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Early withdrawl from BOI 40 day notice savings account

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  • 19-04-2010 8:46pm
    #1
    tommiejoie
    Registered Users Posts: 120 ✭✭


    Hi,

    I couldnt find an answer to my question on the T&C for the account, so can anyone tell me is it possible to withdraw funds from the Bank of Ireland 40 day notice account without giving the full/any notice period?

    I realize this would invoke some penalties and cost probably me the interest earned during the account period, but I'd hate to make the wrong assumption and end up sturggling while waiting for funds to come through.

    Anyone that could give me some guide one way or the other would be great.
    Tagged:


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    #2
    stepbar
    Closed Accounts Posts: 6,123 ✭✭✭stepbar


    tommiejoie wrote: »
    Hi,

    I couldnt find an answer to my question on the T&C for the account, so can anyone tell me is it possible to withdraw funds from the Bank of Ireland 40 day notice account without giving the full/any notice period?

    I realize this would invoke some penalties and cost probably me the interest earned during the account period, but I'd hate to make the wrong assumption and end up sturggling while waiting for funds to come through.

    Anyone that could give me some guide one way or the other would be great.

    From the T&C's

    http://www.bankofireland.ie/includes/personal/pdfs/terms/40_day_set_notice_terms_conditions.pdf

    Point 3.1.
    3.1 Withdrawals may be made from your Account, provided that
    you give 40 calendar days' written notice of your intention to
    make a withdrawal. All notices of withdrawal must be given in
    writing at your Account opening Bank of Ireland branch. At the
    end of the notice period, your nominated Bank of Ireland Account
    will be credited. Alternatively, funds may be collected from your
    account opening branch.

    However under the "right to cancel" term it would appear that you reserve the right to close the account and this is where I find the conditions a bit unclear.
    You have the option to close the Account at any time by sending
    a notice in writing to your account opening Bank of Ireland
    branch. The cleared balance of your Account as at the date of
    closure     will be repaid to you together with interest (if any) and
    less any DIRT outstanding and any outstanding liabilities owed to
    us in respect of your Account.


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    #3
    tommiejoie
    Registered Users Posts: 120 ✭✭tommiejoie


    stepbar wrote: »
    From the T&C's
    However under the "right to cancel" term it would appear that you reserve the right to close the account and this is where I find the conditions a bit unclear.

    This is what I found confusing also. Really must call into the bank, just havn't gotten round to it yet. Will post an answer as soon as I do.


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    #4
    sarahlulu
    Registered Users Posts: 295 ✭✭sarahlulu


    The way this works is that you must give 40 days notice of your intention to close your account. On the date that your 40 day notice elapses, the full closing balance will be transferred, or can be collected from your branch. Hope this helps.


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    #5
    tommiejoie
    Registered Users Posts: 120 ✭✭tommiejoie


    I finally got an answer, it is not possible to close the account without the full 40 days notice. The banks systems will not allow the request to be processed early.


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    #6
    sarahlulu
    Registered Users Posts: 295 ✭✭sarahlulu


    I thought that was what I told you on the 23rd April.


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    #7
    tommiejoie
    Registered Users Posts: 120 ✭✭tommiejoie


    sarahlulu wrote: »
    I thought that was what I told you on the 23rd April.

    Not exactly, my original query was if it is possible to close the account without the notice period, and take any penalties that applied. This was possible on a similar account I had with another bank, but not BOI. The T&C's didn't clarify this, nor did your answer IMO.

    Thanks though.


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    #8
    sarahlulu
    Registered Users Posts: 295 ✭✭sarahlulu


    I said 'you must give 40 days notice'.


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