Irish Banks are a joke: I'm closing my Irish bank account

senordingdong

PhilOssophy wrote: »

No I am not - I hardly ever use an ATM or cash and if I do, I go to AIB/BOI/Ulster/etc. So I don't get charged.

Also in Australia, you had to go to your own bank ATM or they absolutely FLEECED you with $1-2 for the transaction.

Also - I'm not your mate.

We're still charged for contactless transactions though.

_Godot_

I just have an ebs account (which is free), and use revolut and monese. I don't have to pay any pesky fees.

ILoveYourVibes

silver2020 wrote: »

The alternative was to wipe out all deposits over the guaranteed level.

.

That happened anyway

ILoveYourVibes

Ubbquittious wrote: »

Feck the cashless society. Can't believe people still think it's a good idea given what happened in 2008

More cash wouldn't have stopped that ...not at those sums!

Wanderer78

ILoveYourVibes wrote:

More cash wouldn't have stopped that ...not at those sums!

What do you mean, it was a credit crisis?

ILoveYourVibes

Wanderer78 wrote: »

What do you mean, it was a credit crisis?

I mean you do stuff a whole mortgage worth of cash down your mattress?

It wasn't linked to any other industry here but property lending.

Yes it was a credit crisis....it was excessive borrowing but not like for your car etc ...it was solely for mortgage lending in differing amounts.

People keep that amount of cash in assets EVEN if they have it. Because it would be dumb to keep it just lying around and dangerous.

It would be silly to liquid those assets and maybe stop them reaching maturity ..or sell a profitable business just to buy a holiday home ..even if you can afford it.

Unfortunately this made someone with ten houses a profitable business and some assets look like a billionaire and bankers are dumb.

Wanderer78

ILoveYourVibes wrote:

It wasn't linked to any other industry here but property lending.

Unfortunately the majority of credit is for property lending and speculation globally, it's a mess really, it ultimately just causes continual property and land prices to rise, and banks can create as much of it as they want

ILoveYourVibes

Wanderer78 wrote: »

Unfortunately the majority of credit is for property lending and speculation globally, it's a mess really, it ultimately just causes continual property and land prices to rise, and banks can create as much of it as they want

Honestly I call this topic my personal rabbit hole of RAGE.

:mad:

Wanderer78

ILoveYourVibes wrote:

Honestly I call this topic my personal rabbit hole of RAGE.

It is alright, it would make you extremely angry, it's an incredible dangerous situation we ve allowed to happen, and banks are far from dumb, an incredible idea, indebt the planet, causing the concentration of ownership of virtually everything, ultimately causing the concentration of global wealth, it's one of the main reasons why I advocate for public banking systems

ILoveYourVibes

Wanderer78 wrote: »

for public banking systems

Lol that didn't work ..nat west was a public bank.

reg114

ratracer wrote: »

You don’t live here, so your closing your bank account here....... Good man!

Meanwhile, this of us living and working here still need a bank account here!

This is not correct.

Since the 1st of February 2014 it became mandatory for ‘national only’ payments systems to be retired and move all payments to SEPA standards.

In other words it is illegal for your employer to force to to retain your irish bank account for the purposes of paying your salary. Its been illegal since 2014.

You are free to open a 'fees-less' bank account with any financial institution within the EU and 100,000k of deposits with be protected as per Irish deposits.

N26 the german online bank fulfil this role for Irish customers but there are lots of others.

Allinall

parc wrote: »

Did you mean to type "us"?

It's not just withdrawal fees. It's also current account fees per quarter and more


For example:
Automated Transactions (Direct Debit/ Standing Orders) 20c.
ATM withdrawals 35c
Machine Lodgements 35c
Cheque Processing 39c
Debit Card Transaction 20c
Over the Counter Transaction 39c

Business charging for it's services shocker!

ILoveYourVibes

reg114 wrote: »

This is not correct.

Since the 1st of February 2014 it became mandatory for ‘national only’ payments systems to be retired and move all payments to SEPA standards.

In other words it is illegal for your employer to force to to retain your irish bank account for the purposes of paying your salary. Its been illegal since 2014.

You are free to open a 'fees-less' bank account with any financial institution within the EU and 100,000k of deposits with be protected as per Irish deposits.

N26 the german online bank fulfil this role for Irish customers but there are lots of others.

No way ...they kept that one quiet enough so...thank you good to know

ShatterAlan

silver2020 wrote: »

You live abroad and are getting free withdrawals which the rest of up pay for in other charges.

Banks were not bailed out. the Banking system was bailed out. The alternative was to wipe out all deposits over the guaranteed level.

Please close your account.

I don't recall that happening in Iceland.

Dempo1

parc wrote: »

Mods, before you move this to banking/finance, hear me out. I think this is relevant to all and the more people who discuss this the better.

This news story about BoI selling its 700 ATMs to Euronet, which will more than likely mean that there will be 700 more cash machines around the country charging you to take you money out.

https://www.rte.ie/news/business/2020/1218/1185359-700-bank-of-ireland-non-branch-atms-sold-to-euronet/

I live abroad where there are no chargers like this. It's a complete joke the way Irish banks treat their customers, and I can't believe people put up with it.

I have decided to close my Irish bank account because of this (I'll let you guess which one it is - it's one of the main ones).

How can the taxpayers bail out failed banks, then sit back while they charge them quarterly fees to deposit their money, and take out their money from ATMs. I would encourage people to figure out alternative means, as it shouldn't be like this.

Bizzare argument, I'd have some sympathy if you lived here but surely as a non resident you'd be charged for using ATM"s here regardless of who owned the ATM, whilst accept this latest move is not ideal, it's the reality of how people manage their money. At best I use an ATM twice a year @.30 cent, hardly enough for me to justifying closing a bank account, just absurd.

Wanderer78

ILoveYourVibes wrote: »

Lol that didn't work ..nat west was a public bank.

plenty of public banks fully functioning around the world, some even in europe and the states, chinas banks are all largely public, some believed to be far more stable than their private sector counterparts, largely due to their more conservative approach

ILoveYourVibes

Wanderer78 wrote: »

plenty of public banks fully functioning around the world, some even in europe and the states, chinas banks are all largely public, some believed to be far more stable than their private sector counterparts, largely due to their more conservative approach

its not being public that makes them so ...

Its the regulation of them....and the regulation of several other industries that interact with them.

There are also plenty of private banks that are stable.

Chinas banks are an accident waiting to happen. Its a country where a single man can embezzle the GDP of a lesser developed country. And they have also had many liquidity crisis of 2013.

Chinese banks are hollow ...and CHINA has allowed many public banks to just fail.

In 2019 ....alone ..banks defaulted on billions.

BTW i am not advocating for a private over public system ...its just that regulation rather than whether its public or private is what makes the difference.

grogi

ratracer wrote: »

You don’t live here, so your closing your bank account here....... Good man!

Meanwhile, this of us living and working here still need a bank account here!

No, you don't. I live here and manage with German and Polish bank account just fine.

wassie

PhilOssophy wrote: »

No I am not - I hardly ever use an ATM or cash and if I do, I go to AIB/BOI/Ulster/etc. So I don't get charged.

Also in Australia, you had to go to your own bank ATM or they absolutely FLEECED you with $1-2 for the transaction.

Australian banks stopped charging those fees years ago.

I found there banking apps to be light years ahead of what the Irish banks offered. Irish banks have been so slow in developing their digital offerings - just look at how long it took them to adopt Apple Pay & Google Pay.

murpho999

ElJeffe wrote: »

Yeah iv'e always been a cash person tbh but over the lockdown if i've found places that are refusing to take cash iv'e just walked out and not give them my business.

But why insist on cash?

It's so much easier and more secure with card payments especially if using phone/watch with Apple Pay or Google pay.

Can't be scammed, stolen or lost and is quicker too despite what people say.

Wanderer78

ILoveYourVibes wrote: »

its not being public that makes them so ...

Its the regulation of them....and the regulation of several other industries that interact with them.

There are also plenty of private banks that are stable.

Chinas banks are an accident waiting to happen. Its a country where a single man can embezzle the GDP of a lesser developed country. And they have also had many liquidity crisis of 2013.

Chinese banks are hollow ...and CHINA has allowed many public banks to just fail.

In 2019 ....alone ..banks defaulted on billions.

public banks tend not to get involved in high risk activities such as derivatives trading etc, an activity that was a major cause of 08, they also tend not to pay their high level employees, ceo's etc, high level salaries. Germanies public banks are heavily protected under constitutional law, so much so, discussion of selling a branch is not even permitted, i.e. they always remain a public body.

regulation is always key in both public and private sector financial institutions, as both can become unstable and collapse, but if a public bank collapses, and requires a bailout, again, it can remain a public body, it cuts out the requirement of interaction with bond markets and other institutions such as the imf etc. having public banks also means its possible for a state to part fund its needs itself, again, reducing requirements from external sources such as bond markets etc.

there are indeed stable private sector banks, but its important to realise, americas only public bank, the bank of north dakota, was more or less, the only american bank that remained stable, and largely unaffected, during the previous crash.

defaults and none performing loans are part and parcel of banking systems, and thankfully so, as these critical systems couldnt function otherwise, its not possible to guarantee all debts, we cannot accurately predict future outcomes, we ve no idea what loans will be 100% paid back, these systems need some sort of fail safe, in order to function, but there is a point whereby the system cannot absorb these losses

ShatterAlan

ElJeffe wrote: »

Yeah iv'e always been a cash person tbh but over the lockdown if i've found places that are refusing to take cash iv'e just walked out and not give them my business.

I don't understand the whole "card only" bollocks that goes with COVID. Is handing over cash supposed to spread the virus but the cashier behind the counter handing you your cigarettes/cup of coffee/pack of batteries/whatever is somehow exempt?

murpho999

ShatterAlan wrote: »

I don't understand the whole "card only" bollocks that goes with COVID. Is handing over cash supposed to spread the virus but the cashier behind the counter handing you your cigarettes/cup of coffee/pack of batteries/whatever is somehow exempt?

Is it not obvious to you that a product would have been handled by less people than people using cash?

Also cashiers come in contact with a lot of people so not handling cash minimises risk for them too.

murpho999

Ubbquittious wrote: »

Feck the cashless society. Can't believe people still think it's a good idea given what happened in 2008

What happened in 2008?
What did people lose in the end in banks in Ireland?

Cash was under severe threat than too as the Euro currency almost collapsed so cash is no more secure than a bank.

Wanderer78

murpho999 wrote: »

What happened in 2008?
What did people lose in the end in banks in Ireland?

Cash was under severe threat than too as the Euro currency almost collapsed so cash is no more secure than a bank.

the euro was fine, as central banks such as the ecb can never run out of money, 08 was caused by excessive credit, which is created by private sector banks when loans are created

murpho999

Wanderer78 wrote: »

the euro was fine, as central banks such as the ecb can never run out of money, 08 was caused by excessive credit, which is created by private sector banks when loans are created

You've really got it wrong.

The Euro was in severe danger of collapse.

Sse FT article.

Yes, 08 was created by excessive lending which has now been curbed and banks operate under different regulations to prevent it happening again.

Wanderer78

murpho999 wrote: »

You've really got it wrong.

The Euro was in severe danger of collapse.

Sse FT article.

Yes, 08 was created by excessive lending which has now been curbed and banks operate under different regulations to prevent it happening again.

yes the euro was in danger of collapse, but the ecb was just fine, as 08 was in fact a private sector debt problem, the euro was in danger of collapse because of the way we approached this problem, i.e. not accepting there was truly a private sector debt problem, forcing member states to take on this excess debt onto public balance sheets, then to add insult to injury, imposing austerity, how the fcuk was that gonna resolve these issues, which were ultimately based in private sector financial institutions, and still are!

ILoveYourVibes

Wanderer78 wrote: »

Germanies public banks are heavily protected under constitutional law, so much so, discussion of selling a branch is not even permitted, i.e. they always remain a public body.


/QUOTE]

German banking system is **** ...
Commerzbank ...was hit hard by the crisis and had to be bailed out by the german govt. Deutsche bank also had to be bailed out.

German banking system isn't public ..the biggest ones are private...and most of the others are only partly owned by the german govt with private partners making up the biggest shareholders.

The german govt only owns 15 % of commerzbank. And Deutsche bank is a private bank.

Drezdner bank was one of the biggest banks in germany ..it was bought by commerzbank.




Also other german banks also had to be bailed out.

Deutsche bank ..the biggest ...went into the ****ter. The german govt tried to force commerz bank and D bank into a merger ..they couldn't.

D banks plummeting share prices ...all the fines and financial scandals opened up a can of worms.

The german banking system is not what it seems.

Btw the german bailouts of their own banks ...were some of the most legally erm ..strange shall we put it.


Also the Danske banking scandal ..(not a german bank) unearthed a whole of scandal in Deutsche bank.

The german banking system was not and is not as stable as it first seems.

What makes DEUTSCHE bank look so bad ..is that it had to get bailouts again as recently as 2020

Also for some reason ...not only did the german govt throw money at deutsche bank ..the US FED did too

regulation is always key in both public and private sector financial institutions, as both can become unstable and collapse, but if a public bank collapses, and requires a bailout, again, it can remain a public body, it cuts out the requirement of interaction with bond markets and other institutions such as the imf etc. having public banks also means its possible for a state to part fund its needs itself, again, reducing requirements from external sources such as bond markets etc.

No it doesn't. Public banks were no less affected in countries

ILoveYourVibes

Its always a shocker to Irish people that German banks needed to be bailed out.

But they did. And their scandals were far far worse ..and are still ongoing.

Wanderer78

ILoveYourVibes wrote: »

Wanderer78 wrote: »

Germanies public banks are heavily protected under constitutional law, so much so, discussion of selling a branch is not even permitted, i.e. they always remain a public body.


/QUOTE]

German banking system is **** ...
Commerzbank ...was hit hard by the crisis and had to be bailed out by the german govt. Deutsche bank also had to be bailed out.

German banking system isn't public ..the biggest ones are private...and most of the others are only partly owned by the german govt with private partners making up the biggest shareholders.

The german govt only owns 15 % of commerzbank. And Deutsche bank is a private bank.

Drezdner bank was one of the biggest banks in germany ..it was bought by commerzbank.




Also other german banks also had to be bailed out.

Deutsche bank ..the biggest ...went into the ****ter. The german govt tried to force commerz bank and D bank into a merger ..they couldn't.

D banks plummeting share prices ...all the fines and financial scandals opened up a can of worms.

The german banking system is not what it seems.

Btw the german bailouts of their own banks ...were some of the most legally erm ..strange shall we put it.


Also the Danske banking scandal ..(not a german bank) unearthed a whole of scandal in Deutsche bank.

The german banking system was not and is not as stable as it first seems.

What makes DEUTSCHE bank look so bad ..is that it had to get bailouts again as recently as 2020

Also for some reason ...not only did the german govt throw money at deutsche bank ..the US FED did too



No it doesn't. Public banks were no less affected in countries

thats interesting, no mention of germanys public banks, sparkasse and kfw! id imagine most, if not all you mentioned, are in fact germanys private sector banks!