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Clarity on BOI Current Account charges

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  • 08-07-2014 4:17pm
    #1
    ObsidianOrder
    Registered Users Posts: 22 ✭


    Can I ask if BOI at any point in the past actually sent out details of account charges revisions to customers? (I am particularly talking about the €3,000 minimum balance required to avoid Fees.)

    Unfortunately, when I called BOI in the last quarter of this year to find out how to avoid Bank of Ireland account charges altogether, I was told to simply keep the balance over €3k per quarter. I did this, but lo and behold I find that even when you DO do this, you are simply staving off "Transaction Fees" - the account still has a €5 per quarter charge.

    That is not what I was told by BOI representatives when I called about this - I wanted to find out how to avoid current account charges altogether! The answer was incorrect - it seems you cannot.

    And so BOI - and yes, principled as this may be and foolish as I was to accept the word of a staff member on it rather than research further - are about to lose a decent customer to a bank (Ulster Bank) with zero charges on an annual basis! 

    Can BOI please note that they should explain clearly to anyone enquiring about removing bank charges from their account that this isn't actually possible? It's the last "quarterly maintenance" charge I'll be allowing to come from my (now former) BOI account...


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    #2
    thomas anderson.
    Registered Users Posts: 1,111 ✭✭✭thomas anderson.


    Dont know about BOI but AIB will debit the charge and the credit it back on to your account, so there will be 2 transactions on your statement.


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    #3
    Bank of Ireland: Tara
    Closed Accounts Posts: 2,346 ✭✭✭Bank of Ireland: Tara


    Hi ObsidianOrder,

    Thanks for contacting us here on boards.ie.

    We are sorry to hear you are unhappy with your quarterly fees and considering closing your account with us. 

    In June 2013 we notified all Personal Current Account holders that we were launching a new fee structure from the fee quarter starting 19th of August 2013 and would be introducing a quarterly maintenance fee of €5. 


    To communicate this we issued emails, there was an interrupt message when logging on to 365 Online, a message printed on the bottom of statements, in branch signage and press notifications. Online communications included links to more information which you can view here which also clarifies that customers availing of our No Transaction Fees offer would not be charged Transaction Charges but would be subject to €5 quarterly maintenance. Apologies that this was not made clearer to you when you called. We will ensure to pass on your comments to our Phone Teams.


    Thanks
    Tara


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    #4
    ObsidianOrder
    Registered Users Posts: 22 ✭ObsidianOrder


    Bank of Ireland: Tara wrote: »
    Hi ObsidianOrder,

    Thanks for contacting us here on boards.ie.

    We are sorry to hear you are unhappy with your quarterly fees and considering closing your account with us. 

    In June 2013 we notified all Personal Current Account holders that we were launching a new fee structure from the fee quarter starting 19th of August 2013 and would be introducing a quarterly maintenance fee of €5. 


    To communicate this we issued emails, there was an interrupt message when logging on to 365 Online, a message printed on the bottom of statements, in branch signage and press notifications. Online communications included links to more information which you can view which also clarifies that customers availing of our No Transaction Fees offer would not be charged Transaction Charges but would be subject to €5 quarterly maintenance. Apologies that this was not made clearer to you when you called. We will ensure to pass on your comments to our Phone Teams.


    Thanks
    Tara
    Thank you, Tara.

    Yes, that explains a lot.

    BOI don't have an email address for me on that a/c (it's quite an old one) and I haven't used 365 other than the mobile app (which I didn't see the notification you mention on.)

    As the a/c was my secondary one, I certainly may well have missed the message printed on statements after this new fee structure. I do know that the first time it was brought to my attention was after the first charge under this system was on my account in the final quarter of 2013.

    But again, I was told on 365 Online phone help that €3,000+ would prevent account charges - and so I did this, only to find it isn't the case, and Quarterly Maintenance isn't preventable as a charge.

    I appreciate you making the phone teams aware to make this clear to anyone asking about a/c charges, as this really would be a factor for many current account users looking for the best possible option.

    I sent off the a/c closure letter earlier this week, so it isn't the end of the world, as the €10 taken (one my fault, one preventable) is very low.

    But since other banks offer €0 charges/free banking, it is worth the average bank user knowing it really still pays to shop around (even if BOI wouldn't understandably publicise those facts).


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    #5
    2012paddy2012
    Registered Users Posts: 2,880 ✭✭✭2012paddy2012


    Be careful here. I left ulster bank recently ..there are charges now. I have direct debits standing orders on line banking including paying me wages in with no fees whatsoever with credit union. Try them


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    #6
    ObsidianOrder
    Registered Users Posts: 22 ✭ObsidianOrder


    2012paddy2012 wrote: »
    Be careful here. I left ulster bank recently ..there are charges now. I have direct debits standing orders on line banking including paying me wages in with no fees whatsoever with credit union. Try them
    Agree. It's a minefield, particularly if you change banks. For now, thankfully, I'm €0/free banking with Ulster B, but that's not to say other newer account types they have aren't charged.

    Ironic, when you consider the Irish people technically OWN the banks...


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    #7
    dirtyden
    Registered Users Posts: 1,734 ✭✭✭dirtyden


    ObsidianOrder wrote: »
    2012paddy2012 wrote: »
    Be careful here. I left ulster bank recently ..there are charges now. I have direct debits standing orders on line banking including paying me wages in with no fees whatsoever with credit union. Try them
    Agree. It's a minefield, particularly if you change banks. For now, thankfully, I'm €0/free banking with Ulster B, but that's not to say other newer account types they have aren't charged.

    Ironic, when you consider the Irish people technically OWN the banks...
    Hi Obsidian, I have to admit I missed this also until I observed the charge on my account. I use 365online a lot and did not see the notice for current account charges as indicated by the BOI rep above, I did not get an email nor see any advertisement in the press. I fail to see how they cannot send out a letter to their customers. Its almost like they wanted to slip the fees in without a lot of customers noticing.

    Funnily enough when they trumpeted about not having charges if you kept your current account above a certain amount and made a certain number of transactions that information was much more readily apparent until they decided to change for the current system of charging us anyhow no matter what.


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    #8
    ObsidianOrder
    Registered Users Posts: 22 ✭ObsidianOrder


    dirtyden wrote: »
    ObsidianOrder wrote: »
    2012paddy2012 wrote: »
    Be careful here. I left ulster bank recently ..there are charges now. I have direct debits standing orders on line banking including paying me wages in with no fees whatsoever with credit union. Try them
    Agree. It's a minefield, particularly if you change banks. For now, thankfully, I'm €0/free banking with Ulster B, but that's not to say other newer account types they have aren't charged.

    Ironic, when you consider the Irish people technically OWN the banks...
    Hi Obsidian, I have to admit I missed this also until I observed the charge on my account. I use 365online a lot and did not see the notice for current account charges as indicated by the BOI rep above, I did not get an email nor see any advertisement in the press. I fail to see how they cannot send out a letter to their customers. Its almost like they wanted to slip the fees in without a lot of customers noticing.

    Funnily enough when they trumpeted about not having charges if you kept your current account above a certain amount and made a certain number of transactions that information was much more readily apparent until they decided to change for the current system of charging us anyhow no matter what.
    Couldn't agree more. I am a fairly savvy bank customer and had I seen - for definite, anywhere - that the minimum balance now only prevented "transactional fees" but not an "account management quarterly fee", I could have gotten shot of the account before the rule change.

    I can only take BOI's word that there were notifications placed around to this effect, but I certainly don't remember seeing them. My big warning was seeing the number actually come from the account, and at that point, I knew I would just leave BOI for good (after 30 years!)

    So whether or not the bank really goes out of its way to inform us, at least we always have the choice in how to respond...


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    #9
    The Voice of reason
    Registered Users Posts: 119 ✭✭The Voice of reason


    ObsidianOrder wrote: »
    2012paddy2012 wrote: »
    Be careful here. I left ulster bank recently ..there are charges now. I have direct debits standing orders on line banking including paying me wages in with no fees whatsoever with credit union. Try them
    Agree. It's a minefield, particularly if you change banks. For now, thankfully, I'm €0/free banking with Ulster B, but that's not to say other newer account types they have aren't charged.

    Ironic, when you consider the Irish people technically OWN the banks...
    14% is owning??


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    #10
    ObsidianOrder
    Registered Users Posts: 22 ✭ObsidianOrder


    The Voice of reason wrote: »
    ObsidianOrder wrote: »
    2012paddy2012 wrote: »
    Be careful here. I left ulster bank recently ..there are charges now. I have direct debits standing orders on line banking including paying me wages in with no fees whatsoever with credit union. Try them
    Agree. It's a minefield, particularly if you change banks. For now, thankfully, I'm €0/free banking with Ulster B, but that's not to say other newer account types they have aren't charged.

    Ironic, when you consider the Irish people technically OWN the banks...
    14% is owning??
    Well, 15%, I believe, and fair enough in the BOI case (although it still needed a hell of a bailout.)
    AIB is effectively wholly owned, as is PTSB, the old Anglo etc.

    We certainly don't get an easy time from our owned properties, as charges at the other banks are not any more impressive than BOI.


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