BOI home mortgage

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vector

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I recently received a lump sum (from a decesed relatives estate)

I'm about to pay off my mortgage (about 175k)

The letter I have just received from BOI instructs me to pay the sum into a branch in O'Connell Street dublin with an account number beginning with 999, even though my mortgage is in a branch in cork.

I guess this is a holding acount* of some type and that the sum will then be credited to my actual mortgage account.

Does anyone know the BOI story with this 999 account?
 
Yes. The mortgage system is not part of branch banking. That account is simply their Mortgage Clearing Account. Its the one account for the whole Bank. Quote your mortgage account number on any transfer.
 
I have a BOI lodgement slip in front of me (I assume that what I want to do, ie a mortgage redemption is processed as a normal "lodgement") there is no space on the slip for a narrative.

That said if it was possible to include a narrative it would be my 8 digit reference number (what a silly thing for them to do to use 8 digits, makes it look like an account number) I wonder how many people mistakenly pay money into this reference number thinking it is their account. Could be a nice earner for the bank, as the daily interest is acrued daily, and any problem might take a week to redirect.
 
I frequently transfer money from a BoI a/c to an EBS a/c, and it goes through a similar 'central holding a/c. I lodge it to a/c 'ABCDEFGH' and put 'IJKLMNOP' (my EBS a/c no.) as the reference. If you're worried about it going through in timely fashion, I'd suggest you double-check at the BoI branch you're using — they should be able to reassure you.
 
vector said:
(I assume that what I want to do, ie a mortgage redemption is processed as a normal "lodgement")
Click to expand...
Ehm, I wouldn't necessarily assume this...(?) Again, check with your branch.
 
The credit to Mortgage Clearing is treated as same day value to mortgage at least as far as BoI is concerned. Thats a fact. Your eight digit account number is the reference. Usually the Mortgage Adviser will help
 
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