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BOI to AIB

  • 02-08-2020 12:37pm
    #1
    Registered Users Posts: 119 ✭✭


    Hi there, My brother died last year and he left his house to me in his will. I have only taken it over about a month ago and the tenants usually pay their rent on friday. For the past 3 weeks they have been very good paying rent. the money usually comes into my account on a saturday and it comes from a bank of ireland account into my aib account. however it still isn’t in my account. to my knowledge it’s usually taken out of their account in the evening. should i wait until monday/ tuesday and wait until it comes in then? i heard it usually takes 1 business day. i am all very new to this and i won’t lie i am stressed out. my brother told me before that the tenants always paid the rent on time through a standing order


Comments

  • Registered Users Posts: 796 ✭✭✭Eduard Khil


    Bank holiday weekend payments can be slower getting processed


  • Registered Users Posts: 312 ✭✭MrsBean


    Bank holiday weekends can sometimes cause a delay as the Sun and BH Mon are not 'business' days - I've never received a bank transfer payment on a Sunday or BH Mon. I would wait until Tuesday before jumping the gun.


  • Registered Users Posts: 119 ✭✭barbiegirl123


    Should it not have come into my account on the Saturday though since they have been for the past 3 weeks? They pay the rent on a Friday and its always been in my account on the Saturday


  • Registered Users Posts: 119 ✭✭barbiegirl123


    MrsBean wrote: »
    Bank holiday weekends can sometimes cause a delay as the Sun and BH Mon are not 'business' days - I've never received a bank transfer payment on a Sunday or BH Mon. I would wait until Tuesday before jumping the gun.
    Do you think it should have gone into my account yesterday though?


  • Moderators, Business & Finance Moderators, Motoring & Transport Moderators, Society & Culture Moderators Posts: 67,098 Mod ✭✭✭✭L1011


    BOI have exceptionally slow systems. Just wait.


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  • Registered Users Posts: 119 ✭✭barbiegirl123


    Yeah I will wait until Tuesday. This is all new to me and causing me stress atm.


  • Registered Users Posts: 312 ✭✭MrsBean


    If it's causing you stress and it's something you don't want to do long-term, maybe you could look for advice in the Accommodation & Property forum. Someone might be able to recommend an agency that could take over the rental arrangement for a fee etc.


  • Posts: 13,712 ✭✭✭✭[Deleted User]


    Yeah OP it sounds like this is a stressful time for you.

    It would be common practice to allow 3 days' grace on a payment, and if nothing arrives in your account after 3 days, contact the tenant.

    The sad reality is that for a lot of people, rental income can be unreliable. I don't know how reliant you are on it, but you probably already know that it's vulnerable to pisstaking.

    Nevertheless, I'd go with the 3-day 'rule of thumb' before saying anything.


  • Registered Users Posts: 938 ✭✭✭gauchesnell


    yeah wait until tomorrow. Nothing processes over the weekend or bank holiday especially from a BOI account. If my salary date falls on a Monday I get paid into my AIB account on a Friday but any colleagues with BOI account it doesnt appear in theirs until Monday.


  • Registered Users Posts: 3,817 ✭✭✭Darc19


    If you are stressed out over a payment not coming in the exact hour you expect it, then you need to either sell the property or have an agent manage it.

    A tenant could play you and stay many months without payment and cost you thousands in legal fees. - Very few out there like that, but if you intend being a landlord you need to know what can happen.


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  • Registered Users Posts: 13,505 ✭✭✭✭Mad_maxx


    I've seen it take five working days for money to land in BOI from other Irish banks, you'd think it was sent from Pandora


  • Registered Users Posts: 119 ✭✭barbiegirl123


    Yeah OP it sounds like this is a stressful time for you.

    It would be common practice to allow 3 days' grace on a payment, and if nothing arrives in your account after 3 days, contact the tenant.

    The sad reality is that for a lot of people, rental income can be unreliable. I don't know how reliant you are on it, but you probably already know that it's vulnerable to pisstaking.

    Nevertheless, I'd go with the 3-day 'rule of thumb' before saying anything.
    Yeah I will wait until Tuesday.


  • Registered Users Posts: 938 ✭✭✭gauchesnell


    Yeah I will wait until Tuesday.


    just to note these should be business days. BOI are terribly slow banking compared to AIB. AIB to BOI transfer for me is normally same day

    BOI to AIB can take up to 2 days

    It will be grand


  • Registered Users Posts: 13,150 ✭✭✭✭cj maxx


    Open a boi account and then transfer to your own AIB.


  • Registered Users Posts: 3,817 ✭✭✭Darc19


    Mad_maxx wrote: »
    I've seen it take five working days for money to land in BOI from other Irish banks, you'd think it was sent from Pandora

    Simply not possible if it's electronic transfer.

    Cheques and bank drafts, yes as it's an archaic system which due to Cheques being phased out will not be updated.

    Electronic transfer made before the cut off time (usually about noon) between aib, Boi, and ulster is in the account of the other person by end of the day.
    To/from KBC / ptsb would be next day as they are not connected to the same systems as the big 3.

    If the transfer for the op was made Friday afternoon, it will be Tuesday before it shows in their account.


  • Registered Users Posts: 119 ✭✭barbiegirl123


    Thanks everyone. I’m just confused though why the transfer from their BOI account to my AIB account would always come into my account after 1 day (it would come in on a saturday) and now it just isn’t coming in


  • Registered Users Posts: 938 ✭✭✭gauchesnell


    Thanks everyone. I’m just confused though why the transfer from their BOI account to my AIB account would always come into my account after 1 day (it would come in on a saturday) and now it just isn’t coming in

    it is just BOI honest. They are ****e processing. AIB are better processing thats all.

    its a weekend and a bank holiday

    check Tuesday and see.

    When I transfer money to AIB from BOI it normally takes 2 days - but thats because it is BOI.

    Honestly if it stresses you out this much maybe take the advice of previous poster and hire an agent to take over.


  • Registered Users Posts: 119 ✭✭barbiegirl123


    Thanks everyone for the feedback. I think the tenants did pay this weeks rent as it automatically comes out of their account through a standing order and they have been tenants there for 10 years and from what i have heard there was never any problems paying rent.


  • Registered Users Posts: 119 ✭✭barbiegirl123


    it is just BOI honest. They are ****e processing. AIB are better processing thats all.

    its a weekend and a bank holiday

    check Tuesday and see.

    When I transfer money to AIB from BOI it normally takes 2 days - but thats because it is BOI.

    Honestly if it stresses you out this much maybe take the advice of previous poster and hire an agent to take over.


    Thanks everyone for the feedback. I think the tenants did pay this weeks rent as it automatically comes out of their account through a standing order and they have been tenants there for 10 years and from what i have heard there was never any problems paying rent.


  • Registered Users Posts: 119 ✭✭barbiegirl123


    update: the money went into the account this morning, thanks for all the help


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