Irish Banks are a joke: I'm closing my Irish bank account

reg114

ratracer wrote: »

You don’t live here, so your closing your bank account here....... Good man!

Meanwhile, this of us living and working here still need a bank account here!

This is not correct.

Since the 1st of February 2014 it became mandatory for ‘national only’ payments systems to be retired and move all payments to SEPA standards.

In other words it is illegal for your employer to force to to retain your irish bank account for the purposes of paying your salary. Its been illegal since 2014.

You are free to open a 'fees-less' bank account with any financial institution within the EU and 100,000k of deposits with be protected as per Irish deposits.

N26 the german online bank fulfil this role for Irish customers but there are lots of others.

Allinall

parc wrote: »

Did you mean to type "us"?

It's not just withdrawal fees. It's also current account fees per quarter and more


For example:
Automated Transactions (Direct Debit/ Standing Orders) 20c.
ATM withdrawals 35c
Machine Lodgements 35c
Cheque Processing 39c
Debit Card Transaction 20c
Over the Counter Transaction 39c

Business charging for it's services shocker!

ILoveYourVibes

reg114 wrote: »

This is not correct.

Since the 1st of February 2014 it became mandatory for ‘national only’ payments systems to be retired and move all payments to SEPA standards.

In other words it is illegal for your employer to force to to retain your irish bank account for the purposes of paying your salary. Its been illegal since 2014.

You are free to open a 'fees-less' bank account with any financial institution within the EU and 100,000k of deposits with be protected as per Irish deposits.

N26 the german online bank fulfil this role for Irish customers but there are lots of others.

No way ...they kept that one quiet enough so...thank you good to know

ShatterAlan

silver2020 wrote: »

You live abroad and are getting free withdrawals which the rest of up pay for in other charges.

Banks were not bailed out. the Banking system was bailed out. The alternative was to wipe out all deposits over the guaranteed level.

Please close your account.

I don't recall that happening in Iceland.

Dempo1

parc wrote: »

Mods, before you move this to banking/finance, hear me out. I think this is relevant to all and the more people who discuss this the better.

This news story about BoI selling its 700 ATMs to Euronet, which will more than likely mean that there will be 700 more cash machines around the country charging you to take you money out.

https://www.rte.ie/news/business/2020/1218/1185359-700-bank-of-ireland-non-branch-atms-sold-to-euronet/

I live abroad where there are no chargers like this. It's a complete joke the way Irish banks treat their customers, and I can't believe people put up with it.

I have decided to close my Irish bank account because of this (I'll let you guess which one it is - it's one of the main ones).

How can the taxpayers bail out failed banks, then sit back while they charge them quarterly fees to deposit their money, and take out their money from ATMs. I would encourage people to figure out alternative means, as it shouldn't be like this.

Bizzare argument, I'd have some sympathy if you lived here but surely as a non resident you'd be charged for using ATM"s here regardless of who owned the ATM, whilst accept this latest move is not ideal, it's the reality of how people manage their money. At best I use an ATM twice a year @.30 cent, hardly enough for me to justifying closing a bank account, just absurd.

Wanderer78

ILoveYourVibes wrote: »

Lol that didn't work ..nat west was a public bank.

plenty of public banks fully functioning around the world, some even in europe and the states, chinas banks are all largely public, some believed to be far more stable than their private sector counterparts, largely due to their more conservative approach

ILoveYourVibes

Wanderer78 wrote: »

plenty of public banks fully functioning around the world, some even in europe and the states, chinas banks are all largely public, some believed to be far more stable than their private sector counterparts, largely due to their more conservative approach

its not being public that makes them so ...

Its the regulation of them....and the regulation of several other industries that interact with them.

There are also plenty of private banks that are stable.

Chinas banks are an accident waiting to happen. Its a country where a single man can embezzle the GDP of a lesser developed country. And they have also had many liquidity crisis of 2013.

Chinese banks are hollow ...and CHINA has allowed many public banks to just fail.

In 2019 ....alone ..banks defaulted on billions.

BTW i am not advocating for a private over public system ...its just that regulation rather than whether its public or private is what makes the difference.

grogi

ratracer wrote: »

You don’t live here, so your closing your bank account here....... Good man!

Meanwhile, this of us living and working here still need a bank account here!

No, you don't. I live here and manage with German and Polish bank account just fine.

wassie

PhilOssophy wrote: »

No I am not - I hardly ever use an ATM or cash and if I do, I go to AIB/BOI/Ulster/etc. So I don't get charged.

Also in Australia, you had to go to your own bank ATM or they absolutely FLEECED you with $1-2 for the transaction.

Australian banks stopped charging those fees years ago.

I found there banking apps to be light years ahead of what the Irish banks offered. Irish banks have been so slow in developing their digital offerings - just look at how long it took them to adopt Apple Pay & Google Pay.

murpho999

ElJeffe wrote: »

Yeah iv'e always been a cash person tbh but over the lockdown if i've found places that are refusing to take cash iv'e just walked out and not give them my business.

But why insist on cash?

It's so much easier and more secure with card payments especially if using phone/watch with Apple Pay or Google pay.

Can't be scammed, stolen or lost and is quicker too despite what people say.

Wanderer78

ILoveYourVibes wrote: »

its not being public that makes them so ...

Its the regulation of them....and the regulation of several other industries that interact with them.

There are also plenty of private banks that are stable.

Chinas banks are an accident waiting to happen. Its a country where a single man can embezzle the GDP of a lesser developed country. And they have also had many liquidity crisis of 2013.

Chinese banks are hollow ...and CHINA has allowed many public banks to just fail.

In 2019 ....alone ..banks defaulted on billions.

public banks tend not to get involved in high risk activities such as derivatives trading etc, an activity that was a major cause of 08, they also tend not to pay their high level employees, ceo's etc, high level salaries. Germanies public banks are heavily protected under constitutional law, so much so, discussion of selling a branch is not even permitted, i.e. they always remain a public body.

regulation is always key in both public and private sector financial institutions, as both can become unstable and collapse, but if a public bank collapses, and requires a bailout, again, it can remain a public body, it cuts out the requirement of interaction with bond markets and other institutions such as the imf etc. having public banks also means its possible for a state to part fund its needs itself, again, reducing requirements from external sources such as bond markets etc.

there are indeed stable private sector banks, but its important to realise, americas only public bank, the bank of north dakota, was more or less, the only american bank that remained stable, and largely unaffected, during the previous crash.

defaults and none performing loans are part and parcel of banking systems, and thankfully so, as these critical systems couldnt function otherwise, its not possible to guarantee all debts, we cannot accurately predict future outcomes, we ve no idea what loans will be 100% paid back, these systems need some sort of fail safe, in order to function, but there is a point whereby the system cannot absorb these losses

ShatterAlan

ElJeffe wrote: »

Yeah iv'e always been a cash person tbh but over the lockdown if i've found places that are refusing to take cash iv'e just walked out and not give them my business.

I don't understand the whole "card only" bollocks that goes with COVID. Is handing over cash supposed to spread the virus but the cashier behind the counter handing you your cigarettes/cup of coffee/pack of batteries/whatever is somehow exempt?

murpho999

ShatterAlan wrote: »

I don't understand the whole "card only" bollocks that goes with COVID. Is handing over cash supposed to spread the virus but the cashier behind the counter handing you your cigarettes/cup of coffee/pack of batteries/whatever is somehow exempt?

Is it not obvious to you that a product would have been handled by less people than people using cash?

Also cashiers come in contact with a lot of people so not handling cash minimises risk for them too.

murpho999

Ubbquittious wrote: »

Feck the cashless society. Can't believe people still think it's a good idea given what happened in 2008

What happened in 2008?
What did people lose in the end in banks in Ireland?

Cash was under severe threat than too as the Euro currency almost collapsed so cash is no more secure than a bank.

Wanderer78

murpho999 wrote: »

What happened in 2008?
What did people lose in the end in banks in Ireland?

Cash was under severe threat than too as the Euro currency almost collapsed so cash is no more secure than a bank.

the euro was fine, as central banks such as the ecb can never run out of money, 08 was caused by excessive credit, which is created by private sector banks when loans are created

murpho999

Wanderer78 wrote: »

the euro was fine, as central banks such as the ecb can never run out of money, 08 was caused by excessive credit, which is created by private sector banks when loans are created

You've really got it wrong.

The Euro was in severe danger of collapse.

Sse FT article.

Yes, 08 was created by excessive lending which has now been curbed and banks operate under different regulations to prevent it happening again.

Wanderer78

murpho999 wrote: »

You've really got it wrong.

The Euro was in severe danger of collapse.

Sse FT article.

Yes, 08 was created by excessive lending which has now been curbed and banks operate under different regulations to prevent it happening again.

yes the euro was in danger of collapse, but the ecb was just fine, as 08 was in fact a private sector debt problem, the euro was in danger of collapse because of the way we approached this problem, i.e. not accepting there was truly a private sector debt problem, forcing member states to take on this excess debt onto public balance sheets, then to add insult to injury, imposing austerity, how the fcuk was that gonna resolve these issues, which were ultimately based in private sector financial institutions, and still are!

ILoveYourVibes

Wanderer78 wrote: »

Germanies public banks are heavily protected under constitutional law, so much so, discussion of selling a branch is not even permitted, i.e. they always remain a public body.


/QUOTE]

German banking system is **** ...
Commerzbank ...was hit hard by the crisis and had to be bailed out by the german govt. Deutsche bank also had to be bailed out.

German banking system isn't public ..the biggest ones are private...and most of the others are only partly owned by the german govt with private partners making up the biggest shareholders.

The german govt only owns 15 % of commerzbank. And Deutsche bank is a private bank.

Drezdner bank was one of the biggest banks in germany ..it was bought by commerzbank.




Also other german banks also had to be bailed out.

Deutsche bank ..the biggest ...went into the ****ter. The german govt tried to force commerz bank and D bank into a merger ..they couldn't.

D banks plummeting share prices ...all the fines and financial scandals opened up a can of worms.

The german banking system is not what it seems.

Btw the german bailouts of their own banks ...were some of the most legally erm ..strange shall we put it.


Also the Danske banking scandal ..(not a german bank) unearthed a whole of scandal in Deutsche bank.

The german banking system was not and is not as stable as it first seems.

What makes DEUTSCHE bank look so bad ..is that it had to get bailouts again as recently as 2020

Also for some reason ...not only did the german govt throw money at deutsche bank ..the US FED did too

regulation is always key in both public and private sector financial institutions, as both can become unstable and collapse, but if a public bank collapses, and requires a bailout, again, it can remain a public body, it cuts out the requirement of interaction with bond markets and other institutions such as the imf etc. having public banks also means its possible for a state to part fund its needs itself, again, reducing requirements from external sources such as bond markets etc.

No it doesn't. Public banks were no less affected in countries

ILoveYourVibes

Its always a shocker to Irish people that German banks needed to be bailed out.

But they did. And their scandals were far far worse ..and are still ongoing.

Wanderer78

ILoveYourVibes wrote: »

Wanderer78 wrote: »

Germanies public banks are heavily protected under constitutional law, so much so, discussion of selling a branch is not even permitted, i.e. they always remain a public body.


/QUOTE]

German banking system is **** ...
Commerzbank ...was hit hard by the crisis and had to be bailed out by the german govt. Deutsche bank also had to be bailed out.

German banking system isn't public ..the biggest ones are private...and most of the others are only partly owned by the german govt with private partners making up the biggest shareholders.

The german govt only owns 15 % of commerzbank. And Deutsche bank is a private bank.

Drezdner bank was one of the biggest banks in germany ..it was bought by commerzbank.




Also other german banks also had to be bailed out.

Deutsche bank ..the biggest ...went into the ****ter. The german govt tried to force commerz bank and D bank into a merger ..they couldn't.

D banks plummeting share prices ...all the fines and financial scandals opened up a can of worms.

The german banking system is not what it seems.

Btw the german bailouts of their own banks ...were some of the most legally erm ..strange shall we put it.


Also the Danske banking scandal ..(not a german bank) unearthed a whole of scandal in Deutsche bank.

The german banking system was not and is not as stable as it first seems.

What makes DEUTSCHE bank look so bad ..is that it had to get bailouts again as recently as 2020

Also for some reason ...not only did the german govt throw money at deutsche bank ..the US FED did too



No it doesn't. Public banks were no less affected in countries

thats interesting, no mention of germanys public banks, sparkasse and kfw! id imagine most, if not all you mentioned, are in fact germanys private sector banks!

landofthetree

Whoever starts up the Irish version of Monzo,Starling N26,Revolut etc will become a multimillionaire.

Wanderer78

ILoveYourVibes wrote: »

Its always a shocker to Irish people that German banks needed to be bailed out.

But they did. And their scandals were far far worse ..and are still ongoing.

yup, germanys private sector banks!

ILoveYourVibes

Wanderer78 wrote: »

ILoveYourVibes wrote: »

thats interesting, no mention of germanys public banks, sparkasse and kfw! id imagine most, if not all you mentioned, are in fact germanys private sector banks!

Yeah no sorry ..public banks in germany got bailed out too KFW and IKB.

KFW owned IKB ..IKB went under ...got bailed out. Then KFW got bailed out.

the Sparkassen also got a bailout in all but name.

They owned the landesbanken which was about to fail...so they sold their stake in it to the German govt ....and then the tax payer bore the brunt of the fail

FRANKFURT WestLB was another public german bank that got a bailout.

Wanderer78

ILoveYourVibes wrote: »

Wanderer78 wrote: »

Yeah no sorry ..public banks in germany got bailed out too KFW and IKB.

KFW owned IKB ..IKB went under ...got bailed out. Then KFW got bailed out.

the Sparkassen also got a bailout in all but name.

They owned the landesbanken which was about to fail...so they sold their stake in it to the German govt ....and then the tax payer bore the brunt of the fail

was unware of those bailouts, can you link me, thank you? i still advocate for public banks though, ive researched enough on them now, even though i do realize theyre just as vulnerable as private sector banks

ILoveYourVibes

Wanderer78 wrote: »

yup, germanys private sector banks!

And the public ones just as much my friend.;)

Sparkassen especially.

ILoveYourVibes

Wanderer78 wrote: »

ILoveYourVibes wrote: »

was unware of those bailouts, can you link me, thank you? i still advocate for public banks though, ive researched enough on them now, even though i do realize theyre just as vulnerable as private sector banks

I have nothing against public sector banks.
Sure.

https://www.forbes.com/sites/francescoppola/2017/10/24/the-wondrous-german-public-sector-banks-arent-all-they-are-cracked-up-to-be/

https://www.nytimes.com/2008/02/08/business/worldbusiness/08cnd-west.html

https://www.ft.com/content/b90e3848-fe9a-427e-8a17-3facd01ff4be

Sparkassen is not really an actual bank by the way ..its a term for a type of bank

Its a system.

Wanderer78

ILoveYourVibes wrote: »

Wanderer78 wrote: »

I have nothing against public sector banks.
Sure.

https://www.forbes.com/sites/francescoppola/2017/10/24/the-wondrous-german-public-sector-banks-arent-all-they-are-cracked-up-to-be/

https://www.nytimes.com/2008/02/08/business/worldbusiness/08cnd-west.html

Sparkassen is not really an actual bank by the way ..its a term for a type of bank

Its a system.

ah i ll go with my resources, which call it a public bank, including a sparkasse ceo, but i think ireland should start with a public infrastructure bank similar to kfw, as scotland just has

cal naughton

Fleeced is the word with Australian bank's. Just had a look at my old bank in Oz. ANZ. For a personal loan there is an 150 AUD application fee, 10aud monthly loan admin fee and then 300 if you have the audacity to pay it off early.

None of that with Irish bank's

ILoveYourVibes

Wanderer78 wrote: »

ILoveYourVibes wrote: »

ah i ll go with my resources, which call it a public bank, including a sparkasse ceo, but i think ireland should start with a public infrastructure bank similar to kfw, as scotland just has

Savings banks in german speaking countries are called a sparkasse

Their are 400 separate instutions in germany that are sparkassen.

Savings banks in German-speaking countries are called Sparkasse (pl: Sparkassen)

You have Sparkasse Schwyz etc its a regional swiss bank ..because there are sparkassen in switzerland because they speak german ..but these sparkassen have nothing to do with sparkassen in germany.

Wanderer78

ILoveYourVibes wrote: »

Wanderer78 wrote: »

Savings banks in german speaking countries are called a sparkasse

Their are 400 separate instutions in germany that are sparkassen.



You have Sparkasse Schwyz etc ..because there are sparkassen in switzerland because they speak german ..but these sparkassen have nothing to do with sparkassen in germany.

im aware of germans sparkasse, ive been researching this a long time now, sparkasse members were here giving talks after 08, explaining their system, im sold, but im aware, all financial institutions are problematic, public and private

ILoveYourVibes

Wanderer78 wrote: »

ILoveYourVibes wrote: »

im aware of germans sparkasse, ive been researching this a long time now, sparkasse members were here giving talks after 08, explaining their system, im sold, but im aware, all financial institutions are problematic, public and private

interesting

Wanderer78

ILoveYourVibes wrote: »

Wanderer78 wrote: »

interesting

always good to learn more though, from people such as yourself

ILoveYourVibes

Wanderer78 wrote: »

ILoveYourVibes wrote: »

always good to learn more though, from people such as yourself

Sure you have taught me just as much i would say.

Muahahaha

_Godot_ wrote: »

I just have an ebs account (which is free), and use revolut and monese. I don't have to pay any pesky fees.

Currently in the process of switching to EBS because they're free, they are the last bank in Ireland not to charge customers for day to day banking. This site gives a good comparison of charges across all the different banks and EBS wins hands down everytime
https://www.ccpc.ie/consumers/money-tools/current-account-comparison/

s8n

cheerio OP

Marcusm

deandean wrote: »

The only cash I have used in the last few months is a 2 Euro coin for a shopping trolley.

The Cancer Society will give you a key ring with €1 and €2 sized pieces. Now I’m never short (but that’s because I’m 6’5”).

iamstop

Cash back is usually no fees. I do that mostly when in need of cash.

grogi

cal naughton wrote: »

Fleeced is the word with Australian bank's. Just had a look at my old bank in Oz. ANZ. For a personal loan there is an 150 AUD application fee, 10aud monthly loan admin fee and then 300 if you have the audacity to pay it off early.

None of that with Irish bank's

But that's for a loan. You don't need a loan.

sdanseo

Daragh1980 wrote: »

When I worked in England, the bank charges were a lot higher than here. Particularly if you went overdrawn or had a cheque or direct debit bounced on you.

Not sure what is like now but it always amuses me to see people like the OP who think it should be free. Why should any business offer its services for free? Does the OP work for free?

I agree in principle, and caveat emptor. But they have the use of your money while they are holding it on your behalf. That is not a thing of no value, especially if you have large deposits.

Irish banks pay little to no interest, while constantly and consistently increasing charges to consumers. They have the market to themselves with a small number of players and they doubtless conspire to ensure no one steps out of line. Like the insurance industry, it's a cartel that isn't a cartel.

The EU, while it has overstepped in other areas, should prioritise being able to bank with any financial institution in the Eurozone (and mandate your salary for example, to a French bank) without additional charges, should the institution provide that service. Period.

grogi

sdanseo wrote: »

The EU, while it has overstepped in other areas, should prioritise being able to bank with any financial institution in the Eurozone (and mandate your salary for example, to a French bank) without additional charges, should the institution provide that service. Period.

What is stopping you from doing so? There are many Eurozone banks that would gladly passport to Ireland.

Montage of Feck

My credit union have written to tell me that they no longer want my money! But they do want me to take out a car loan.