Bank of Ireland - online transfer times vent

motorguy

Just here for a vent about Bank of Ireland and their online transfer times.

I've a Nationwide current account, my wife has a halifax account, and my son has a Santander account.

I also have a Bank of Ireland Business account for my limited company.

As it happens i also have a BOI current account that has been dormant but i've recently activated and set up online banking.

So i moved money in the branch from my business acount to my personal BOI account.

To cut a long story short, transfers between banks that we use take as follows :-

Nationwide -> Halifax, almost instant.
Nationwide -> Santander, almost instant.
Halifax -> Nationwide, almost instant.
Halifax -> Santander, almost instant.
Nationwide to BOI, almost instant.

Lodged money to my BOI personal account and did an online transfer to Nationwide, Halifax and Santander accounts. Disappeared from my account instantly.

Was expecting the money to move within a few mins. It didnt. So then expected overnight. It didnt. So rang the bank - it take FIVE DAYS to do a "fast" transfer from BOI to another non BOI account!!!! :eek:

FIVE DAYS!!! Seriously? Do these people not know its 2015 not 1995? And in the meantime my money disappears into the ether with neither me having access nor the recipient!!!

Are they having a laugh?????? :mad:

x12yhp

I recently moved business account to BOI. I like having a direct account contact but the transfer times are horrific. The old account has actually been left active because of the occasional need for fast payment. It is also a bit nuts that I set up payees but have to wait several hours until I can pay them. More annoying still, when I do make payments, I can't reconcile them until the next bank run because they don't happen there and then. I must admit that I am unsure if this account cuts it, longer term.

The big issue is that money ran out before they could implement the faster payments scheme. Will they move ahead now that times are better? Who knows...

Milko

Feel your pain sir ... been with them nearly 6 years now & it doesn't get any better. Actually stopped using the business online banking as it was more obstructive to use than 365 & it cost £10/month
I had to open a € account earlier this year & it's seemless. Light years ahead of BOI (UK). On that point, my bank of IRELAND (UK)account charges me a handling fee for using the card in IRELAND where a lot of my business is lol

x12yhp

Is 365 actually an option? I'mean also miffed at the poor system which costs me more than all the free personal accounts (which were all better).

Mr_Bun

I just started using 365 for my business account.I was partially set up for BOL but never used it,despite being charged £10 per month!!! When I decided to try and use recently I was told that 365 would be sufficient for my needs,since all I really need it for is checking balances and making a few payments to different accounts�� I made my first transfer to a Danske bank account,it took 4 days to reach that account,even though it left the 365 account instantly�� Won't be doing that again...

motorguy

Mr_Bun wrote: »

I just started using 365 for my business account.I was partially set up for BOL but never used it,despite being charged £10 per month!!! When I decided to try and use recently I was told that 365 would be sufficient for my needs,since all I really need it for is checking balances and making a few payments to different accounts�� I made my first transfer to a Danske bank account,it took 4 days to reach that account,even though it left the 365 account instantly�� Won't be doing that again...

+1

I've £5,000 thats now out in the either somewhere but disappeared from my account instantly on Friday.

RikM

Funny how quick people got used to "faster payments"... transfers used to be all like that, like writing a cheque, only without the paper.
Banks which are a part of the faster payments scheme are listed here:
http://www.fasterpayments.org.uk/membership/access-options/direct-membership/current-members

Honkycat

Hideous bank. Vote with your feet and switch I say.

redped

RikM wrote: »

Funny how quick people got used to "faster payments"... transfers used to be all like that, like writing a cheque, only without the paper.
Banks which are a part of the faster payments scheme are listed here:
http://www.fasterpayments.org.uk/membership/access-options/direct-membership/current-members

Funny how long it took banks to come in to the 21st. century (well, some of them), and implement the sort of electronic transaction speeds other industries had been using for 10+ years.

RikM

redped wrote: »

Funny how long it took banks to come in to the 21st. century (well, some of them), and implement the sort of electronic transaction speeds other industries had been using for 10+ years.

Yep. Exactly those arguments which led to faster payments. People got fed up with electronic transfers taking as long as moving bits of paper around.

tara747

Honkycat wrote: »

Hideous bank. Vote with your feet and switch I say.

Sound advice. The local banks are p**s poor for service (and interest rates)!