Early withdrawl from BOI 40 day notice savings account

tommiejoie

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.

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.

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.

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.

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.

sarahlulu

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

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.

sarahlulu

I said 'you must give 40 days notice'.