Postbank Goes Under

DazMarz

Launched in 2007 as a joint venture between An Post and FortisBank, the relatively new Postbank system has been yet another casualty of the economic downturn. I know all An Post products are safe/State Guaranteed all that... What about this one, I wonder... Be nasty for anyone that has a lot of money in there.

__________

I've some savings with them in the solid saver account, there's no notice to withdraw but you have to let them know a day in advance for amounts over €5000 to make sure the post office has enough cash. I'm probably gonna clear out my account on Monday anyway to be safe.

m5ex9oqjawdg2i

__________ wrote: »

I've some savings with them in the solid saver account, there's no notice to withdraw but you have to let them know a day in advance for amounts over €5000 to make sure the post office has enough cash. I'm probably gonna clear out my account on Monday anyway to be safe.

Nice name... :eek:

OutlawPete

__________ wrote: »

...

https://www.youtube.com/watch?v=slsiOkYprDg

__________

__________ wrote: »

I've some savings with them in the solid saver account, there's no notice to withdraw but you have to let them know a day in advance for amounts over €5000 to make sure the post office has enough cash. I'm probably gonna clear out my account on Monday anyway to be safe.

cool username

alwaysadub

I was only thinking bout opening up an acccount last week. Thank God i didn't. Think i'll be leaving my money under the matress from now on!!

It hasn't gone under afaik - they are just winding it up at the end of the year.

OutlawPete

Deleted User wrote: »

It hasn't gone under afaik - they are just winding it up at the end of the year.

Closing by the end of the year it seems.

http://www.rte.ie/news/2010/0227/postbank.html

Jesus Wept

They seemed really uncompetitive.
I always figured it was a product designed for people easily influenced/ill informed people who frequent the post office too much.

Aidric

The-Rigger wrote: »

I always figured it was a product designed for people easily influenced/ill informed people who frequent the post office too much.

Big Issue sellers?

skelliser

The-Rigger wrote: »

They seemed really uncompetitive.
I always figured it was a product designed for people easily influenced/ill informed people who frequent the post office too much.

No, all the foreign owned banks are pulling out cause the place is goin to ****e

Dempo1

The-Rigger wrote: »

They seemed really uncompetitive.
I always figured it was a product designed for people easily influenced/ill informed people who frequent the post office too much.

I beg to differ, this was an excellent Bank, i have been with them since 2007, current account and some savings. Their opening times, easy access via the post office network made it easy for customers, particularly those who work awkward hours. I also found them incredibly competitive and i have not had a single transaction charge including direct debits, electronic transfers etc.

Not quite sure what is meant by "easily influenced/ill informed people who frequent the post office means", but there are a minimum of 200,000 customers of what i feel had been an excellent bank with service to match. On the downside was their Maestro Cards, not as accepted as much as laser both in stores or on line.

Anyway, its a sad loss, another sign there is a Banking crisis and anyone who thinks banks will begin lending again and soon is delusional. NAMA is about to explode in all our faces.

Jesus Wept

Dempo1 wrote: »

I beg to differ, this was an excellent Bank, i have been with them since 2007, current account and some savings. Their opening times, easy access via the post office network made it easy for customers, particularly those who work awkward hours. I also found them incredibly competitive and i have not had a single transaction charge including direct debits, electronic transfers etc.

Not quite sure what is meant by "easily influenced/ill informed people who frequent the post office means", but there are a minimum of 200,000 customers of what i feel had been an excellent bank with service to match. On the downside was their Maestro Cards, not as accepted as much as laser both in stores or on line.

Anyway, its a sad loss, another sign there is a Banking crisis and anyone who thinks banks will begin lending again and soon is delusional. NAMA is about to explode in all our faces.

Ok, I didn't realise they offered a current account?

What I meant was - when I read the blurb on the back of their post bank packets, they seemed to be offering uncompetitive savings rates, way below what could be achieved in most other banks.

Dunjohn

Whilst I don't welcome the closing of a business and the loss of jobs, this does mean an end to those oh-so-smug advertisements on tv. Silver lining and all that.

mehmeh12

From rte http://www.rte.ie/news/2010/0227/postbank.html 'He added there was no scope for raising the marginal rate of tax but that he was considering introducing a new social charge.'-wtf-more tax?

crossmolinalad

__________ wrote: »

I've some savings with them in the solid saver account, there's no notice to withdraw but you have to let them know a day in advance for amounts over €5000 to make sure the post office has enough cash. I'm probably gonna clear out my account on Monday anyway to be safe.

I do nothing for a while
I was with them for 2 years now and will be there to the end
Post office is on the corner (5 mins walk)and for all the other banks left have to drive 3/4 hour to come there
At the end of this year i will see what im doing then
Maybe rabo direct have still an active dutch acc with them from the time i lived overthere

Dempo1

The-Rigger wrote: »

Ok, I didn't realise they offered a current account?

What I meant was - when I read the blurb on the back of their post bank packets, they seemed to be offering uncompetitive savings rates, way below what could be achieved in most other banks.

I'll forgive you LOL:D I guess i can see why some would argue against what this bank where trying to do but genuinely they offered excellent services. I banked with BOI prior to PB and i could not believe how little PB charged for day to day banking. It was their current account that drew me in the first place. Their on line banking was also the best i came across, Key Pad with ever changing pin numbers, the main players could actually learn a little from how PB operated. The Independent also confirmed PB offered some of the most competitive rates yesterday in an article.

Hmm... I owe them 240euro so I like to think I contributed to this. But I work for Fortis so I also feel like a traitor.

Asphyxia

I also had an account with them it was handy to have and they never charged me for anything since creating my account... but these things just happen I guess.

DazMarz

Had an account with them too, Everyday one and a Solid Saver. Solid Saver had been drained since last month (credit card bill!!!:o) and I'm going to re-open my AIB account tomorrow. Back to local branch... Haha.

Postbank was really good on the front of no charges for maintaining the account and so on. Really good on that, which was probably made up that some of their interest rates weren't so hot. But still, I really did think it was a good service.

Pity it didn't last.

StudentDad

I left BofI because of their charges etc etc. and I liked the flexibility provided by PostBank along with no charges. I don't know what bank I'll be switching to next winter but it won't be either BofI or AIB.

SD

GrizzlyMan

Yep, I am now another statistic in the lovely world of
Redundancy

ChuckProphet

i've a few quid in postbank...would people recommend taking it out now or leaving it in? i know it's guaranteed and all

sbsquarepants

The bank i keep my savings in has gone under too:)

Dempo1

ChuckProphet wrote: »

i've a few quid in postbank...would people recommend taking it out now or leaving it in? i know it's guaranteed and all

Absolutely nothing to be concerned about, all deposits guaranteed and Post Bank will be trading for existing customers up until DEC 2010, they are due to write to customers in the coming weeks!

Bomany

I live in a rural area without any banking facilities for over 15 miles. The PB was brilliant. I was able to use it in my local post office. For those of us living in rural Ireland its demise is a real loss. I found them excellent. The ability to bank on a Saturday morning was great. Ironic that in the UK there is a big campaign to create a Postbank through the Post Office network. I am convinced we will regret the closure of PB - a real bank for real people. Unlike Anglo which is being bailed out by the government. For a miniscule fraction of a fraction of the billions being spent on Anglo the government could help provide banking for ordinary people the length and breadth of the country.

smartblaa

Dempo1 wrote: »

I beg to differ, this was an excellent Bank, i have been with them since 2007, current account and some savings. Their opening times, easy access via the post office network made it easy for customers, particularly those who work awkward hours. I also found them incredibly competitive and i have not had a single transaction charge including direct debits, electronic transfers etc.

...I only opened an account with them for the free G.A.A. jersey.
Been there, done that, haven't had a penny in the account since day one.

Fintomiginto

Dempo1 wrote: »

I beg to differ, this was an excellent Bank, i have been with them since 2007, current account and some savings. Their opening times, easy access via the post office network made it easy for customers, particularly those who work awkward hours. I also found them incredibly competitive and i have not had a single transaction charge including direct debits, electronic transfers etc.

Not quite sure what is meant by "easily influenced/ill informed people who frequent the post office means", but there are a minimum of 200,000 customers of what i feel had been an excellent bank with service to match. On the downside was their Maestro Cards, not as accepted as much as laser both in stores or on line.

Anyway, its a sad loss, another sign there is a Banking crisis and anyone who thinks banks will begin lending again and soon is delusional. NAMA is about to explode in all our faces.

The banks are lending

Terry

Money Mattress wins again.

She Devil

I found it very handy, I had my bills account in there, they were a pleasure to deal with. Don't want to go back to the "government" banks now!
:(

Dempo1

Fintomiginto wrote: »

The banks are lending

Are you banking on another Planet? they may be lending to each other (although doubtful), they are certainly not lending to small and indeed medium sized business and as for personal customers, not a chance in hell, unless the numerous contributors to boards.ie, Clients of MAB'S, Clients of credit unions, in fact most of the population are delusional.

oppenheimer1

smartblaa wrote: »

...I only opened an account with them for the free G.A.A. jersey.
Been there, done that, ...

Got the t-shirt?!

Fear Uladh

She Devil wrote: »

I found it very handy, I had my bills account in there, they were a pleasure to deal with. Don't want to go back to the "government" banks now!
:(

Permanent tsb havent had any help from the government, they offer a free banking current account.http://permanenttsb.ie

ballsymchugh

Bomany wrote: »

I live in a rural area without any banking facilities for over 15 miles. The PB was brilliant. I was able to use it in my local post office. For those of us living in rural Ireland its demise is a real loss. I found them excellent. The ability to bank on a Saturday morning was great. Ironic that in the UK there is a big campaign to create a Postbank through the Post Office network. I am convinced we will regret the closure of PB - a real bank for real people. Unlike Anglo which is being bailed out by the government. For a miniscule fraction of a fraction of the billions being spent on Anglo the government could help provide banking for ordinary people the length and breadth of the country.

funnily enough, there is one, and it's run by Bank of Ireland. when the guarantee was announced for irish banks, there was a big rush in the UK to open an account in the post office. that guarantee brought in a lot of cash from the UK before their guarantee was announced.

AllYourBass

Yep, dealing with postbank first hand I can honestly say that it's a shame that they are choosing to wind things down, but it's been on the horizon for a while. Still, the accounts are grand that already exist, they just can't open any new ones. Don't have a clue how they're going to deal with the credit cards though.