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Isle Of Man Bank


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I received a text message and then an Email informing me that Penny the mobile bank was hitting the road again, and all would be safe and hunky doree with people using it. Now considering that I live in Douglas and have never used this facility, nor am I ever likely to. This is a box approx 5ftx8ft with people  being in close proximity to each other, why then is the ever so much larger premises of Regent Street branch still closed to all but people wanting to get out of the rain and use the cash machine indoors. Is this just the pre cursor to it's closure, as with the rest of the island.

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While the 'click n go' card payments march ahead, never believe that your Bank account is 'Free'! Every merchant incurs charges, these are passed onto the public in their pricing structure.

Isle of Man bank are the worst at getting clubs and organisations onto online banking, a cheque is the only way to pay anything! Mind you. they seem to have been trying to put this type of customer of

Not really for local businesses.  But I'd happily be corrected.  Some of the 'online only' banks are fine for transactional stuff.  But I wouldn't really want to keep any big cash balances with t

It's mostly all online mate.

I phoned the Isle of Man Bank a few weeks back and it took over half an hour before I got through to a real live person to cancel my card because of a fraud.

But aye, it's all online mate.

 

 

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Don't know why they still call themselves the Isle of Man bank. At the rate they are dismantling their "services" and shoving everything on line (despite those who can't use it) it should really now be a considered as part of  Manx Telecom.

Just noticed there was an advert for Manx Telecom below. What a coincidence eh?

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31 minutes ago, Dirty Buggane said:

I received a text message and then an Email informing me that Penny the mobile bank was hitting the road again, and all would be safe and hunky doree with people using it. Now considering that I live in Douglas and have never used this facility, nor am I ever likely to. This is a box approx 5ftx8ft with people  being in close proximity to each other, why then is the ever so much larger premises of Regent Street branch still closed to all but people wanting to get out of the rain and use the cash machine indoors. Is this just the pre cursor to it's closure, as with the rest of the island.

Well they certainly don't need Atholl Street branch and Regent Street so it makes sense to close Regent Street 

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21 minutes ago, TerryFuchwit said:

It won't be gone in a decade. Zero chance.

Sooner than that most likely. Covid has done a lot to speed that up.

In the short term our online money won't actually really be digital. But that's coming too - proper digital government money as a protocol. At which point we won't need bank accounts in order to transact with each other. In terms of running a currency the advantages are enormous.

 

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1 hour ago, pongo said:

Most of it is online now.

Cash will be abolished completely within a decade. Cheques should have been abolished a decade ago.

Isle of Man bank are the worst at getting clubs and organisations onto online banking, a cheque is the only way to pay anything! Mind you. they seem to have been trying to put this type of customer off for years by messing them about! They are a joke part of a bigger joke organisation!

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2 minutes ago, Max Power said:

Isle of Man bank are the worst at getting clubs and organisations onto online banking, a cheque is the only way to pay anything! Mind you. they seem to have been trying to put this type of customer off for years by messing them about! They are a joke part of a bigger joke organisation!

I doubt that there is much money to be made providing banking services to clubs is there? Do they have to pay charges?

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11 minutes ago, pongo said:

I doubt that there is much money to be made providing banking services to clubs is there? Do they have to pay charges?

No, but they are usually in credit and sometimes require loans etc. Not much different to an individual's account really, but with fewer transactions.

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12 minutes ago, pongo said:

I doubt that there is much money to be made providing banking services to clubs is there? Do they have to pay charges?

No they’re free and f under £100k t/o I think, same as personal accounts and most small businesses accounts they cost a lot to run, everyone expects a free service but they cost money!!

anywhere else in the world you would pay for bank accounts. It’s a bit like sub post offices, they cost a fortune, not many people use them because t whine when they close!!

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2 hours ago, Apple said:

Don't know why they still call themselves the Isle of Man bank.

There has been nothing ‘Isle of Man’ about the Isle of Man Bank for years.

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34 minutes ago, Banker said:

No they’re free and f under £100k t/o I think, same as personal accounts and most small businesses accounts they cost a lot to run, everyone expects a free service but they cost money!!

anywhere else in the world you would pay for bank accounts. It’s a bit like sub post offices, they cost a fortune, not many people use them because t whine when they close!!

But surely the free money on deposit is worth something to the bank?

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7 minutes ago, Max Power said:

But surely the free money on deposit is worth something to the bank?

On deposit or just in a money transmission account? If it's not fixed/term deposit then it's generally not worth anything to a bank as it can't be lent against. Plus it's probably costing the bank to provide a service like this with no charges to a club for no fee.

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