Bank Account - Charges and Fees

sasol

Hi All,

My wife and I have a current account each, a joint account between us and a credit card each. All with Bank of Ireland.

When we initially joined, the three accounts (2 X Curr, 1 X Joint) were free of fees and charges on the condition that we made 9 or more online transactions per quarter, which we were easily able to do.

However, not long into this agreement this all changed, whereby each transaction is been charged at 28c a pop.

In the space of the past week, we have received notification of fees for each of the accounts. This is for 3 months transactions.

My current account is been charged 49 euro. My wifes account is been charged 42 euro and our joint account is been charged 24 euro.

So we are been charged 115 euro for a quarter in bank fees !! This equates to 460 for a year.

There are other charges we have been subjected to that I am not including such as 25 euro for an overdraft facility on my account, government duty, interest (negative) on overdraft etc etc.

Basically - Do you any of you know if any of the banks are still offering no fee accounts ? Unlikely I guess, so what bank in your opinion offer the best current account rates/fees ?

For 2013 we are looking at over 500 euro in fees and various other charges by Bank of Ireland. The banks have already screwed the country once, now they are trying to do it again.

We will be changing banks, no doubt about that - my only question is, which bank offers the best alternative.

Thanks,
S

Outkast_IRE

Ulster bank are still free for the moment.

But i honestly dont expect them to stay that way for much longer.

wmpdd3

This is really starting to effect the retail too. When the bills for bank charges comes out there is a drop off in debit card transactions, it goes back to normal around the end of the month again.

Cash back has increased too, dont know about ATM transactions.

I'm half way through moving my bills over to the current account my credit union offers, though it has no debit card. I'm trying to clear a small balance on a credit card and use that for day to day transactions.

Saving €65 per quarter is enough of an incentive.

I am particularly annoyed that AIB charge 30c for a withdrawal in the post office.
A bit rich as they have a massive sign in the local post office informing me of the vast range of services available as they have closed the bank branch 100m from the post office.

jobeenfitz

I am with Permanent TSB and my account is still free of charges. I too would not bet on this being the case for too long more. Don't think any bank giving these offers for new accounts.

BuffyBot

Ulster do, as noted above. For how long, is another question.

ptsb have a lower threshold for fee free than AIB/BOI. You'll be paying in some shape or form, eventually. It's a matter of finding which will work best for you in the long term.

dobsdave

sasol wrote: »

Hi All,

Fees stuff

Have you been hibernating? lol

Ulster are currently no fees.
PTSB are no fees if you complete certain transactions in the quarter.
BOI have a flat fee option of about 12 euro for 90 tx's in a quarter if you want to stay with them.

A fee for overdraft facilities is standard practise, although PTSB only charge 20/year.

troops

sasol wrote: »

My current account is been charged 49 euro. My wifes account is been charged 42 euro and our joint account is been charged 24 euro.

So we are been charged 115 euro for a quarter in bank fees !! This equates to 460 for a year.

Maybe you could cut down the amount of transactions on your accounts? Or use the flat quarterly fee? I'm with BOI too. I use my credit card to pay for everything now, then transfer from current account once a month. Also withdraw bigger amounts from atm to cut down on no. of transactions. Don't use debit card for day to day stuff.

Scortho

troops wrote: »

Maybe you could cut down the amount of transactions on your accounts? Or use the flat quarterly fee? I'm with BOI too. I use my credit card to pay for everything now, then transfer from current account once a month. Also withdraw bigger amounts from atm to cut down on no. of transactions. Don't use debit card for day to day stuff.

This! Use your credit card for everything. 40 euro per year. So long as you pay it off each month you have nothing to worry about.
Or you could become a student. They don't charge us a thing!:D

Lollyb

Hi , my own charges were 90 euro + this quarter im currently researching which bank to move to ,will be looking at Ulster bank and TSB now after reading these comments .360 a year that i could pay another bill with is better in my pocket !!!

listermint

Question for those using credit cards.


Do you just load your credit card up with your balance each month to avoid charges?

Dont BOI for example still charge you for having an account open etc.

How is this credit card no fees thing achieved in the real world ?

dobsdave

listermint wrote: »

Question for those using credit cards.


Do you just load your credit card up with your balance each month to avoid charges?

Dont BOI for example still charge you for having an account open etc.

How is this credit card no fees thing achieved in the real world ?

BOI only have transaction charges as far as I know?
The credit card thing I presume is to use the cc as opposed to a debit card.
Than at payday transfer the money to completely clear the card, and repeat.
So you would only have 2 transactions for the month on your account.

Edit: loading your credit card isnt a great idea, as you you are not covered for the portion you are in credit for normally.

Scortho

You do have the yearly gov stamp duty, however this is tiny compared to the bill that some people are going to face. If I had bank fees, I'd be royally screwed as I use my debit card for everything.
That said a credit card only reduces fees if you have the financial discipline to not run up debt. If its used in a similar manner as a debit card and cleared every month it would significantly reduce banking fees for you.

sasol

Thanks to all for the advice and opinion.



I met with BOI today and brought the statements, list of charges/fees etc with me.



Basically, they were not willing to do anything about it, other than advise me to either use my credit card for making payments or maintain a current account balance of 3K in all three accounts (If I had that sort of money I probably wouldn't be too worried about current account feees !!).



Anyway - the only two feasible options are Ulster Bank free banking, which I am going to avoid because of the latest fiasco there, and PTSB.



This is what I got about PTSB :



"PTSB charge a flat rate of €12.00 a quarter – but PTSB customers can avoid this fee if in each quarter they : lodge at least €3,000 AND make at least 18 card purchases AND make at least 1 financial transaction through online banking (Open24) AND keep the account within agreed limits. The most anyone would be charged by PTSB is €48 a year."



We should be able to meet the criteria to avoid the PTSB charges in at least two of our three accounts. .



We will be closing our BOI accounts next week.

listermint

sasol wrote: »

Thanks to all for the advice and opinion.



I met with BOI today and brought the statements, list of charges/fees etc with me.



Basically, they were not willing to do anything about it, other than advise me to either use my credit card for making payments or maintain a current account balance of 3K in all three accounts (If I had that sort of money I probably wouldn't be too worried about current account feees !!).


Anyway - the only two feasible options are Ulster Bank free banking, which I am going to avoid because of the latest fiasco there, and PTSB.



This is what I got about PTSB :



"PTSB charge a flat rate of €12.00 a quarter – but PTSB customers can avoid this fee if in each quarter they : lodge at least €3,000 AND make at least 18 card purchases AND make at least 1 financial transaction through online banking (Open24) AND keep the account within agreed limits. The most anyone would be charged by PTSB is €48 a year."



We should be able to meet the criteria to avoid the PTSB charges in at least two of our three accounts. .



We will be closing our BOI accounts next week.

hmm hadnt realised PTSBs offer was still as fair as that. Could be following suit. Whats there online banking like ? Do they have Debit cards or still on laser?

sasol

I don' t know much about PTSB online banking
They have debit cards.

rahenyrover

PTSB launching a new current account in April that will make it even easier to qualify for free banking. Their online services are as good as any other bank in my opinion.

enviro

Do PTSB have a mobile app?

greenman09

Yes launched in the last few weeks. Easy to use as well

MMAGirl

greenman09 wrote: »

Yes launched in the last few weeks. Easy to use as well

its quite bad actually. The login process is very long winded.

Ulserbanks app is very good. i dont think ulsterbank can charge now after the last fiasco.
people are only with them now for the free account. if they start charging you might as well move to a reliable bank.

i was talking to a friend a while ago who works for rabobank and she said that they were working on a current account wit no charges that you could use for direct debits etc and a cardto take money out atms. i dont know if its available yet or not at the moment though.

dobsdave

MMAGirl wrote: »

its quite bad actually. The login process is very long winded.

Ulserbanks app is very good. i dont think ulsterbank can charge now after the last fiasco.
people are only with them now for the free account. if they start charging you might as well move to a reliable bank.

i was talking to a friend a while ago who works for rabobank and she said that they were working on a current account wit no charges that you could use for direct debits etc and a cardto take money out atms. i dont know if its available yet or not at the moment though.

PTSB login is definitely not log winded.
Same amount of time as BOI.
If UB login is shorter, Im glad I avoided.
Current plan is for UB to bring fees in in July this year.

MMAGirl

dobsdave wrote: »

PTSB login is definitely not log winded.
Same amount of time as BOI.
If UB login is shorter, Im glad I avoided.
Current plan is for UB to bring fees in in July this year.

PTSB App login.
Start App
Look up your Open24 number.
Type in account number.
Type in password.
Click next.
Put in 3 digits of pin.
Click next
Repeat every single time you open the app.


Ulsterbank
Once you have done the above just once you assign a pin.
Then when you want to go in
Start App
Enter pin
Login



Massive, massive difference in time wasted.
And if BOI is the same as PTSB that doesnt make either of them any better.

Ulsterbanks app is slick, which is more than I can say for their other services.

No way will ulsterbank be bringing in charges after their latest fiasco.

And if they do, assuming rabobank have their no fee current account sorted with DDs and ATM card, just close your UB account and move to rabo.

greenman09

Ptsb log in takes no longer than 30 seconds. It's easy to navigate. As for UB free banking or not this is the second fcuk up in months and probably won't be the last. I think this is a factor in banking with them esp when banks are offering the chance for free banking.
The ptsb app has only been launched so there should be enhancements in the future.

MMAGirl

greenman09 wrote: »

Ptsb log in takes no longer than 30 seconds. It's easy to navigate. As for UB free banking or not this is the second fcuk up in months and probably won't be the last. I think this is a factor in banking with them esp when banks are offering the chance for free banking.
The ptsb app has only been launched so there should be enhancements in the future.

OK, ok you are a super fast type logger inner. I get it.
Just imagine how superfast you would be logging into ulsterbanks app then. At least 5 times faster than your already superfast log in to PTSBs app.

But for normal people, PTSBs app is sh1t slow to log in to.

I agree completley about ulsterbank being an unreliable bank in general though.

freeze4real

Hi guys,

Does anyone know if BOI charges third level students for bank drafts of over 900e.

dobsdave

freeze4real wrote: »

Hi guys,

Does anyone know if BOI charges third level students for bank drafts of over 900e.

Maybe try the BOI forum on here, where you will get an answer from an employee?

http://www.boards.ie/ttforum/1522

sproggy13

Sorry I thought this post was about Bank Fee's?

wmpdd3

I finally got completely set up with my credit union.

I get paid in to my account (without being charged 28c for the pleasure).

I pay all my bills and then I transfer a little cash for the week into my post office account and take this out at the counter.

I use the internet banking that my credit union offers to transfer as I need to and I can also transfer to paypal or a prepaid credit card etc.

So I am completely free of bank charges. I have written to BOI to close my account giving their bank charges as the reason.

So it can be done. This may not suit everyone but I am glad to be free of banks.

The only reason people seem to have a relationship with them is for credit and at the moment its the credit unions that are lending.

robertxxx

PTSB are going to be offering free banking very soon.

tommytommy

So I see Ulster Bank brought in charges now. It is a flat €4 per month I see. I am with AIB and the charges are getting me down. I think it might be time to make the switch to UB even though they just brought in charges. At least it is a flat fee. Does anyone know of other flat fee banks before I reward them with my custom for bringing in charges.

sasol

tommytommy wrote: »

So I see Ulster Bank brought in charges now. It is a flat €4 per month I see. I am with AIB and the charges are getting me down. I think it might be time to make the switch to UB even though they just brought in charges. At least it is a flat fee. Does anyone know of other flat fee banks before I reward them with my custom for bringing in charges.

Before thinking about moving to UB, also have a look at what Permenant TSB have to offer.

https://www.permanenttsb.ie/whatweoffer/current-accounts/current-account/

They have a current account that does not have any charges or fees, as long as you have 1,500 been lodged to the account each month (i.e. your wages)

I am in the process of switching from BOI to PTSB, it is a bit of a pain, but it will save me about 400 in fees each year so it will be worth it in the long run.

tommytommy

that looks pretty good alright. Those switch buddies look quite helpful too... thanks for the pointer