Richie Boucher: BoI is deliberately charging a high SVR to encourage people to fix

Good luck getting that formula off Ulster Bank, I've asked for it several times (p.s. I am pretty certain they are using Microsoft Excel spreadies to do the grunt work ). My annual statement will be out shortly. Cue me ringing them to explain why they are incapable of providing accurate information and them explaining to me that I shouldn't go by the statement as it isn't accurate
 
Bronte said:
It doesn't matter to posters with mortages not in NE if a bank is going to pull out of Ireland does it. They can always switch to another bank.
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Yes and no. Being in positive equity is only one of the factors towards switching mortgages. Others include salary, general expenses including childcare, changing jobs recently, any other 'blemishes' on the credit record etc.

I know a few who are in positive equity and cannot switch due to carrying a bit too much debt from the Celtic Tiger years (investment loans for BTL's) etc

But yes, I accept in general that those in positive equity may be able to move providers.
 

I guess it all depends on your personal experiences, and who you get to deal with. I prefer when I can do all my banking over the internet or just fill in a form and post it. Dealing with people is never a good experience for me when it comes to banks.

That said, my experiences with BoI have been positive enough (in general). I had issues with AIB over a decade ago, but trying to do day to day banking when abroad back then was a pain in general (before proper internet banking facilities).

I hope you don't mind me saying this @Bronte but the above statement reminds me of a friend of mine who lived in Australia. He used to fly home ever year, and after each flight he would raise a formal complaint with the airline for some reason - missed connection, lost baggage, poor seat choice, not being upgraded etc. Each time he swore he would never fly them again. In the end, he ran out of choices and had to go back to one of them. The same will end up with banks - only a limited amount of them so need to work with them.
 

That's a great story. Sometimes you have to deal with companies you do not want to deal with.

Brendan
 
I haven't banked with AIB or BofI in 30 years and I never will. EBS likewise but not in the same league. I have to stay with Ulster for a while yet. But I've fixed my rate so happy days. I'd bank with my credit union if that was really possible. I'm a happy customer of KBC for three years. I'm well aware that I need to work with my bank. But I happily am not a new desperate for credit customer anymore. Now I really have choice. So I don't really care what they do.
 
Bronte said:
.... I'd bank with my credit union if that was really possible.
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That is a shame and something I have heard from quite a few people over time. It often boils down to convenience, limited services or cost. Nonetheless, where possible I would encourage you (and everyone else) to try and put some business with their local credit union simply because they are mutual, community based etc. If no one deals with them, then they will all fold. However, if you put business with them when you can, you might also head along to their AGM and help drill home to them what changes are needed to meet today's membership / customers

....Now I really have choice. So I don't really care what they do.
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While I appreciate why you are saying this, the problem is that you and many others not really caring what they do anymore makes it easier for them to do what they want. You may not care now, but there may come a time again in the future when their actions impact directly on you, what then ? Are we not all better off trying to fix some of the problems before they impact on us (personally) ?
 
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