Good stuff I’m waiting on aib to ring me back to confirm if they can accept my business. They’re offering 2.75% for an Ltv of less than 50%. I’m thinking of writing an e mail and registering a complaint with the centeral bank and the consumer protection commission over b.o.i refusing to even look at my financial position as I haven’t been with one bank for 12months prior to me asking them about a switch. Seems a bit ridiculous. I’ll keep you informed of my progress with the other banks.Hi Tom,
Same experience in attempting to switch from EBS to BOI. Not long with EBS having switched from UB. Intending to speak to AIB, KBC & UB again in the coming weeks.
GN
I’m thinking of writing an e mail and registering a complaint with the centeral bank and the consumer protection commission over b.o.i refusing to even look at my financial position as I haven’t been with one bank for 12months
Thanks for that Brendan. It just seems strange that they seem to be the only bank with this requirement, I just rand aib and Ulster bank and they said they have no such requirement. In fact the person I was talking to in aib said “surely the inconvenience is on the person switching with regards to paperwork and effort etc”. Anyway it’s good to know aib will take my business.Hi Tom
Neither the Central Bank nor the Ombudsman will interfere with the credit decision of a bank. And that is the way it should be.
If I were BoI , I would certainly refuse to take on anyone who has shown a willingness to switch. Alternatively, I would have a special product for them with an upfront charge, so that if they switched again from me, I wouldn't lose on the transaction.
Brendan
Brendan do you not think boi are just going to loose out on customers with this attitude to switchers? I presume people that are willing to switch are going to be more likely to switch again? Maybe not?Hi Tom
Neither the Central Bank nor the Ombudsman will interfere with the credit decision of a bank. And that is the way it should be.
If I were BoI , I would certainly refuse to take on anyone who has shown a willingness to switch. Alternatively, I would have a special product for them with an upfront charge, so that if they switched again from me, I wouldn't lose on the transaction.
Brendan
Brendan do you not think boi are just going to loose out on customers with this attitude to switchers?
Hello,
I just see this as BoI being a little more conservative than many of the other lenders, not wanting to take on new custom where there is a potential problem that has yet to come to light at the existing lender. Not the first time they've proven to be a bit more conservative and it won't be the last.
Obviously, Brendan's point is also valid - why take on "rate tarts" who are highly unlikely to stay with BoI, having already demonstrated that they will quickly move if they see a cheaper rate or cash incentive ?
We most definitely need more competitive rates and consumers can and should vote with their feet, but equally each bank is entitled to decide for itself it it wants to compete in a beauty contest all of the time or accept all categories of new applicant etc.
Brendan do you not think boi are just going to loose out on customers with this attitude to switchers? I presume people that are willing to switch are going to be more likely to switch again? Maybe not?
Tom
As is your right, but you don't have much of a case of complaint to the Central Bank that some banks don't want your business when its likely to be loss makingLol! I'm a rate tart and proud!!
Lol! I'm a rate tart and proud!!
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