Business bank account - AIB or Ulster?

MOH

Opening a business account, and I'm trying to decide between AIB and Ulster.

BOI is out due to failing to get details like the business name right, and their terrible online system, and I don't think there's any other options, unless I've missed something?

It's for a small online retailer. May need an account in at least one foreign currency, but apart from that nothing unusual.

Leaning towards AIB, as:
- I've been comparing the fees, and it looks like AIB are cheaper. Although I can't seem to find their account maintenance fee.
- I'm in Dublin 5, and the nearest Ulster Bank seems to be Georges Quay, which is a bit awkward, while there's an AIB a 10 minute walk away.
- My personal account is there, so I'd only be dealing with one bank.

AIBs online business banking seems to cost €200 per year, which is a bit high - or is AIB's iBB a separate product from their regular internet banking?

I can't find a price online for Ulster Bank's online system.

Just wondering what people's experiences with the two are.

[edit]
Both seem to offer 2 years free fees for startups, with AIB offering their iBB service free for two years, though that may just be for young farmer accounts - Ulster offer free Bankline for a year for startups, and waive the merchant services registration fee, which could be handy

nice1franko

I use Ulster Bank. I'd recommend them. The first two years with them are free too.

Stayed away from BoI because of their rates and atrocious online banking.

careca11

MOH wrote: »

Opening a business account, and I'm trying to decide between AIB and Ulster.

BOI is out due to failing to get details like the business name right, and their terrible online system, and I don't think there's any other options, unless I've missed something?

It's for a small online retailer. May need an account in at least one foreign currency, but apart from that nothing unusual.

Leaning towards AIB, as:
- I've been comparing the fees, and it looks like AIB are cheaper. Although I can't seem to find their account maintenance fee.
- I'm in Dublin 5, and the nearest Ulster Bank seems to be Georges Quay, which is a bit awkward, while there's an AIB a 10 minute walk away.
- My personal account is there, so I'd only be dealing with one bank.

AIBs online business banking seems to cost €200 per year, which is a bit high - or is AIB's iBB a separate product from their regular internet banking?

I can't find a price online for Ulster Bank's online system.

Just wondering what people's experiences with the two are.

[edit]
Both seem to offer 2 years free fees for startups, with AIB offering their iBB service free for two years, though that may just be for young farmer accounts - Ulster offer free Bankline for a year for startups, and waive the merchant services registration fee, which could be handy

given the experience my da-inlaw is going through trying to get help from AIB to keep his business afloat , I'd saty away from them wanchor's

borderlinemeath

+1 on steering clear of AIB Business a/c.

A family member of mine set up a small business last year and the charges and red tape are ridiculous. He had his personal a/c with them as well and it didn't matter one bit.

Homer

I've been a BOI customer for as long as I can remember and only recently found out when setting up their business on line service that it ONLY works on internet explorer and will not work on a mac which is the only computer I use :mad:
Complete pain and means I have to access an old laptop to do any online banking because of their digital cert.

MOH

Thanks for the replies.

Was in with the local AIB business manager, found him quite helpful in terms of dicussing the business, turned into a brief brainstorming session and he suggested a few avenues I hadn't considered.
Slightly less impressed in terms of his answers on AIB product questions - he wasn't sure of a lot of details regarding fees, procedures or offers most of whichi came down to "I'll give you the brochures" or "I'll get someone to call calll you".
Upshot is for startups it's 2 years free banking (covers transaction fees) and two years free internet banking (iBB), after that the iBB costs 200/year (transaction fees apply on iBB during the free period).

Have to get into Ulster some time this week, trying to avoid the city centre until Liz has stopped clogging things up.

maxer68

Here's 3 Ulster Bank branches clsoe to or in Dublin 5.

I second UB as their online system is superb - the only reason I need to visit a branch is to do lodgements and these are done in the nightsafe on the way to / from the office.



Coolock, Dublin

Address:
Malahide Road
Coolock
IRL - Dublin


Tel: 00 353 1 8480222 / Fax: 00 353 1 8481361


Opening hours: Mon, Tue, Thu, Fri: 9.30am - 4.30pm,
Wed: 10.00am - 4.30pmSort code: 985015


Raheny

Address:
Raheny Shopping Centre
Howth Road
IRL - Raheny Dublin 5


Tel: +353 1 8058800 / Fax: +353 1 8058289


Opening hours: Mon, Tue, Thu, Fri: 9.30am - 4.30pm,
Wed: 10.00am - 4.30pmSort code: 986238


Dublin Airport, Dublin

Address:
Swords Road
Cloghran
IRL - Dublin


Tel: 00 353 1 8403411 / Fax: 00 353 1 8404088


Opening hours: Mon, Tue, Thu, Fri: 9.30am - 4.30pm,
Wed: 10.00am - 4.30pmSort code: 985011

Ilovelucy

We are with Ulster Bank too for business account. Find them very easy to deal with. When we hit a bad spot last year they were able to help us get over the worst of it. Online system is great and as other poster has said our only trip to the branch these days is for lodgement or the odd draft we need.

CompanyBureau

I use both AIB and Ulster Bank for business banking. They are both reasonably good and have their good points and bad points. Your right about BOI they were useless in my experience as well anyway. For internet banking I would slightly prefer AIB, however you can access ulster bank without the digipass (although u need it to make transfers, etc.)

I think they fact you are in Dublin 5 would lean me towards AIB as they have a decent branch in Raheny.

Get Cracking

I decided to open a biz account and to avoid the banks ,so i called my local credit union,unfortunatly they stopped opening biz accounts about 2 months ago!!:)

What? Oh Rly!

+1 for Ulsterbank, they helped me alot getting my account set up and are brilliant to deal with.

lucy2010

I went with AIB - boiled down to attitude really. Ulster werent even half bothered, AIB however couldnt have been more helpful. The services are the same - no fees for 2 years etc etc but would definitely recommend based purely on their willingness.

Kinetic^

Ulster Bank - called them twice last week to get information on setting up 2 business accounts. Still waiting for a call back. :mad:

lucy2010

Kinetic^ wrote: »

Ulster Bank - called them twice last week to get information on setting up 2 business accounts. Still waiting for a call back. :mad:

Thats exactly my point !
& then when I took the bull by the horns & just went into my branch I was merely an inconvienence ...

maxer68

lucy2010 wrote: »

I went with AIB - boiled down to attitude really. Ulster werent even half bothered, AIB however couldnt have been more helpful. The services are the same - no fees for 2 years etc etc but would definitely recommend based purely on their willingness.

I reckon it 50% the bank and 50% the person you are dealing with in the bank. So when fees / charges are the same, its really down to relationship.

Ulster have very little leeway with the guys in front of a computer saying whether or not to allow an overdraft whereas AIB managers seem still to have some say in the decision.

Kinetic^

maxer68 wrote: »

I reckon it 50% the bank and 50% the person you are dealing with in the bank. So when fees / charges are the same, its really down to relationship.

I don't think so tbh, I had the same experience when trying to open a personal account with them when Halifax was closing down. Just not interested.

maxer68

Kinetic^ wrote: »

I don't think so tbh, I had the same experience when trying to open a personal account with them when Halifax was closing down. Just not interested.

I think i'm mis-understood.

What I find is more important than the name of the bank or fees or anything is how you get on with the person managing the account - if the initial reaction is that you're an inconvenience, then run away.

It also helps if you get introduced by someone who is in good standing with the bank - that's worth an extra few points on the board. - It could be an accountant or someone who has a decent account with the bank - check friends / relatives / contacts.

erinselbow

Don't go with Ulsterbank! We have been with Ulster Bank for the past 4 years and are currently moving to AIB due to lack of service and expensive banking, for example an overdraft facility with UB costs €100 per annum plus interest, the equivalent AIB is €25 plus a lower interest rate.
I find the UB "Bankline" online banking to be terrible for SMEs, I've been "locked out" a million times because of how their system handles cookies and then you have to fill out forms etc. etc. to get back in...all I want to do is check my balance a couple of times a week! Also our "Business relationship manager" in South Dublin is next to useless! Also we are getting 2 years free with AIB for switching and the business management team could not be nicer and easier to deal with...it make a huge difference.

meglome

I changed to Ulster bank from BOI and I'm very happy with them.

ia

I use AIB very happy with the online side of things, Dont be fooled by the free banking tho. Last quater I got charged for lodging. In the small print there is terms saying that its only the 1st €100 worth of charges free each quater.

I know not a big problem but not FREE banking.

But as I said online side of things are great and friendly staff on the end of the phone if you require help.

MOH

Starting to regret having gone with Ulster Bank, whole thing is turning into a farce. Opened the account end of May.

Got my credit card 6 weeks to the day after opening the account.
Got my Streamline merchant ID for online processing the same day, after having to return the forms a second time after they made a mistake on their end.

I still haven't got fully working online banking.
Took 3 weeks to get the login details email, but the application code wasn't received for another ten days (despite being dated the same date as the email), by which time I was on holiday. It had expired by the time I got back, so I had to get a replacement. When I eventually logged in I discovered that I need a smartcard and reader to authorise transaction, which I had never received. Ordered replacement card, reader and PIN.

Got the card and reader within two days, but given that the letter was dated 3 weeks earlier, these seem to be the originals. Very suspicious that they vanished for 3 weeks and turn up two days after I point out that I never got them.

I'd be very reluctant to recommend them to anyone unless you've got a couple of months to spare.

sirreally

Are they offering anything else that could tempt you either way? I opened a business a/c with AIB last year and got a 12 month membership subscription to SFA for €50 instead of €500 or so (it was still a total waste of money at €50 IMO but that's another story!).

As far as value and service go, I have found AIB to be very good. That said, it took something like 2 weeks to get the account open (instead of the 3 or so working days they said it would) but I think that sort of delay is standard with banks!

EIREHotspur

MOH wrote: »

Starting to regret having gone with Ulster Bank, whole thing is turning into a farce. Opened the account end of May.

Got my credit card 6 weeks to the day after opening the account.
Got my Streamline merchant ID for online processing the same day, after having to return the forms a second time after they made a mistake on their end.

I still haven't got fully working online banking.
Took 3 weeks to get the login details email, but the application code wasn't received for another ten days (despite being dated the same date as the email), by which time I was on holiday. It had expired by the time I got back, so I had to get a replacement. When I eventually logged in I discovered that I need a smartcard and reader to authorise transaction, which I had never received. Ordered replacement card, reader and PIN.

Got the card and reader within two days, but given that the letter was dated 3 weeks earlier, these seem to be the originals. Very suspicious that they vanished for 3 weeks and turn up two days after I point out that I never got them.

I'd be very reluctant to recommend them to anyone unless you've got a couple of months to spare.

Sorry to Hijack this thread and sorry for the problems you have encountered....maybe had to do with someone at the branch not chasing this up for you...I have a great Branch Manager who would chase up problems for me personally.

How much would you have to pay to setup as a Merchant with Ulster Bank?
thats what peaked my interest...you have actually done it.

MOH

EIREHotspur wrote: »

Sorry to Hijack this thread and sorry for the problems you have encountered....maybe had to do with someone at the branch not chasing this up for you...I have a great Branch Manager who would chase up problems for me personally.

How much would you have to pay to setup as a Merchant with Ulster Bank?
thats what peaked my interest...you have actually done it.

Was one of the things that swayed me towards UB. The AIB guy I spoke to didn't seem to know any details, said he'd get someone in the merchant services section to call me, but they never did.

They waive the setup fee for new startups. Think otherwise it's about €250.

Transaction fees are 2.5% (or 28c for debit cards). Plus whatever your gateway provider charges (it's a flat €29/month with Realex). With any decent volume that's going to work out cheaper than Paypal's 38c + 3.4%.

They told me on the phone they're partnered with Realex, then all the paperwork I got was referring to RBS Worldpay, but when I queried that they seemed happy enough for me to use Realex, I presume you can use who ever you want once you get the merchant ID number.

HellFireClub

AIB will give you 2 years free banking and internet banking and their iBB (Internet Business Banking), is great, except the odd time when it is down for maintenance, (seems like every weekend sometimes but you always get notice)...

But they are absolute arsehóles to deal with for anything at all such as a loan or an overdraft. Even lodging cash is a problem for them as I found out the other day when I went to the business desk to lodge cash into my account and they said I couldn't proceed unless I had some disclaimer form signed and returned to them as they didn't count the money out in front of me so if there was a problem after I did a lodgement (I'd have to put my cash into a sealed bag), it would be their figure and not my lodgement figure that would be assumed to be correct. When I asked if they had proper security in place for this, (as in if there was a dispute regarding what I had lodged, would there be CCTV in place over the teller who had been processing my lodgement), the answer was that this WAS NOT in place lmfao!!! And this on the same week where a guy in some An Post office down the country somewhere had gambled and lost hundreds of thousands of Euro of An Post/taxpayers money by placing bets on PaddyPower.com!!!

Then they said that they couldn't take cash in through the QuickLodge machine, whatever that was all about!

So on the balance of all of that, I'd recommend AIB for internet banking only but nothing else, they are absolutely incompetent when it comes to every other aspect of banking...

If Ulster Bank have a decent internet facility for banking online, I'd go with them because dealing with AIB and their stupidity and their endless beaurocracy and bullshít would knock 5 years off the end of your life.

EDIT: I've a merchant services account with AIB as well, works fine now, works with Realex also, can't recommend them (Realex) enough...

maxer68

HellFireClub wrote: »

AIB will give you 2 years free banking and internet banking and their iBB (Internet Business Banking), is great, except the odd time when it is down for maintenance, (seems like every weekend sometimes but you always get notice)...

But they are absolute arsehóles to deal with for anything at all such as a loan or an overdraft. Even lodging cash is a problem for them as I found out the other day when I went to the business desk to lodge cash into my account and they said I couldn't proceed unless I had some disclaimer form signed and returned to them as they didn't count the money out in front of me so if there was a problem after I did a lodgement (I'd have to put my cash into a sealed bag), it would be their figure and not my lodgement figure that would be assumed to be correct. When I asked if they had proper security in place for this, (as in if there was a dispute regarding what I had lodged, would there be CCTV in place over the teller who had been processing my lodgement), the answer was that this WAS NOT in place lmfao!!! And this on the same week where a guy in some An Post office down the country somewhere had gambled and lost hundreds of thousands of Euro of An Post/taxpayers money by placing bets on PaddyPower.com!!!

Then they said that they couldn't take cash in through the QuickLodge machine, whatever that was all about!

So on the balance of all of that, I'd recommend AIB for internet banking only but nothing else, they are absolutely incompetent when it comes to every other aspect of banking...

If Ulster Bank have a decent internet facility for banking online, I'd go with them because dealing with AIB and their stupidity and their endless beaurocracy and bullshít would knock 5 years off the end of your life.

EDIT: I've a merchant services account with AIB as well, works fine now, works with Realex also, can't recommend them enough...

UlsterBank & Bank of Ireland will ask you to sign the exact same form if you are using the fast business banking desk and the same system has been in pace for many many years. - The cash is counted in number of notes per denom and if it does not meet the amount you have stated a second person counts it. If it still does not meet the amount, they contact you immediately. - In 15years + of using this system in all 3 banks, I've had just 2 wrong amounts and I was able to account for both though my own error.

Or, you can join the normal queue and have it counted in front of you.

As for mentioning one person who defaruded an post through a totally different format and use it as a stick to beat some person behind a bank counter - well enough said. Manners cost nothing and good manners get you a lot further in life especially in business. To use this as a bullying style tactic against a decent bank emplyee, is off the wall and will ensure that if you ever need a favour, it won't be granted.

HellFireClub

maxer68 wrote: »

UlsterBank & Bank of Ireland will ask you to sign the exact same form if you are using the fast business banking desk and the same system has been in pace for many many years. - The cash is counted in number of notes per denom and if it does not meet the amount you have stated a second person counts it. If it still does not meet the amount, they contact you immediately. - In 15years + of using this system in all 3 banks, I've had just 2 wrong amounts and I was able to account for both though my own error.

Or, you can join the normal queue and have it counted in front of you.

As for mentioning one person who defaruded an post through a totally different format and use it as a stick to beat some person behind a bank counter - well enough said. Manners cost nothing and good manners get you a lot further in life especially in business. To use this as a bullying style tactic against a decent bank emplyee, is off the wall and will ensure that if you ever need a favour, it won't be granted.

Right, you obviously require a few clarifications...

(1) I mentioned nothing of the incident in An Post to the teller at AIB who wouldn't let me lodge cash at the business desk, so where you are getting a notion from that i was trying to "bully" someone, I have no idea, that is something that you have dreamt up.

(2) If I go to AIB in Crumlin Cross, they have no issue taking cash at the business desk, counting it in front of me and lodging it into my account without any issue, yet when I tried to do the same in Lucan last week, it turned into a big complicated mess with forms having to be filled out and disclaimers having to be signed.

I have no issue with disclaimers per sé, but it is 2011, I don't trust banks with the way things are these days and I don't think it's actually asking that much of a bank to have CCTV in place over someone who could be counting 10K worth of cash that I've lodged. If some of that is misappropriated, (however unlikely that may be), the end outcome is that I am assumed to have made a mistake. I don't accept that for a second, not in 2011 when using technology that is around since the 80's could eliminate the possibility of me running into any fraud in the bank. Don't forget, this is the same bank that was run so poorly over the last 10 years that it is now 98% owned by the taxpayer having been bailed out with billions of taxpayers money and it's STILL a black hole, so don't just expect me to "trust" them!

casinoshop.ie

HellFireClub wrote: »

Right, you obviously require a few clarifications...

(1) I mentioned nothing of the incident in An Post to the teller at AIB who wouldn't let me lodge cash at the business desk, so where you are getting a notion from that i was trying to "bully" someone, I have no idea, that is something that you have dreamt up.

(2) If I go to AIB in Crumlin Cross, they have no issue taking cash at the business desk, counting it in front of me and lodging it into my account without any issue, yet when I tried to do the same in Lucan last week, it turned into a big complicated mess with forms having to be filled out and disclaimers having to be signed.

I have no issue with disclaimers per sé, but it is 2011, I don't trust banks with the way things are these days and I don't think it's actually asking that much of a bank to have CCTV in place over someone who could be counting 10K worth of cash that I've lodged. If some of that is misappropriated, (however unlikely that may be), the end outcome is that I am assumed to have made a mistake. I don't accept that for a second, not in 2011 when using technology that is around since the 80's could eliminate the possibility of me running into any fraud in the bank. Don't forget, this is the same bank that was run so poorly over the last 10 years that it is now 98% owned by the taxpayer having been bailed out with billions of taxpayers money and it's STILL a black hole, so don't just expect me to "trust" them!

So WHY ON EARTH bring one issue with one staff member in one post office up in the post when you're dealing with a totally different company.

If you don't trust them, put the money in your mattress. But my experience is that for normal everday banking, there's never been any issue that couldn't be sorted in a few minutes chat. - and that 27 years of business from the original TSB through to Ulster Bank.

HellFireClub

casinoshop.ie wrote: »

So WHY ON EARTH bring one issue with one staff member in one post office up in the post when you're dealing with a totally different company.

If you don't trust them, put the money in your mattress. But my experience is that for normal everday banking, there's never been any issue that couldn't be sorted in a few minutes chat. - and that 27 years of business from the original TSB through to Ulster Bank.

Because it is indiciative of what happens when proper controls and checks are not in place. Also, there are thousands of people around the country who do not trust a bank to mind their money and are hiding it under the matress.

As I said, I find it pretty incredible that the very basic security precautions are not in place in relation to the handling and counting of cash. I find it alarming that I am asked to sign a disclaimer, that legally shifts the burden back on to me and could force a loss back onto me, IF there is fraud going on within the bank.

I don't accept that the system that they have can possibly work, in the VERY UNLIKELY EVENT that there is fraud/misappropriation going on within the branch, (one person counts it and if it doesn't add up, it gets handed to someone else to count again).

Obviously fraud is unlikely to happen, it's when it does happen, it seems to me that by way of a disclaimer, you could lose money because the bank can't put in place very simple technology that is at least 30 years old to protect the customer.

I can't understand how AIB in Crumlin can count the cash out in front of you and process your lodgement without any issue, but in AIB Lucan they can't, instead insisting that you sign a disclaimer.

Those are not irrational concerns, and it's been my experience in business that where proper and serious controls are not put in place and properly maintained, (as I've mentioned has happened in An Post recently as an example of poor business controls), then money tends to goes missing and I don't accept that the way to resolve this is by using pathethic legal disclaimers.

mambo

I just opened a business account with AIB.

The online business banking is poor, the user interface looks like it was designed in the late 90s and never updated, with too many pop-up windows. Much worse than the regular consumer online banking. And you can't do basic things like set up a standing order, only view your list of existing standing orders. And it's €200 a year after my two free years run out!!!