New Bank of Ireland fees to hit more customers

sarahlulu

snaps wrote: »

can you transfer 3000e from your savings once a quarter and then transfer it back again?

In order to avoid fees, you have to either:
1. Maintain a balance of E3000 in your account for the entire quarter
or
2. Put E1000 through your account each month and make three transactions per month online or using Banking 365 phone.

Transferring E3000 once a quarter would not be enough.

Yillan

I was just debited €0.23 from my BOI current student account. I didn't think student accounts were affected by these new fees, but for the first time ever, I look at my online statement and it says that yesterday they took €0.23 off me for INTEREST. I have been overdraft during the year, but at the moment, my account is very much so in the black and has been for the past couple of months. Can anyone explain what this is?

William Powell

Yillan wrote: »

I was just debited €0.23 from my BOI current student account. I didn't think student accounts were affected by these new fees, but for the first time ever, I look at my online statement and it says that yesterday they took €0.23 off me for INTEREST. I have been overdraft during the year, but at the moment, my account is very much so in the black and has been for the past couple of months. Can anyone explain what this is?

They don't deduct interest as soon as you go over drawn they wait till the end of the charging period (2months or 3months can't remember which) then hit you with all the fees.

snaps

sarahlulu wrote: »

In order to avoid fees, you have to either:
1. Maintain a balance of E3000 in your account for the entire quarter
or
2. Put E1000 through your account each month and make three transactions per month online or using Banking 365 phone.

Transferring E3000 once a quarter would not be enough.

So i wont meet that critera, business is bad and will be even worse now this year. I doubt i will be able to lodge 1000 a month.

Hopefully the Ulster bank will not intoduce these charges and i will join them, moving all my savings from BOI.

Im sure one bank could use this as a huge move to gain more customers?

lily lou

Just logged into banking 365 and realised I have been charged current account fees of €11.40 on December 31st. Checked back through the last years bank statements and it's the only time this happened. Anyone else get charged?

JTMan

lily lou wrote: »

Just logged into banking 365 and realised I have been charged current account fees of €11.40 on December 31st. Checked back through the last years bank statements and it's the only time this happened. Anyone else get charged?

Your balance must have dropped below 500 EUR at some stage during the quarter.

Ulster offer condition free banking. Ditch and switch.

bleg

Can anybody tell me if AIB or IL&P have similar bank charges?

snaps

AIB are bound to follow suit.

William Powell

Fungus wrote: »

Your balance must have dropped below 500 EUR at some stage during the quarter.

Ulster offer condition free banking. Ditch and switch.

That isn't one of the conditions afaik you only need a positive balance and make a certain number of online transactions, if that wasn't the case I'd have charges and haven't for serveral years now.

lily lou

Fungus wrote: »

Your balance must have dropped below 500 EUR at some stage during the quarter.

Ulster offer condition free banking. Ditch and switch.

I wondered about that myself, but when I looked back I have gone below €500 several times during the last year. Seriously thinking of changing banks, but it would be a lot of hassle, all my bills come straight out of my account, as does my mortgage and I get paid into it as well. Not sure if it's worth it if other banks are going to do the same in a few months.

William Powell

Just look it up......

pdf here info from page 8

This doesn't change

Current Account Transaction Fees

We offer two pricing options on our standard Personal
Current Account:

Pay As You Go 28c for each transaction

Flat Fee €11.40 per quater for up to 90 transactions
Transactions in excess of 90 costs 28 cent each

If you have more than 40 transactions per quarter, the
quarterly Flat Fee option of €11.40 for up to 90 transactions
is the better option for you. You can, however, switch
between the two options at any stage by contacting your
branch. The change will take effect from the beginning of the
next fee quarter.

This is how it is now...

Free day to day banking transactions fees

Until the fee quarter ending 18th February 2011 if you have
a standard Personal Current Account on either of the above
options, you can automatically qualify for free quarterly
current account transactions if you:

• Keep a minimum credit balance of €500 in your current
account for the full fee quarter6

OR

• Make at least three debit payments from your account
using Bank of Ireland 365 Phone / Online during the
quarter

From 21st February 2011.......

From the fee quarter commencing 21st February 2011,
the following revised criteria apply. Over the course of a fee
quarter:

• Lodge at least €3,000 to your Personal Current Account

AND

• Make 9 debit payments from that account using Banking
365 Phone and/or Online

(This is the equivalent of €1,000 net salary lodgement per
month and 3 payments made per month)

OR

• Maintain a minimum credit balance of €3,000 in your
Personal Current Account throughout the full fee quarter

If you qualify for this offer, this means you will not be charged
the above 28c for each transaction or €11.40 account
transaction fees in the fee quarter.

micdug

Typical Irish - complain before reading the actual terms. Even a student here complaining about fees when students have always received free banking. Anyway, if you get less then €1000 a month (which is difficult, vast majority of dole receipiants get more) use the Post Office. You've plenty of time to get there.
For everyone else €1000 is trivial amount to be paid in per month. All you have to do then is open a deposit account (free) and use online or telephone to transfer 9 times. It takes less then 5 minutes. If this hoop is too much hassle for you, you need to pay the bank or move to Ulster (though how long that will last is unknown). Problem sorted.

wmpdd3

dole is 188 euro x 4 = 752

or in a 5 week month

188 euro x 5 = 940.

William Powell

wmpdd3 wrote: »

dole is 188 euro x 4 = 752

or in a 5 week month

188 euro x 5 = 940.

Which may be exactly why BoI have chosen 1000euro as the minimum.

Dodge

micdug wrote: »

For everyone else €1000 is trivial amount to be paid in per month. All you have to do then is open a deposit account (free) and use online or telephone to transfer 9 times. It takes less then 5 minutes.

This attitude bugs the hell out of me. What do you think the likelihood of someone lodging €1k a month will have another account to transfer in and out of?

The facts are clear here. The only people effected by this are people without a job, or with low wages.

Everyone else might be grand, but thats the point. its grossly unfair

William Powell

One thing people need to be clear on is this

Current Account Transaction Fees

We offer two pricing options on our standard Personal
Current Account:

Pay As You Go 28c for each transaction

Flat Fee €11.40 per quater for up to 90 transactions
Transactions in excess of 90 costs 28 cent each

If you have more than 40 transactions per quarter, the
quarterly Flat Fee option of €11.40 for up to 90 transactions
is the better option for you. You can, however, switch
between the two options at any stage by contacting your
branch. The change will take effect from the beginning of the
next fee quarter.

So if you are going to get hit by fees and have reduced your account usage do you know if you will be charged €11.40 per quater or just 28c per tranaction. It would be a real bummer to say reduce your usage to say 10 transactions a quater and then get hit with a bill of €11.40. You can be sure BoI will charge you the higher amount if you haven't made it clear to them which option you require.

sarahlulu

You will have chosen a fee option when you opened the account. If you are not sure which option applies to your account, you can ring your branch who can tell you.

William Powell

sarahlulu wrote: »

You will have chosen a fee option when you opened the account. If you are not sure which option applies to your account, you can ring your branch who can tell you.

No I didn't, never asked, never told about any option but I suspect things might have changed since I opened an acount with BoI 16 years ago?

sarahlulu

In that case you will most likely be charged per transaction, but check with your branch who will be able to let you know.

NMCW

These seem crazy- 28c per ATM transaction as well as having to have at least €1,000 a month going into your BOI account, and make nine payments or more every three months using Banking 365 phone or online banking.
WTF like?

I assume AIB, etc. are going to follow suit as soon as they can. Can anyone recommend a good non-Irish/ online bank?

William Powell

sarahlulu wrote: »

In that case you will most likely be charged per transaction, but check with your branch who will be able to let you know.

Checked with local branch today and they didn't have a clue what I was on about so left and called banking 365, the guy I spoke to knew straight away and told me I was on the Pay as You Go option - pay per transaction.

Toots

Threads merged.

Ogham

I'm with Ulster - totally free banking and no complaints.

See this summary of other Current Account Charges here

Jim2007

NMCW wrote: »

These seem crazy- 28c per ATM transaction as well as having to have at least €1,000 a month going into your BOI account, and make nine payments or more every three months using Banking 365 phone or online banking.
WTF like?

I assume AIB, etc. are going to follow suit as soon as they can. Can anyone recommend a good non-Irish/ online bank?

Free banking Irish style is not sustainable, especially when the banks have no other source of income, like now! Take a close look at the models being used outside the British Isles and you'll see that truly free banking is only offered to customers who have serious money on deposit.

In my case here in Switzerland, to get truly free banking you need to have a free balance of 10,000 on each account you have with the bank or total cash (nothing else) on deposit of 50,000! That means that your balance must never (not even for a day) fall below these levels, otherwise it's €20 per month fixed charge plus 35c per transaction.

Welcome to the real world.

Jim.

Davey Devil

Will I avoid the charges if I transfer my sister a sum of money 9 times per quarter and she sends me back the same sum of money? Would BOI have any rules to prevent me from doing this?

I have more than 1000 per month going into my account.

Toots

Davey Devil wrote: »

Will I avoid the charges if I transfer my sister a sum of money 9 times per quarter and she sends me back the same sum of money? Would BOI have any rules to prevent me from doing this?

I have more than 1000 per month going into my account.

You can avoid the charges doing this. Is your sister with BOI too? If she is it's a handy way for you both to avoid the charges. BOI don't care where or to whom you transfer the money, once you make the transfers and have the €1000 per month going in you qualify to have the fees waived.

fergalfrog

Davey Devil wrote: »

Will I avoid the charges if I transfer my sister a sum of money 9 times per quarter and she sends me back the same sum of money?

This is what I am doing. Hence three times each month I will move €1 to my wifes account and she will move €1 to mine. I have set a reminder to do this one day every month but in some months I will obviously have payments to others anyway.

This is a daft policy by Bank of Ireland and will create thousands of unnecessary transactions.

amab

Closing down my BOI current a/c, so much for being tied to one bank for one life! Find it ridiculous this new policy, don't understand how they can justify charging me for taking out my own money, they should be paying ME for ME choosing them to store my cash!

dotsman

amab wrote: »

Closing down my BOI current a/c, so much for being tied to one bank for one life! Find it ridiculous this new policy, don't understand how they can justify charging me for taking out my own money, they should be paying ME for ME choosing them to store my cash!

Businesses generally don't survive by paying their customers to use a free product.

Cookie_Monster

amab wrote: »

Closing down my BOI current a/c, so much for being tied to one bank for one life! Find it ridiculous this new policy, don't understand how they can justify charging me for taking out my own money, they should be paying ME for ME choosing them to store my cash!

because the provide all the infrastructure and security for you to do that, they provide multiple options allowing you to do it, etc.

Do you think you should get free electricity or gas or transport or tv?
It a service, like any other and needs to be paid for. Most banks make it very easy to avoid any minimal charges imposed.