Advertisement
If you have a new account but are having problems posting or verifying your account, please email us on hello@boards.ie for help. Thanks :)
Hello all! Please ensure that you are posting a new thread or question in the appropriate forum. The Feedback forum is overwhelmed with questions that are having to be moved elsewhere. If you need help to verify your account contact hello@boards.ie

Certain Bank Charges

Options
  • 02-05-2009 1:42pm
    #1
    abouttobebanned
    Closed Accounts Posts: 6,943 ✭✭✭


    There are a lot of bank charges that we pay and don't really think too much about. Some are understandable for a company out to make money, but there are others that i really can't understand. One in particular.

    If a company tries to take a direct debit from your account, and you don't have enough money to cover it...the bank charges you 12.70. Why? What did the bank have to do to justify charging you 12.70?

    I'm sure someone clever on here will have the answer, but I personally think it's an unbelievable rip off.


Comments

  • Options
    #2
    Cabaal
    Moderators, Technology & Internet Moderators, Regional South East Moderators Posts: 28,489 Mod ✭✭✭✭Cabaal


    Count yourself lucky your not in the UK where its common for such charges to be around £30-£35 for a missed direct debit,

    Not sure the reason how they come to this amount but I'm sure its outlined in the DD scheme or a/c T&C's you agreed to, maybe have a quick look over them?


  • Options
    #3
    Toots
    Administrators, Business & Finance Moderators, Society & Culture Moderators Posts: 16,919 Admin ✭✭✭✭✭Toots


    Basically the reason is because there is actually a good bit of administration work to be done around unpaying these direct debtis. Some will automatically bounce, but a lot of them get referred to credit control where someone has to have a look over your account and make a decision on whether or not to unpay the DD. I'd say it'd also encourage people to make sure that they keep enough money in their accounts to meet any obligations they have.


  • Options
    #4
    dudara
    Registered Users Posts: 33,518 ✭✭✭✭dudara


    Moved to Banking & Insurance & Pensions

    dudara


  • Options
    #5
    MunsterCycling
    Registered Users Posts: 4,864 ✭✭✭MunsterCycling


    Maybe the banks use this money to properly train their staff on the correct procedures of the DD system*


    MC


    * Oh wait, no they don't, they pocket it.


  • Options
    #6
    Toots
    Administrators, Business & Finance Moderators, Society & Culture Moderators Posts: 16,919 Admin ✭✭✭✭✭Toots


    Munster Cycling, helpful replies only please.


  • Advertisement
  • Options
    #7
    Davy
    Registered Users Posts: 19,340 CMod ✭✭✭✭Davy


    Boi charge €12.70 for Direct debit, cheque and standing order unpaid charge.

    Thy also charge an overdraft set up fee of €25.00, and even €5.90 for a lost/replacement card!

    I just picked Boi as one example, as it matched the Op case. All banks have similar charges. The thing is to avoid as many of these as possible. Switch to a provider who has the fewest and lowest charges.

    Use this link, and click each bank. It will explain each charge.
    http://www.itsyourmoney.ie/personalcurrentaccountcomparison

    Worth noting credit card also have similar charges for late payment fee and over card limit fee of often over €15!


Advertisement