BOI app down ?
- Thread starter redstar
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There will be no implications for their credit records.
Current accounts are not reorded on the CCR, unless there is an approved overdraft facility in place.
Yes,exactly this.
No customers will be pursued for any criminality.
fedupwithboi
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Bank of Ireland tweeted this morning that their mobile app and Banking 365 were back working. This was not the case. I was unable to log in this morning and was on the phone to them over 30 minutes, just to be told to try again in a few hours. The incorrect tweet was not updated or taken down in spite of being a flat-out lie at that point. Not acceptable that a day after a major outage they respond by pretending everything is fine.
Honestly, i was shocked at the camraderie and sense of "lets stick it to the big guy" around this, particularly on facebook pages aimed at women. The majority of people demonstrated a complete lack of financial literacy. When someone tried to raise a warning they were vilified. There seems to be a misconception that banks will enter into a payment plan of a fiver per week (similar to SW overpayments). Very eye opening and shocking. My 13 year old daughter had more sense.
Unfortunately there may be a real negative impact to people who are most vulnerable. BoI really failed here as well.
Unfortunately there may be a real negative impact to people who are most vulnerable. BoI really failed here as well.
'stolen' is a bit much (and not much better than 'robbed'). The naïve might think this was free money, but at most it amounts to an unauthorised overdraft.
Brendan Burgess
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Interesting. There were lots of men in the queues at the ATMs - though, admittedly, it was hard to tell with their faces blotted out.
I just did Matt Cooper and I called it theft and waited for the backlash but the texts seemed to be on my side. One said that if the security wasn't working in the local shopping centre and people helped themselves, we would call it looting.
One text did say that the banks have been robbing customers on deposit rates.
Brendan
Brendan Burgess
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Couldn't agree with you.
People thought that they were able to withdraw money from BoI and that they would get away with it and not have to pay it back.
That is stealing, thieving, robbing, looting.
Brendan
Yes! I have no knowledge of the BOI setup or incident, but I have previously implemented systems that did stand-in processing for large financial institutions. I'm aware of at least one institution (not in Ireland) who activated stand-in processing at peak times of the year (the alternative was their host going down!), allowing withdrawals which were not necessarily satisfied by the available balance.
fedupwithboi
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I agree with you Brendan. The Irish Times quoted a man queueing at an ATM in Stoneybatter as saying "I don’t know if I’ll get away with it but it’s worth a shot". The man's own choice of words means he knew he was doing something wrong.
In an ideal world, all of the perpetrators would be penalised, and so would anyone who abetted them by sharing (on WhatsApp etc) details of how to commit this wrongdoing and by encouraging others to do so.
But if it seems as mentioned above, that there’ll be no consequences in the form of unauthorised overdraft penalty interest applied etc by BOI then the thieves (those who knowingly withdrew funds they didn’t own) will indeed get away with it? Lots of people talking about old accounts they no longer used saying the bank couldn’t get the money back once their balances were in the minus and nothing due to go in.
Brendan Burgess
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I had heard that and would like to verify it. Would you have a link to any of these discussions?
I'd hazard a guess those pages begin with the word Mas or Sassy??
Yes if you steal money by not returning it, then yes you will face a bad credit record and outrageous overdraft fees. And a possible court appearance. Just in case people think I was telling people that BOI won't want their money back.
Looking at videos from social media, there is no doubt that many people thought they were getting free money. Good luck to BOI in getting that money back. Don't think many of them really care about credit records......
Pinoy adventure
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I could only imagine the headache any judge would have dealing with a case of this nature and the associated costs of such a case.
Gordon Gekko
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I wonder whether the bank could close their accounts? Presumably yes.
Imagine the outcry if these lowlifes were then turned down by the other banks on the basis of their fraudulent behaviour.
It’d be some lesson. First Nigel Farage, then these chancers.
DublinHead54
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Where did the money come from?
I'm assuming BOI has some form of liquidity pool to manage daily expected withdrawals and then reconcile at end of day to make sure they are safeguarding the right amount of funds.
This is generally how smaller e money licenced businesses do it, if no instant payments.
But the question becomes when there is a break in the reconciliation have they technically used customers funds inappropriately.
I'd love to see the CBI response on this.
I'm assuming BOI has some form of liquidity pool to manage daily expected withdrawals and then reconcile at end of day to make sure they are safeguarding the right amount of funds.
This is generally how smaller e money licenced businesses do it, if no instant payments.
But the question becomes when there is a break in the reconciliation have they technically used customers funds inappropriately.
I'd love to see the CBI response on this.
Not a bad idea actually.!