Is there a price for Bank Loyalty?

I

Itchy

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Currently debating moving my Current a/c provider. I have been with BoI for over ten years now. I have had all the accounts from 2nd level, 3rd level and Graduate. I have had a good service from them over that time. I have had some minor issues regarding internet banking etc. more fustrating that anything. I can live with that for a free service!

I am questioning, however, if the service is worth the flat fee? Especially when there is an alternative option with a competitor that I have had a positive experiences of? Is 'loyalty' worth it? For example, I may be interested in getting a mortgage in the next 2/3 years. Is it possible to leverage any of that loyalty for a cheaper rate? I'm not running millions through my account anything so I'll never be in the 'Private' suite!
 
Hi Itchy.

The answer is no. all mortgage decisions etc are taken care of in a centralised location and your local Branch Manager will hold very little sway with those who make the decisions. If your account is good and your application stacks up you should receive the funding from any of the lenders in the marketplace. Currently there are thousands of customers whom have been loyal to BOI for decades and now they're being told we don't want your business anymore because they cannot use lodgement machines etc !!
 
There is absolutely no loyalty shown by the banks towards the ordinary customer. You are expected to use low class robots when lodging etc. in your local bank and if you want to make an application for a loan you are allowed to interact with as often as not a disgruntled human who will forward your application to a more refined robot in Dublin. Robots generally have no sense of loyalty and I think some of the staff are developing similar behavioural symptons.
 
No there is no point in loyalty to any bank anymore, it matter little for any future business. But there is still a certain reluctance to changing banks for some people, the banks knew what they were doing with the 1 pound accounts given to kids in schools, many of those accounts kept the future adult a customer.
 
I don't believe there is any value to thinking a bank will be loyal to a customer. But a long sustained track record with a bank will help in getting loans. That's a business decision.
 
In my experience: zero. With PTSB 30 years, no credit issues at all, good income and zero flexibility from them with regard to a relatively small mortgage on a holiday home. Unfortunately they appear to have the best option for current account charges at the moment.
 
Didn't think I would ever hear the words bank and loyalty in the same sentence again !!
But anyhow..
Kindly never allow yourself to be fooled a bank is loyal to you.
They will quickly abandon any faked loyalty if things go downhill for you.
As mentioned, unless you are putting millions into the bank - expect less than zero loyalty or service.
 
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