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I will choose a trustworthy bank

  • 30-01-2012 3:40pm
    #1
    Siggi
    Closed Accounts Posts: 2 ✭


    I need to open up a bank account in Ireland. I will consider any bank that has proven to be a responsible company. Telling me all banks suck as much is not helpful and not true. In my home country I have moved to one of only two banks that have never been involved in any scandals or bailouts. Any suggestions?

    A quick run through tells me to avoid AIB and BOI because of their criminal behaviour. TBS has also been involved in scams with aformentioned banks. National Irish Banks have had scandals in the past and they are now a partners of Danske Bank, which i dont know well. Are Ulster Bank and Bank of Scotland better alternatives? Are there any smaller banks i dont know about that i might consider?

    I would do the same for you and tell you which banks are trustworthy in Iceland.


Comments

  • #2
    seamus
    Registered Users, Registered Users 2 Posts: 68,317 ✭✭✭✭seamus


    Bank of Scotland don't operate in Ireland any more.

    AIB and BOI strictly speaking haven't been involved in any particular scandals, but they've been badly damaged by the banking situation here.

    Ulster Bank would probably be the "cleanest" candidate in the Irish market, though they did recently announce 800 redundancies.

    That said, RBSI are Ulster Bank's parent company, and if AIB and BOI engaged in "criminal" behaviour, then so did RBSI.


  • #3
    Siggi
    Closed Accounts Posts: 2 ✭Siggi


    Thanks Seamus. I hope I dont offend you or anyones sentiments for the banks. I don't know a lot about them, so I just allowed myself to make some genarilization to get the conversation going.

    If I go into more indepth research about banks I find this about Ulster bank
    http://www.independent.ie/national-news/ulster-bank-hit-with-4m-bill-in-latest-loan-scandal-1064127.html
    It is certainly not something massive.
    Allthough RSBI has been bailed out in UK Ulster has not been bailed out in Ireland, am I right?

    So I might go for Ulster in the end.


  • #4
    seamus
    Registered Users, Registered Users 2 Posts: 68,317 ✭✭✭✭seamus


    No, UB aren't an Irish bank so weren't subject to the bailout agreement.

    Don't worry about offending anyone, you'll find very few Irish people with any love for our banks. Nobody would consider any banks in the Irish market to be beyond reproach at the moment, even our credit unions are in trouble.

    But anecdotally I think UB would be the most respected.


  • #5
    JTMan
    Registered Users, Registered Users 2 Posts: 5,541 ✭✭✭JTMan


    RBS (Ulster Bank's parent) took huge sums of money (50 BN) off the UK tax payer.

    Most trustworthy? This is a really difficult question :D I would say modern day NIB.


  • #6
    Marcusm
    Registered Users, Registered Users 2 Posts: 10,377 ✭✭✭✭Marcusm


    seamus wrote: »
    AIB and BOI strictly speaking haven't been involved in any particular scandals, but they've been badly damaged by the banking situation here.

    While I wouldn't hold it against them, I do believe that many people would regard AIB as being very heavily involved in the DIRT scandal!


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  • #7
    Marcusm
    Registered Users, Registered Users 2 Posts: 10,377 ✭✭✭✭Marcusm


    Siggi wrote: »
    Thanks Seamus. I hope I dont offend you or anyones sentiments for the banks. I don't know a lot about them, so I just allowed myself to make some genarilization to get the conversation going.

    If I go into more indepth research about banks I find this about Ulster bank
    http://www.independent.ie/national-news/ulster-bank-hit-with-4m-bill-in-latest-loan-scandal-1064127.html
    It is certainly not something massive.
    Allthough RSBI has been bailed out in UK Ulster has not been bailed out in Ireland, am I right?

    So I might go for Ulster in the end.

    RBS has been bailed out in the UK and is 83% owned byt he UK government. A not insignificant part of this will have related to losses incurred on what many would regard as irresponsible lending practices in Ireland by Ulster Bank.

    To be honest, this is not the criterion on which I would choose a bank for everyday banking in Ireland. I would be more concerned with services provided (type of account, charges), coverage (branch locations and service, online/telephone banking) etc.

    Also as you are moving country, it would be better to establish which will provide you with full banking services (including clearing, credit etc) without a local credit history.


  • #8
    doopa
    Registered Users Posts: 435 ✭✭doopa


    Marcusm wrote: »
    RBS has been bailed out in the UK and is 83% owned byt he UK government. A not insignificant part of this will have related to losses incurred on what many would regard as irresponsible lending practices in Ireland by Ulster Bank.

    To be honest, this is not the criterion on which I would choose a bank for everyday banking in Ireland. I would be more concerned with services provided (type of account, charges), coverage (branch locations and service, online/telephone banking) etc.

    Also as you are moving country, it would be better to establish which will provide you with full banking services (including clearing, credit etc) without a local credit history.

    Most of them will start offering full banking services after 3-6 months. Same in most of EU.

    I had a look at the banks when I moved here - not a great selection. Shame there isn't something like a proper co-operative, would be the preferred option for me at any rate.


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