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Downsides to closing traditional bank account

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  • 12-01-2021 10:32am
    #1
    danielgalway
    Registered Users Posts: 167 ✭✭


    Hi all,

    Would appreciate some advice on this topic.

    Currently have a revolut, n26, monese and BOI account. Of course BOI is now charging 6€ per month. I'm moving to NI so obviously am planning to close this account. I've had this account for 8 years, it was my 'main' account up until I started using revolut/n26.

    I'm wondering are there are any reasons to NOT close this account that I can't think of? Could this potentially affect a mortgage application in future if I wanted to buy something in my hometown?

    If I do close, of course I'll be downloading all of my bank statements.

    Thanks in advance.
    Tagged:


Comments

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    #2
    Cameraman
    Registered Users Posts: 476 ✭✭Cameraman


    If you ever need to lodge cash or cheques, that could be a problem.


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    #3
    danielgalway
    Registered Users Posts: 167 ✭✭danielgalway


    Cameraman wrote: »
    If you ever need to lodge cash or cheques, that could be a problem.

    Yea fair point, although I havent lodged a cheque/cash since college so hopefully wouldn't be an issue. Anything else you reckon would be impacted?


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    #4
    retalivity
    Registered Users Posts: 13,997 ✭✭✭✭retalivity


    You will probably still get idiot companies refusing to take SO or DD instructions from EU but non-IE IBAN's, like Revlout or N26, even though they are required to by law.


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    #5
    danielgalway
    Registered Users Posts: 167 ✭✭danielgalway


    retalivity wrote: »
    You will probably still get idiot companies refusing to take SO or DD instructions from EU but non-IE IBAN's, like Revlout or N26, even though they are required to by law.

    Ah yea good point, its only the last few months that 3 started accepting revolut. I do plan on opening an account in the UK with a traditional bank, a friend of mine told me LLoyds bank do not have these charges, I'll need to look into it


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    #6
    Fingers Mcginty
    Registered Users Posts: 2,557 ✭✭✭Fingers Mcginty


    retalivity wrote: »
    You will probably still get idiot companies refusing to take SO or DD instructions from EU but non-IE IBAN's, like Revlout or N26, even though they are required to by law.

    That used to be the case but seemingly not anymore IMO.
    I setup up a virtual revolut card and use the IBAN for all DD's


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    #7
    kaerobe
    Registered Users Posts: 373 ✭✭kaerobe


    Im thinking of closing my AIB account in favor of the health services credit union who offer a current account and MC debit card.


    I really cant think of any reason to not say bye bye to AIB? The CU, or any other bank can have access to your banking history if required


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    #8
    j.quinn.esq
    Registered Users Posts: 21 ✭j.quinn.esq


    If you ever need a cheque cashed i find it is never a problem in the local pub i drink in , the owner knows me years and has no problems doing it, could be an option for you.


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    #9
    Jim2007
    Moderators, Business & Finance Moderators Posts: 9,988 Mod ✭✭✭✭Jim2007


    j.quinn.esq wrote: »
    If you ever need a cheque cashed i find it is never a problem in the local pub i drink in , the owner knows me years and has no problems doing it, could be an option for you.


    Well that will work unless it is specifically crossed, which is usual if the amount is large amount etc....


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