on line deposit accounts - BOI inefficency ( deliberate?) results in lost interest

emjaytee

How can Bank of Ireland justify a 3 day plus delay in effecting a direct debit instruction from a BOI current account to an online BOI deposit account and the subsequent loss in interest? Can you please give a details of the time consuming process involved and the benefits of opening an online deposit account versus a visit to the bricks and mortar branch?

Bank of Ireland: Tara

Hi emjaytee,

Thanks for posting.

We are unsure of the exact nature of your query. Could please provide us with more details? 

Thanks
Tara

emjaytee

Bank of Ireland: Tara wrote: »

Hi emjaytee,

Thanks for posting.

We are unsure of the exact nature of your query. Could please provide us with more details? 

Thanks
Tara

1 . How can Bank of Ireland justify a 3 day plus delay in effecting a direct debit instruction from a BOI current account to an online BOI deposit account and the subsequent loss in interest?

2. Can you please give
(a) details of the time consuming process involved  in direct debits
and
(b)the benefits of opening an online deposit account versus a visit to the bricks and mortar branch?

Bank of Ireland: Tara

Hi emjaytee,

We are unaware of any delays with processing direct debits to online savings accounts. If your query is of a more technical nature, as in how direct debits are processed, please contact your branch/Banking365 and they will be happy to assist.

Online savings accounts have different interest rates and terms and conditions to ones offered in branch. You also need to be a resident in ROI to open an online savings account. 

To discuss which option is best for you, please contact a Customer Advisor in your branch or our Financial Advice Centre on 1890 623 456 where a qualified financial advisor will be more than happy to advise appropriately.

Thanks
Tara

emjaytee

Bank of Ireland: Tara wrote: »

Hi emjaytee,

We are unaware of any delays with processing direct debits to online savings accounts. If your query is of a more technical nature, as in how direct debits are processed, please contact your branch/Banking365 and they will be happy to assist.

Online savings accounts have different interest rates and terms and conditions to ones offered in branch. You also need to be a resident in ROI to open an online savings account. 

To discuss which option is best for you, please contact a Customer Advisor in your branch or our Financial Advice Centre on 1890 623 456 where a qualified financial advisor will be more than happy to advise appropriately.

Thanks
Tara

Can you confirm the average length of time it takes to effect on online direct debit instruction from a BOI current account to a BOI Deposit account?

Bank of Ireland: Billy

Hi emjaytee,

When a deposit account is initially set up, it can take three working days for a direct debit to reach the account. Each subsequent payment should take one working day to reach the account. 

Thanks

Billy

emjaytee

Bank of Ireland: Billy wrote: »

Hi emjaytee,

When a deposit account is initially set up, it can take three working days for a direct debit to reach the account. Each subsequent payment should take one working day to reach the account. 

Thanks

Billy

Can you explain why it takes 3  days

Bank of Ireland: Billy

Hi, 
 
There is an administrative process that needs to be followed for the initial set up of the direct debit and this process takes three working days.
 
Thanks
 

Billy

emjaytee

1. I'm no wiser as to why it takes 3 working days to effect the direct debit. I would appreciate a bit  more detailed reply  on the "administrative process" involved  so that I can understand why it takes that length of time and the subsequent loss of deposit interest.


"When a deposit account is initially set up, it can take three working days for a direct debit to reach the account. Each subsequent payment should take one working day to reach the account. "
2. Why does it take one day  for subsequent payments to reach the deposit account.
Your customer is simply transferring money (cleared funds) from one of her/his Bank of Ireland accounts  to another of her/his Bank of Ireland accounts. Surely the customer should earn deposit interest from the day of the transfer?

Bank of Ireland: Paula C

Hi emjaytee,

Thank you for your post.

We are here to answer day to day banking queries only therefore we are not in a position to discuss banking procedures/policies in more detail.

At this stage we would suggest you contact either Banking 365 on 0818 365 365 if your deposit account is a 365 savings account or your account holding branch if it's a non 365 savings account.
A representative through either of these channels will be happy to discuss in more detail any queries you may have.

Please see here for our branch locator to assist you should you require it.

Thanks,
Paula C