Benefits of Ulster Bank vs. AIB/BOI, et al.

StaticNoise

I currently hold a Student Account with AIB. It was set up when I was a young'un and had the odd few bob thrown into it now and then. Since then I've contributed to it on regular occasions and I've had money from the part time job, which is non existent at present, connected to it. It's never an account with lots of cash in it: only a day to day.

I'm considering moving to Ulster Bank. Mostly due to, what it appears, are the benefits. Firstly, they offer Visa Debit as standard, versus AIB's Laser service only. Secondly, they have the nice option of interest-free overdraft, which could come in handy for an Erasmus/Study year abroad. And, from what I've hear, they are quite a good bank generally.

Has anyone in the same position changed over to them? Are AIB worth staying with? Does anyone know if AIB are actually rolling out Visa Debit any time soon, as Laser is being depreciated allegedly.

I'm not going near the "stability" of the bank, I'm just trying to figure out my options. I'm in Dublin, and I use internet banking, so branches and whatnot are not really relevant.

I hope someone may have some insights!
Thanks.

dotsman

StaticNoise wrote: »

I currently hold a Student Account with AIB. It was set up when I was a young'un and had the odd few bob thrown into it now and then. Since then I've contributed to it on regular occasions and I've had money from the part time job, which is non existent at present, connected to it. It's never an account with lots of cash in it: only a day to day.

I'm considering moving to Ulster Bank. Mostly due to, what it appears, are the benefits. Firstly, they offer Visa Debit as standard, versus AIB's Laser service only. Secondly, they have the nice option of interest-free overdraft, which could come in handy for an Erasmus/Study year abroad. And, from what I've hear, they are quite a good bank generally.

Has anyone in the same position changed over to them? Are AIB worth staying with? Does anyone know if AIB are actually rolling out Visa Debit any time soon, as Laser is being depreciated allegedly.

I'm not going near the "stability" of the bank, I'm just trying to figure out my options. I'm in Dublin, and I use internet banking, so branches and whatnot are not really relevant.

I hope someone may have some insights!
Thanks.

They're pretty much the same. The only difference being AIB's interest free overdraft is up to 1,500, Ulster's is only 650. With regards Visa Debit, AIB are moving to this, but it's not that big a deal as you will most likely be getting a credit card which is far superior to a debit card.

unclebill98

You can get the same and more interest free over draft from UB if you want. €650 is just the minimum standard overdraft.

The visa debit is handy and is more sought after now than a credit card, main reason is your not going to run up a big debt on the credit card.

dotsman

unclebill98 wrote: »

You can get the same and more interest free over draft from UB if you want. €650 is just the minimum standard overdraft.

The visa debit is handy and is more sought after now than a credit card, main reason is your not going to run up a big debt on the credit card.

According to their website

Ulster Bank wrote:

Interest free overdraft (0% variable) while you have a student or graduate account, up to €650 available (subject to approval).

With regards the Debit vs credit, a credit card is superior (in that it does everything a debit card does, and more). I understand it is sought after by many people, mainly those who can't get a credit card or have difficulties managing their finances. But a credit card is still superior to a debit card.

And a visa debit is no handier than any other debit card to someone who has a credit card.

unclebill98

More is available, not according to the site but it's possible.

As for the visa debit. Any bank that's brought it in has seen a massive declined in the normal credit card demand. As for student demand for credit cards, this has dropped up to 80% when opening an student account with a bank that does a visa debit. They simple do not want the hassle of a credit card.

It's not just people who have trouble managing money or those who can't get one.
There is less GSD and it's a smarter way to do your transactions online. Your transactions show up faster than with a credit card. It's got it limits, there are issues with max transactions limits etc but those issues are getting fewer as the system rolls out.

Tbh, I'd say as soon as all the banks go visa debit cc apps and accounts will go into decline as has been the case so far.

dotsman

unclebill98 wrote: »

More is available, not according to the site but it's possible.

As for the visa debit. Any bank that's brought it in has seen a massive declined in the normal credit card demand. As for student demand for credit cards, this has dropped up to 80% when opening an student account with a bank that does a visa debit. They simple do not want the hassle of a credit card.

What hassle? I would regard a credit card as less hassle (when managed well). As for the 80%, do you have a source for this?

unclebill98 wrote: »

It's not just people who have trouble managing money or those who can't get one.
There is less GSD and it's a smarter way to do your transactions online. Your transactions show up faster than with a credit card. It's got it limits, there are issues with max transactions limits etc but those issues are getting fewer as the system rolls out.

Tbh, I'd say as soon as all the banks go visa debit cc apps and accounts will go into decline as has been the case so far.

I'm not sure what you mean by "smarter". From my experience, transactions don't show up any faster and credit cards (due to their underlying nature) are far safer and less hassle for the customer when it comes to disputed/fraudulent transactions. There's not just limitations with max transaction limits, but also with regards deposits/holds which many people have had an issue with when it comes to hotel bookings, car rentals etc. A big issue people have also have seen over the last few years is with regards the likes of furniture companies closing down after a piece of furniture has been ordered, but before it is delivered or hotels booked and then closed down etc. Again, a credit card is a much safer and hassle free method of dealing with this.

I never used my visa debit for e-commerce or large purchases. Credit card all the way.

unclebill98

dotsman wrote: »

What hassle? I would regard a credit card as less hassle (when managed well). As for the 80%, do you have a source for this?



I'm not sure what you mean by "smarter". From my experience, transactions don't show up any faster and credit cards (due to their underlying nature) are far safer and less hassle for the customer when it comes to disputed/fraudulent transactions. There's not just limitations with max transaction limits, but also with regards deposits/holds which many people have had an issue with when it comes to hotel bookings, car rentals etc. A big issue people have also have seen over the last few years is with regards the likes of furniture companies closing down after a piece of furniture has been ordered, but before it is delivered or hotels booked and then closed down etc. Again, a credit card is a much safer and hassle free method of dealing with this.

I never used my visa debit for e-commerce or large purchases. Credit card all the way.

Yes, I work in the industry. It's a pain in the hole tbh. Branches are requires to hit targets and with the visa debit demand for the normal credit card has declined.

Frauds on either card are handled by the same centre. No difference and you get the same level of protection. Online banking with UB shows visa debit transactions quicker than the standard credit card. Also, credit card centre is based in the uk. They can be a bit, how should I put this challenging to deal with. As for your visa debit, 230 odd branches are available to help with referral only needed for fraud or tech issues. They can also see there and then pending transactions.

As for the purchase protection end of it, the visa debit offers the same protection for company closures and deposits or bookings made.

daithijjj

StaticNoise wrote: »

I currently hold a Student Account with AIB. It was set up when I was a young'un and had the odd few bob thrown into it now and then. Since then I've contributed to it on regular occasions and I've had money from the part time job, which is non existent at present, connected to it. It's never an account with lots of cash in it: only a day to day.

I'm considering moving to Ulster Bank. Mostly due to, what it appears, are the benefits. Firstly, they offer Visa Debit as standard, versus AIB's Laser service only. Secondly, they have the nice option of interest-free overdraft, which could come in handy for an Erasmus/Study year abroad. And, from what I've hear, they are quite a good bank generally.

Has anyone in the same position changed over to them? Are AIB worth staying with? Does anyone know if AIB are actually rolling out Visa Debit any time soon, as Laser is being depreciated allegedly.

I'm not going near the "stability" of the bank, I'm just trying to figure out my options. I'm in Dublin, and I use internet banking, so branches and whatnot are not really relevant.

I hope someone may have some insights!
Thanks.

Not a student but i moved to ulster for the visa debit, there isnt really much to add that hasnt been said here already.

As for the cc v debit card discussion, ive used both for about 16 years now, rarely if ever use the cc, flights and thats about it, due to the built in trave insurance that comes with the card. Have worked for HFC Bank and Capital One in the past, i advise everyone i meet not to get a credit card, its a luxury and can be an expensive one.

A cc is a 'loan', it isnt your money, its the banks at the end of the day. If you use a cc for fraud protection, fair enough. If you use it to take out cash (like my aul fella) you are a moron who pays daily interest on it. Ive convinced him to take a scissors to it as soon as his debit card comes through.

Its also fair to say that a cc is good if you are financially savvy, fact is the majority of people are not. Why rack up debt when you dont need to?, if you pay the cc in full every month then you might aswel just use a debit card. After a while the bank will notice they make nothing off you and reduce your limit anyway.

Simple rules apply for me, i use the debit card for everyday stuff. I use the cc for flights and significant purchases only. The debit card has 20 or 30 lines in a monthly statement, the cc has maybe 6/7 per year.

StaticNoise

Firstly, thank you all very much for your prompt and helpful replies. It's much appreciated!

dotsman wrote: »

With regards Visa Debit, AIB are moving to this, but it's not that big a deal as you will most likely be getting a credit card which is far superior to a debit card.

I couldn't really wait around to be honest- AIB have (it would appear) made no progress. A debit card suits me better. I feel in more control, and my shopping/purchases/withdrawals do not warrant a Credit Card.

Also, with this current climate, paying back a card is risky. At least with a debit I "know it's there".

unclebill98 wrote: »

You can get the same and more interest free over draft from UB if you want. €650 is just the minimum standard overdraft.

I never knew AIB were offering overdraft, to be honest. I know the Ulster Bank team were stressing how it was "nearly instant" and didn't require approval. I don't see myself rushing to it anyway.

unclebill98 wrote: »

Frauds on either card are handled by the same centre. No difference and you get the same level of protection. Online banking with UB shows visa debit transactions quicker than the standard credit card. Also, credit card centre is based in the uk. They can be a bit, how should I put this challenging to deal with. As for your visa debit, 230 odd branches are available to help with referral only needed for fraud or tech issues. They can also see there and then pending transactions.

As for the purchase protection end of it, the visa debit offers the same protection for company closures and deposits or bookings made.

I heard Visa Debit have a far superior level of protection than Laser too.




All seems to be in order so. I think Ulster Bank shall be having a new customer tomorrow so. And, the missus' is switching too. Thank you all for your help.

unclebill98

StaticNoise wrote: »

Firstly, thank you all very much for your prompt and helpful replies. It's much appreciated!



I couldn't really wait around to be honest- AIB have (it would appear) made no progress. A debit card suits me better. I feel in more control, and my shopping/purchases/withdrawals do not warrant a Credit Card.

Also, with this current climate, paying back a card is risky. At least with a debit I "know it's there".




I never knew AIB were offering overdraft, to be honest. I know the Ulster Bank team were stressing how it was "nearly instant" and didn't require approval. I don't see myself rushing to it anyway.




I heard Visa Debit have a far superior level of protection than Laser too.




All seems to be in order so. I think Ulster Bank shall be having a new customer tomorrow so. And, the missus' is switching too. Thank you all for your help.

An overdraft of €650 is standard and simpler to get at the start. If you eligible for a student account you'll get the overdraft no bother. It will expire in sept 2011 so you can extend it as long as your going into another year or pay it back and not have it if your no longer a student after sept.