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Irish bank pulls fast one on client to try to lodge money to their current account

Do you have both a current account and a savings account (a demand or term deposit savings account) with one of the main Irish banks? If you do, read on. 

A ValueIreland reader write in earlier this week to share their experience of just how desperate the Irish banks (or one of them at least) are to get money locked away on long term deposit.

Our reader went into a branch recently to lodge a decent sized cheque to their current account in order to pay some bills.

They went in with their cash card and presented the cheque to be lodged as one would normally do. The reader thought it was strange that the receipt provided was manually made out rather than printed, but confirmed with the teller that the money was available immediately (both accounts were with the same bank).

Given assurances from the teller that the money was immediately available, further cheques were written and posted out.

And all of the cheques bounced.

When checked with AIB, the reader found that instead of lodging the money into their current account, the money was actually lodged into a term deposit account, locking the money away for months.

As the reader says:

I had a feeling something was up when they gave me a written receipt rather than a printed one, but  suppose I shouldn’t have been so trusting when they told me the money was definitely available in my current account immediately.

I had no inkling that they would even be able to lodge the money to another account since I provided them with my cash card linked to my current account.

It just shows the efforts they’d have gone to to use that information to track down if I had any other accounts and then lodge the money to an almost dormant term deposit account rather than to my current account.

When confronted, a different teller in the bank concerned denied any possibility of any wrong doing – insisting instead that the VI reader must have asked to lodge the money to the term deposit account rather than their current account.
However, in a damning indication that the bank knew their own wrong doing, they immediately took the money out of the term deposit account and put it back into the current account, refunded the bounced cheque fees, and tried to close off the matter.


For anyone familiar with term deposits nowadays, it’s nigh on impossible to get money out before the term ends, so in doing this immediately without any fuss, to me it just shows that the bank knew well they’d been caught out pulling a fast one on one of their clients.

Moral of the story – as usual, never trust your bank, particularly an Irish one. And secondly, when lodging money in the bank, make sure you check your receipt – printed or written – and make sure the money has ended up resting in the account that you expect.

3 comments On Irish bank pulls fast one on client to try to lodge money to their current account

  • If it is true that the AIB put the money in the wrong account on purpose you are right to lambaste.
    This could be equally viewed that the customer made a mistake or the teller which the AIB rectified when it was brought to their attention, which is what they should do. If you have proof besides how hard it is to get money out of a long term deposit account then fair enough.

    I am no lover of the banks but mistakes are made on both sides of transactions at times.

    Never attribute to malice that which is adequately explained by stupidity


  • You could have a point James, but I don’t think at this stage we can put any actions of the banks down to stupidity any more.

    As someone who regularly goes into their bank with a cash card, a cheque and an instruction to “please lodge this cheque to this account”, I’m not inclined to go with the stupidity option here.

    When a teller takes the details from the cash card, this only relates to a current account – to go from there to any other account, to my mind, takes more malice than stupidity.

  • This is why I NEVER use my cash card for deposits – I fill in a slip and keep the counterfoil. It then HAS to go in the correct account.

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