BOI too expensive

MyStubbleItches

Hi, I'm a lifelong customer but recently have become more and more angry with BOI as they just seem to grab money at every turn. My partner has wanted us to move our joint account for a while now and I've resisted - until now.

Recently we were charged €12.70 each for two returned unpaid SO/DD transactions. These were for small amounts (€30/40) and there was a positive balance in the account when they presented with my wages due to hit that day, as they always do and my wife's fortnightly salary due within a few days, as it always does. This would not have happened in the past, those payments would have been honoured safe in the knowledge that there would be funds incoming to the account. It seems that BOI are just flogging us for every cent they can.

We use our current account to receive our wages/salary and distribute from it via DDs/SOs to pay our household bills, between 3 and 5 visa debit transactions per week, credit union savings, a BOI savings account (are we charged for this transaction) and to our individual 'pocket money' personal accounts. My wife's account is with UB, mine is with BOI so I also get a hefty quarterly bill on that account on top of an even heftier bill on the joint account.

It's come to the stage where I can no longer defend BOI to my wife, we are being screwed every quarter with fees of €50-80 on the joint account and c. €30 on my personal account. This despite having healthy regular income, saving with BOI and a good track record with the bank.

So, do BOI actually want to keep customers or not?

Horrocksjm

I don't think they do want to keep their customers!  Would you not switch your account to Permanent TSB and save yourself all the charges.  Best thing I ever did.  I no longer have to pay any charges for my regular banking.  The €50-€80 is better in your pocket than theirs!

Bank of Ireland: Paula C

Hi MyStubbleItches,

Thank you for contacting us here on boards.

We are sorry to hear you are unhappy with the recent charges to your account, we can assure you we certainly value all our customers business. To clarify, when a direct debit/standing order returns unpaid on an account there is an automatic unpaid fee of €12.70 applied to the account. If you believe this was charged in error please contact your account holding branch directly where a representative can certainly look into this for you.

Please see here for tips on how to minimise or avoid fees which may be of benefit to you in the future.

We thank you for your business and ask that you continue to bank with us in the future. We will certainly ensure your feedback regarding this is passed on to our Branch Network for review.

If we can assist you with anything else please do not hesitate to contact us.

Thanks,
Paula C

MyStubbleItches

Bank of Ireland: Paula C wrote: »

Hi MyStubbleItches,

Thank you for contacting us here on boards.

We are sorry to hear you are unhappy with the recent charges to your account, we can assure you we certainly value all our customers business. To clarify, when a direct debit/standing order returns unpaid on an account there is an automatic unpaid fee of €12.70 applied to the account. If you believe this was charged in error please contact your account holding branch directly where a representative can certainly look into this for you.

Please see here for tips on how to minimise or avoid fees which may be of benefit to you in the future.

We thank you for your business and ask that you continue to bank with us in the future. We will certainly ensure your feedback regarding this is passed on to our Branch Network for review.

If we can assist you with anything else please do not hesitate to contact us.

Thanks,
Paula C

Thank you for the reply Paula but to be fair, you don't really say anything in it bar telling me what I already know - that BOI jumps on every chance to charge. Could you answer these queries;

There is a fortnightly SO from our BOI current account to our BOI savings account. Do we pay a transaction fee for this?

There is a weekly SO from our BOI current account to my personal BOI current account. Do we pay a transaction fee to transfer the money out of one account and do I then pay another fee to receive the money into my personal account?

Bank of Ireland: Paula C

Hi,

Thanks for coming back to us. All automated transactions which include Standing order transactions are charged at a rate of 0.20c. This charge is applied for both sending and receiving standing order payments.

For more information on fees and charges please see here.

We hope this clarifies this for you, please let us know if we can assist with anything else.

Thanks,
Paula

V.W.L 11

F.A.O Paula C

I recently and regrettably opened a BOI account recently,can you advise me on how to close it please?

MyStubbleItches

Bank of Ireland: Paula C wrote: »

Hi,

Thanks for coming back to us. All automated transactions which include Standing order transactions are charged at a rate of 0.20c. This charge is applied for both sending and receiving standing order payments.

For more information on fees and charges please see here.

We hope this clarifies this for you, please let us know if we can assist with anything else.

Thanks,
Paula

That makes my mind up. A bank that charges you to save with them. Gone beyond the ridiculous at this stage. I hope the feedback that is given in this forum is fed back to the arrogant powers that be. An incredible way to treat customers. All my accounts will be closed as a result of BOI's contempt of it's customers.

Bank of Ireland: Paula C

Hi V.W.L 11,

Thank you for your query.

To close an account you can call into any one of our branches with photo I.D. and your account details.
Alternatively, you can send this request in writing to your branch. If you have a balance in your account please ensure to advise your branch what you wish to do with these funds.

Also please note, if you are currently signed up for eStatements, please ensure to switch back to paper statements prior to closing this account. This will ensure you can view your closing statement.

Branch details can be located here.

We hope this information is of benefit to you, if we can assist you with anything else please do not hesitate to contact us.

Thanks,
Paula C

[font=Arial", "sans-serif].[/font]

Bank of Ireland: Paula C

Hi MyStubbleItches,

[font=Arial", "sans-serif]We are sorry to hear you are considering closing your accounts with us. [/font][font=Arial", "sans-serif]As mentioned above it may be possible for you to save on these fees by viewing the link above. [/font]

[font=Arial", "sans-serif]We are sorry to be losing your business and can assure you we will certainly pass your feedback on regarding this to our Branch Network for review.[/font]

[font=Arial", "sans-serif]Thanks,[/font]

[font=Arial", "sans-serif]Paula C[/font]

MyStubbleItches

Paula, while it may be possible to make some savings by fiddling around, the charges still add up to a considerable amount and I've looked at other banks where we would easily qualify for almost fee-free banking. We have a reasonable amount flowing into our account but it would take a long time to build up the required €3500 minimum balance to qualify for fee free with BOI. notwithstanding what we would forego in interest. This is a wholly nonsensical qualification.  Our banking needs are simple and our custom would be appreciated by other institutions instead of us being flogged by BOI. A typical month is as follows;

My wages, weekly - charged to lodge money by transfer, unavoidable with BOI, free with others

Wife salary, fortnightly - charged to lodge by transfer, unavoidable with BOI, free with others

Household bills (ESB, Broadband, etc), once monthly - charge per transaction, unavoidable with BOI, free with others

Debit card (fuel and groceries mainly) - charged. 

So just the usual stuff really. But the three that really get me;

Standing order to BOI savings account, fortnightly, account in same branch - CHARGED

Standing order from BOI account to BOI account, weekly, both held in same branch - CHARGED

Standing order received from above account to personal account, same branch - CHARGED

While I appreciate that you are a BOI employee and cannot comment in the negative but can only continuously point us to your fees link, surely you can see how utterly contemptuous and ridiculous BOI are when it comes to respecting their customers. 

By the way, I'm not considering closing my accounts. The consideration has been done. 

martinn123

MyStubbleItches wrote: »

Paula, while it may be possible to make some savings by fiddling around, the charges still add up to a considerable amount and I've looked at other banks where we would easily qualify for almost fee-free banking. We have a reasonable amount flowing into our account but it would take a long time to build up the required €3500 minimum balance to qualify for fee free with BOI. notwithstanding what we would forego in interest. This is a wholly nonsensical qualification.  Our banking needs are simple and our custom would be appreciated by other institutions instead of us being flogged by BOI. A typical month is as follows;

My wages, weekly - charged to lodge money by transfer, unavoidable with BOI, free with others

Wife salary, fortnightly - charged to lodge by transfer, unavoidable with BOI, free with others

Household bills (ESB, Broadband, etc), once monthly - charge per transaction, unavoidable with BOI, free with others

Debit card (fuel and groceries mainly) - charged. 

So just the usual stuff really. But the three that really get me;

Standing order to BOI savings account, fortnightly, account in same branch - CHARGED

Standing order from BOI account to BOI account, weekly, both held in same branch - CHARGED

Standing order received from above account to personal account, same branch - CHARGED

While I appreciate that you are a BOI employee and cannot comment in the negative but can only continuously point us to your fees link, surely you can see how utterly contemptuous and ridiculous BOI are when it comes to respecting their customers. 

By the way, I'm not considering closing my accounts. The consideration has been done. 

 while you are waiting for Paula, to thank you for your custom, mind if I point out a few obvious ways to save.

You appear to be operating 3 accounts, 1, to receive salary/ wages, 2, your personal ac, 3, O/H personal account

Whats wrong with one account for all these transactions, save immediately on the weekly transfers, to and from, weekly to you 52, and fortnightly to O/H 26

Transfers to savings, change that to Monthly, saving 20 transactions on each account annually.
That's a total of 98 transactions charged both in and out= 196.
It appears your biggest problem is you have too many accounts.
Hope this helps, doubt if Paula will tell you this, you are a fees addict.

johndaman66

Horrocksjm wrote: »

I don't think they do want to keep their customers!  Would you not switch your account to Permanent TSB and save yourself all the charges.  Best thing I ever did.  I no longer have to pay any charges for my regular banking.  The €50-€80 is better in your pocket than theirs!

I wouldn't say they don't want to keep their customers. What I would moreso say is that BOI like many other financial and insurance providers are to a large extent relying on peoples laziness. Its alarming the amount of people out there who would stick with the one bank/ insurance provider despite having to pay such outlandish fees/ continued hikes in their premiums etc. Quite often when you'd ask them if they shopped around/ considered moving to another bank you'd be told no because I do my banking with BOI/ have had my motor insurance with company x for the last number of years etc....almost as if why ask me such a silly question in the first place.:eek: The BOI's out there would seem to depend on this laziness and brand loyalty.

This isin't a dig at the OP as he is obviously now quite proactive about changing to another bank. Like yourself Horrocksim I moved to a Permanent TSB switch current account and also moved my savings to Permanent TSB.  Was with BOI and the introduction of charges spurred me to moving to Permanent TSB.

Quarterly fees in excess of €80 - €110 for maintaining a joint account and personal account along with transaction fees seem extortion to me irrespective of what way the OP conducts his banking.

MyStubbleItches

I can't seem to quote or thank posts on iPad for some reason but thanks. 

Martin, your points are perfectly sensible. However, it suits us to have a personal account each. We tried just working from the joint but ATM and card fees were out of control. We both receive a fixed sum weekly which is our pocket money as such. All bills including fuel, mobiles, etc., are covered from the joint a/c so what we receive is ours to do with as we wish and won't affect the household funds. My wife was prone to just taking out €20 or so every few days as she needed it and was oblivious to the cost of this as it was just absorbed into the household money pit. I was no angel either, of course. Now we are both more prudent when it actually affects our entertainment/clothes shopping/beer money. 

John, you are quite right, it's a combination of laziness and blind loyalty that has kept me pumping extortionate fees into BOI until now. When I realised that it was costing us min. €400 per year and probably significantly more to be a cash cow for BOI, then it's high time I change. I suppose until more people like me realise how contemptuously they are being treated then BOI will continue to milk their customers. A bank like this doesn't deserve to be in business, with respect to any employees, it deserves to go out of business and I don't say that lightly. With the situation the bank is, being tied to the taxpayer or vice-versa, that unfortunately won't happen but were it stand-alone, I'd happily watch it fail at this stage. That's a different discussion I guess. 

moc moc a moc

Bank of Ireland: Paula C wrote: »

a rate of 0.20c

Presumably you mean 20c (or €0.20) here as 0.20c means one fifth of a cent.

Bank of Ireland: Paula C

Hi moc moc a moc,

Apologies, I did in fact mean 20c.

Thank you for bringing this to my attentation.

Thanks,
Paula C

jofree2roam

Hi,

I was told last week by a girl in BOI that I am charged to receive my salary, is that right?  If so I find that impossible and will switch to a non fee charging bank, I dont use an atm - get cashback, get free banking anymore and dont use counter services. The quarterly fee is bad enough!

Bank of Ireland: Janet

jofree2roam wrote: »

Hi,

I was told last week by a girl in BOI that I am charged to receive my salary, is that right?  If so I find that impossible and will switch to a non fee charging bank, I dont use an atm - get cashback, get free banking anymore and dont use counter services. The quarterly fee is bad enough!

Hi jofree2roam,

Thanks for the post.

Yes, Bank of Ireland charge customers for transactions in and out of there account.

The charge is 20c per automated transaction and 40c per paper or staff assisted transaction.

Here is a link to fees and charges associated with personal accounts.


[font=Calibri, sans-serif]Janette[/font]

staengus

Bank of Ireland: Janet wrote: »

jofree2roam wrote: »

Hi,

I was told last week by a girl in BOI that I am charged to receive my salary, is that right?  If so I find that impossible and will switch to a non fee charging bank, I dont use an atm - get cashback, get free banking anymore and dont use counter services. The quarterly fee is bad enough!

Hi jofree2roam,

Thanks for the post.

Yes, Bank of Ireland charge customers for transactions in and out of there account.

The charge is 20c per automated transaction and 40c per paper or staff assisted transaction.


[font=Calibri, sans-serif]Janette[/font]

just on this, if I transfer money from my current acc to my saving acc - am I charged 20c to transfer it (current acc) and 20c to receive it (savings acc)?

Bank of Ireland: Billy

staengus wrote: »

Bank of Ireland: Janet wrote: »

jofree2roam wrote: »

Hi,

I was told last week by a girl in BOI that I am charged to receive my salary, is that right?  If so I find that impossible and will switch to a non fee charging bank, I dont use an atm - get cashback, get free banking anymore and dont use counter services. The quarterly fee is bad enough!

Hi jofree2roam,

Thanks for the post.

Yes, Bank of Ireland charge customers for transactions in and out of there account.

The charge is 20c per automated transaction and 40c per paper or staff assisted transaction.


[font=Calibri, sans-serif]Janette[/font]

just on this, if I transfer money from my current acc to my saving acc - am I charged 20c to transfer it (current acc) and 20c to receive it (savings acc)?

Hi staengus, 

Thanks for your post. 

There is a 20c transaction fee for transferring from a current account online however there is no transaction fee on a savings account for receiving the funds. 

Thanks

Billy

jofree2roam

Guess I'll be leaving BOI shortly then!

mrty

MyStubbleItches wrote: »

Hi, I'm a lifelong customer but recently have become more and more angry with BOI as they just seem to grab money at every turn. My partner has wanted us to move our joint account for a while now and I've resisted - until now.

Recently we were charged €12.70 each for two returned unpaid SO/DD transactions. These were for small amounts (€30/40) and there was a positive balance in the account when they presented with my wages due to hit that day, as they always do and my wife's fortnightly salary due within a few days, as it always does. This would not have happened in the past, those payments would have been honoured safe in the knowledge that there would be funds incoming to the account. It seems that BOI are just flogging us for every cent they can.

We use our current account to receive our wages/salary and distribute from it via DDs/SOs to pay our household bills, between 3 and 5 visa debit transactions per week, credit union savings, a BOI savings account (are we charged for this transaction) and to our individual 'pocket money' personal accounts. My wife's account is with UB, mine is with BOI so I also get a hefty quarterly bill on that account on top of an even heftier bill on the joint account.

It's come to the stage where I can no longer defend BOI to my wife, we are being screwed every quarter with fees of €50-80 on the joint account and c. €30 on my personal account. This despite having healthy regular income, saving with BOI and a good track record with the bank.

So, do BOI actually want to keep customers or not?

You're not alone, I for one will be following suit. I agree every penny they can take, they will take.

purplecow1977

I am switching to PTSB next week after being a BOI custmomer for 18 years. I had loans, credit card, savings etc. I closed my savings account and opened up a credit union account instead. As others have said, it has been mostly laziness that has kept me there for so long. €15+ for quarterly fees? For using my account? It is scandalous. I really believe BOI have lost so many customers due to these extortionate fees. 

Kamili

I'm switching this week also, BOI and their astronomical fees and lack of customer care are atrocious. Wont be going back anytime soon. Good Riddance!

jofree2roam

I think the fees I am paying are scandalous, I get paid weekly so I'll be opening a new account this week.  I have been with BOI since 2006 and this is the thanks they give me for being a loyal customer.

I do have the €3000 limit but will not be putting it into the current account as I wont get any interest, whereas now at least I get a bit with PTSB and they dont charge either, neither do EBS.  So its goodbye from me to BOI!

2012paddy2012

Kamili wrote: »

I'm switching this week also, BOI and their astronomical fees and lack of customer care are atrocious. Wont be going back anytime soon. Good Riddance!

Why not use credit union? No fee in mine. Full banking service --- D/D standi orders etc etc

AmyTGH

I just decided to browse boards.ie on this matter because I have just received a massive bill from BOI for my quarterly fees!!!!! I am so shocked to see that you charge a fee for transferring money from internal accounts! This is crazy in the times we are living in! People are struggling enough with every other bill coming in without getting theses bills from the account our salaries are paid into knowing a week later there is not a single thing you can do about them being withdrawn from your account! I totally agree with the original post, why should that man have to change around his accounts which he has worked out for his lifestyle because BOI are happy to rob there customers of €80 a quarter?! ... They are so happy and are your best friend when you are setting up a savings account or anything similar but if you ask for anything that would give you a helping hand they do not want to know!! I recently set up a D.D with BOI to go into a savings account every month! It was set up within minutes of course and I was told on the phone by the really nice girl that if I wanted to skip a month for any reason all I had to do was give 24hrs notice!! But when I rang them a week before it was meant to come out of my account the lady told me they needed 8 working days! And if it wasn't in my account I would be charged the standard 12.70 fee for an unpaid direct debit!!!

Even more angry after reading other peoples misfortunes with Bank of Ireland!! Think it's time to head into permanent Tsb where they actually care about there customers!!

Bank of Ireland: Sarah

Hi AmyTGH,

Welcome to Boards and thanks for contacting us here.

We're sorry to hear you are unhappy with your account fees and are looking to move your account.

We would be unable to discuss our fee policy here, however please find tips on how to reduce your fees here on page 27 of our Schedule of Fees and charges brochure. Should you feel your fees are incorrect, please contact your branch and a representative will be happy to look into this for you. 

Thanks,
Sarah

TheNibbler

Wow, I can't believe there is a charge for transferring between your own accounts!!!

Iecrawfc

Horrocksjm wrote: »

I don't think they do want to keep their customers!  Would you not switch your account to Permanent TSB and save yourself all the charges.  Best thing I ever did.  I no longer have to pay any charges for my regular banking.  The €50-€80 is better in your pocket than theirs!

Same here, after dealing with boi's awful 365 phone customer service and being slugged 25 euro for 1 quarter I moved to permanent Tsb, only have to lodge 1500 a month into the account to have free fees so wages covers it all. I wonder if boi actually want customers at all?

Iecrawfc

Bank of Ireland: Billy wrote: »

Hi staengus, 

Thanks for your post. 

There is a 20c transaction fee for transferring from a current account online however there is no transaction fee on a savings account for receiving the funds. 

Thanks

Billy

20c to perform an automated computer transaction??? That is as close to legalised theft I have ever seen from a bank!