Bank of Ireland change criteria for Free Banking from November 2012

vicwatson

Anyone got a link to the news that they are introducing these charges?

BOI website is like a minefield

Solair

I think I'll be off to PTSB!

Switching bank accounts isn't THAT much of a challenge and the PTSB services are similar / better in some ways.

namloc1980

augusta24 wrote: »

Trying to get my head around all the fees and possible ways around them.

I was thinking of getting a BOI Mastercard. So can anyone clarify for me:

1. with the mastercard am I right in saying there are no charges for transactions in shops etc.

2. Are there charges to use the mastercard at an ATM? And if so are these only when you are taking money on credit? OR are there also fees if there is money already in the credit card account? And what are the fees in comparison to the fees for the current account??

A credit card attracts €30 in annual stamp duty, plus most credit cards charge you for cash withdrawals. Using a credit card for daily banking would quickly get expensive.

macjohn

Kensington wrote: »

Long term, no-one.
The days of fee free-banking are well and truly numbered.

Long term possibly/probably true. But we can only live in the present. At the moment the only no condition free banking current account is ulster (guranteed to be free until at least July 2013), others also with easier options than Bof I. Details here:
http://www.askaboutmoney.com/showthread.php?t=21774

CharlieR

Jim2007 wrote: »

Not at all, processing transactions costs money - rewarding people who generate additional costs for the bank, with free banking was the stupid part! In most other Euro zone countries, people only get free banking if they have large amounts on deposit with the bank, why should it be any different here?

In time the other banks will be bound to do the same because the current logic just adds costs to their bottom lines.

I bank in the uk with nationwide, free banking, free travel insurance for Europe, for my family and no excess I paid an extra £34.

I also have my bills account with Santander and that is free also, AIB &BOI should wake up.

I have just spoke to AIB who did not write to me with their new charges but advertised on tv, papers etc at prob a cost of millions, management decide it was better than writing, they also messages my online banking, however they deleted it after a certain time period. IDIOTS

Cunning Alias

Are there details on the charges anywhere online?

adox

Cunning Alias wrote: »

Are there details on the charges anywhere online?

They were freely available on the Bank Of Ireland website yesterday, but for some reason i cant find them there this morning.

*Edit* Second post on this thread by Seamus gave a link:

http://personalbanking.bankofireland.com/fs/doc/wysiwyg/pca-press-ad-final-18thsept.pdf

Cunning Alias

Found what I was looking for in the Talk to... BOI forum:

a) Pay as you go: 28c for each transaction.

b) Flat fee option: €11.40 per quarter for 90 transactions. Transactions in excess of 90 costs 28c each.

wmpdd3

I called up today and asked for the flat fee while I see what I am going to do. The person on the phone told me the €11.40 per quarter was for unlimited transactions not 90.

My credits alone over a quarter come to 27 transactions!!
Using my Laser would be out completely.
The crèche only take payment weekly by bank transfer so that's another 13 transactions.
I'd have to take all my money out weekly and pay my utility in the PO, that's another 13 transactions

So I'd have 3 transactions per week left.

Is a DD a transaction? Have to cancel all those too.

I'm off to the 'talk to BOI' for more info before I close my account.

furtzy

Rang my branch and they confirmed its a limit of 90 transactions on the flat fee rate and 0.28c for every transaction over that. In order to switch between flat fee and pay as you go you need to either contact them in writing or call into your branch.

Tar.Aldarion

UDP wrote: »

I wouldn't mind changing but who is a real alternative?

I am with permanent tsb, any reason not to be?

wmpdd3

furtzy wrote: »

Rang my branch and they confirmed its a limit of 90 transactions on the flat fee rate and 0.28c for every transaction over that. In order to switch between flat fee and pay as you go you need to either contact them in writing or call into your branch.

I did it over the phone to the '365 telephone number' .

delos

Personally I can understand that they days of free banking weren't going to last but what sticks in my throat are the conditions required to keep free banking. It would have been a lot more honest (and respectful) simply to say "Sorry no more free banking. From now on you will pay a flat fee of €12 per quarter regardless of the number of transactions." Setting conditions to maintain free banking that the vast majority of people could never meet just rubs salt into the wound....:(

Merch

Taking wodges of cash out in one go and disregarding the Laser/Visa Debit feature, even buying most things by credit card and making one monthly payment to that, with a wodge of cash on hand for non credit card viable stuff,
assuming people have a wodge of cash.

wmpdd3

Having a nightmare cancelling my dds and standing orders. Ill be taking out my money and paying in the post office.
It seems like boi's answer to everything is ' please go to the branch you set up your account in' . How does an ill person ots a person living with a disablilty manage their account.

Ill be sending in a signed letter.

rameire

i started my moving process last monday.
already have a UB account, so will be easy to move across.
so far I have closed one BOI account.
deleted 12 direct debits.
setup 12 new dds at UB.
2 DDs to go.
applied for a credit card with UB, so once that comes through, the BOI cc will be closed and I can then close my other BOI account.

that was simple.

Dingle_berry

Have been with BOI from the start, through college loans, "learning" about credit cards etc etc. They make their money off me! So with their fees hitting me (€0.28 every time anything happens to my account) I shopped around to switch.
UB are supposed to be introducing fees this year, Permanent TSB have fees but you can avoid them. So I'm switching to TSB.

Do I need to close my BOI a/c or can I leave it empty and idle, obviously cancel the card, without incurring fees/charges? Just to make a switchback easier should TSB start charging €0.29 per transaction!

greenman09

Tsb won't start charging, the account u are switching to has the flat fee which is avoidable. I'd close the BOI as you may never use it again. Ptsb launching new free account soon also. Will only require salary lodgement of 1500pm to get free banking.

Bowlardo

greenman09 wrote: »

Tsb won't start charging, the account u are switching to has the flat fee which is avoidable. I'd close the BOI as you may never use it again. Ptsb launching new free account soon also. Will only require salary lodgement of 1500pm to get free banking.

Do you have more details on that as it sounds amazing

greenman09

Details in next few weeks. As far as I know there won't be any of this min balance Craic or x amount of transactions to qualify. Watch this space

JTMan

greenman09 wrote: »

Ptsb launching new free account soon also. Will only require salary lodgement of 1500pm to get free banking.

Source?

PTSB have been rumoured to be launching more online accounts.

Could an online only current account be on the way from PTSB?

enviro

Nothing of note on their website but if someone uses twitter... maybe they could ask them on there and report back.

https://twitter.com/askpermanenttsb

greenman09

Fungus wrote: »

Source?

PTSB have been rumoured to be launching more online accounts.

Could an online only current account be on the way from PTSB?

First hand info. Online accounts are there and I haven't heard of anymore being launched at this time.