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Bank Transfer

  • 29-03-2012 2:29pm
    #1
    Usjes
    Registered Users, Registered Users 2 Posts: 326 ✭✭


    Hi,

    I opened a new Deposit account for my lump sum recently and on the application I specified that I would fund it via an electronic transfer. The details of the account arrived today but one thing thats odd is that the sort-code and IBAN number is for an Ulster Bank branch. The bank I opened the account with is NOT Ulster bank and from googling I can't find any connection between UB and the bank I opened the account with. Is this normal ? Might another Irish bank be using Ulster Bank to somehow manage their incoming credit transfers. It seems very odd to me and I am accutely aware that once I transfer my money to this potentially random account I have no way of retrieving it if I am not the owner of this UB account.
    Anyone have an explanation for this?

    Thanks,

    Usjes.


Comments

  • #2
    Tow
    Registered Users, Registered Users 2 Posts: 9,222 ✭✭✭Tow


    It would help if you gave us the sortcode.

    When is the money (including lost growth) Michael Noonan took in the Pension Levy going to be paid back?



  • #3
    Usjes
    Registered Users, Registered Users 2 Posts: 326 ✭✭Usjes


    Tow wrote: »
    It would help if you gave us the sortcode.

    How so? I already know that the sort-code corresponds to Ulster Bank, College Green. The question is why I would be asked to transfer money to this Ulster Bank branch to open a new deposit account in an (as far as I can see) completely unrelated Bank.


  • #4
    BuffyBot
    Registered Users, Registered Users 2 Posts: 24,924 ✭✭✭✭BuffyBot


    The bank may use Ulster Bank for clearing. Which institution was it? Without that, we can only blindly guess..


  • #5
    Usjes
    Registered Users, Registered Users 2 Posts: 326 ✭✭Usjes


    BuffyBot wrote: »
    The bank may use Ulster Bank for clearing. Which institution was it? Without that, we can only blindly guess..

    Well you've already aswered my question then havn't you. Assuming what you say is accurate you're saving one bank may use another bank to carry our normal banking functions, how odd.


  • #6
    JTMan
    Registered Users, Registered Users 2 Posts: 5,558 ✭✭✭JTMan


    Usjes wrote: »
    Hi,

    I opened a new Deposit account for my lump sum recently and on the application I specified that I would fund it via an electronic transfer. The details of the account arrived today but one thing thats odd is that the sort-code and IBAN number is for an Ulster Bank branch. The bank I opened the account with is NOT Ulster bank and from googling I can't find any connection between UB and the bank I opened the account with. Is this normal ? Might another Irish bank be using Ulster Bank to somehow manage their incoming credit transfers. It seems very odd to me and I am accutely aware that once I transfer my money to this potentially random account I have no way of retrieving it if I am not the owner of this UB account.
    Anyone have an explanation for this?

    Thanks,

    Usjes.

    You are clearly talking about KBC who use UB.

    There are 5 clearing banks in Ireland.

    If you open an account, with a bank that is not a clearing bank, you need to send the money to a clearing bank for them to send it to its final destination.

    Nothing strange here.


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  • #7
    Tow
    Registered Users, Registered Users 2 Posts: 9,222 ✭✭✭Tow


    Usjes wrote: »
    How so? I already know that the sort-code corresponds to Ulster Bank, College Green.

    A number of softcodes have more than one branch and/or bank clearing through them. For example last time I looked BOI College Green 900017 had six.

    When is the money (including lost growth) Michael Noonan took in the Pension Levy going to be paid back?



  • #8
    BuffyBot
    Registered Users, Registered Users 2 Posts: 24,924 ✭✭✭✭BuffyBot


    Assuming what you say is accurate you're saving one bank may use another bank to carry our normal banking functions, how odd.

    Not odd at all, lots of smaller institutions do this. EBS used AIB for years, Irish Nationwide used BOI. MBNA use AIB in a similar manner. And you might want to tone down the attitude. The information you get out of a forum like this is only as good as what you put in.


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