Ulster/RBS Bank problems

dark_knight_2

Jack_UK2 wrote: »

As much as a fiasco this is, I will be staying with Ulster Bank. This could have happened to any bank imo and being the Ulster bank at least they have a bank in my town and a load more in the surrounding areas that I can go to to withdraw my money.
I banked with the Ulster bank when I was young and left to go to nationwide in my early 20s after recomendations from friends, I found this to be a big mistake, being self employed I would lodge a lot of cheques and found that going there to them was a disaster and the last thing I wanted to do on a Friday afternoon was queue for up to an hour to lodge them. Furthurmore one month my account was overdrawn for around a week or two (without overdraft facility) and they put a 1 on my credit reports. Occasionally my Ulster bank account is the same but they seem to understand that money will be going in again soon and never put derogatory status on my report for things like this..
Fast forward to 2008, I got into a bit of a financial mess, nobody would give me an account, I went back to Ulster bank with my tail between my legs and they gave me an account no problem, its a basic account, but it comes with visa debit card, and it seems a lot more non basic than the other ones I looked at (Barclays, no go as one debt was to Barclay card and coop cashminder, which might have been ok if they had a branch that wasn't a 20 camel trek away and they where not so unreasonable about missed direct debits, 3 any time and the accounts closed).
Thankfully my credit situation has improved, but the bank took a chance on me when nobody else would so I'm going to stay loyal to them.
Lastly, from what I've read they are trying impliment pay by mobile to their systems so people can pay with there NFC phones etc, not something another bank here in N.I has, unless you want to join one if the handfull of Barclays branches and stick a sticker to your phone lol.

Do any of the other ni bank even have a mobile banking app yet?

Actually yes. The Northern has had a (award winning) app on mobile devices for a few months now.

falko89

My wife's account seems to be showing all credits, no debits yet. My account showing damn all.

donnac2558

Oh, an article in The Guardian about Ulster Bank.

http://www.guardian.co.uk/money/2012/jul/04/rbs-ulster-bank-accounts

rover25

Just wondering which bank to move to now. Halifax seem to be offering the best rewards for switching eg £100 credit and £5 every mth when £1000 goes in. Also went to BOI but they weren't offering anything other than phone insurance and discounted loans and not completely sold on their stautus at the moment with the Irish economy and collapse of certain Irish banks.
Im wary of going to banks that are part of larger companies as others have pointed out earlier. Also those that have made headlines such first trust seemed who to be in a bit of trouble a few months ago. eg, Northern/Dansk.
Doesn't leave very many bar Halifax and Nationwide. My hubby is with Halifax which is putting me off going to them as if something happened there, we'd both be screwed!

HeadAboveWater

rover25 wrote: »

My hubby is with Halifax which is putting me off going to them as if something happened there, we'd both be screwed!

Funny, that's exactly what I was saying to my partner last night. Thankfully the Ulster Bank fiasco doesn't include us, but with both of us being in the same bank it kinda makes you wonder if one of us should move. That plus if there's a lot of money in one account, divide it between 3 or 4 different banks so you're not completely screwed if the bank screws up.

declanmcc

I can refer you to Nationwide. You get £50 and I get £50 ... of which I'll give you £25. I've been with them now for 5 years after leaving that pathetic excuse for a bank called First Trust. I've had no qualms whatsoever with Nationwide. Their online and phone banking facilities are fantastic and if I'd had to ring customer services, their staff have been extremely helpful and knowledgeable

I know I'm probably not allowed to post any "referral" stuff on this board - but sure what the hell! PM me if you're interested.

rover25 wrote: »

Just wondering which bank to move to now. Halifax seem to be offering the best rewards for switching eg £100 credit and £5 every mth when £1000 goes in. Also went to BOI but they weren't offering anything other than phone insurance and discounted loans and not completely sold on their stautus at the moment with the Irish economy and collapse of certain Irish banks.
Im wary of going to banks that are part of larger companies as others have pointed out earlier. Also those that have made headlines such first trust seemed who to be in a bit of trouble a few months ago. eg, Northern/Dansk.
Doesn't leave very many bar Halifax and Nationwide. My hubby is with Halifax which is putting me off going to them as if something happened there, we'd both be screwed!

Suplex_Backbreaker

waltsalt wrote: »

Well if you NEED to use a physical branch then there will still be physical branches in a town near by. But for normal, day to day use any NEEDS of a local branch can be fulfilled by the bank that is local to you.

You're not getting my meaning - you will always have to have a primary current account that you transact through . Having local branches of this bank is a major point in the favour of choosing that bank.

Unless things have changed, if you want to withdraw money from an account with banking group A through a physical bank from another banking group B , it's at best complicated and a fee is involved if it's even possible.

If you want to actually carry out third party transactions or do other things with the account it's impossible. There are times when you need to 'go to the bank' and it helps if your banking group have physical branches handy to you

Ulster Bank certainly have branches near where I live and work and also near my folks place if I'm visiting, so there's a factor in favour of continuing to use them for my current account, for me. Whether they retain my savings accounts is down to interest rates and conditions on access. Currently they offer a decent rate with fast access and it's integrated into my eBanking with the current account.

I'm certainly not about to throw my toys out of the pram because they messed up bad as it could happen with any bank. But they must come out with a good explanation of why things happened the way they did and a plan of how they will prevent it happening again. Basically they need to rebuild trust. Some sort of financial incentive wouldn't hurt either.

waltsalt

Suplex_Backbreaker wrote: »

You're not getting my meaning - you will always have to have a primary current account that you transact through . Having local branches of this bank is a major point in the favour of choosing that bank.

Unless things have changed, if you want to withdraw money from an account with banking group A through a physical bank from another banking group B , it's at best complicated and a fee is involved if it's even possible.

If you want to actually carry out third party transactions or do other things with the account it's impossible. There are times when you need to 'go to the bank' and it helps if your banking group have physical branches handy to you

No sir, you are not getting my meaning. What I am saying is use a local bank for all transactions that you need local access for but then electronically transfer to your favoured bank and do all your banking from there.

Example, you wish to withdraw a large sum of money from your preferred bank but there are no local branches? Simples. Transfer the money from the preferred bank to your local bank using a computer or your mobile. The transfer is instant. Now go into local bank and get cash.

Example 2, you wish to deposit a cheque? Simples. Go to local bank that you don't like but is handy, deposit the cheque and then when it clears transfer it to your favoured bank. Continue to bank as normal.

This works in almost all scenarios. The only thing you won't get is local, face-to-face customer service but then sure where can you get that at anyway these days!!

Come on, think outside the box!

Suplex_Backbreaker

waltsalt wrote: »

No sir, you are not getting my meaning. What I am saying is use a local bank for all transactions that you need local access for but then electronically transfer to your favoured bank and do all your banking from there.

Example, you wish to withdraw a large sum of money from your preferred bank but there are no local branches? Simples. Transfer the money from the preferred bank to your local bank using a computer or your mobile. The transfer is instant. Now go into local bank and get cash.

Since when are interbank transfers "instant"? Unless you use something like CHAPS which attracts a fee of about £20 or so, the best results I have seen are 'next day'.

waltsalt wrote: »

Example 2, you wish to deposit a cheque? Simples. Go to local bank that you don't like but is handy, deposit the cheque and then when it clears transfer it to your favoured bank. Continue to bank as normal.

This works in almost all scenarios. The only thing you won't get is local, face-to-face customer service but then sure where can you get that at anyway these days!!

Come on, think outside the box!

What you're talking about is holding multiple current accounts and choosing one of them to be at a bank which has handy local branches but transacting stuff (wages and payments) into/out of another current account at a bank you prefer and doing the brunt of your banking work there via eBanking/telephone banking.

Well what happens if the bank holding the account you were paying your wages into happens to have problems? What happens if the bank account you were paying all your direct debits from has the problems? Exactly the same as what has just happened to Ulsterbank-only customers, is the answer.

Yes, you can work to change the details for future salary payments and debits, assuming that the problem persists long enough to warrant it, but it won't help you get the salary payment that has disappeared or those debits that failed before you could change them to a different current account.

All it does is cut out delay in setting up a new current account to deal with a persistant ongoing problem should you decice "sod this, I'm leaving this bank".

I can see the point in having another current account 'ready to go' for an emergency but juggling money around between them all the time is a lot of hassle and leaves you doubly exposed.

(Note that a lot of savings accounts are tied to transacting with a specific, nominated current account. Certainly was the case with my Egg savings account and is the case with the bank account I hold that is associated with a precious metals dealing account. It can be changed but it takes time and paperwork.).

waltsalt

Suplex_Backbreaker wrote: »

Since when are interbank transfers "instant"? Unless you use something like CHAPS which attracts a fee of about £20 or so, the best results I have seen are 'next day'.

Since 27th May 2008. Instant and free.

http://en.wikipedia.org/wiki/Faster_Payments_Service

Suplex_Backbreaker wrote: »

What you're talking about is holding multiple current accounts and choosing one of them to be at a bank which has handy local branches but transacting stuff (wages and payments) into/out of another current account at a bank you prefer and doing the brunt of your banking work there via eBanking/telephone banking.

Yes, exactly.

Suplex_Backbreaker wrote: »

Well what happens if the bank holding the account you were paying your wages into happens to have problems? What happens if the bank account you were paying all your direct debits from has the problems? Exactly the same as what has just happened to Ulsterbank-only customers, is the answer.

You'll not really be in any worse of a position for something which is extremely unlikely to ever happen (although recent events show that it can indeed happen).

But I am mainly responding to those who are loyal to a bank merely because it had a branch close by. I am just suggesting there are ways to have your cake (local, handy access) and eat it (reliable bank account, with good offers and customer service).

Now how can that be bad?