New Bank of Ireland fees to hit more customers

snaps

Just wondering here about the 1000e a month going in. Does it have to be a bank transfer or can it be cash/cheques?

sarahlulu

It just needs to be E1000 going in per month. It doesn't matter what makes up the lodgement.

sean1141

this is bad form by boi. i only heard this on the news this evening.. no letter or contact of any sort to let me know.. i dont have 1000 coming in each month nor do i have 3000 to leave sitting in my account...

kop77

Hi, just saw on the news that the bank charges are coming in on Moday in BOI. My question is what constitutes the 9 365 debit payments, mobile phone top-up, money transfer between my two BOI current accounts or does it have to be a payment to a another company or person?


Thanks,

dowtchaboy

sean1141 wrote: »

this is bad form by boi. i only heard this on the news this evening.. no letter or contact of any sort to let me know.. i dont have 1000 coming in each month nor do i have 3000 to leave sitting in my account...

Yes I found it odd that they were not obliged to write (or email) us with the new charges. Screw 'em. I was a customer from 1971 until today - they have shown me no loyalty, so I'm off - probably to the Credit Union - my only concern is to protect my credit card - while I don't have much to spend anymore, having a cc enables so much on the internet, hiring cars etc. If I ever had to give up mine, I'd never get qualify to get another. 2 years from now I'd be a BofI Golden Years (aaaagh!) customer - except I won't - they can go hump themselves.

calex71

kop77 wrote: »

Hi, just saw on the news that the bank charges are coming in on Moday in BOI. My question is what constitutes the 9 365 debit payments, mobile phone top-up, money transfer between my two BOI current accounts or does it have to be a payment to a another company or person?


Thanks,

I have the same question , I will just about meet the 3k requirement with my welfare payments. but was wondering about the 9 payments. Could I simply make 9x 1c payments to my savings account / a utility bill / as a last resort a friend using the 365 online banking

I can't see a minimum amount on the web site anywhere. I really can't afford to be stung by this in the short term. Reason I'm not changing banks right away is im 99% certain the others will follow suit.

Mr Magners

calex71 wrote: »

I have the same question , I will just about meet the 3k requirement with my welfare payments. but was wondering about the 9 payments. Could I simply make 9x 1c payments to my savings account / a utility bill / as a last resort a friend using the 365 online banking

I can't see a minimum amount on the web site anywhere. I really can't afford to be stung by this in the short term. Reason I'm not changing banks right away is im 99% certain the others will follow suit.

I enquired about this in my local branch. It's as simple as 3 x €1 transfers to a friend/alternative account. She also suggested topping up a mobile.

I'm really pissed off at this. I'm a customer of theirs for 20 years and my account is zero maintenance for them with all bills etc paid by SO or DD and now they want me to do unnecessary work on my account monthly to avoid what are quite high fees.

calex71

Mr Magners wrote: »

I enquired about this in my local branch. It's as simple as 3 x €1 transfers to a friend/alternative account. She also suggested topping up a mobile.

I'm really pissed off at this. I'm a customer of theirs for 20 years and my account is zero maintenance for them with all bills etc paid by SO or DD and now they want me to do unnecessary work on my account monthly to avoid what are quite high fees.

AH thanks for that saves me the expense of calling them, I'm the same haven't darken the door of a branch since I opened the account.

28c per transaction which would typically be a €20 cash withdrawal is a massive fee for something which should be costing them very little. Of course I realise they have costs regards atms and filling/servicing them etc. but when you think of how many atm withdrawals there are every day x the 28c fee = quite a tidy sum :eek:

JP Liz V1

Did BOI send any notice to the customers about this?

I got f*ck all from them - I pay Sky by DD and have savings in there not a lot but I feel like closing my account now :mad:

William Powell

As I've said in an earlier post this isn't going to make a huge difference to me as I don't make that many transactions, but I've decided to make a small protest everytime I lodge cash at my local branch by adding 28cents on to each logement. So now that 200 euro cash logement will become 200 euro plus 28 cents in copper (one way to use up the small change).

dory

I've been telling everyone notto keep lots of money in their current accounts because of all the skimming going on lately.

Now, BOI are making it so that you get rewarded for having money in your current account. Feic sake!

samhail

So if everyone calls them up 3 times a month to their 365 phone line to get them to transfer money from my account.
3 calls lasting 2 or 3 min each time will cost them alot more what they want to enforce.


I dont think i have recieved any documentation about this change in policy from them... so if one is not online reading websites and boards... does that mean they are going to change their policy without letting these people know?

calex71

samhail wrote: »

I dont think i have recieved any documentation about this change in policy from them... so if one is not online reading websites and boards... does that mean they are going to change their policy without letting these people know?

Yes and theres no mention of it on their web site either last I checked.

from said web site http://personalbanking.bankofireland.com/current-accounts/

Standard Current Account
Free day-to-day banking transactions
Phone/online banking
ATM and Laser card
Over 270 branches

samhail

calex71 wrote: »

Yes and theres no mention of it on their web site either last I checked.

from said web site http://personalbanking.bankofireland.com/current-accounts/

actually now that you quote that page, there is an update on it, with a link to their article in one of the papers, dated last dec... hmmm.

they really should update the text on that page. bit unprofessional imho

caramel08

Hi,

I was in BOI baggot street today and not one notice up about the new fees. I know it's on the website etc. but you'd think there would be something in one of their largest branches!! I'm also moving accounts from them as this is the final straw really! I think there is a conspiracy between them and the VHI these days!

hinault

I am moving my account away from BOI as a gesture of protest.

They've pissed this customer off.

hinault

This is important.

Bank of Ireland has introduced fees to it's customers if they do not have a certain level on deposit and/or if they do not make a certain number of payments on their bank accounts.


http://www.rte.ie/news/2010/1222/boi-business.html
Bank of Ireland has confirmed that some of its customers will face fees and charges for the first time.

Current account holders who do not make at least nine payments every quarter will have fees imposed on them.
From February 21 2011, Bank of Ireland customers will have to have a minimum turnover of least €3,000 per quarter going into their account and make nine payments or more every three months to avoid fees.

Customers can also avoid fees by maintaining a minimum credit balance of €3,000 during the quarter.
Customers who do not meet the new criteria will be charged 28 cent for each transaction.

The majority of the bank's 1.2 million current account holders will be subject to the new fees. 26% of customers will not be affected as they hold 'Golden Years' or student accounts. The bank says providing customers with current account facilities costs it money.

The changes have been criticised by the Consumers' Association.
Look at alternatives - consumer body
The National Consumer Agency has said that customers who are not happy with the new Bank of Ireland policy still had time to look at the changes and compare accounts available with other banks.

'Most current accounts that offer free banking have some conditions attached - and if you don't meet the conditions, you pay transaction fees.
This is already the case for Bank of Ireland current accounts - there have been conditions to getting free banking for some time,' said chief executive Ann Fitzgerald.

She said that even though there were fewer banks - just five - offering current accounts in the Irish market, it was still possible to avoid transaction fees.
The National Consumer Agency has up-to-date comparisons of current account fees, including details of how to qualify for free banking, at nca.ie.

dowtchaboy

I only intend to do this until I set up a new account elsewhere - but - it should be valid to go to the ATM outside the Bank of Ireland (or the one inside would be even better!), withdraw the daily maximum and walk straight over to the cashier and and lodge it back. Bloody silly I know but if that's what they need......

Mr Magners

dowtchaboy wrote: »

I only intend to do this until I set up a new account elsewhere - but - it should be valid to go to the ATM outside the Bank of Ireland (or the one inside would be even better!), withdraw the daily maximum and walk straight over to the cashier and and lodge it back. Bloody silly I know but if that's what they need......

I'm curious, what exactly do you think that's going to achieve?

dowtchaboy

Mr Magners wrote: »

I'm curious, what exactly do you think that's going to achieve?

Apparently, daft though it seems, the €3,000 required in lodgments per quarter by Bank of Ireland can be achieved by putting smaller amounts in and out - this is the €3,000 "turnover" requirement and together with the 9 online transactions per quarter should satisfy the requirements.

Current account holders who do not make at least nine payments every quarter will have fees imposed on them.
From February 21 2011, Bank of Ireland customers will have to have a minimum turnover of least €3,000 per quarter going into their account and make nine payments or more every three months to avoid fees.

The other way to do it is to keep €3,000 in credit - obviously playing about with cash in and out will not help that one.

Mr Magners

dowtchaboy wrote: »

Apparently, daft though it seems, the €3,000 required in lodgments per quarter by Bank of Ireland can be achieved by putting smaller amounts in and out - this is the €3,000 "turnover" requirement and together with the 9 online transactions per quarter should satisfy the requirements.




The other way to do it is to keep €3,000 in credit - obviously playing about with cash in and out will not help that one.

OK, that's correct afaik once you meet the other requirement of the 9 online/phone transactions per quarter.

Personally I'm shopping around to see who wants my business, from what I can see Ulster Bank are the only ones doing fee free banking without the ts & cs. PTSB do it with their only stipulation being related to the amount of money passing through the account.

William Powell

I've been folowing this thread, I've read the new T&C's, spoken to BOI staff and I'm still scratching my head over this "3000euro turnover and 9 online/phone banking transactions" stipulation? Why is this bothering me? Well its because for many people wanting to avoid charges its going to create more work for the bank with the same old "recycled" money.

OK so if I fall just short of having 3000euro in lodgements in my account in a 3 month period I might take out money from the atm and pay it back in, hello BOI :rolleyes:, how is that going to reduce your costs if your new rules make more work?

bittihuduga

if i deposit 3000euros today into my BoI account and withdraw it tomorrow, will that count?

JP Liz V1

bittihuduga wrote: »

if i deposit 3000euros today into my BoI account and withdraw it tomorrow, will that count?

I think you need to keep at least 3 grand in your account

William Powell

bittihuduga wrote: »

if i deposit 3000euros today into my BoI account and withdraw it tomorrow, will that count?

JP Liz V1 wrote: »

I think you need to keep at least 3 grand in your account

Its 3000euros in transactions in a quater, thats 1000euro min paid in each month. Then you have to make 9 online/phone banking transactions.

So if you pay in 3000euro and draw it out the next day and don't do 9 online/phone banking transactions then you pay charges. If you pay in 3000euro and draw it out the next day and DO 9 online/phone banking transactions or more then its free.

If you have a balance of over 3000euro for the whole quater then its also free banking.

But do check the small print and ask your bank rather taking my word as gospel. I found I got the best info by calling online banking and speaking to someone, as my local branch gave me totaly different incorrect information.

fordefitz

am really annoyed at this. as a short term solution, can I suggest that the '9 banking on line transactions' can be achieved by paying one bill in nine payments. Rather than remembering to note the number of online transactions I made I had one monthly bill which I used to split into 3 payments made one after the other.

has anyone any advice on alternative banks? is it a lot of hassel to change all of your SO's and DD's etc when moving bank?

JP Liz V1

What is the charge? Is it 28 cents per transaction now if you cant meet the criteria?

Mr Magners

JP Liz V1 wrote: »

What is the charge? Is it 28 cents per transaction now if you cant meet the criteria?

Yes, which will add up very quickly when you take in to account standing orders, direct debits, cash withdrawals and laser transactions.

I'm off to PTSB, same cash movement criteria but 12 laser transactions per month (I think) and you're fee free.

Ulster Bank have fee free without any conditions I think.

William Powell

JP Liz V1 wrote: »

What is the charge? Is it 28 cents per transaction now if you cant meet the criteria?

But if you have a lot of transactions you can opt to pay a fixed amount which is cheaper unless you make less than a certain threshold its in the T&C's......

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.

filmbuffboy

honestly lads move to ulster. the conditions to avail of free banking in BOI are now utterly ridiculous.