Bank of ireland increasing fees(not an april fools joke)

easypazz

Sleeper12 wrote: »

My business gets 5 to 10 cheques per week. There's still a lot of people who do not use cards

Is it €1 to lodge a cheque, a card machine costs about €20 now per month.

And cheques bounce, or get misplaced, and you have to trek to the bank with them.

It costs more to lodge cash than to take it by card.

But please yourself, I know nobody that uses cheques now, although obviously there are a few dinosaurs out there who insist on using redundant technology.

Banks will phase out cheques completely one of these days.

bizidea

Its not businesses fault if their customers want to pay by cash or cheque if I start telling older customers I can only accept online banking I wont have too many customers

Sleeper12

easypazz wrote:

But please yourself, I know nobody that uses cheques now, although obviously there are a few dinosaurs out there who insist on using redundant technology.

My transactions are large anywhere from 300 to 1500 euro per transaction. Almost all of my clients are homeowners and over the age of 40 but we have clients in their 80s. We get plenty of cheques. Cheques can be lodged free of charge into a Bank Of Ireland credit card account. Zero. No fee at all.

Cash is the cheapest form payment for us. We lodge absolutely no cash in our business account. Our materials are about two thirds of the price we charge. All cash is used to purchase materials & /or taken as wages. We turnover over 300k per year yet our bank fees are 120 to 150 euro per year. When we accepted cards we were paying an extra 700 to 800 euro in fees. Accepting cards was the most expensive way for us to get paid.

Sleeper12

It is worth remembering that official statistics state that more than half of all transactions in Ireland are still cheques or cash. We still haven't hit the tipping point where card payments accounts for half or more than half of total transactions in Ireland. Maybe this emergency will tip the scales

bizidea

This emergency will tip the scales for a lot of practices and traditions in the way we live our lives forever in this country it just hasn't sank home with people yet

Sleeper12

bizidea wrote:

This emergency will tip the scales for a lot of practices and traditions in the way we live our lives forever in this country it just hasn't sank home with people yet

Sadly it will tip it in two ways. One because contactless is safer than cash (chip and pin on larger transactions are still risky) so people are advised to try use contactless. Sadly though the other way is because the virus is going to reduce the numbers of the generations that mostly write the cheques.

bizidea

Sleeper12 wrote: »

Sadly it will tip it in two ways. One because contactless is safer than cash (chip and pin on larger transactions are still risky) so people are advised to try use contactless. Sadly though the other way is because the virus is going to reduce the numbers of the generations that mostly write the cheques.

I agree but not only payment wise but the way we live our daily lives

bizidea

bizidea wrote: »

does anyone else find this situation unacceptable seeing as we have our politicians on tv telling us that the banks are going to look after irish citizens seeing as we looked after them not so long ago

Look after us?

They can keep looking after us as long as they can stay in business.

We can either accept banks charging us for the services we're using, or we can pressure them to cut fees until they hit the point of needing a bailout again - at which point we'll be charged based on how much tax we pay rather than the services we used.

I realise it's not as easy for businesses, but as a personal customer there are plenty of ways to be smart about how you use your account in order to reduce fees. I'd rather do that then get hit with a tax hike because the public expect banks to act like charities.

coylemj

true-or-false wrote: »

We can either accept banks charging us for the services we're using, or we can pressure them to cut fees until they hit the point of needing a bailout again - at which point we'll be charged based on how much tax we pay rather than the services we used.

Well said. I'm sick to the teeth with the constant whinging along the lines of 'we bailed out the banks so how dare they charge us for services'.

AIB getting stick for daring to introduce a ONE CENT charge for contactless! Give me a fcuking break!

bizidea

true-or-false wrote: »

Look after us?

They can keep looking after us as long as they can stay in business.

We can either accept banks charging us for the services we're using, or we can pressure them to cut fees until they hit the point of needing a bailout again - at which point we'll be charged based on how much tax we pay rather than the services we used.

I realise it's not as easy for businesses, but as a personal customer there are plenty of ways to be smart about how you use your account in order to reduce fees. I'd rather do that then get hit with a tax hike because the public expect banks to act like charities.

Im not asking them to cut fees they are increasing their fees by 33% in May in the worst crisis to hit mankind in a century.in case you haven't realised there is going to be a massive bill to be paid when corona virus passes so your already going to have tax hikes you and a lot of people need to wake up and smell the coffee it amazes me how people dont realise whats ahead of us

coylemj

bizidea wrote: »

Im not asking them to cut fees they are increasing their fees by 33% in May in the worst crisis to hit mankind in a century.in case you haven't realised there is going to be a massive bill to be paid when corona virus passes so your already going to have tax hikes you and a lot of people need to wake up and smell the coffee it amazes me how people dont realise whats ahead of us

As people move more and more to electronic payment for retail transactions, people who are still stuck in the stone age will have to start paying fees which reflect the fact that cheques and cash require greater human involvement on the part of bank staff.

Yes, we will probably have to pay higher taxes after the crisis but what has got to do with bank charges? Bank have to pay commercial rates, the cost of their IT infrastructure and branch network and and staff wages. None of which will go down because of this crisis.

Sleeper12

coylemj wrote:

As people move more and more to electronic payment for retail transactions, people who are still stuck in the stone age will have to start paying fees which reflect the fact that cheques and cash require greater human involvement on the part of bank staff.

This works both ways. As the banks earn less & less money from cash & cheques they will need to get this money from somewhere. All banks will introduce charges for card use both chip and pin and contractless. AIB were just about to introduce such charges but postponed them until the emergency is over. Charges will be small at first but they will increase as time goes on.

The J Stands for Jay

Sleeper12 wrote: »

My business gets 5 to 10 cheques per week. There's still a lot of people who do not use cards

Even back in the olden days of working on an office, about 3 weeks ago, during a conversation it came up that out of 10 of us, only one had a cheque book.

bizidea

bizidea wrote: »

Im not asking them to cut fees they are increasing their fees by 33% in May in the worst crisis to hit mankind in a century.in case you haven't realised there is going to be a massive bill to be paid when corona virus passes so your already going to have tax hikes you and a lot of people need to wake up and smell the coffee it amazes me how people dont realise whats ahead of us

I realise hard times are here, and more are coming.

I'm just always baffled as to why people feel entitled to banking services in such a different way than other services. No one is crying out for free milk, or bread, or cheese. No one is looking for discounted car washes, plumbers, or coffees. The overriding message I've seen since this started is that people should be trying to support businesses.

But when it comes to banking, everyone's outraged. The word used over on the AIB fees thread was that bringing out fees now is 'abhorrent'. These are raises that would have been planned long before the coronavirus outbreak, based on a real need from the bank to support it's personal customer services, but people are acting like they've swept down like vultures on a wounded public. They're just trying to keep themselves running.

Sleeper12

McGaggs wrote: »

Even back in the olden days of working on an office, about 3 weeks ago, during a conversation or came up that out of 10 of us, only one had a cheque book.

That may be so but out in my world it's a totally different case. I'm in shower installation/repair. I usually only deal with the home owner. They tend to be 40s upwards. We very rarely deal with younger clients & if we do it's the older landlords that bay the bill. I deal with clients in their 50s, 60s 70s 80s & even 90s. We still get lots of cheques per week. Several thousand per year in fact.


Someone earlier said it costs one euro to lodge a cheque. It doesn't. It costs around a euro for the person writing the cheque. I can lodge them without paying any fees at all. We pay 10c for each ET we receive. If we install a shower for lets say 800 euro & we get paid by cheque & I lodge it in my business account I pay far less than a euro but it can be lodged into other accounts free of charge. Getting paid in cash costs me nothing as This can go towards materials. ET costs 10c. If someone paid me by credit card I paid .75 percent = 6 euro. 6 euro in fees for a single transaction & I have to pay 20 euro per month rental. Card payments are way too expensive for me. It is the most expensive way for me to get paid.

bizidea

true-or-false wrote: »

I realise hard times are here, and more are coming.

I'm just always baffled as to why people feel entitled to banking services in such a different way than other services. No one is crying out for free milk, or bread, or cheese. No one is looking for discounted car washes, plumbers, or coffees. The overriding message I've seen since this started is that people should be trying to support businesses.
But when it comes to banking, everyone's outraged. The word used over on the AIB fees thread was that bringing out fees now is 'abhorrent'. These are raises that would have been planned long before the coronavirus outbreak, based on a real need from the bank to support it's personal customer services, but people are acting like they've swept down like vultures on a wounded public. They're just trying to keep themselves running.

Lets make this clear I am not looking for anything for free I'm simply saying that now is not the time for any increase in any fees for anything.the milk man or the plumber wont be increasing their fees by 33% in a few weeks so why should the bank be allowed to

easypazz

Sleeper12 wrote: »

That may be so but out in my world it's a totally different case. I'm in shower installation/repair. I usually only deal with the home owner. They tend to be 40s upwards. We very rarely deal with younger clients & if we do it's the older landlords that bay the bill. I deal with clients in their 50s, 60s 70s 80s & even 90s. We still get lots of cheques per week. Several thousand per year in fact.


Someone earlier said it costs one euro to lodge a cheque. It doesn't. It costs around a euro for the person writing the cheque. I can lodge them without paying any fees at all. We pay 10c for each ET we receive. If we install a shower for lets say 800 euro & we get paid by cheque & I lodge it in my business account I pay far less than a euro but it can be lodged into other accounts free of charge. Getting paid in cash costs me nothing as This can go towards materials. ET costs 10c. If someone paid me by credit card I paid .75 percent = 6 euro. 6 euro in fees for a single transaction & I have to pay 20 euro per month rental. Card payments are way too expensive for me. It is the most expensive way for me to get paid.

One thing you have not mentioned is bounced cheques or somebody saying, I have to go to the bank tomorrow to get cash etc.

We all get caught with this. I find with card there is no messing with these smart arse clients.

You also have to factor in going to and from the bank to lodge payments etc., and paying suppliers by cash, restricts you to somebody local who may not be the best value.

If it works for you then great, but cheques are going to be abolished soon anyway, and in my experience everybody assumes you have a card machine these days.

The only exception seems to be chippers and takeaways.

Sleeper12

easypazz wrote:

One thing you have not mentioned is bounced cheques or somebody saying, I have to go to the bank tomorrow to get cash etc.

In 30 years I have never had a bad cheque. Remember I install showers in the home so I know where they live. It's not blindly taking a cheque in a shop. Often with ET it's transfered later in the day. I could as easily get stung that way. There is a huge danger with cards where they can do a charge back. This is time consuming to rectify and can be costly.

I have gone into homes before and taken the shower back out due to non payment by landlord

The J Stands for Jay

easypazz wrote: »

One thing you have not mentioned is bounced cheques or somebody saying, I have to go to the bank tomorrow to get cash etc.

We all get caught with this. I find with card there is no messing with these smart arse clients.

You also have to factor in going to and from the bank to lodge payments etc., and paying suppliers by cash, restricts you to somebody local who may not be the best value.

If it works for you then great, but cheques are going to be abolished soon anyway, and in my experience everybody assumes you have a card machine these days.

The only exception seems to be chippers and takeaways.

When I got 2 bathrooms redone and a new shower, I paid by bank transfer.

Local chipper takes cards.

Times are changing.

bizidea

I see aib have put their charges on hold fair play to them it will be interesting to see if Boi do the same

Sleeper12

McGaggs wrote:

Local chipper takes cards.

Two chippers in my area. The one on the Kilbarrack road has minimum spend for cards and the one on main street Raheny is cash only. I'm not suggesting that this is a typical example but it is the way it is in my area

easypazz

Sleeper12 wrote: »

Two chippers in my area. The one on the Kilbarrack road has minimum spend for cards and the one on main street Raheny is cash only. I'm not suggesting that this is a typical example but it is the way it is in my area

I am rural so a bit slower to take off I suppose.

coylemj

McGaggs wrote: »

When I got 2 bathrooms redone and a new shower, I paid by bank transfer.

+1 Lots of suppliers like plumbers, carpet shops etc. now include their bank details (BIC & IBAN) when they send you a quote.

Sleeper12

coylemj wrote: »

+1 Lots of suppliers like plumbers, carpet shops etc. now include their bank details (BIC & IBAN) when they send you a quote.

My IBAN has been on the footer of my invoices for years now. ET is good value. Costs me 10c to receive an ET

Saudades

Cheque volumes are declining around 12% a year but there were still around 27,200,000 cheques lodged in Ireland in 2018 (couldn't find 2019 figures).

So minus 12% for 2019, minus another 12% for 2020, and rough figures would estimate that there's still around an average 67,500 cheques being lodged every day in Ireland (over a 6-day week).

So I don't think they are going anywhere just yet.