to blame and perhaps 'sold-out' during the tender process.

Meh.

I have strong feelings on this.

I'll shut up now.

cson

I got the overdraft this year.....and the credit card :eek:

ninty9er

bluedolphin wrote:

Ha! They stopped offering those overdrafts to this year's new accounts afaik and offered €100 cash instead. Clearly those overdrawn accounts have been hurting them. I know a ridiculous number of people who opened the accounts purely for the overdraft, despite having accounts with other banks which were their preferred bank accounts for regular transactions.

They're still offering it to 1st years PLUS the €100 cash
(which is contingent on transactions). But I'll be reverting to AIB which is and has been my primary bank account since I was 9. They're openinin an interest free overdraft up to €1500 which will clear tghe UB one nicely and they'll be a lot easier to deal with too.

I think the €100 cash is an element of the upped ante by all 3 banks this year...AIB & BOI with free food and AIB with the free travel card which BOI had previously offered a €2 discount on, as well as the €50 credit (based on transactions) and the nice big overdraft of €1500.

I hold accounts with all 3 banks...and AIB is by far the best in terms of online banking and customer service, though BOI aren't too far behind on service, whereas UB are the absolute pits...the staff don't seem to care at all. The Clubs and Socs development officer has spoken to the manager on numerous occasions warning that she's going to lose business, but it hasn't changed their ways...thye can sya goodbye to Ógra FF anyway, we're not the 1st and we won't be the last and I'll be sending a spiteful letter to the EU Commission regarding the legality of such a monopoly on campus and would urge others to do the same

Peteee

ninty9er wrote:

the legality of such a monopoly on campus and would urge others to do the same

Does the AIB on campus not count for anything? Hardly a monopoly if another bank is on campus and not 3 minutes walk from the Ulster Bank.

Besides, they paid an obscene (A lot more then you may have heard bandied about) of money to move into Bank of Ireland's building...not sure what that means really, probably just they think Irish people tend not to change bank accounts, and once you have them in college you have them for life (Which is largely true).

bluedolphin

They are perfectly legal and within their rights. They paid for the location on campus and the terms of the tender included exclusive advertising rights and the gradual demolishing of AIB (although not spelt out as such). They are well within legality, it's just darn annoying

ninty9er

Peteee wrote:

Does the AIB on campus not count for anything? Hardly a monopoly if another bank is on campus and not 3 minutes walk from the Ulster Bank.

AIB is a non cash branch since UB came on campus...even some Sabbats are pissed off with UB now...they told Guides that they would "take your T-Shirts back" if we were seen at AIB FFS. IT's a bit overkill and if I had groups I would have told them straight out not to touch UB with a bargepole.

cson

ninty9er wrote:

AIB is a non cash branch since UB came on campus...even some Sabbats are pissed off with UB now...they told Guides that they would "take your T-Shirts back" if we were seen at AIB FFS. IT's a bit overkill and if I had groups I would have told them straight out not to touch UB with a bargepole.

QFT.

You can't even lodge money into that AIB.

bluedolphin

There was an issue alright with Guides bringing their groups by AIB. WTF was that about, like, some students do have classes in the Schrodinger!!!

Feckin' UB!

It's worthy to note that ULSU is not bound by the same contract as UL with UB and therefore UB doesn't have exclusive rights with the SU. Although sometimes you'd really wonder.

ninty9er

Lodging cash is never really an issue for me and if you take a close look at the SU Diary you'll definitely note that UB don't have a binding agreement...though it is a loose agreement that is held. SU cheques changed from AIB to UB last semester

gaf1983

I took out an overdraft with them in September 2005 when I was in Fourth Year, graduated in 2006, and was working for a year until I paid it all off last summer. For some reason they thought I was a student as of last summer which was handy cos I didn't pay any interest on it. A friend of mine took it out around the same time as I did, and had it nearly paid off around the time he graduated, but I think he still owed about €1.24 or something like that for a number of months after he graduated, and they began to send him letters offering debt counselling.

adamd164

Anyone know what the conditions were for getting the 100 quid? Couple of lodgements and withdrawals I'm guessing?

ninty9er

Paid off and account closed :D:D

cooperguy

cooperguy wrote: »

It seems to me that anybody I talk to around college owes Ulster Bank €650 from that offer they have had running for the last few years of an interest free overdraft. Alot of people went and opened the account took out the €650 and never went near the account again!

So what I want to find out is what percentage of boardsies owe Ulster Bank for the overdraft? And how many of ye know how or when ye are going to pay it off (and will it be done by the end of 4th year before that interest kicks in!).

I had intended on paying it back on CoOp but that didnt work out so now the end of 4th year is looming and no idea how im going to pay it back!

Yeah I have the OD

Polar Ice

adamd164 wrote: »

Anyone know what the conditions were for getting the 100 quid? Couple of lodgements and withdrawals I'm guessing?

You have to make 3 transactions every month (lodgements don't count) until and including November to qualify for the first €50 and continue until the end of January for the second €50. There also has be a steady inflow of money into the account e.g. Lodgement of wages, standing order etc...

Also something which you mightn't have noticed even if you read the T&C fully:

In order to be eligible for this offer, customers must use their new Ulster Bank Student Account as their "main account" for a period of 18 months.

Then further on...

Ulster Bank shall be entitled to refuse to pay, or seek repayment of either, or both installments of €50 if it deems in its discretion that the relevant account has not been opened or operated in accordance with these terms and conditions.

That basically means that they can take the €100 off you even after they've given it to you if you don't follow the T&C including using the account as your "main account" for 18 months. Crazy if you ask me, but banks are banks!

Heliosvector

I wish TSB were on campus. Theya re the best bank. I already have an overdraft limit of 500 and im only in secondary school.(i dont have anything owed but i have the facility to do so) No fees, very good to deal with, nothing bad about them. I think ill just do my banking in town. ulster bank seems crap. they have to dangle 100euro over students just to get them to open acconts? man they are pathetic.

cooperguy

Heliosvector wrote: »

I wish TSB were on campus. Theya re the best bank. I already have an overdraft limit of 500 and im only in secondary school.(i dont have anything owed but i have the facility to do so) No fees, very good to deal with, nothing bad about them. I think ill just do my banking in town. ulster bank seems crap. they have to dangle 100euro over students just to get them to open acconts? man they are pathetic.

Haha wait till you get to college. Every bank dangles stuff in front of college students because they reckon once they have you from that point they have you for life. Whats €100 to them when they'll make €100,000 off you when you get a mortgage with them. Your more likely toget divorced than change bank account!

Oh and TSB are FAR from the best bank. They only have 1 or 2 atms in the entire city and they have feck all facilities on them.

ninty9er

AIB are by far the best bank in terms of service. Charges etc I couldn't be arsed checking out. And just because you have an account with a bank doesn 't mean you're going to automatically get your mortgage with them.

The online services poffered by AIB are far superior to UB and BOI from personal experience and some of my family with TSB claimed that TSB was the best until I gave them a demo of AIB online in action.

Also BOI 365 phone asks for your ACCOUNT number rather than registration code:eek::eek:

I reckon I'm very unlikely to change that view as AIB have branches everywhere too. There's one in nearly every town in the country. I don't mind paying for convenience, but I do if it's to Ulster Bank.

When I closed the account last week it wasn't even immediate "That'll be closed in 5 days"

FFS how in God's name does it take 5 days to close an account. Fu<king incompetent wasters of a corporate entity

Heliosvector

hows this for AIB then. My friend tried to get a loan from them once and they denied him. So he went off to TSB and they accepted him with no hassle. He whent back to aib, told them that he got a loan there and the clerk asked him to try at AIB again to get a loan. It was too late, he told them to bugger off and kept with AIB.

The same person again tried to get a credit card from AIB and they denied him. So what did he do? he got onto the AIB website, applied for the card there and was accepted. How stupid is that.

dK1NG

How about AIB continuing to pay out a direct debit for a number of months after a customer cancels it?!:eek:

ninty9er

Heliosvector wrote: »

hows this for AIB then. My friend tried to get a loan from them once and they denied him. So he went off to TSB and they accepted him with no hassle. He whent back to aib, told them that he got a loan there and the clerk asked him to try at AIB again to get a loan. It was too late, he told them to bugger off and kept with AIB.

The same person again tried to get a credit card from AIB and they denied him. So what did he do? he got onto the AIB website, applied for the card there and was accepted. How stupid is that.

Same principal as Quinn-Direct quoting €200 less online than on the phone...Some Banks have genuine standard practice that will assess loans on different bases to other banks. I'm not surprised that your frined got a loan from TSB, I know secondary school students who have overdrafts with them...ludicrous!!Much the same there are very few lending institutions that will offer a single person over 40 a mortgage unless they're on outrageous money.