# Bank of Ireland Credit Card Query



## Tima Mansio (21 Apr 2010)

Hi there,

I am currently out of Ireland but have a difficulty regarding my bank of ireland mastercard credit card. My card had insufficient funds in it so I transferred 500 euro to it from my current account. However, my banking365 statement says the money has been transferred, I still get 'insufficient funds' when attempting to use my credit card. Can anyone advise regarding this?

Thanking you in advance


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## Deiseblue (21 Apr 2010)

in order for your card to become viable again it takes 3 working days from the date of your lodgement of euro 500


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## Brussels (21 Apr 2010)

If the transfer from current account to credit card was with the same financial institution your lodgement should be value dated and made available immediately - Payment Services Regulation November 2009. 
If the transfer was between different financial institutions it should be no longer than 3 days.


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## Tima Mansio (21 Apr 2010)

Yes, it was the same financial institution which is why I am concerned with the insufficient funds status. Would there be any particular reason as to why this money would not be available? If I had unwittingly gone over my credit limit, would the BoI have frozen my account?

Thanks again


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## Mpsox (21 Apr 2010)

Brussels said:


> If the transfer from current account to credit card was with the same financial institution your lodgement should be value dated and made available immediately - Payment Services Regulation November 2009.
> If the transfer was between different financial institutions it should be no longer than 3 days.


 
That correct, however if you look at the Ulster Bank Anytime website, they state the following
Under the *E.C. (Payment Services) Regulations 2009*, which came into force on 1st November 2009, we must ensure that payments to Ulster Bank Credit Cards via Ulster Bank Anytime Banking are given same day value & made available immediately for withdrawal. We are currently unable to provide this service but you will be able to access these funds 2 business days after the transaction date.

It then goes on to explain how you can apply for refunds of interest and charges.

I'm wondering if BOI are the same?


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## TarfHead (21 Apr 2010)

Assuming ..
1. both accounts ('from' & 'to') are registered under the same ID using 365 Online
2. CC is BoI card

If transfer is completed before 5pm on a working day, funds will be in the Mastercard account the following working day. If completed after 5pm (on a working day), funds will be in the Mastercard account the following working day.

Transfer from BOI current account ..
Mon 16:30 - funds in Mastercard account Tue morning
Mon 17:30 - funds in Mastercard account Wed morning
Fri 16:30 - funds in Mastercard account Mon morning
Fri 17:30 - funds in Mastercard account Tue morning
Sat 16:30 - funds in Mastercard account Tue morning

Could it be that the funds were transferred, but something else has blown your Mastercard limit, e.g. hotel reservation authorisation ? Phone Mastercard for a detailed explanation.


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## Tima Mansio (21 Apr 2010)

Hey everyone, thanks a million for all the help - this has been sorted now. Disaster thankfully averted! It was simply caught up in a bureaucratic bottleneck. Thanks again.


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## Towger (21 Apr 2010)

Tima Mansio said:


> It was simply caught up in a bureaucratic bottleneck. Thanks again.


 
Ahh, but that bottleneck is a beach of EU rules.


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## Brussels (21 Apr 2010)

Hi Tarfhead,
You timelines are no longer correct. The new legislation states that once a payment service provider is in receipt of funds for a customer it must value date and make them available immediately. 
SO a payment made during the day should be available to the customer on that day. Banks may also have a cut off for these payments which should be near the end of the buisness day.


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## TarfHead (21 Apr 2010)

Brussels said:


> Hi Tarfhead,
> You timelines are no longer correct. The new legislation states that once a payment service provider is in receipt of funds for a customer it must value date and make them available immediately.
> SO a payment made during the day should be available to the customer on that day. Banks may also have a cut off for these payments which should be near the end of the buisness day.


 
Yeah, but ..

When I paid my Mastercard in March, the dates & times were consistent with what I posted earlier, e.g. paid bill from current account on payday, payment is on credit card dated payday + 1 day.

Payment Services Directive may not yet be implemented in full. Banks seem to have other things on their mind  !


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## Renter27 (3 May 2010)

Tima Mansio said:


> Yes, it was the same financial institution which is why I am concerned with the insufficient funds status. Would there be any particular reason as to why this money would not be available? If I had unwittingly gone over my credit limit, would the BoI have frozen my account?
> 
> Thanks again



Oh they most definately freeze your account - I used my card one sunday evening to book a holiday , went slightly over the limit (64euros) , by wednesday I had a letter informing me that my account was frozen until the 64 euros was paid. I was absolutely livid, if they had taken the time to look at my account they would of noticed I make a payment EVERY single friday . Idiots.


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## cmlw85 (5 May 2010)

*RE: FYI 4 Payment and purchase issues on BOI*

I used 2 work for a credit card company - Payments are slow and well if you are attempting to make a large purchase after paying into the account you won't be able to do it for over 7-10 days as large payments take longer to appropriate on the banking system. The banks system won't recognise the payment if you are making the large purchase even though the payment has been received and shows on your account. The pc will see you made a lare payment and therefore will say your going to go over your limit for the 7-10 days period


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