Personal loans and moving bank

J

junii

Registered User
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Im with BOI at the moment. I already have a loan with them which will be paid off in January 07. I want to move to the Ulster bank to avail of free banking costs.

Would this mean id have to transfer money from my new account in the Ulster bank to the BOI to pay off my outstanding loan? What are the cost implications here?

Also, if I go with Ulster bank for the sake of this free banking...Is there some hidden cost where they are going to get me anyway?
 
There's no reason why you can't pay your monthly repayments on the BOI loan from the UB a/c - so no cost implications.

On UB, no-one knows whether free banking will last forever, they could re-introduce charges if they want but that's crystal ball stuff. And besides, you can get free banking with BOI if you really don't want to switch (some T&Cs attached)
 
You are moving your current account not your loan. You will pay your loan weekly/monthly as before but you will need to set up a new dd with Ulster Bank, although they may handle this for you - I know PTSB do when you change to a Switch Current Account.

As for any hidden cahrges you will need to ask them about this. Make sure that if you are overdrawn at any stage during a quarter that you wont be liable for all fees during that quarter.
 
I was in a similar position last year, I had a loan with BOI but I wanted to close the BOI account and continue the repayments out of my already existing AIB account. At first BOI said they could not do this as the loan had been agreed based on the BOI account. Basically I had to get a bit heavy with them and they called me back later that day and said yes; they made it seem as if they were doing me a favour.

So you should be able to do it but be prepared to stand firm if they try to make it difficult for you.
 
Hi,

I am in the exact same position. Have 5 yr loan with BOI (3 1/2 years left), and a new Ufirst A/C with Ulster Bank. BOI have said they will defer my payments for a few months if I like (new house and all that) and Ulster Bank have offer to match my rate (6.9%). Should I hang on with BOI and just keep lodging enough money in to cover loan or switch over completely to Ulster? My mortgage is with Ulster as are all my new household DD's etc. Have SSIA with BOI too coming out of the same account as the loan so would SSIA have to be finished to close account or can you change the account/bank where SSIA payments come from.

Sorry to hijack, didn't want to start a new thread on similar subject.
 
CCOVICH said:
Check out the latest current account survey on www.itsyourmoney.ie for details of any charges that apply to the UB current account.
Click to expand...

the [broken link removed] personal current account survey from IFSRA is well out of date now, 6th Jan 2006.

I would not like to rely on this survey to compare the "current" offers re free banking, fees, etc.

I think there should be one due this month, going on past form, prior one was July 2005.
 
irishpancake said:
the [broken link removed] personal current account survey from IFSRA is well out of date now, 6th Jan 2006.

I would not like to rely on this survey to compare the "current" offers re free banking, fees, etc.

I think there should be one due this month, going on past form, prior one was July 2005.
Click to expand...
I may hold out for this because its going to be hassle changing everything.

Did anyone read the Indo on Monday. A new survey out (can't remember by whom) that says banks are much more expensive in Ireland than anywhere to do business with meaning Ireland is the best place for banks to do business. Im not sure whether this is just confined to the EU or not but I think it is.

When reading this...I thought...Is this why Ulster bank have been advertising this free banking recently or have they always been...just that I never noticed it before...

Anyways, according to this article something is going to be done and that the banks have been having it good for long enough.
 
With BoI you may automatically qualify for their version of "free banking" under the following conditions:

To automatically qualify for transactions at the end of any quarter, you must:

Keep a minimum credit balance of €500 in your account for the full quarter

OR


Make at least 3 payments from your current account using Bank of Ireland 365 online and / or phone in that quarter
Click to expand...

see [broken link removed].
 
irishpancake said:
With BoI you may automatically qualify for their version of "free banking" under the following conditions:



see [broken link removed].
Click to expand...

Thanks for the info i.pancake, It's a bit of a joke though isn't it, I mean not everyone has €500 to be leaving untouched in a bank account. Not getting at you, just BOI! I mean they must have thousands upon thousands of long standing customers that must be disgusted with them, I mean if Ulster and PTSB and the rest can afford to do it sure BOI can too!
 
Hi roxy

No probs, but i have no connection whatsoever with BoI, don't even bank with them. Just giving the up-to-date info re. "free banking".

You don't need to have the €500 if you qualify under the other condition, i.e. 3 payments using on-line 365 and/or phone banking.
 
You don't have to have €500 though, do you? I thought it was EITHER €500 for a quarter OR 3 online/phone transactions?

From their web site

Keep a minimum credit balance of €500 in your account for the full quarter


OR

Make at least 3 payments from your current account using Bank of Ireland 365 online and / or phone in that quarter
 
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I know thanks IrishPancake. (who was it that said mmm pankcakes, I'm hungry now too!)

I'm useless at those online/phone banking things, everything's going out of the Ulster Bank so I don't have any other dealings with BOI other than the loan and SSIA.
 
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