Notice Deposit & no current account

Lockup

Registered User
Messages
17
Hi,

I wanted to transfer money from AIB to BOI. I didnt have a current account with BOI so they setup a notice account as its a sizable amount. However when I tried to transfer, it was rejected and I found out you could only transfer from another BOI account like a current account and not externally from AIB. BOI then gave me the run around and finally I got a hold of the person that set it up yesterday who told me to get a bank draft from AIB and call into the bank and lodge it to the notice account.

Firstly they should have known I wouldnt be able to transfer from the AIB directly. She said it wouldnt be good idea to setup a current account to allow the transfer. Is there any saving BOI account that you can directly transfer from another bank without need for draft. Also if I go draft I guess I need it issued to me in my name and I need to sign it in BOI to allow the lodgement.

At this stage I do wonder if these ppl in the banks know their apples from their orange. Reading here alot of ppl dont like the idea of bank drafts so I would rather avoid if I could. Just throwing it out there as a topic
 

EmmDee

Frequent Poster
Messages
465
Firstly they should have known I wouldnt be able to transfer from the AIB directly. She said it wouldnt be good idea to setup a current account to allow the transfer. Is there any saving BOI account that you can directly transfer from another bank without need for draft. Also if I go draft I guess I need it issued to me in my name and I need to sign it in BOI to allow the lodgement.
You didn't specify who you are trying to pay - is it a savings account in your name, the bank itself or a third party. If an account in your or someone else's name, do you have an account number or IBAN. This is also relevant in terms of drafts - but there might be other options. They are suggesting a "notice" account - similar to a suspense account from memory. There must be a reason they have suggested this

At this stage I do wonder if these ppl in the banks know their apples from their orange. Reading here alot of ppl dont like the idea of bank drafts so I would rather avoid if I could. Just throwing it out there as a topic
Pretty spicy - I'm sure most people in banks know more about it than random posters on forums who can't write out words correctly. Are you sure it wasn't you who was confused about what you're trying to do, rather than them?
 
Messages
4,885
A term deposit with BOI should not require a current account. But the interest rate will be low and your money will be locked away.

Mortgage Saver and Goal Saver with BoI do not require a current account but money is deposited via monthly direct debit. Lump sums are possible too, not sure if the lump sums need to go via a BoI current account.

You could also consider banks other than BoI. KBC allow you open most savings account products without opening a current account.
 

1dave123

Frequent Poster
Messages
141
Would a simple BOI Demand Deposit a/c do the trick. I have one and can transfer direct from AIB to it no problem. I don't know if u can then transfer from the BOI Demand A/c to the BOI Notice A/c - but I can't see why not. BOI will be able to tell u.
 

Lockup

Registered User
Messages
17
Would a simple BOI Demand Deposit a/c do the trick. I have one and can transfer direct from AIB to it no problem. I don't know if u can then transfer from the BOI Demand A/c to the BOI Notice A/c - but I can't see why not. BOI will be able to tell u.
thats what I asked for and she said that you needed to have a current account to open a "normal" saving account but then she could open a notice account so I said ok. I told her I was transferring from AIB but she didnt seem to know it would be bounced back. I cant understand why you need a current account to open a savings account when its ok to open a notice account. It makes no sense.
 

1dave123

Frequent Poster
Messages
141
That doesn't make sense to me either. I would phone Bank of Ireland and inform you want to open a Demand A/c - but u don't want to open a current a/c. U already have a Notice A/c so presumably u have already provided all the relevant ID stuff. See if you get a different answer.

It is possible that if you want to open a Demand A/c **online** u need a current a/c. Perhaps this is causing some confusion.
 

Lockup

Registered User
Messages
17
That doesn't make sense to me either. I would phone Bank of Ireland and inform you want to open a Demand A/c - but u don't want to open a current a/c. U already have a Notice A/c so presumably u have already provided all the relevant ID stuff. See if you get a different answer.

It is possible that if you want to open a Demand A/c **online** u need a current a/c. Perhaps this is causing some confusion.
possibly. I mailed the person I was dealing with in BOI asking for a demand account to allow the transfer but the customer services is disgraceful so I probably wont here back atall. There is a BOI deposits number I can check online or ring person I dealt with again later. One thing I noticed since the bank cut there numbers during the crash, the ppl who seemed to know what was what have exited stage left.
 

Lockup

Registered User
Messages
17
ok rang BOI general web number for this and I had to tell them that their own fact sheet stipulated that you need a current account to get a demand account. They said BOI did have customers with demand accounts and not current account which (I guess) may have predated the need to get a current account. When I mentioned the bank draft I was put on hold. Its unreal how little they know. After the hold she said I could use the bank draft. I asked her should it be made payable to myself and I sign the back of it in the bank etc. She seems to agree!!.
 
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