Move from BOI

kb585

Hi, I am a BOI customer, have been for almost 20 years. I am considering changing to Ulster Bank due to the nice bill I recieved for using my laser card. I am a stay at home mom ( only recently) so I don't hit the €3k limit.
Is there any point in switching accounts, or are all banks going to follow suit?
Any advice appreciated!
Thank you!

Atilathehun

Well, I believe bank charges are only going to go one way. Up!
For all banks most likely.

Had a presentation from Ulster Bank a few weeks ago, regarding business banking, and what they are prepared to do on a one to one basis with business customers who may want to transfer to them. They are not prepared to publish any special deals but will deal and discount privately.

As an aside they mentioned they are getting significant deposit transfers from the other high street banks, from people uncomfortable staying with AIB / BOI in particular and uncomfortable / unable to transfer to German or French banks.

Ulster Bank deposit guarantee schem is backed by the British government, and so people believe that may be a more secure backing than backing from an insolvent Irish state.

RichardAnd

Atilathehun wrote: »

Ulster Bank deposit guarantee schem is backed by the British government, and so people believe that may be a more secure backing than backing from an insolvent Irish state.

I actually have an account with ulster bank but I'm in the process of opening one with Rabobank. This probably isnt' the best place to ask but if Ulster Bank are backed by the British government, would that mean my money is "safe" with them or would I be better off with Rabo?

kb585

Atilathehun, Thanks! It's like everything else at the minute- no escaping higher fees- unless we go abroad.

Winkelhoch

kb585 wrote: »

Hi, I am a BOI customer, have been for almost 20 years. I am considering changing to Ulster Bank due to the nice bill I recieved for using my laser card. I am a stay at home mom ( only recently) so I don't hit the €3k limit.
Is there any point in switching accounts, or are all banks going to follow suit?
Any advice appreciated!
Thank you!

Hi,
Speaking as someone who has just moved 3 accounts from BoI to Ulster Bank, I can highly recommend them. Like you, we were lifetime BoI customers and were finding their charges and overall lack of service growing more and more annoying each month. UB's online banking and texting service is streets ahead of 365. The Saturday openings are handy as well! And despite BoI trying to make the moving process as difficult as possible, the UB switching team took care of everything for us. So far so good as far as we're concerned.

kb585

Winkelhoch wrote: »

Hi,
Speaking as someone who has just moved 3 accounts from BoI to Ulster Bank, I can highly recommend them. Like you, we were lifetime BoI customers and were finding their charges and overall lack of service growing more and more annoying each month. UB's online banking and texting service is streets ahead of 365. The Saturday openings are handy as well! And despite BoI trying to make the moving process as difficult as possible, the UB switching team took care of everything for us. So far so good as far as we're concerned.

Thanks Winkelhoch, did they help with switching esb etc direct debits?

Atilathehun

kb585 wrote: »

Atilathehun, Thanks! It's like everything else at the minute- no escaping higher fees- unless we go abroad.

banks the world over, are sneaking up charges left and right. they are all trying to improve their balance sheets, and one easy way to help that effort along is screw the customer.

BeeDI

RichardAnd wrote: »

I actually have an account with ulster bank but I'm in the process of opening one with Rabobank. This probably isnt' the best place to ask but if Ulster Bank are backed by the British government, would that mean my money is "safe" with them or would I be better off with Rabo?

Good question. The thing about Rabo, is it's online only. You can't walk up to the counter or to an ATM and withdraw the cash.
You have to process it into and out of the Rabo account using your normal current account.
That put me off them, because on the event of the Irish government deciding to steal some of our money as they did our pension funds, we would need a way to get cash out. I guess they would in a doomsday situation, put a levy on cash being brought back home into say an existing Irish current account.
So I just decided to open an account in UB Belfast. Can go there and take it out without the Irish government having a thief ready to relieve me of a slice of it.

RichardAnd

BeeDI wrote: »

Good question. The thing about Rabo, is it's online only. You can't walk up to the counter or to an ATM and withdraw the cash.
You have to process it into and out of the Rabo account using your normal current account.
That put me off them, because on the event of the Irish government deciding to steal some of our money as they did our pension funds, we would need a way to get cash out. I guess they would in a doomsday situation, put a levy on cash being brought back home into say an existing Irish current account.
So I just decided to open an account in UB Belfast. Can go there and take it out without the Irish government having a thief ready to relieve me of a slice of it.

Yeah, that's a good point. I currently keep the lion's share of my savings in the Post Office which is essentially in the care of the state. Honestly though, when people are worried about being robbed by their own government... it's just so dreaful

Black Swan

MOD COMMENT:
This OP appears to be a personal banking issue, rather than one appropriate for the larger issues that pertain to the Irish Economy. It will be locked and moved to Banking for consideration by their mods.

BuffyBot

As all these issues are currently covered in running threads, we'll leave this one closed