"security" delay in setting up an online transfer account

BarryM

Hi,

Teeth are gritted.....

Could someone explain to me why it is necessary to wait, according the bank, 3-5 working days for a POSTAL notification of a code so that I can set up an account to transfer money to and receive the (second) code via my mobile??

BoI say it is for security reasons, I asked what were these and they said that was the way it was and hung up.

I asked why they couldn't send the code to the mobile I had just registered, same reaction. OK, there is a risk that I stole the mobile...... but they could require me to enter my online banking code to receive the authorisation. In the end if everything about me and my account was stolen I would have told them to block the account.

I asked what were the security reasons why I needed a authorisation code to set up an account to transfer money to - after all it was my money and my risk...., same reaction.

Am I missing something fundamental? I assume the small print make me the loser if I transfer money to the "wrong" account (i.e. I have finger problems entering the data) and if there isn't enough money in my account they won't make the transfer. What else is a security reason??

Confused and frustrated, the other party thinks I'm dragging my feet..... and, btw, I am still awaitng the postal confirmation.....7 working days later.

Is it any wonder they are a busted flush?

meditraitor

BarryM wrote: »

Hi,

Teeth are gritted.....

Could someone explain to me why it is necessary to wait, according the bank, 3-5 working days for a POSTAL notification of a code so that I can set up an account to transfer money to and receive the (second) code via my mobile??

BoI say it is for security reasons, I asked what were these and they said that was the way it was and hung up.

I asked why they couldn't send the code to the mobile I had just registered, same reaction. OK, there is a risk that I stole the mobile...... but they could require me to enter my online banking code to receive the authorisation. In the end if everything about me and my account was stolen I would have told them to block the account.

I asked what were the security reasons why I needed a authorisation code to set up an account to transfer money to - after all it was my money and my risk...., same reaction.

Am I missing something fundamental? I assume the small print make me the loser if I transfer money to the "wrong" account (i.e. I have finger problems entering the data) and if there isn't enough money in my account they won't make the transfer. What else is a security reason??

Confused and frustrated, the other party thinks I'm dragging my feet..... and, btw, I am still awaitng the postal confirmation.....7 working days later.

Is it any wonder they are a busted flush?

Leave and go to AIB, none of that nonesense

listermint

Eh its so they can confirm your address.....

would you prefer someone transferred your entire bank account into their own.

Begs belief???? :rolleyes:

BarryM

listermint wrote: »

Eh its so they can confirm your address.....

would you prefer someone transferred your entire bank account into their own.

Begs belief???? :rolleyes:

Excuse me? why has my address anything to do with it? I could be using an accommodation address to receive my bank information, could I not? Of course I wouldn't like it if someone moved the lot (a bit of a joke in reality, hardly worth it) but that's why, I assume I have three different codes to access my online account.... any one or a combination could be used to 'confirm' things, and if, as I said, all my details were stolen, then I'd block the account. In addition, I might assume that BoI have a flag if someone transfers the whole account content.... or am I naive....

Is it true that AIB don't do all this ****? if so wtf are Boi doing?

meditraitor

BarryM wrote: »

Is it true that AIB don't do all this ****? if so wtf are Boi doing?

Once your setup online you can create and process transfers/set up accounts without any of the "waiting for a letter" crap. I have an account in both banks and had the same reaction to the "confirmation letter" as you had when I started using the online 365.

listermint

BarryM wrote: »

Excuse me? why has my address anything to do with it? I could be using an accommodation address to receive my bank information, could I not? Of course I wouldn't like it if someone moved the lot (a bit of a joke in reality, hardly worth it) but that's why, I assume I have three different codes to access my online account.... any one or a combination could be used to 'confirm' things, and if, as I said, all my details were stolen, then I'd block the account. In addition, I might assume that BoI have a flag if someone transfers the whole account content.... or am I naive....

Is it true that AIB don't do all this ****? if so wtf are Boi doing?

Well I personally although I can see your point, prefer the system to be as secure as possible and this is one of the ways to insure that this occurs.

So while it may be an inconvience in certain cases its certainly the best practice when dealing with financial transactions.

BarryM

listermint wrote:

Well I personally although I can see your point, prefer the system to be as secure as possible and this is one of the ways to insure that this occurs.

So while it may be an inconvience in certain cases its certainly the best practice when dealing with financial transactions.

I agree in principle, but AIB don't use the postal nonsense.....

dublin daz

If you register your mobile phone number with Bank of Ireland 365 you can get these security codes sent via text. You can almost do transfers immediately.

Its true AIB do not have this code system in place. However, they do use a card reader. All banks are using some type of security, but the BoI system is unique. The idea behind internet banking I thought was for speed and convenience. This postal service goes against that if you ask me.

Best thing is to call 365 Phone and register your mobile number.

Remember BoI are issuing Visa Debit this month so maybe if this is the only issue you have with them hang on here for their new snazzy card!

BarryM

dublin daz wrote: »

If you register your mobile phone number with Bank of Ireland 365 you can get these security codes sent via text. You can almost do transfers immediately.

Agreed, I finally got the code in the post and made a transfer to a newly registered a/c within a few minutes.

Its true AIB do not have this code system in place. However, they do use a card reader. All banks are using some type of security, but the BoI system is unique. The idea behind internet banking I thought was for speed and convenience. This postal service goes against that if you ask me.

+1 I simply don't understand why they feel it necessary to use this route.

Best thing is to call 365 Phone and register your mobile number.

Didn't realise that you could. I've never used the phone route, only the online one. I travel a lot so it never appealed to me.

Remember BoI are issuing Visa Debit this month so maybe if this is the only issue you have with them hang on here for their new snazzy card!

I'm beginning to wonder if you work for BoI - if you do please report the gist of this thread to someone responsible and maybe they'll move in to the 21st century.

Bye, Barry

dublin daz

Glad you got sorted Barry. I don't work for Bank of Ireland. I did but not any longer.

And as an fyi - when I worked there I never used their account - even though it was a wonderful 'staff' account - I had my salary paid to my own account outside BoI.

I have never banked with BoI nor would I in the future.

srsly78

The BoI postal thing is ONLY a hassle the first time: to register your mobile. After that there is no more hassle! It's actually quite good.

If you think that's hassle you should see their Business online banking service :P

KillerShamrock

dublin daz wrote: »

Remember BoI are issuing Visa Debit this month so maybe if this is the only issue you have with them hang on here for their new snazzy card!

I would like to know where this info came from as its not this month or any time soon in terms of the next month or so!

As srsly 78 said its only a hassle the first time or when it needs to be done now now now now now!!!!!

Either grit your teeth and bare with it or get the money and bring it to the bank its going to and lodge it manually leave BOI and switch banks will take about 2 weeks to do so that null and voids the idea of getting it done quicker!

I'm one of the first to say BOI systems are in the stone age compared to some other banks not just Irish ones but it's never going to change they always will be miles behind when it comes to their computer systems,
If they actually decided to spend a bit of money in updating their tech to something this century then they could attract more customers but not going to happen!!! (rant over )

ridelm

I got used to that confirmation letter thing. If you need to transfer money to a new beneficiary, I always add to wait a few days to get the letter.

Then add about 3 or 4 business days to transfer the money.

I heard that TSB and AIB are better, but for the moment I have very few information on why it is better.

I'd recon as well that the saving accounts management in BoI is not advanced.