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New fees from Nov 19, query re standing orders

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  • 19-11-2012 12:59am
    #1
    coylemj
    Registered Users Posts: 25,435 ✭✭✭✭


    I see from the schedule of fees for current accounts effective Nov 19th and available here ....

    http://www.bankofireland.com/fs/doc/wysiwyg/120121023web-version-fees-and-charges-final.pdf

    that on p.10 it says under the heading of 'Account Transfers under Standing Instruction' that monthly SOs will cost €6.35 per quarter.

    In plain English, does that mean that all of my existing monthly standing orders are now going to cost €2.12 each and not the 28c transaction fee that most other transactions will cost?

    If I sign up to pay €11.40 per quarter to cover transaction fees, will that exclude standing orders so that monthly standing orders will cost €6.35 p.q. regardless of what scheme you are on to cover transaction fees?


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  • Options
    #2
    Bank of Ireland: Tara
    Closed Accounts Posts: 2,346 ✭✭✭Bank of Ireland: Tara


    Hi coylemj,

    Thanks for getting in touch.

    We've answered this previously in another thread.
    Bank of Ireland: Laura wrote: »
    A standing instruction and a standing order are two separate types of transactions.
    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.

    If you are signed up for the Flat Fee option of €11.40 per quarter, standing orders will be included when your account transactions are calculated.

    Thanks,
    Tara


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