(Ask nlgbbbblth) - My Weekly Bank Related Question (1 Viewer)

[Ciansy]

Thank you. That seems fair enough. I'd probably have been better off not knowing that I can safely enough take out an overdraft, though.

 

[Vinnie]

My lifestyle (board) determines my debt-style

 

[Diddles]

Dear nggglbth,

I am starting to put some money away for my tax but also have savings I want to, em, save and add to each month. The saving amount may vary but I will be keeping the tax money at a fixed amount. I don't mind keeping the tax money and savings together, I just want them away from my normal account so I don't dip into it. I don't want any of this money to be locked away, in case of emergency. I currently have a dual account (I don't really know what this means) with Ulster Bank. What are my best options?

 

[nlgbbbblth]

Dear nggglbth,

I am starting to put some money away for my tax but also have savings I want to, em, save and add to each month. The saving amount may vary but I will be keeping the tax money at a fixed amount. I don't mind keeping the tax money and savings together, I just want them away from my normal account so I don't dip into it. I don't want any of this money to be locked away, in case of emergency. I currently have a dual account (I don't really know what this means) with Ulster Bank. What are my best options?

Dual account = old skool account. 'Dual' referred to the fact that it was a savings account with an ATM card.

Re: options. Will revert tomorrow.

 

[CITY BABY]

dear nlgbbbblth,
meself and the quare wan want to buy a house ,arnt eliglble for a 100% morgage but can get about 96% or so. dont want to save for a deposit.were advised to borrow off the credit union, this is apparently illigal but commonly done, how do you hide this from the bank , what do you tell the credit union the loan is for?

cheers

 

[São Paulo Punk]

Dear nlgbbblth,

I just opened a student account with the Ulster bank. Is it true that they will give me a loan of 3,000 that is interest free until I am no longer a student?

I'm trying to finance a release for my band and was thinking of using it.

Yours sincerely,

SPP(a)

 

[Gambra]

Dear nlgbbblth,

I just opened a student account with the Ulster bank. Is it true that they will give me a loan of 3,000 that is interest free until I am no longer a student?

I'm trying to finance a release for my band and was thinking of using it.

Yours sincerely,

SPP(a)

They give you 650 in your first year and then increase it by 650 each year after that. You can apply for additional interest free overdrafts based on what year your in.. They don't do intrest free loans.. There are limits though.. Here they are:

1st Year: 1,750
2nd Year: 1,950
3rd Year: 2,250
4th Year: 2,500

 

[nlgbbbblth]

Site states here that you can borrow up to €2,800 on an interest free overdraft.

Loans are not interest free.

 

[DelGriffith]

Dear nlgbbblth,

If I want to cancel a direct debit with a bank how soon beforehand do I need to cancel it and can I do it over the phone?

Thanks.
DelGriffith, shower curtain ring sales guy !ninjaaaa

 

[muffin]

you would generally want to give them about a weeks notice as a direct debit is authorised three days before it actually debits yr account. also banks usually require it in writing but you can cancel it online if you have 365 internet banking with bank of ireland.otherwise you can drop in to any branch and they can forward it on or you can post it in.

 

[nlgbbbblth]

Dear nlgbbblth,

If I want to cancel a direct debit with a bank how soon beforehand do I need to cancel it and can I do it over the phone?

Thanks.
DelGriffith, shower curtain ring sales guy !ninjaaaa

Don't sign up for them in the first place....
Direct debits destroy lives and families.
By signing up for them you are giving someone else control over your bank account.

Ok, I presume it is a direct debit not a standing order?

1) If so you need to write to the originator (ESB, Eircom, NTL, Gym etc) informing them that you no longer wish to avail of their service and request them to cancel the direct debit with immediate effect.

2) Send your bank a copy of this letter.

3) Hope that the originator does the decent thing and doesn't present any more direct debits.

If subsequent direct debits are presented they can be returned unpaid with the reason 'mandate cancelled' or 'instruction cancelled' by the bank but only on the day of presentation - which basically means you have to keep an eye on your account yourself and ring them pronto if you see one going through. Some people think step 2) is sufficient and someone in the bank will check your account every day. I don't think isn't - ask your bank if that is the case.

If one slips through the net you will get your money back once you prove that you requested it to be cancelled - as this is provided for under the terms and conditions of the Direct Debit Indemnity Scheme - but you may have to wait a while.

 

[jack nance hair]

dear nlgbbbblth,
meself and the quare wan want to buy a house ,arnt eliglble for a 100% morgage but can get about 96% or so. dont want to save for a deposit.were advised to borrow off the credit union, this is apparently illigal but commonly done, how do you hide this from the bank , what do you tell the credit union the loan is for?

cheers

Over the past couple of years, Credit Unions have stated to sign up to the Irish Credit Bureau. Borrowings from CUs signed up to the ECB will show up on credit history reports. Not sure if there's a definitive list of all CUs that show up on ICB reports, but the following report says that it could be two yars before all CUs are signed up. This report is from two years ago:
http://www.woccu.org/press/intl_news/pressr.php?pressr_id=876

I know someone who borrowed the deposit on the sly from the CU, and the CU were aware exactly what it was for and didn't seem to have a problem with it. But you will need to make sure your CU is not signed to the ICB.

It should also be noted that in general, in order to obtain a CU loan, you will be expected to have savings with the CU and keep them there. So even though they traditionally give low-interest loans, it may not be the best way to borrow money (although I suppose the real benefit is being able to borrow for a deposit without it affecting the amount you can borrow for a mortgage - but also bear in mind that the mortgage providers apply lending criteria for a reason. Make sure you will be comfortable paying back a loan for a deposit while also paying a mortgage).

 

[DelGriffith]

Thanks Muffin

Why do I feel hungry?

 

[aoboa]

nlgbbblth
Any idea what's the best bank to set up a savings account for a kid?

 

[nlgbbbblth]

nlgbbblth
Any idea what's the best bank to set up a savings account for a kid?

Interest rate wise they're pretty much the same. Demand deposit rates are quite low but if you put it on 30 / 90 day notice then they get better.
The child cannot sign on the account until he/she is 7.

 

[Denny Oubidoux]

Is it normal for credit cards to sometimes be rejected when trying to buy stuff on the internet? I used it on saturday at a railway station and it worked fine

 

[nlgbbbblth]

Is it normal for credit cards to sometimes be rejected when trying to buy stuff on the internet? I used it on saturday at a railway station and it worked fine

Yes it happens sometimes.

Occasionally they will block 'unusual' online transactions which is a pain in the neck. Happens to me when ordering music and DVDs from places I haven't used before - Australian shops particularly.

Normally the retailer will email you saying that your card has been declined. You need to ring the credit card provider and assure them that the transaction is genuine. Then ask the retailer to put it through again - usually works out.

It's a security precaution and I can see why it happens but ideally the credit card company should telephone you and ask if the transaction is ok before declining it.

 

[Denny Oubidoux]

ah, thanks!

 

[classic seanc]

Yo boss, where would be a good place to put 19pointsomething thousand euro for a year, or maybe two? Probably two actually.

 

[Denny Oubidoux]

Yo boss, where would be a good place to put 19pointsomething thousand euro for a year, or maybe two? Probably two actually.