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Overdraft facility Charge

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  • 31-01-2018 4:40pm
    #1
    Whiplash85
    Registered Users Posts: 738 ✭✭✭


    Hi,

    I was charged €30 for an overdraft facility charge even though my account has never been overdrawn. There is a €1,000 facility there but I have never used it. To say I am surprised is an understatement and I would appreciate if someone could explain that one to me.

    Thanks


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    #2
    beechwood55
    Registered Users Posts: 532 ✭✭✭beechwood55


    A look on their website states quite clearly that a €30 annual charge applies on negotiation of an overdraft or on annual renewal.
    If you don't use the overdraft why do you have it? 


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    #3
    Whiplash85
    Registered Users Posts: 738 ✭✭✭Whiplash85


    Its something that was discussed with me upon joining as a student and that may be useful to have. It is not something that I have ever negotiated anually (only once 15 years ago) so I am not sure how they can justify a charge like this.


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    #4
    tphase
    Registered Users Posts: 1,122 ✭✭✭tphase


    Whiplash85 wrote: »
    Hi,

    I was charged €30 for an overdraft facility charge even though my account has never been overdrawn. There is a €1,000 facility there but I have never used it. To say I am surprised is an understatement and I would appreciate if someone could explain that one to me.

    Thanks
     AFAIK the charge is for simply having the facility.  you're allowed to go overdrawn up to €1,000 without penalty but you will have to pay interest on the amount. without the facility in place, they hit you with a penalty plus interest
    Worth it for some people who would be regularly overdrawn - if you will never be in that position, get rid of it


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    #5
    Bank of Ireland: Sarah
    Closed Accounts Posts: 1,640 ✭✭✭Bank of Ireland: Sarah


    Whiplash85 wrote: »
    Hi,

    I was charged €30 for an overdraft facility charge even though my account has never been overdrawn. There is a €1,000 facility there but I have never used it. To say I am surprised is an understatement and I would appreciate if someone could explain that one to me.

    Thanks


    Hi Whiplash85,

    Thanks for your post.

    When you request an overdraft on your account, you are notified of the €30 annual fee and this is charged on the anniversary of the overdraft being applied to your account. Please see our Fees and Charges brochure on our website here which advises of this fee also.
    Please let us know if we can help with any other query.

    Thanks,
    Sarah


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