Bank charges

dazzledust88

What charges are involved with banking with yerselves?
Ive heard that its expensive

Bank of Ireland: Tara

Hi dazzledust88,

Thanks for your query.

The charges would be dependant on the type of account you open. You can find details on the types of current accounts we offer and information on charges here.

If we can help with anything further, please let us know.

Regards,
Tara

dazzledust88

very expensive, but thanks for your help:)

Bank of Ireland: Linda

Hi dazzeldust88,

If you feel the charges are quiet high, here is how you can qualify for the no transaction fee offer:
1) Lodge €3000 into your account (but you do not have to maintain it) AND make 9 debit payments using Banking365 phone or Banking365 online services.
OR
2) Maintain a €3000 credit balance in the account for the full quarter.

Thanks
Linda

BowlingLad

Hi Linda

Many banks are taking stick over this need to maintain 3,000 euro balances and the like. And rightly so.

As a single guy earning a higher then average salary I would not be confident I can maintain that balance for the duration required. People have loans, mortgages(with same banks),your even punishing people who prefer to keep money in savings accounts!

How much funds do these charges realistically make BOI? It really has a sense of screwing the little guy and rewarding the rich and wealthy...it would make more sense to have "sly" charges like this on people that can afford to pay them!!!!

This may come across as having a go but hopefully BOI can see the value of this site for genuine feedback.

MadsL

Seriously, who keeps €3000 or above in a non-interest bearing account. BoI are having a laugh.

MagicRon

Bank of Ireland: Linda wrote: »

If you feel the charges are quiet high

I have yet to meet someone who doesn't think they are quite high ...!

_Kaiser_

Have to agree here..

I'm currently "bank shopping" as AIB have decided to pull the same stunt and were it not for Ulster Bank's recent issues the transition would already be complete.

But as above, who has €3000 of disposable income that they can just leave sitting in a standard current account for a quarter of the year?? Yourselves and AIB are clearly relying on the fact that changing accounts is made so difficult that most people won't bother/will give up at the first hurdle, but this is merely another cynical attempt to make those who can't afford it to pay for the free banking of those who can.

Slattsy

If you have a credit card set up on the online service, simply transfer a couple of euro off it twice a week, this will count against the 9 transactions needed..

And if you're getting an average wage of 30k ish you'll certainly have the 3k going into you're account that's needed with the above per quarter too to qualify for the free banking.

MadsL

And if you're getting an average wage of 30k ish you'll certainly have the 3k going into you're account that's needed with the above per quarter too to qualify for the free banking.

You aren't maintaining that balance though...

Setting up transactions simply for the sake of it (€2 to credit card etc) is surely just costing BoI money?? So why insist on it?

Also am I reading this right? Account transfers under standing order - Monthly - €6.35 compared to AIB at 0.20c per transaction. Good lord, that's pricy.

Slattsy

MadsL wrote: »

And if you're getting an average wage of 30k ish you'll certainly have the 3k going into you're account that's needed with the above per quarter too to qualify for the free banking.

You aren't maintaining that balance though...

Setting up transactions simply for the sake of it (€2 to credit card etc) is surely just costing BoI money?? So why insist on it?

Also am I reading this right? Account transfers under standing order - Monthly - €6.35 compared to AIB at 0.20c per transaction. Good lord, that's pricy.

No, see BOI Linda's post above, you dont have to maintain the 3k in the account, 3k needs simply to be deposited, then also make the 9 transactions..

Bank of Ireland: Linda

Hi everyone,

Bank of Ireland: Linda wrote: »

There are two ways to qualify for our No Transaction Fees Offer:
1) Lodge €3000 into your account (but you do not have to maintain it) AND make 9 debit payments using Banking365 phone or Banking365 online services.
OR
2) Maintain a €3000 credit balance in the account for the full quarter.

The fee quarter dates for 2012 are as follows:

Quarter 1 begins 21st of Nov 2011 until 17th of Feb 2012
Quarter 2 begins 20th of Feb 2012 until 18th of May 2012
Quarter 3 begins 21st of May 2012 until 17th of Aug 2012
Quarter 4 begins 20th of Aug 2012 until 16th of Nov 2012

Any transactions after 5pm on the last day of the quarter may not be reflected until the next quarter.

In terms of debit transactions the following would qualify:

-debit payment from the account in question to another of your own accounts.
-debit payment out of your own account into a 3rd party account.
-pay a bill like a credit card or utility bill
-to top up your phone using banking365 phone or online.

The following do not qualify:
-Automated transactions such as direct debits and standing orders.
-Laser card transactions of any type.

I hope this clears it up.
Thanks
Linda

BowlingLad

Its 2012, time the banks removed the bureaucracy. again its the small man getting punished and paying the debt of building developers and the bank managers who were stupid enough to give out billions to them.

Have a requirement for a few hundred euro to be passed through the account in a 1 year period, if need be, and no other additional terms and conditions. No requirement for lump sums, no requirement for specific transaction types.

i use my boi account daily...i fail to see why BOI require me to make online transactions for the sake of it. The hassle of sending 1 euro from one account to a credit card 9 times to satisfy the requirement is just bureaucracy.

The world is gone mad...we give you money to invest in whatever your like..and we get charged for giving you money....banks should be paying US!!!!!

EAFC_rdfl

MadsL wrote: »

You aren't maintaining that balance though...

Setting up transactions simply for the sake of it (€2 to credit card etc) is surely just costing BoI money?? So why insist on it?

Also am I reading this right? Account transfers under standing order - Monthly - €6.35 compared to AIB at 0.20c per transaction. Good lord, that's pricy.

are you taking that from?:
monthly:€6.35 per quarter
weekly:€19.05 per quarter
daily:€76.15 per quarter

Would also like clarification on that one BoI? by account transfer - does that include when my OH has a standing order to transfer money to my account, both BoI on a weekly basis to cover bills?
I must start checking their statements! I am covered ok in terms of avoiding these nasty current account charges, and thankfully have enough 365 transfers in a quarter to avoid having to do the 9 1-euro transfers. so so annoying!

MadsL

EAFC_rdfl wrote: »

are you taking that from?:
monthly:€6.35 per quarter
weekly:€19.05 per quarter
daily:€76.15 per quarter

Yes.


Could you comment BoI? Why are these (electronic) transaction charges so astronomical? AIB charge 0.20c per transaction.

Bank of Ireland: Laura

Hi all,

Thanks for your queries.

A standing instruction and a standing order are two separate types of transactions.

EAFC_rdfl wrote: »

are you taking that from?:
monthly:€6.35 per quarter
weekly:€19.05 per quarter
daily:€76.15 per quarter

The fees above refer to a standing instruction. This is a specific instruction from a customer to do a complete sweep of funds from their account to another on a weekly, monthly or a quarterly basis, leaving the account balance at zero.

A standing order is an instruction made to the bank to pay a set amount at regular intervals to another account. The charge for a standing order is 28c.

EAFC_rdfl wrote: »

Would also like clarification on that one BoI? by account transfer - does that include when my OH has a standing order to transfer money to my account, both BoI on a weekly basis to cover bills?

A standing order crediting your account does not qualify as one of the nine transactions necessary for our No Transaction Fee Offer, however it will contribute to the €3000 lodgement for that quarter.

Bank of Ireland: Linda wrote: »

In terms of debit transactions the following would qualify:
-debit payment from the account in question to another of your own accounts.
-debit payment out of your own account into a 3rd party account.
-pay a bill like a credit card or utility bill
-to top up your phone using banking365 phone or online.

The following do not qualify:
-Automated transactions such as direct debits and standing orders.
-Laser card transactions of any type.

Hope this helps clarify things for you.
Laura

Delta2113

I was flicking around last night in my 365 online account. I have a current and savings account registered. It seem's that I can also transfer money from my savings account to my domestic transfer registered recipients.

Is this the case and if so how much will I be charged? I was afraid to actually do a transaction in case I was charged. It show's that I cant set up a standing order from my savings account which is fine but can I do domestic transfers?

I've never paid charges on my savings account and my wages are paid directly into it.

Bank of Ireland: Linda

Hi Delta2113,

If your savings account is a demand deposit account, you can transfer funds from the account to your registered payees. There are no transactions charges on your demand deposit account.

If the savings account is another type of account, you will not be able to make transfers out of the account using Banking 365.

I hope this answers your question.
Thanks
Linda