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Switching from Ulster Bank to...

NotAnotherOrange

I've been with Ulster Bank ever since I moved to Ireland, in fact they gave us one of their more advanced current accounts for free, so I've never had to pay any fees for personal banking.

With them leaving the market I'm looking to switch soon so that I'm ahead of the inevitable rush when everyone realises they have to do it.

I don't really do anything special - use the app a lot to transfer funds around and to pay other people, the finger print access is handy as is Google Pay of course.

Is there any particular bank I should be looking at switching to? Looks like mortgages will automatically switch to TSB, but AIB seems a bit more switched on app wise.

Any recommendations?

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rameire

https://www.boards.ie/discussion/comment/119719688#Comment_119719688

accounts that were due to become non-operational on October 8, will now not become so until or after November 4.

faolteam

Can someone tell me Is the Ulster Bank Deadline Extended please?

Jim2007

https://www.boards.ie/discussion/comment/119717996#Comment_119717996

I believe it was the Social Welfare Consolidation Act 2005. The good citizens were opposed to the idea of national identity cards and their elected representatives agreed.

This would be the same people who brought you the passport identity card that can only be obtained along with a passport, so takes as long to get as the passport, while in the of Europe you can get them at local government offices in a matter of hours.

barry181091

Trying to move my mother to AIB and its a nightmare. She has no passport or driving license but does have a free travel card (All in one card with PSC). Told by a cashier that this was fine for persons over 66. Great, booked an appointment and went in. Nope, they will only accept a Free Travel Card on its own. Not a FTC with PPC card all in one. The reasoning was something along the lines of "it displays too much personal information". I was dumbfounded. How is this not valid ID? Absolutely ridiculous.

I see this on BOI's site:

We are unable to accept:

Public Service Card – under law we can’t use this as proof of PPSN or identity

Which law is this!? What is the point of this bloody card so!?

Munstersrebel

i moved to the Credit Union and its fine. Only drawback is my salary hits my ac onmonday morning rather than friday morning

[Deleted User]

https://www.boards.ie/discussion/comment/119713560#Comment_119713560

Dont worry, you will soon adapt to the inferior service from AIB. One thing I can do with AIB that I couldn't do with UB is top up my Revolut account with my AIB credit card. That has proven very useful!

El Weirdo

Jaysus, AIB's app is absolute rubbish so far.

Perpetual login loops where you put in the login details and you get directed back to the login page despite entering correct details. SMS verification codes only being received once in a blue moon. Virtually impossible to add any money to my Revolut account.

rameire

https://www.boards.ie/discussion/comment/119691122#Comment_119691122

Glad you got sorted.

Trackers are next June I believe. They go to AIB.

Fixed and variables are in the next week. They go to PTSB.

Slideways

I was starting to flap a bit as I’m in Australia and didn’t really want to use the “internet” banks.

Then I remembers I had an old credit union acc that the Ma kept active by chucking a few quid in every blue moon.

E-mailed them and then a follow up phone call and I was sorted. Can’t get the app though as it’s only on the Irish iTunes Store but the web page will do nicely.

What date are the tracker mortgagee due to move?

I sent some money home to chop a bit off the remaining amount and it took ages for them to transfer it over

BagofWeed

EBS's online stuff is fairly pathetic. That card manager app is an absolute joke and the authenticator is just a stupid pain. One app would be nice instead of having, 1 their online page, 2 the authenticator app and 3 their card manager app. And all three are useless. The UB app was in fairness very good, couldn't have asked for more with it tbh.

GBX

https://www.boards.ie/discussion/comment/119678803#Comment_119678803

Same as. Happy with it so far. Very easy getting set up with them.

phormium

https://www.boards.ie/discussion/comment/119670896#Comment_119670896

I don't think it's possible to change the domiciled branch without closing that account and opening a new one with the branch you want, now I imagine the bank can work it out between themselves to do it fairly easily but I'm not sure it's worth the bother.

For all the years I have had my mortgage the linked current account has been designated to a different branch to the one I have the rest of my accounts in, it has made zero difference. Gone are the days when you had to bank in a particular branch for them to be able to deal with the account or you needed to speak to 'your' bank manager so I don't think I'd bother.

everlast75

Couldn't bring myself to go to AIB or BoI so I joined the local credit union who have a current account.

App online allows joining online for a shares (or savings) account. Applied in person for a current account. All set up, a day or two to wait for the debit card.

El Weirdo

Myself and herself set up our joint deposit account with AIB a few weeks ago, and I've just opened a personal current account on the app there now. Easy process since we'd done the ID stuff in-branch for the deposit account, but I've noticed that the sort code for my new current account is for the branch in Letterkenny. I'm assuming it's because I had an account up there when I was a student 25 years ago, but that isn't my local branch. I hardly even used that account and thought it was well closed by now.

Does anyone know how easy it is to change the branch on my account or is it even worth the hassle to do it?

jj880

https://www.boards.ie/discussion/comment/119662636#Comment_119662636

Future credit rating?

Jim2007

https://www.boards.ie/discussion/comment/119662636#Comment_119662636

Who said they won't exist? They will give up their banking license, but in my experience it can take up to 20 years before a company is finally dissolved and ceases to exist. Most likely they will package such debts up and sell them to someone who will be very motivated to collect on them.

rameire

https://www.boards.ie/discussion/comment/119662636#Comment_119662636

You will be mistaken if you believe the bank won't be there in a few months.

But they may have a policy to write off small balances.

Thewires

I have finally transferred all my direct debits to my new account, although my last energy bill was allowed to go through, leaving me overdrawn. im tempted to just leave it as is. Realistically what are the penalties for owing a few hundred to a company that won’t exist in a few months?

Dream123

https://www.boards.ie/discussion/comment/119662176#Comment_119662176

I think fairly safe to assume they aren’t going to bother chasing €3.40, I expect they will just write off as minor fees or whatever caused it

barry181091

https://www.boards.ie/discussion/comment/119662169#Comment_119662169

Ok, it took all of ten minutes to set up an AIB account on my phone. You can't beat that efficiency.

blackbox

I had some savings in a ub current account.

I transferred it all to state savings so that my ub balance was 0.00.

I see my ub balance is now -3.40.

Will they expect me to send them a cheque?

barry181091

https://www.boards.ie/discussion/comment/119662161#Comment_119662161

Yeah, you're right. I am tempted to go all online only like revolut considering its guaranteed up to 100k now.

Jim_Hodge

https://www.boards.ie/discussion/comment/119662150#Comment_119662150

You really need to look at them yourself and decide based on what you want/need. UB online was hard to beat. We ended up with AIB and all good enough so far.

barry181091

Is there a consensus on the best bank to move to? I like EBS as its free but it sounds ancient in terms of the app and online stuff. UB was amazing with the app and online experience.

Jim2007

*** MOD ***

I have deleted a number of speculative posts.

[Deleted User]

Switched my sole and joint accounts from UB to AIB recently.

Had to move 12 direct debits, 8 recurring card payments, 2 salaries plus child benefit.

Decided to do everything manually myself. Just kept a record on Excel of when every payment was due and timed the switching as soon as a payment went out/in.

All direct debits were successfully taken from AIB the month after moving. Only one originator asked for a paper mandate. All the others allowed me change over the phone or online.

No problem with any of the card payments.

No issue with the salaries or child benefit.

phormium

https://www.boards.ie/discussion/comment/119591301#Comment_119591301

Thing is though I don't think there are that many of them and it's a long time since one was issued so well into their terms at this stage, I only have 7 yrs I think left on my so in general they are not huge amounts o/s v ltv I would say. That scenario is a pretty small risk I would say, the excess savings are you said are probably a greater nuisance for a bank these days!

fliball123

https://www.boards.ie/discussion/comment/119591162#Comment_119591162

I have seen stranger things if property prices drop to below what someone has in their savings so hypothetically. You have a house that is worth say 300k and you owe 200k on a mortgage and you have 200k in savings so your not paying interest at all. If the house price drops to 150k (I know 50% is highly unlikely but it happened before and as recently as 2008 so never say never) you still have 200k in your a/c you could take the 200k and put it under the pillow or where ever, strategically default, live for 10 years without paying a mortgage and if your saving that amount that you were paying off the mortgage you are in a much better financial position in 10 years time. It all depends on house prices do, but for the life of me I cannot see how property prices will continue to rise with the way interest rates are going surely it has to impact both affordability and demand. As I say this kind of mortgage for a bank looking to buy has a lot of risk attached which is why I reckon they have not been dealt with.

phormium

https://www.boards.ie/discussion/comment/119591142#Comment_119591142

I would never have come up with that theory!

Whatever about the banks not wanting the extra savings which I could see how that would be at the moment surely the amount of people in the bracket who have enough to offset their full mortgage with savings are not the cohort likely to do a strategic default, why would you bother with the hassle! At the end of the day you'd still have to pay up or sell up!

fliball123

https://www.boards.ie/discussion/comment/119591071#Comment_119591071

Well Irish bank accounts have a record swelling of savings in them and by using these savings and offsetting the interest on the mortgage, the savings become more and more expensive for the bank taking these mortgages on (if any bank does take them on) as interest rates go higher. So a person with this kind of set up could have the whole mortgage or partial mortgage offset by savings and if the person wants they can take the savings out hide the savings from everyone and default on the mortgage and live there without paying a mortgage for 10 years. So is the juice worth the squeeze. Obviously the latter of defaulting can happen on any mortgage but at least banks taking on the mortgage would be covered in part by interest being paid.