Bank of Ireland will not let me withraw from a/c by Credit Transfer/ EFT

P

Pmc365

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Hi all,

I have a Regular Saver, Issue K with Bank of Ireland, which transferred from KBC which I found an excellent bank, especially their phone service. . I previously had a current account with BOI but closed it, best move ever. I wanted to transfer electronically funds from my. BOI regular saver to N26. They will only issue me a draft. They will not let me set up N26 as a payee and transfer by EFT on banking 365 online!
I called into a branch as 2 separate employees on their phone service said I could fill out a form ( interpay) in- branch by inputting N26 IBAN but the branch said this couldn't be done and contradicted two separate employees on the BOI phone service.
The staff in the branch were most ignorant and condescending and very unhelpful. I would describe it as toxic. They even suggested the Regular saver could be " dormant" eventhough it was only recently opened.

I actually was shaking after the experience. They are appalling. Its not the first time I experienced this in that particular branch.

Is this even legal to refuse Electronjc Funds Transfer ? I have their useless banking 365 online app.
They say I must open a current account, pay fee for current a/c, transfer into current and transfer out to N26.
No way am I opening a current a/c with that shower and paying to withdraw my money.

Any help would be most appreciated. BOI used to have such lovely staff in the distant past.

I use N26 as my current a/c. They don't accept drafts. I'm stuck.
Could I threaten the Financial Regulator or Central Bank.
 
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None of that sounds right. They must have given you a reason why can only transfer to a BOI current account and then out.
 
Don't know about that type of BoI account but I had a savings ac at one stage with AIB and because it wasn't a current account it did not have full banking service as such, I could look it up online but only 'look' at it or transfer to the current account, I couldn't do any external transfers or pay bills or direct debits or anything really with it, I had to go into the branch to withdraw directly from it. Maybe it's because it's classed as a savings account?
 
I have several BOI savings accounts - including the Regular Saver Issue K - and the only way I can access that money is to transfer it first to my current account, which was also the case previously with KBC. So it appears to be standard.

Pity that BOI weren't more helpful - there must be a solution to this. I'd send in a formal complaint as that's always worked for us.

Customer Complaint Form – Bank of Ireland Forms

form.bankofireland.com form.bankofireland.com
 
I agree with lodging a formal complaint as the bank has to follow up on it and provide you an explanation. Just for info I suspect your case falls under IBAN discrimination so it maybe worth looking that up.

IBAN discrimination is where an employer or company, such as a utility company, refuses to accept your SEPA IBAN for euro payments or direct debits. IBAN discrimination is not permitted under the SEPA. An Irish employer or utility company cannot insist you open or maintain an Irish bank account for euro transfers.

Banks must also follow it for sepa so they cannot block you setting up a payment to another EU IBAN.
 
Can you open a regular deposit account - they call it “instant access demand account” (no charges) and transfer the money into that, and then onwards to N26 ?
 
And that was probably in the T & C of the account when you opened it - but who ever reads those?
 
Ulster used to have this in place as well, in effect the current account was there just to "shephard" the savings account.

have a BOI current account and never had issues transferring to the likes of De Giro from it.

Ombudsman won't look at it until you have exhausted their internal complains process. My experience of BOI is that it all depends on the staff in question in the branch, some have been great, some awful and really badly trained so your complaint is likely to focus more on the staff's inability then something buried in their T&C's
 
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jpd said:
I don't think that's the problem - the problem is that BOI do not allow electronic transfers to third parties from that savings account
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This seems to be the issue.

When the account was in KBC, were you able to transfer to N26?

You have a savings account and not a current account. With a current account, you can do lots of things. With a savings account, you are limited.

Why don't you open a credit union account? You should not rely entirely on N26 as you may get cheques and will be stuck.

Then see if you can transfer to the CU account from BoI but I doubt you will be able to.

Then get a bank draft and lodge it to your CU account.

Brendan
 
If you were able to do it when it was with KBC and can't do it now, then you might have grounds for complaint.

But really just move on from BoI as you don't like them.

I wouldn't be wasting your time, BoI's time and the Ombudsman's time with a complaint like this.

Brendan
 
Having had the same KBC account I think the issue was the same there. You had to go through the current account. It's just we all had some version of the current account.


Having either a CU or EBS account is handy for these circumstances where a cheque needs to be lodged. You can definitely transfer form EBS to N26.
 
Brendan Burgess said:
If you were able to do it when it was with KBC and can't do it now, then you might have grounds for complaint.

But really just move on from BoI as you don't like them.

I wouldn't be wasting your time, BoI's time and the Ombudsman's time with a complaint like this.

Brendan
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To be fair, the OP can't move on until they can move their savings account money to another financial institution. I well remember the confusion around KBC closure and automatic accounts transfers to BOI, including the Regular Saver, and others may well find themselved stuck like the OP.

The problem is that the fintechs operate on different rules - no cheques, no bank drafts, no cash. It's a case of two worlds collide.

It's either log a formal complaint to BOI or open a account with another bank to lodge the draft. I'd try the former option first.
 
There's not much to complain about really, this is covered by T&C's.
Worst case, open a current account, with draw the money into current account, ETF to different bank, close both accounts
 
The problem is the OP's and not Bank of Ireland's.

She has a savings product and not a current account.

She needs a current account with a full service bank.

The complaint would be pointless.

Time taken to resolve the problem via opening a current account: one week - one hour's work.
Time taken to resolve the problem via a complaint to BoI: Many weeks and will probably have complaint dismissed.

Brendan
 
One reason to not allow transfers directly from savings accounts is that it can help secure it, money in a current account is more exposed (via card theft, etc.) than money that needs an extra step to end up in a current account.

N26 also require you to have a current account. You can't get access to their savings products without it. N26 are free (standard account - for now) and BOI charge 6e a month - but they'll both ask you pass savings through the main account.

KBC had similar rules, the main reason I let money transfer from them to BOI is I couldn't simply send the money myself from KBC without some rigmarole as I'd no current account with them.

Incidentally my KBC transfer to BOI did seemingly go "dormant" after less than a year which was surprising - but to wake it up - they sent 1e to my current account. I think BOI are adding the time the money was sitting untouched in KBC to the time it's untouched in BOI to make that dormancy decision.
 
I have a savings account with BOI and zero issue making online payments from it. Full access online. Unless it is a notice account, I don't see any reason you shouldn't be able to make payment but must be something in terms and conditions. They should be able to show you...
 
Sunny said:
I have a savings account with BOI and zero issue making online payments from it. Full access online. Unless it is a notice account, I don't see any reason you shouldn't be able to make payment but must be something in terms and conditions. They should be able to show you...
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The regular saver don’t allow you to do this. (Well, the ones I have used in any case).
 
Sunny said:
I have a savings account with BOI and zero issue making online payments from it. Full access online. Unless it is a notice account, I don't see any reason you shouldn't be able to make payment but must be something in terms and conditions. They should be able to show you...
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I suggested this above. Go online and open a standerd deposit a/c in BOI (instant access demand account), transfer the funds from the restricted savings account to that (using the weird messaging system they use) and then transfer from there to N26 or wherever. I did this last week with the balances in a couple of Goalsaver accounts that I wanted to move to N26. The money never went near my BOI Current A/C.
 
Sunny said:
None of that sounds right. They must have given you a reason why can only transfer to a BOI current account and then out.
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No there was no reason given. That is exactly what they told me in-branch. I spoke to two employees, both of whom were condescending and abrupt.
 
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