Large queues at Bank of Ireland ATMs this evening.
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0ph0rce0
They will have got rid of customers who will only be trouble anyway.
If you have a revolut account you had no need to physically go to an atm to withdraw money. You just request, via revolut, funds to be taken from your BOI card and put into your revolut account.
So you could be from anywhere in the world and at some stage were in Ireland using Bank of Ireland. You have the digital card details saved to your revolut (or similar) account and you’re no longer in Ireland. You find out about this glitch yesterday and try and transfer money over and it works.
How do BOI find you?
I think those who stole money from BOI last night have done them a great favour. This is the story today.
The story really should be how many people BOI have let down over the last day or two. A quick stroll through TalktoBOI on X/Twitter shows complaints about people not being able to pay their staff wages, people unable to top up their electricity or pay their bills on time etc.
It's good to see new FinTech banks taking business from traditional banks. It's the only way they'll change.
BOI's online presence has been a mess from day 1. Their mobile and desktop offerings have always been buggy.
They chargeback the transfer and your revolut is now in debt.
Oh I didn’t realise that they could do a chargeback.
Bank isn't “withholding” anything.
BOI took over on a core banking transformation many years ago. They have burned billions on what is turned into a failure. In the second article below both people mentioned have been let go, the person brought in by the bank to run the project from Aus was let go.
The companies involved are listed below but the 500m project was nearly 3bn at last count. If you google how much Bank of Ireland has given to Accenture over the last 10 years the numbers are eye watering.
Yestedays error is just a long long running list of issues with BOI over the years. All while ploughing money and more money into Accenture. Then to save money BOI outsourced their procurement department to......answers on a postcard
So their procurement department who is supposed to drive value for money is not responsible for awarding contracts to it's big supplier. Only in Ireland
By the way, CBOI stood by and watched all this happen. Again asleep at the wheel.
https://www.fintechfutures.com/2016/10/accenture-and-capgemini-to-work-on-bank-of-irelands-tech-revamp/
https://www.fintechfutures.com/2021/05/bank-of-ireland-coo-inside-every-bank-theres-a-tech-company/
Well, they wanted to get rid of their customer-centric branch network (their strength) so that they could focus on online service (their weakness).
It's a masterful strategy !
Are you sure? Revolut wouldn’t accept being out of pocket if the account holder decided never to use that revolut account again.
Well, if you deliberately take money you've no rights to have, without any permission, it will be seen as theft or fraud and there have been cases where people have gone to prison over similar abuse of an error.
I'm no fan of the banks, but it's utter nonsense to assume that you can or should hang onto this money.
And I doubt they have the money management skills to ration their “free” money until it’s paid back
Sure the whole online system wasn’t working, i couldn’t transfer anything to anywhere.
They’re in the swing bridge stage, where one side has been left and the other not reached, with a swaying path between
Just tried to withdraw money at a Dundrum ATM… “transaction cancelled”
Transfer was the wrong word. Top up your revolut account using your bank of Ireland debit card was how it was done
I think the last time this happened in 2013, AIB had to foot the bill for a substantial portion of the money withdrawn.
Most people that did this have around €0.00 in their accounts anyway so it doesn't matter to them.
The other thing is that this didn't just happen. The flaw/issue has probably been in place for a long time and a few people knew about it. then during the week someone spilled the beans on social media and mess then followed.
Reputational damage is huge, the regulator will need to get involved. Banks are insured, I'd say they'll get some of the money back but not most of it.
Revolut are not going to be out of pocket because of failure on the BOI side. So unless BOI want a very expensive court case on their hands, they won't try get the money back off Revolut.
In reality they will get the majority. To open an account you have to provide so much information they will be able to track you down and if you don't pay then they will ruin your credit rating. Which is worth a lot more than 1k to most people.
Of course a few people will get away with it becuase they won't be able to pay back but this will be in the minority
If do wonder about the stupidty of people to think they will get away with this type of thing
Also I heard in Navan, people would take out the 1k, walk down the road and a group was robbing the people. Not sure how true but serves them right, they are now 1k in debt and no 1k to show for it
For people that don't challenge it, yes they'll just have to pay it back.
For people that do, they'll probably just claim the 8th: "Say they thought there was €1,000 in their account and transferred it. If there wasn't BOI shouldn't have allowed the transfer to happen, and that it's their problem for giving it, and they cant pay it back"
People know how to game the system, and the bank is on damage control now for the next while, they don't want anymore bad publicity.
€1,000 loss is cheaper than a €10,000 court case.
Write it off, don't let it happen again.
That's why the Garda were at the ATM's
BOI really should stop all fees for the remainder of the year
Ah here has no one told you the Garda were protecting the banks ?
They were protecting people from their own stupidity. The amount of absolute ticks walking around with €1000 in their pockets yesterday evening. I'd say a heap of people were mugged. I'm hearing stories, but not definitive proof.
Doesn't work that way, we have seen cases with people been given 1 mil etc by mistake and they have to pay back.
In reality it won't cost 10k in court. They will just strike off your credit rating. That doesn't need court.
They won't write it off. That would be the worse thing to do and set a precedent. No-one in BOI or any company wil be able to say it won't happen again, or what will be the value next time. They will chase down everyone and it ain't too hard. They will make people pay or ruin their credit rating.
Anyone who thinks otherwise is deluded
Have worked with Temenos. T-24 is horrid if you don't know the platform or have the skills to effectively deliver. You would need to be skilled up with it as its very difficult to get a handle on. That's probably a huge part of the problem, hiring people with no experience of T-24.
Eye watering indeed!
Why?
They are incompetent for years. If they stop bank fees now they will never be able to start them again
Temenos is just the application, any of those core banking applications are in reality a pig, the implementation is down to the partner.
Not hard to find out what Accenture do in market place if you ask any customer. For a 500m project to still not get delivered at close to 3Bn you know what type of people got hired for the deployment
Moments like these that show how greed is the deadliest of sins..
If anyone tries to defend it by saying they thought they had €1000 in the account then they cannot complain when the whole thing is in overdraft waiting to be paid back, because the natural conclusion to that line of thinking is that you had a transaction of at least that amount expected shortly.
I understand your point but youre looking at it from the perspective of a working person.
There is no way the govt will allow social welfare dependents to go withour money for 4 or 5 weeks.
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