BOi closing 103 branches in ROi/Ni - new deal with An Post

TempAc · 01-03-2021 4:32pm

McGaggs wrote: »

And I don't see the link between accessing savings and needing a branch. I haven't done an in branch savings withdrawal since 2002.

There isn't one really, it's more about habit than necessity, and it's certainly not about convenience. People enjoy the action of going into a branch to make lodgements/withdrawals.

Last year someone tried to pay me with a cheque, I just looked at them and told them that was of no use to me since I couldn't do anything with it. Upon querying why they were still using cheques it was pretty much along the lines of "I've just always done it like that".

As much as BOIs online banking is absolutely horrendous, and the payments are appallingly slow due to a lack of SEPA instant, it is still quicker than going to a branch to do banking, or have someone to try and cash a cheque.

People's arguments for in branch banking most of the time amount to because they just don't want to/couldn't be bothered doing it any other way. Reality is that that attitude will just cost them and be progressively more inconvenient for them as time progresses.

CrabRevolution · 01-03-2021 5:18pm

Deleted User wrote: »

Every time there’s news like this, it just reminds us that towns all over Ireland are dying. Hopefully 20 years from now, with advances in technology people will be flooding into these main streets living and working in a type of technological working hub, pedestrianise the streets, make them completely different to what they are right now- probably pie in the sky but we’ve got to start dreaming here - grants to convert empty commercial buildings into accommodation - less planning granted for big estates on the edges of towns until the main st is revamped first with mixed housing- apartments houses etc

Like I said this is pie in the sky thinking but radical thought ideas are needed now as current approach not working

I admire your optimism, but look at just about any county council around the country and most of the councillors advocate pretty much the opposite. They want more one off housing and fewer people in towns, and even in the towns they want more on street parking and access for cars.

Sheep Shagger · 01-03-2021 9:08pm

JTMan wrote: »

Bank of Ireland today said that they are considering implementing negative rates on deposits over 1 million euros.

AIB have said the same previously.

Once AIB/BOI take the lead with negative rates, others will follow.

So vast majority of retail customers won't be affected.

Corporate customers have been charged negative rates for years.

The J Stands for Jay · 01-03-2021 9:48pm

Sheep Shagger wrote: »

So vast majority of retail customers won't be affected.

Corporate customers have been charged negative rates for years.

I do wonder what kind of person has €1m on deposit. I suppose there could be lots of people who have it there on its way to another investment.

deravarra · 02-03-2021 1:16am

The one thing I was bemused with in the BOI reasoning for closing so many branches was that they had invested a lot into their online offerings.
I can say without any hesitation that no Irish bank gives anything like a half decent online experience, especially when it comes to their apps.
The one bank to did alright was Ulsterbank - and they're going.
PTSB came a good way back, and AIB along with BOI are quite poor in terms of UI and UE.
We also do not have what other banking/finance apps have: push notifications as with the likes of Revolut and N26. The ability to be able to lodge a cheque using an app (Halifax customers in the UK can do it - and many banks in the US can do it). Just these two, if implemented, would make a significant change for the better. Those, along with availability of google pay AND samsung pay would help customers a lot.

For a country with a lot of Fintech business and start ups, we sure are lagging behind when it comes to consumer banking offerings.

Jim2007 · 02-03-2021 1:53am

Deleted User wrote: »

They didn't actually make a loss, there was 1.1b set aside for bad loans arising from the pandemic, these losses haven't actually occurred yet, and might never occur.

It does not work like that, you can’t just randomly pluck something randomly out of the accounts and just decided without any basis that it can be excluded.

Firstly, I have never encountered anyone in senior management that wanted to report a bigger loss than was necessary. It impacts their bonus, their pride, power and even job security.

Secondly, these figures are not plucked out of the sky, they are built up under the supervision of risk management going over the loan books and looking into the circumstances of the more shaky loans.

Third, there is the public auditor will want to cover themselves as well.

So the final figures represent the trade off between the three, it is not something you can dismiss out of hand because it suits you.

JP Liz V1 · 02-03-2021 1:55am

72 euros per year charges and now closures :mad:

Jim2007 · 02-03-2021 1:02pm

JP Liz V1 wrote: »

72 euros per year charges and now closures :mad:

And you think they should continue to swallow losses for the sake of 72 Euro....

As taxpayers and owners, we need to see BOI etc. advance so the state recovers the capital we put in.

Slutmonkey57b · 02-03-2021 3:31pm

Jim2007 wrote: »

And you think they should continue to swallow losses for the sake of 72 Euro....

As taxpayers and owners, we need to see BOI etc. advance so the state recovers the capital we put in.

In fairness to boi, they're one bank that did pay back the taxpayer and isn't in majority ownership by the state.

BOi closing 103 branches in ROi/Ni - new deal with An Post

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