Changes to fees on current accounts?

Calhoun

L5 wrote: »

Absolute disgrace . Only opened BOI account 3 months ago to escape the AIB charges.
Ill be closing my BOI account ASAP and moving to ptsb.
BOI are going to lose a lot of customers over this

Customer since i was 16, just opened up a saving account but i am seriously considering to PTSB on the basis of this move.

Guide here http://www.moneyguideireland.com/current-bank-account-charges-and-fees.html on the different fee's and PTSB does come off as most reasonable.

namloc1980

L5 wrote: »

Absolute disgrace . Only opened BOI account 3 months ago to escape the AIB charges.
Ill be closing my BOI account ASAP and moving to ptsb.
BOI are going to lose a lot of customers over this

Why is it a disgrace? A company is charging fees for a service it provides...do you think you're entitled to free banking or something?

L5

namloc1980 wrote: »

Why is it a disgrace? A company is charging fees for a service it provides...do you think you're entitled to free banking or something?

I signed up to BOI in the knowledge that I could have transaction fee free banking if i met certain criteria each quarter, which I have done.
These new criteria were only brought in earlier this year and now BOI are scrapping them. So yes, it is a disgrace.
Off to ptsb I go

namloc1980

L5 wrote: »

I signed up to BOI in the knowledge that I could have transaction fee free banking if i met certain criteria each quarter, which I have done.
These new criteria were only brought in earlier this year and now BOI are scrapping them. So yes, it is a disgrace.
Off to ptsb I go

Changing terms of service is not a disgrace. The sense of entitlement is unreal. And when ptsb start charging what then?

daheff

namloc1980 wrote: »

Why is it a disgrace? A company is charging fees for a service it provides...do you think you're entitled to free banking or something?

Why is it a disgrace?

ok 1- bank earns interest on your current account balances overnight....do you get any of that? Hell no
2- who had to pay to bail the bank out??? thats right the citizens of this country...who also happen to be its customers. so we're paying to beef up its balance sheet through the government and additional fees (more than AIB even!!)

its not an entitlement. Its paying twice for the service.

Slattsy

Slattsy wrote: »

I don't read the Times or the Indo.
I have no need to visit my branch.
I'm not on Facebook or Twitter.

I do have a boards account, luckily, as I fortunately stumbled across this as otherwise I'd never have known about these scandalous charges.

What about all those people that don't need or use any of the above ???????

Not one response from any BOI rep here...... typical.

Bank of Ireland: Billy

Hi gar32,

Thanks for posting.

If you were charged €11.40 for transactions, you are on the flat fee. In this instance, because you had 20 transactions in the fee quarter, you would have been better off on the Pay as You Go fee of 28cent per transaction. It is possible to change to the Pay as You Go option by calling Banking 365 on 0818 365 365. If you do decide to do this, please do sp before Nov 16th to have the change in place for the next fee quarter.

We have passed on your comments about the 0.5% interest rate increase to the relevant department.

Thanks

Billy

bothyhead

Bank of Ireland: Graham wrote: »

Hi Yakuza,

The fee option you're on will depend on what you chose when you opened the account, or if you have changed it since. To check which option applies to your accounts, and if you'd like to change this before the next fee quarter, please contact Banking365 directly on 0818 365 365. You can also send a signed written request to your account holding branch to change your fee option.

Thanks,
Graham

Hi Graham,

I used to pay a flat quarterly fee in the 90's, so I'll default back to that - fair enough, but what happens if I also have a balance of 3K in my account for any given quarter, is the fee then waived for that quarter?

For example:

Quarter 1, I maintain 3K, so I get free banking
Quarter 2, My balance drops to 2999 at some stage, so I'm charged a flat quarter fee
Quarter 3, I maintain 3k, so I get free banking

Is this right?

If my example is correct, the fees would need to be applied in arrears. Can you confirm this also please.

Many thanks

Bank of Ireland: Tara

Hi Slattsy,

Apologies for the delay in replying to you.

Bank of Ireland: Graham wrote: »

Our press advertisement on the Bank of Ireland website was posted in our press notices section. We also took out advertisements in two national newspapers, we've information available in our branches and we're using our social media presence to communicate with customers.

As Graham has previously stated, we are forwarding all feedback and comments to our Branch Network.

Thanks,
Tara

viper006

Hi Tara,

Does these fees apply to graduate current accounts(No fess) as well or just standard current accounts?

Cheers

Bank of Ireland: Graham

Hi bothyhead,

bothyhead wrote: »

I used to pay a flat quarterly fee in the 90's, so I'll default back to that - fair enough, but what happens if I also have a balance of 3K in my account for any given quarter, is the fee then waived for that quarter?

For example:

Quarter 1, I maintain 3K, so I get free banking

Quarter 2, My balance drops to 2999 at some stage, so I'm charged a flat quarter fee

Quarter 3, I maintain 3k, so I get free banking

Is this right?

If my example is correct, the fees would need to be applied in arrears. Can you confirm this also please.

Yes, you're exactly right in your example. Also, the fees are applied in arrears.

Hi viper006,

viper006 wrote: »

Does these fees apply to graduate current accounts(No fess) as well or just standard current accounts?

The new card replacement charge of €8.00 will apply, however, as a graduate account doesn't currently incur transaction charges, the change in criteria to the No Transaction Fees offer will have no impact.

Thank you both for your queries,
Graham

doomcox

Hi Graham,

My question relates to Vipers. I also have a graduate account but it is over 2 years old. Will these charges be applied to my account and will i need to keep €3000 in it.


Cheers,

Bank of Ireland: Pat

Hi doomcox,

As long as you still hold a Graduate Account with us you will not incur transaction charges. How ever you may want to check with your branch to ensure that your account is still a Graduate Account. Normally a Graduate Account will revert back to a Standard Current account after two years.

If your account has reverted to a Standard Current Account you will be liable for any transaction fees that apply.

Thanks
Pat

niallu

Quick Question to any of the BoI reps.

Do you have any figures of how many current account customers AIB lost when they brought in the similar fees, and how many BoI are likely to loose?

Fair enough, current accounts may be considered a loss leader to the bank, however, when you have a current account customer, they will also be coming back for car loans , overdrafts, and the biggest of all, a mortgage over the next few years.

So to look at it like this.

Im in my late twenties, and have had a free current a/c for 20+ yrs, (like a sunk cost to ye guys now)....i've had 2 car loans which you have made decent money on, but now when im so close to buying a house, and instead of giving you the biggest bit of business possible, i'm going to switch to Ulster Bank and they can have my custom instead.

Also, for anybody who keeps 3k in their current account, the interest lost from their savings account on this 3k, will be the same as paying for bank charges anyways.

Pretty poor on Mgmt at AIB & BoI to be so short sighted instead of focusing the long run.

At the end of the day, its Mgmt's job to increase shareholder wealth....but wait, the irish public are the shareholders already (& not by choice), and now the banks are rewarding us by bending us over once again.

Niallu

doomcox

Bank of Ireland: Pat wrote: »

Hi doomcox,

As long as you still hold a Graduate Account with us you will not incur transaction charges. How ever you may want to check with your branch to ensure that your account is still a Graduate Account. Normally a Graduate Account will revert back to a Standard Current account after two years.

If your account has reverted to a Standard Current Account you will be liable for any transaction fees that apply.

Thanks
Pat

Hi Pat,
I just got off the phone with my branch and they have confirmed that it is a graduate account. However I was informed that I will still be charged if I have under 3000 in my account. I was advised that it is only 2nd level graduates that will not be charged. You guys really need to work on the wording of your statements. This is leading to a lot of confusion amoung customers.

Bank of Ireland: Laura

Hi doomcox.

Apologies if the information you received from your branch was unclear.

The new card replacement charge of €8.00 will apply on all Graduate Accounts from November 19th, however as per Pat's previous post, once your account is classed as a Graduate Account you will not incur any transaction charges.

Hope this helps.
Laura

Bank of Ireland: Pat

Hi niallu,

We don't have the numbers that you have requested. The rest of your feedback will be forwarded on. Thanks for your post.

Pat

Cunning Alias

What exactly counts as a transaction?

Are all transactions considered equal? E.G. using a BOI atm or a PTSB atm. Are these both transactions?

Bank of Ireland: Laura

Hi Cunning Alias.

All transactions are indeed considered equal.
Whether the card is used in a BOI or a PTSB ATM, a charge of 28c per transaction will apply.

Hope this helps.
Laura

luketitz

This sprung to mind immediately!

https://www.youtube.com/watch?v=cPgypOuEE5k

daheff

niallu wrote: »

Also, for anybody who keeps 3k in their current account, the interest lost from their savings account on this 3k, will be the same as paying for bank charges anyways.

you are so close to hitting the nail on the head here niallu!

the difference here is tha BOI would pay interest at the Gross rate, customer gets Net rate (ie Gross less DIRT). Government gets DIRT.

Where people leave the 3k in their current account to save on fees BOI is going to save on the DIRT costs , but guess who is going to lose out?? The Government that bailed them out..thats who (and by extension the public in general).

On top of this BOI will also cream fees off the people who can't afford to have 3K in their bank account.This is pretty low by BOI.


If people have the 3k to put in a deposit account, then they should. It'll cost BOI more and not the Government.

niallo27

I have been paying about 45 euro fees every quarter for the last few years, should i have been paying these if i have had over 10 grand going into and loads of normal day to day transactions.

mhtc

Pat, Laura

Fees for electronic transactions in a shop or for online banking, seriously, why even bother sending out the new visa debit cards! It makes absolutely no sense to use them for what they were intended for.

wmpdd3

Where I work, a new system for cash handling has been implemented to avail of the switch over in the last few year to mostly Laser/Visa debit transactions. They are going to get a shock when everyone switched back to cash.

I posted this in Banking

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.

All my DDs will have to be cancelled ASAP too, there is no way I can afford more than €12 per quarter.

Very short sighted of BOI.
I also moved after AIB introduced charges.
I wont move banks again, but I will take what ever steps I need to pay as little charges as possible.

I will also ask for my Child Benefit to be paid into the post office as this will save me nearly €7 per year. (28c per credit monthly and 28c per withdrawal monthly).

niallu

While I'm all in favour of a mass exodus to other banks who don't charge....it mightnt be feasible for everyone.

Something you could do to avoid it is (if your not a demon with credit cards).

Get paid monthly (paid in .28cent fee)
Pay rent /mortgage (.28c fee)
Transfer a chunk to savings if your lucky (.28c fee)
Transfer the res to credit card (.28c)

Credit cards don't charge any transaction charges and don't charge for ATM withdrawals if your account is in the green.

Also if you got the likes of a tesco card, you get points which are pretty much money of vouchers for groceries.

€2k worth of transactions a month on your credit card is 20€ worth of in store....even get double points on your shopping bill when you pay by tesco credit card.

Think Debenhams & Ryanair have similar offers on their own cred cards.

So is worth a look if you can't switch....I still think a boycott is a better idea tho

Niallu

L1011

wmpdd3 wrote: »

I will also ask for my Child Benefit to be paid into the post office as this will save me nearly €7 per year. (28c per credit monthly and 28c per withdrawal monthly).

While I'm also planning to change some things (which will end up costing the bank money - they get fees from the merchant every time I use my debit card whereas they'll get one fee when I withdraw cash for multiple payments), surely going to the post office is going to cost you a lot more than €7 a year either in direct cash, or your time?

Slattsy

Another trick is to ask for cash back when you buy for an item with your debit card as you'll only be charged for the one transaction.

wmpdd3

MYOB wrote: »

While I'm also planning to change some things (which will end up costing the bank money - they get fees from the merchant every time I use my debit card whereas they'll get one fee when I withdraw cash for multiple payments), surely going to the post office is going to cost you a lot more than €7 a year either in direct cash, or your time?

I can see the post office from my sittingroom!

L5

This is ridiculous. As posted above , why have they bothered sending out visa debit cards to everyone. Personally ill very rarely use mine now and will go back to using cash for everything . Talk about a backwards step

calex71

Got stung this week for €8.12 in fees and haven't put my card in a slot once, only income to the account is my rent supplement which is then moved to pay the rent every month, all online.


You go into the branch on O'Connell St. and there is a team of almost bouncer like goons who ask you your business if you try to go to a cashier, then to be told by the cashier that they have these lovely self service lodgment machines in the lobby that you can use and that they won't lodge money for you , so you go back to the lobby to discover that the machines don't take coins and go back upstairs to the cashier to try and lodge the 8.12 you owe in fees and spend 20 minutes arguing with them before they take your money and credit the account ..... all the while holding up the queue.

if i'm being charged fees on my account is it too much to expect a cashier to do a menial task like pay 8.12 to my account, I'm unemployed so have to manage money to the last bloody cent and get treated like a nuisance if I ask someone to do their bloody job of which I'd be taking 2 minutes of their time, but instead they want to be jobs worth / uphold the banks policy of keeping the customer away from an actual person :mad: