Important Customer Notice - Simpler, Clearer Pricing

Bank of Ireland: Laura

Hi all.

We're introducing a simple and transparent fee structure for your personal current account, from 19th August 2013, replacing our existing fee options.

Get more details on our new fee structure here.

Thanks
Laura

Yakuza

Hi Laura,
So that's €5 per quarter PLUS 20/40c per transaction?  You don't get any free txns at all for the quarterly fee?
My joint account is on the payg structure - last quarter it had 37 transactions which cost €10.36.  Under this new structure that will cost €12.40.
My current account is on the flat fee structure - the 90 transactions (and I'd be close to this limit every quarter) I get for €11.40 will now cost €23 under this new structure.

"Simple and transparent" - It's transparent that I'm simply going to have more fees gouged out of me unless I vote with my feet...

harolds57

Who's this simpler for? you the bank to rip us off more.That has to be a joke that line where its say's "We’re introducing a €5quarterly maintenance fee enabling us to continue offering you the best banking experience we can with our suite of quality and innovative services. "Your good at one thing and always deliver in that you are consistently the last bank to offer new technology to your customers, everything you offer is always at least 2 to 4 years old by the time BOI customers get it. And finally increasing transactions at the counter now to 40 cent, why this? because your branches are getting busier because people are taking out lager amounts of money to cut down on 28c every time they use there ATM card. I can’t remember the last time I used my visa debit card at a shop, always cash now.

 
Have said it before and will say it again, you don't deserveto have the name Ireland in your company name, you crippled this country and your back for more again, aghhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhh

Bank of Ireland: Laura

Hi Yakuza.

Thanks for your feedback.

We understand that the new fees and charges structure may affect our customers in different ways.

For information on how to minimise or avoid fees, please see here.

We appreciate your comments and as always, have forwarded your feedback on to our Consumer Banking Team.

Thanks
Laura

Yakuza

I've done some more analysis on this.  The current flat fee of €11.40 will get you 32 transactions per quarter under the new system, but anyone doing only 32 transactions on the flat fee scheme would have been mad to be on that system, they should be on the PAYG system, where 32 transactions would cost them €8.96.  People on the PAYG scheme doing more than 63 transactions per quarter will see costs reduce as well, but then again someone doing over 40 transactions should be on the flat fee structure in the first place.

I don't think there's anyone who actually benefits from this - assuming that a customer is on the correct fee structure for their usage.  Customers on the flat fee structure when they shouldn't be, or on the PAYG scheme when they shouldn't be will benefit, but I'd imagine they'd be few and far between.  From personal experience, myself, my family and my friends are quite proactive when it comes to managing bank fees - mostly on principle.

sunbeam

So as a customer on the flat fee option who makes around 90 transactions per quarter my bank charges are going to double?! Just when I thought that bank of Ireland couldn’t gouge us any more.

Can you please explain to me how exactly the new fee structure is supposed to be 'simpler' and 'more transparent' than that currently on offer?

Bank of Ireland: Billy

Hi sunbeam, 


Thanks for posting.


Now that we only have one fee structure,we hope it will be easier to understand. We have listened to customer feedback including those on Boards. This feedback helped us shape these changes. We now differentiate between self-service and staff assisted transactions. Contactless transactions continue to be free. Please see the designated area on our group website for tips on how to save on fees here.


The No Transaction Fee Offer is still available when customers maintain a minimum balance of €3,000 for the full fee quarter. If you qualify for this, you will only be required to pay the €5 quarterly account maintenance fee.


Students, Golden Years and Graduate Accounts continue to avail of transaction free banking.


Once again, thanks for taking the time to post


Billy

Tails142

This is just an increase in fees marketed as an improvement for customers when in reality there are no customers who will benefit from this 'simplification' except those who were already paying too much.

DubOnHoliday

In the email I received:.... ....you couldn't make it up.

Don't keep 3000 Euro in your account.....
"If you’re keeping a minimum balance of €3,000 in your account for the full fee quarter to qualify for our No Transaction Fees Offer, you will still have to pay the €5 quarterly maintenance fee. Please note that we don’t pay credit interest on your current account balance and you may be missing out on potential interest by keeping a balance of €3,000 in your current account.
"
But do keep 3000 Euro in your account.....
Keep €3,000 in your personal current account
You don’t pay quarterly transaction fees if you keep a minimum of €3,000 in your Personal Current Account at all times. However you will still pay the €5 quarterly maintenance fee. Please note that we don’t pay credit interest on your current account balance and you may be missing out on potential interest by keeping a balance of €3,000 in your current account

Mylow

Hi Ho Hi Ho its off to permanent tsb I go

davemeade1

So am I correct to say that I currently pay 11.40 for 90 transactions which is just under 13c per transaction and 28c for those after 90 transactions? 

And I will now pay a minimum of 20c per transaction and an extra €5 per quarter? 

Which means unless i have over 220 transactions per quarter then my fees will be increasing.....

150 transactions
Old structure €11.40 + 60x28c = €28.20
New structure €5 + 150x20c = €35

220 transactions
Old structure €11.40 + 130x28c = €47.80
New structure €5 + 220x20c = €49

Both example assume i have no transactions costing more that 20c in the new structure

sunbeam

So even if you can afford to keep three grand in your current account each quarter you are now not exempt from fees as you will have to pay the 5 euro 'maintenance' fee -unbelievable!

I'm not really sure how the options in the link you posted can be counted as advice on how to avoid or minimise fees. There is little point in pointing out that golden years, graduate, 3rd and 2nd level accounts are exempt from fees to those of us who are ineligible to open one. Visa debit, direct debit and online/phone banking transactions now all incur fees as well.

Could you please link to any specific feedback on this forum that suggested it would be a good idea to abolish the flat rate quarterly fee or that charging per transaction would be 'easier to understand'?

DubOnHoliday

Indeed, in fact the flat rate target of 90 transactions was the only realistic target for the majority of people and now its gone!!! Please explain the reasoning behind that.

davemeade1

Bank of Ireland: Billy wrote: »

Now that we only have one fee structure,we hope it will be easier to understand. We have listened to customer feedback including those on Boards. This feedback helped us shape these changes. We now differentiate between self-service and staff assisted transactions. Contactless transactions continue to be free. Please see the designated area on our group website for tips on how to save on fees here.

sunbeam wrote: »

Could you please link to any specific feedback on this forum that suggested it would be a good idea to abolish the flat rate quarterly fee or that charging per transaction would be 'easier to understand'?

Hi Billy,

I too would like to see this feedback from this forum please.

delos

It's the last bit under "Why The Change?" in th e-mail that is just beyond belief:

"We hope these changes make it simpler for you to stay on top of your finances....."

Anyone who was on the correct plan before (and it wasn't rocket science to work out what plan you should be on) will now be paying more so how on earth is this supposed to help me stay on top of my finances? This isn't a rhetorical question. Can you please explain to me the reasoning behind charging me more money in an effort to help me stay on top of my finances?

I accept that free banking is gone and was never really sustainable, but why can't you be honest about this rather than spouting rubbish like suggesting that I keep €3000 in my account or that by charging me more you are actually helping me? If you are going to rob me, don't treat me like a moron while you are doing it.....

ardmacha

"Please note that we don’t pay credit interest on your current account balance and you may be missing out on potential interest by keeping a balance of €3,000 in your current account"

Quite. Since you have the money without paying interest why are you now also charging €5 per quarter? The term gouging springs to mind.

str|ct9

So free fees are gone then.

I have to love the way you phrase it as well


[font=Arial, Helvetica, Verdana, sans-serif]Please note that we don't pay credit interest on your current account balance and you may be missing out on potential interest by maintaining a balance of €3,000 in your current account.[/font]

You've actually convinced me to move the balance on my current account of it... to another bank. Permanent TSB here I come.

Was waiting on something like this from you lot in order to give me the push I need. Thanks!

Bank of Ireland: Paula H

Hi All
 
This is to respond to all of your posts collectively.
 
We have read each post and thank you for taking the time to comment on the new fee structure.  
 
With the many banking channels now available, customers advised that they would like us to differentiate the costing values between self service and staff assisted transactions which helped shaped the current changes being introduced.This new fee structure is solely driven by customer feedback via all of our banking channels.  
 
Here is a link to tips which may help to save and minimise fees on your account.
 
We are happy to answer any banking queries as always but we cannot discuss, on this forum, the banks policies and procedures.

Thanks a million for your feedback. We want to assure you that feedback and suggestions are listened to and taken on board.
 
Thanks for posting.
 

Paula H

heroics

Bank of Ireland: Paula H wrote: »

Hi All
 
This is to respond to all of your posts collectively.
 
We have read each post and thank you for taking the time to comment on the new fee structure.  
 
With the many banking channels now available, customers advised that they would like us to differentiate the costing values between self service and staff assisted transactions which helped shaped the current changes being introduced.This new fee structure is solely driven by customer feedback via all of our banking channels.  
 
Here is a link to tips which may help to save and minimise fees on your account.
 
We are happy to answer any banking queries as always but we cannot discuss, on this forum, the banks policies and procedures.

Thanks a million for your feedback. We want to assure you that feedback and suggestions are listened to and taken on board.
 
Thanks for posting.
 

Paula H

The link is useless to people that want to minimize fees. I would love to have 3000€ euro just sitting around but I don't. I am also not a student,OAP etc.

I currently do about 90-100 transactions at the moment per quarter and as has been stated above my fees are going to double. The bit that really annoys me is the part where BOI are trying to spin this as it is good for me. How can they possibly think that people believe this rubbish.

I have already started taking out more cash in one transaction weekly and then paying by cash instead of by card. after this I am going to be contacting TSB today about transferring my account.

NinjaTruncs

I agree with the above, the tips to minimise fees is a illusion. It's as if they had a requirement to inform user on how to reduce fees so they threw together this. 

• Have you got a Golden Years, Graduate, 3rd Level student or 2nd Level student current account?
• You don't pay quarterly transaction fees and you don't have to pay quarterly maintenance fees

How is that a tip, it doesn't apply to the majority of users, either you have such an account or you don't. Keeping €3,000 in you account isn't possible for most people and even if it was the interest alone you would lose on that money would be close to €60 a year (at 2% apr) and then you slap  €20 a year on fees on top of that, so you'd be down €80.

Both myself and my wife have current accounts with BOI and we'll be moving elsewhere due to these changes. Which will mean our savings will be going elsewhere also.

EAFC_rdfl

Hi BOI,

Two questions I would like answers to please, and one has already been asked a couple of times here.
Where on boards was the feedback you mention given? Can you give us examples? Saying customers requested differentiated fees for self-service and assisted banking - I think what those customers were getting at was that self-service banking should not come with fees at all.
Second question - when did you introduce fees for 365 transactions? I could not believe that when I saw it in your email just now!.

sunbeam

As the others above mentioned the material in the link you gave isn't actually 'tips' on how to avoid charges. Are you suggesting that customers sign up for another college course to avail of a student account? Will they get another student account one if they've already had one in the past ? I'm a part time student again and BOI won't give one to me. As I mentioned before, debit card transactions (apart from contactless) direct debits, and online/phone banking transactions now all incur fees, so why are they listed as ways to avoid fees?

You still haven't linked to specific feedback which you claimed originated on this forum recommending these charges.

Honestly this is terrible PR on Bank of Ireland's part. It's one thing to drastically hike fees, quite another to claim you are doing it for customers own good and insinuate that they were simply too dimwitted to understand the current fees structure-then offer a link with useless 'tips', that aren't really tips at all. That's what is really getting to most people here-the attempt to defend the indefensible, coupled with the suggestion that somehow the feedback we gave you on this forum led to this so we are only getting what we asked for.

Bank of Ireland: Paula H

Hi EAFC_rdfl
 
The feedback has been across all of our channels includingour phone service, Facebook, Boards, secure messaging and branch services.
 
We do not have the manpower to go looking for the links foryou but you are free to check the threads here on Boards.ie, any that relate to ‘Branch services’ or ‘No transaction offer’ among others.  
 
There have always been fees for 365 transactions.  
 
Thanks for posting.
 
Paula H

Bank of Ireland: Tara

sunbeam wrote: »

As the others above mentioned the material in the link you gave isn't actually 'tips' on how to avoid charges. Are you suggesting that customers sign up for another college course to avail of a student account? Will they get another student account one if they've already had one in the past ? I'm a part time student again and BOI won't give one to me. As I mentioned before, debit card transactions (apart from contactless) direct debits, and online/phone banking transactions now all incur fees, so why are they listed as ways to avoid fees?

You still haven't linked to specific feedback which you claimed originated on this forum recommending these charges.

Honestly this is terrible PR on Bank of Ireland's part. It's one thing to drastically hike fees, quite another to claim you are doing it for customers own good and insinuate that they were simply too dimwitted to understand the current fees structure-then offer a link with useless 'tips', that aren't really tips at all. That's what is really getting to most people here-the attempt to defend the indefensible, coupled with the suggestion that somehow the feedback we gave you on this forum led to this so we are only getting what we asked for.

Hi sunbeam,

Thanks for getting in touch.

The reference to Golden Years, 2nd and 3rd Level Student and Graduate accounts in the How to save on fees link is to advise customers who hold one of these accounts that they are not charged transaction fees. It is also to make other customers aware that these account types are available to anyone who is eligible to apply.

Paula H as addressed the next part of your post. We receive feedback from our customers through various channels and not only on this forum.

Your feedback is much appreciated and will be passed on to our Consumer Banking Team.

Thanks
Tara

Danpad

Dear BoI, I have no doubt that, regardless of how you dress this up, it's going to cost me and my family. I'm going to email you as well as publicly stating here that I'm done with you. It will cost me ZERO to safeguard my money myself and any direct debits/bills etc I have automated will be re-routed elsewhere. I can't wait to see the reaction to these fees when I co-chair the next residents meeting in my area, which, by the way, consists of hundreds of households. Don't bother responding, it's not up for debate.

EAFC_rdfl

Danpad wrote: »

Dear BoI, I have no doubt that, regardless of how you dress this up, it's going to cost me and my family. I'm going to email you as well as publicly stating here that I'm done with you. It will cost me ZERO to safeguard my money myself and any direct debits/bills etc I have automated will be re-routed elsewhere. I can't wait to see the reaction to these fees when I co-chair the next residents meeting in my area, which, by the way, consists of hundreds of households. Don't bother responding, it's not up for debate.

Good on you, make sure you have the details in this post to hand at that meeting too, it should be helpful http://www.boards.ie/ttfpost/85073748

sunbeam

Bank of Ireland: Paula H wrote: »

Hi EAFC_rdfl
 
The feedback has been across all of our channels includingour phone service, Facebook, Boards, secure messaging and branch services.
 
We do not have the manpower to go looking for the links foryou but you are free to check the threads here on Boards.ie, any that relate to ‘Branch services’ or ‘No transaction offer’ among others.  
 
There have always been fees for 365 transactions.  
 
Thanks for posting.
 
Paula H

A quick search inputting these terms into the boards.ie search for this forum brought up nothing that suggested that anyone who posted here had advocated these changes. This took me all of five minutes without requiring any substantial 'manpower'.

If BOI continue to suggest that feedback in support of the new charges came via this forum is it really too much for them to spend a few minutes of their time using the search function to back their claims up? It is hardly an onerous task.

jos22

http://www.independent.ie/business/personal-finance/latest-news/rivals-set-to-follow-as-bank-of-ireland-hits-customers-with-raft-of-new-fees-29343738.html

seem other banks are to follow.

murphaph

delos wrote: »

I accept that free banking is gone and was never really sustainable,

I don't  agree that fee free banking was or is unsustainable. I live in Germany and all the high street banks bar one or two charge fees. Many of the ones that do make it relatively easy to avoid them however (my old bank required just €1000 a month in salary to be paid in to be fee free). I am now with an online only bank and there are no minimum deposits required. It is completely free no matter what. In fact they pay me (currently) 0.2% on my current account balance!!!

I am pretty dismayed by BoI's decision here as I just opened an account with them last month to avail of their PAYG fee structure. I needn't have bothered. Did the branch staff really have no idea what was coming when I made the extra effort to get in to see them last time I was home? Crazy.

I now simply await the February 2014 deadline for SEPA implementation and I'll move all transactions to a free German bank. Irish people should be looking beyond Irish shores for competitive banking.

rfitzg

Bank of Ireland: Laura wrote: »

Hi all.

We're introducing a simple and transparent fee structure for your personal current account, from 19th August 2013, replacing our existing fee options.

Get more details on our new fee structure here.

Thanks
Laura

I've just received the hilarious "ripoff" email from Bank of Ireland and like so many other BOI customers I'm furious.  Stop treating your intelligent customers as complete morons!  Seriously, who wrote that bullsh1t?  ANd more importantly which overpaid clown actually signed it off for general release to thousands of people.  Probably why you sent it out on a Friday afternoon...

Anyway, I'm sick of the increases in fees and decreases in actual service quality.  Try ringing a branch and asking a member of staff to get back to you with an urgent query.  You'll be left waiting for days, if you ever get a response at all.  You will invariably have to keep calling, and calling....

And when you say these extra charges will allow you to offer the best customer services, what you really mean is they will generate even greater profits for Bank of Ireland, while reducing staff interactions with customers and generally degrading services to the point of it being non-existent.

You should be embarrassed for sending this email.  Shame on you for treating your loyal customers like this.

Don't be surprised if you lose customers en masse because of this.

Yours in disappointment.
Richard

Delta2113

[font=Arial, Helvetica, Verdana, sans-serif]"If you don't use your current account:[/font][font=Arial, Helvetica, Verdana, sans-serif] If you haven't used your account, we won't charge you the maintenance fee until the fee quarter that starts in February 2014."[/font]




[font=Arial, Helvetica, Verdana, sans-serif]Can you spell out exactly what this means? I have a current account with one direct debit sitting on it that was never 'called on'. It  actually does not show up in the direct debit list as it was never 'called on'.[/font]


[font=Arial, Helvetica, Verdana, sans-serif]Can I afford to wait until Feb 2014? I'm not paying any €5 -that's for sure. This sounds like a trick to me to try and put off people closing accounts and then hopefully they forget and start getting hit with €5 charge.[/font]