Bank of Ireland introducing additional charges

cirrus55

I thought i was seeing things when I read this. Will finally be closing all my Bank of ireland accounts. Extortion, pure and simple.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

bladespin

True enough, AIB seem to be slightly cheaper although how they can justify charging €0.20 for internet transactions I carry out myself is beyond me, and account maintenance? Oil changes I guess.

gimli2112

Have to pay for those fat cat pensions somehow guys!

washman3

Probably only a matter of time before the other banks follow suit, while our inept Government once again stand idly by and allow them to do as they please. Let nobody be in any doubt as to who really runs this country, and have done for many years now.:mad:

celticbhoy27

cirrus55 wrote: »

I thought i was seeing things when I read this. Will finally be closing all my Bank of ireland accounts. Extortion, pure and simple.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

What's the alternative though. All the rest of the feckers will follow suit

gasher

It a joke, I'm going to ulster bank, if you have 3,000 in your account u avoid fees bank of ireland are taken d piss really

hfallada

Its a business which has to make a profit or in its case reduce its losses. You can't free banking for ever. They have to make a profit.

All of you moaning that it's 20 cent. They have a huge over heads. It was never going to last.

MBSnr

hfallada wrote: »

Its a business which has to make a profit or in its case reduce its losses. You can't free banking for ever. They have to make a profit.

All of you moaning that it's 20 cent. They have a huge over heads. It was never going to last.

You can justify this? Really? You can pay my fees if you don't mind then...

Meanwhile in the UK the banks are in debt and free banking...

gasher

i think you will find it more than 20 cent, and why shouldn't we moan, the government own most of the bank, so we know were are money is going. Fat Cats!

BuffyBot

MBSnr wrote: »

You can justify this? Really? You can pay my fees if you don't mind then...

Meanwhile in the UK the banks are in debt and free banking...

If they could, they would do it in a heartbeat.

However, it's a vastly different marketplace.

daheff

its the EUR5 per quarter fee for everybody that really gets me. They are removing the free banking completely now because of this. While you might be able to get around transactional banking fees theres no chance of getting around bank fees with BOI.

Pure contempt for their customers. Glad im in process of moving to PTSB.

loki7777

How is it now in PTSB - if i have 1500 on my account i don't have to worry about any fees - usage of Visa Debit (+5euro for atm but i know that:) or online banking?

dnme

With PTSB, you simply have to lodge €1500 or more per month. You don't need to maintain this balance, so if you get your salary paid in, you're covered. This is what its designed for.

I for one have decided to move, (from AIB to PTSB). I already have a savings account with them, they are currently paying 3% with instant access. Its a no brainer.

I urge everyone to move away from the banks. Vote with your feet. Dont tolerate this shafting any longer for god sakes. BTW I have nothing to do with PTSB, I'm just a pissed off and well ridden AIB customer.

coylemj

gasher wrote: »

It a joke, I'm going to ulster bank, if you have 3,000 in your account u avoid fees bank of ireland are taken d piss really

That is the equivalent of handing over €3,000 for the privilege of free banking, money you cannot touch or you'll go below the threshold and charges will cut in.

In previous times, any money you had in the current account and making no interest was the reason why they could give free banking if you were in credit, low interest rates has removed this benefit so they have to start charging.

dnme

dnme wrote: »

With PTSB, you simply have to lodge €1500 or more per month. You don't need to maintain this balance, so if you get your salary paid in, you're covered. This is what its designed for.

I for one have decided to move, (from AIB to PTSB). I already have a savings account with them, they are currently paying 3% with instant access. Its a no brainer.

I urge everyone to move away from the banks. Vote with your feet. Dont tolerate this shafting any longer for god sakes. BTW I have nothing to do with PTSB, I'm just a pissed off and well ridden AIB customer.

Also bear in mind, that if you have access to €2500 - €3000, you'd be mad to keep it in your current account just to avoid fees. €3000 will earn you €70-€100 quid a year interest in any decent savings account right now, plus it will bolster your ability to access credit with the institution you have it saved with. Take your money out of the hands of these robbing bastards, take control, you be the boss !!

Chris_5339762

...and also in the UK a good chunk of the ATMs charge for withdrawals. I've yet to see that here, thank goodness.

Coonster

Is the €11.40 flat fee for 90 transactions dropped? and is it being replaced with anything similar?

murphaph

coylemj wrote: »

That is the equivalent of handing over €3,000 for the privilege of free banking, money you cannot touch or you'll go below the threshold and charges will cut in.

In previous times, any money you had in the current account and making no interest was the reason why they could give free banking if you were in credit, low interest rates has removed this benefit so they have to start charging.

My German bank pays ME 0.2% on my current account balance (1.05% on credit card balance if in credit) and there are no fees. It's online only but most people with internet access of any kind do not really need to use a branch these days.

There are even high street banks here in Germany with no fees and no minimum balance. My old bank required 1k to be lodged per month but no minimum balance etc. to avail of fee free banking.

The Irish banks do it because they think they can get away with it. If 25% of BoI customers left to go to PTSB BoI would not introduce the new fees. People need to get off their backsides and move to a cheaper bank to force the hand of competition.

From February you'll be able to seek out online banks outside Ireland for ALL your banking needs. I'll be closing my last remaining Irish account then and switching Irish direct debits to my German accounts.

alaimacerc

murphaph wrote: »

From February you'll be able to seek out online banks outside Ireland for ALL your banking needs. I'll be closing my last remaining Irish account then and switching Irish direct debits to my German accounts.

Apologies for being in the slow climbing lane on this one, but what exactly is happening come February? Is there some sort of EU/Eurozone directive/deregulation/harmonisation coming down the pipe?

Unfortunately my only "foreign" account is in the UK, so not going to be any use for such purposes, but if the regs are changed...

SpaceTime

murphaph wrote: »

My German bank pays ME 0.2% on my current account balance (1.05% on credit card balance if in credit) and there are no fees. It's online only but most people with internet access of any kind do not really need to use a branch these days.

There are even high street banks here in Germany with no fees and no minimum balance. My old bank required 1k to be lodged per month but no minimum balance etc. to avail of fee free banking.

The Irish banks do it because they think they can get away with it. If 25% of BoI customers left to go to PTSB BoI would not introduce the new fees. People need to get off their backsides and move to a cheaper bank to force the hand of competition.

From February you'll be able to seek out online banks outside Ireland for ALL your banking needs. I'll be closing my last remaining Irish account then and switching Irish direct debits to my German accounts.

That's all fine and well, but we've less and less competition here all the time as the policy was to consolidate the market into two 'pillar banks' or a 'duopoly' as it's normally known.

The Irish banks' only concern is how to maximise profits by turning the screws on customers to correct their somewhat dysfunctional balance sheets created by boom-time irrational lending.

So, normal punters who had nothing to do with the property collapse are paying through nose for it and people on low incomes are suffering disproportionately through the introduction of heavy fees and especially unauthorised overdraft fees which can run up huge fees for a really minor accidental OD.

tteknulp

PTSB never charged me a fee for atm usage or otherwise ,regardless of what i had in account , although a €15.88 fee applies if money is not there to meet a direct debit.

alaimacerc

But if there's "single market" online banking competition, that in turn turns the screws on them. I'd have been initially wary of an all-online bank, but truth to tell I haven't been in my "own" AIB branch for an age until this week -- and when I did, it did me precious little good. So, to heck with them, frankly.

Of course, it's not without consequence if that is what happens. For "maximising profits" read "minimising losses" at present. If the banks aren't able to make money in this way -- as shoddy and opportunistic as it is, frankly -- then doubtless they'll end up making aggressive savings elsewhere, charging more money to "captive" customers, and/or running to the taxpayer for more money.

SpaceTime

The problem with that strategy is that because customers feel 'stung' as soon as a continental online current account bank opens up in a big way here, you'll find a hell of a lot of people will switch and feel quite spiteful about their old bank.

It's yet more short-termism from the Irish banks.

Ogham

Coonster wrote: »

Is the €11.40 flat fee for 90 transactions dropped? and is it being replaced with anything similar?

That's going - so if you go under €3k balance you pay for every transaction in the quarter.
http://www.moneyguideireland.com/bank-of-ireland-to-introduce-account-fees-for-all-customers.html

washman3

murphaph wrote: »

From February you'll be able to seek out online banks outside Ireland for ALL your banking needs. I'll be closing my last remaining Irish account then and switching Irish direct debits to my German accounts.

February 2014, i take it.?
will that mean the banks here will really struggle to compete.?

hillbloom

The new BOI charges are starting on 19th August.

dnme

Ogham wrote: »

That's going - so if you go under €3k balance you pay for every transaction in the quarter.
http://www.moneyguideireland.com/bank-of-ireland-to-introduce-account-fees-for-all-customers.html

What a great little website, all the key info you need in a clean concise format.

Delta2113

Yes it's a great website - should bookmark. A good alternative to askaboutmoney - another good one.

sean200

i have moved to PTSB and am now getting 1% on current account
Bank of ireland tried to rip me off since last october with fees by not changing me over to the fixed fee when i asked them to.
Leave bank of ireland now and stop this bank screwing the irish people

murphaph

alaimacerc wrote: »

Apologies for being in the slow climbing lane on this one, but what exactly is happening come February? Is there some sort of EU/Eurozone directive/deregulation/harmonisation coming down the pipe?

Unfortunately my only "foreign" account is in the UK, so not going to be any use for such purposes, but if the regs are changed...

From February the national sort codes and account numbers across the entire SEPA will be replaced with IBAN/BIC combinations and you'll be free (if you can find a bank that will cooperate) to open a Euro denominated account in any SEPA member state and be able to operate it just like a domestic one. You can pay your ESB bill from your account in Spain etc. One big payment area.

devil-80

Ulster bank also introduce monthly fee 4€ if you dont have 3000€ on your account.