Mortgage payment

dirtyden

I transferred lump sum from my BOI current account to my BOI mortgage account a number of days ago. My current account was immediately debited but my mortgage account has not yet updated.

I am accruing interest on the mortgage, my balance has updated upwards post the payment.

What is the delay between two BOI accounts? Why is it not instant or at a minimum overnight and why am I paying more interest than I should because my balance has not updated in a timely manner.

Thanks

Ally Dick

Mortgages are held by mortgage services. The account you are lodging to is probably a holding account. It'll take 5 working days to update the mortgage if you did it yourself online, I reckon. Interest issues are not something I can comment on

Bank of Ireland: Elaine

Good Morning dirtyden,

Thank you for getting in contact with us here on Boards.ie.

As Ally Dick correctly mentioned, it can take 3 to 5 working days for funds to hit your mortgage account once transferred from a BOI current account. This is because the funds are transferred initially to a holding account and then apportioned to the designated account.

If you would like to avoid any unnecessary interest you could make the transfer earlier than usual or schedule this on 365Online to come out automatically.

If you would like any further advice on your Mortgage payments please feel free to call our customer service line on 01 611 3333 and a representative would be more than happy to discuss this with you.

Thanks again,
Elaine

myshirt

They are trading your lump sum on short term money markets before they set it against your account, and that's likely the true reason why it is not immediately set against your account. Technologically, it is possible, but commercially there is a long history of this 3-5 days practice.

Ally Dick

myshirt wrote: »

They are trading your lump sum on short term money markets before they set it against your account, and that's likely the true reason why it is not immediately set against your account. Technologically, it is possible, but commercially there is a long history of this 3-5 days practice.

Nah. It's just that the mortgage accounts are not held on the same system as the normal current/savings accounts. The holding account for mortgages is held on the same system as the normal current/savings accounts. It's a technical issue

dirtyden

Bank of Ireland: Elaine wrote: »

Good Morning dirtyden,

Thank you for getting in contact with us here on Boards.ie.

As Ally Dick correctly mentioned, it can take 3 to 5 working days for funds to hit your mortgage account once transferred from a BOI current account. This is because the funds are transferred initially to a holding account and then apportioned to the designated account.

If you would like to avoid any unnecessary interest you could make the transfer earlier than usual or schedule this on 365Online to come out automatically.

If you would like any further advice on your Mortgage payments please feel free to call our customer service line on 01 611 3333 and a representative would be more than happy to discuss this with you.

Thanks again,
Elaine

Thanks Elaine, I may get in touch and see what is the most effective way of doing this in future, also is it possible to get more regular statements for mortgage accounts? Online all I can see is the principle and I don't seem to be getting any paper statements. It would be nice to be able keep track of the outgoings, interest etc more easily.

Bank of Ireland: Helen

Hi dirtyden,

Thanks for contacting us again on Boards.

Generally mortgage statements are issued annually, however if you wish to contact one of my colleagues in the Mortgage Team on 01-6113333 they can certainly request an up to date one for you.

If there is anything else we can help you with please don’t hesitate in contacting us again.

Have a good day.

Helen