Is Bank of Ireland in breach of the Banking Code?

cifpower · 2 January 2005 at 5:46PM

Further to the thread [link=http://forum.moneysavingexpert.com/cgi-bin/yabb/YaBB.cgi?board=NI;action=display;num=1104506755]HERE[/link] which I started I have been reading up on the Banking Code and I believe they are in breach.

Bank Of Ireland Website lists the details of the Basic Cash Account which BoI offer. It clearly states You can arrange for your wages or benefits to be paid directly into your account which directly contradicts what I was told.

The person I spoke to consulted with her colleague who confirmed to her that BoI offer no account if you get paid by cash.

The Banking Code clearly states:

8.1 We will make sure that all advertising and promotional material is clear, fair, reasonable and not misleading.

This is clearly not being upheld and as such I have made a complaint.

Anybody think I have over-reacted?

MarkyMarkD · 2 January 2005 at 6:31PM

I do think that you are misinterpreting their advertising.

In my opinion "paid directly into your account" means by BACS - not by cash.

So their staff comments are consistent with the advertising for the product.

That said, I can't see the point of a basic bank account which does NOT allow cash deposits and I'm very surprised any bank would offer such an account.

Anyway, that said, there are many banks which offer basic banking including full post office deposit/withdrawal facilities - and there are more post offices than there are branches of banks.

The better ones also enable internet banking.

This site provides details of some basic accounts which are worth considering: look for "Post office".

Just because you are in NI doesn't mean your bank has to have a presence in NI, if it provides post office based servicing.

Debt_Free_Chick · 4 January 2005 at 6:20PM

I agree with MarkyMarkD

If you get paid in cash and you want to credit your pay to your account, you are paying in cash. You are not arranging for your pay or benefits to be paid directly into the account.

Under "Lodgements" there is no mention of the ability to credit cash to the account. Just to have "your wages and or benefits paid directly into your account".

Sorry, but I think you have misunderstood

cifpower · 5 January 2005 at 2:03AM

But a point being missed is that I was told that the basic account was "specifically" for recipients of state benefits. This is not true.

MarkyMarkD · 5 January 2005 at 3:52AM

I think you are worrying about nothing.

Their account doesn't allow cash deposits.

You wanted to make cash deposits.

They told you that the account wasn't suitable for you.

It isn't suitable for you!

It's hard to see how you believe you've been mis-advised.

Debt_Free_Chick · 5 January 2005 at 11:38AM

But a point being missed is that I was told that the basic account was "specifically" for recipients of state benefits. This is not true.

It is true if you arrange for the benefits to be credited directly to the account. Have you looked into this?

cifpower · 6 January 2005 at 4:50PM

Well I got a reply from the BCSB (Banking Code Standards Board)

Thanks for your email. You should indeed be able to open an basic bank account as you describe. The Government is encouraging people who are on
state benefits to open these accounts, but their availability is not limited to people who receive benefits.

I suggest that you go back to the Bank of Ireland, and try again. Refer them to the Banking Code, if needed. They should be aware of what the Code says, and they should comply with it as well.

There are other banks that offer basic accounts, if necessary.
Regards
Jane McCue
Helpdesk Manager

Is Bank of Ireland in breach of the Banking Code?

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