Changes to fees

BKtje

Hello team,

I received the email with regards to changes to the fee structure that is being introduced from 23rd of November. 
As I no longer live in Ireland I very rarely use my BOI current account unless I am visiting the country. I am currently paying a little under 6 euro per quarter (if im reading my statement correctly) and switching to 6 euro per month is significant increase.

Im trying to understand whether there is an advantage to this in my case for most of the year when I am not using the account or whether I will mainly see the disadvantages. Would there be another account type which would be more advantageous to me?

Main use of the account:
- Used to withdraw cash when Im in the country (topped up from foreign account).
- Receive / pay money to friends family a few times a year.
- Few hundred to few thousand stored for this purpose.

I may just close the account do everything directly from Swiss account but I do like the flexibility the account provides (avoiding constant foreign exchange fees for example) but just not willing to pay over 70 euro a year for it.

Thank you for any advice that you can give

Bank of Ireland: Tara

BKtje wrote: »

Hello team,

I received the email with regards to changes to the fee structure that is being introduced from 23rd of November. 
As I no longer live in Ireland I very rarely use my BOI current account unless I am visiting the country. I am currently paying a little under 6 euro per quarter (if im reading my statement correctly) and switching to 6 euro per month is significant increase.

Im trying to understand whether there is an advantage to this in my case for most of the year when I am not using the account or whether I will mainly see the disadvantages. Would there be another account type which would be more advantageous to me?

Main use of the account:
- Used to withdraw cash when Im in the country (topped up from foreign account).
- Receive / pay money to friends family a few times a year.
- Few hundred to few thousand stored for this purpose.

I may just close the account do everything directly from Swiss account but I do like the flexibility the account provides (avoiding constant foreign exchange fees for example) but just not willing to pay over 70 euro a year for it.

Thank you for any advice that you can give

Hi there,

Thanks for your post.

We're eliminating 26 different current account fees and transaction charges that are applied once a quarter and replacing them with an all-inclusive flat fee of €6 that will be charged once a month. The majority of personal current account holders will benefit from the new proposal.

The new €6 monthly fee will be charged on all personal current accounts excluding:

• Student Accounts: Second level, Third Level, Graduate,
• Golden Years Account, where any account holder is aged 66 or older - for joint accounts, both parties need to be age 66 or older to qualify.
• Basic Bank accounts
  

Hope this helps.

Thanks
Tara

BKtje

Hello Tara,

Thank you for info.

With regards to the basic account, what kind of turnover are we talking about before fees are applied and what kind level of fees. Depending on your answer to the previous question I think a basic account would be perfect for my situation thus I would like to know the steps needed to make this change.

Thanks

Bank of Ireland: Tara

BKtje wrote: »

Hello Tara,

Thank you for info.

With regards to the basic account, what kind of turnover are we talking about before fees are applied and what kind level of fees. Depending on your answer to the previous question I think a basic account would be perfect for my situation thus I would like to know the steps needed to make this change.

Thanks

Hi BKtje,

Thanks for getting back to us.

In order to qualify for a Basic Bank Account the following criteria applies:

• Customers must be over the age of 18
• Customers must be legally resident in the European Union (EU)
• Customers must not already hold a personal payment account or current account with any bank in the Republic of Ireland (you will be asked to sign a declaration provided by us to confirm this)
  

As you already hold a personal current account with us, you would not be eligible to apply for this account type. 

Thanks
Tara

leex

Re: 6euro fee - what will the monthly charge be on a joint current account?

BKtje

Even if I were to convert my current account to a basic account?

In any case I don't live in the EU (Switzerland) thus i'm guessing that I have the choices of paying the much increased fees or closing the account.

Thank you for the swift replies that you have provided me today but I believe that I am better off closing my account. Can you tell me the procedure for this please?

Bank of Ireland: Tara

leex wrote: »

Re: 6euro fee - what will the monthly charge be on a joint current account?

Hi leex,

Thanks for your post.

It would just be the flat fee of €6, no matter how many times you tap your card or go to the ATM, you're covered by that fixed monthly fee.

[font=Calibri, sans-serif]Thanks[/font]
[font=Calibri, sans-serif]Tara[/font]

Bank of Ireland: Tara

BKtje wrote: »

Even if I were to convert my current account to a basic account?

In any case I don't live in the EU (Switzerland) thus i'm guessing that I have the choices of paying the much increased fees or closing the account.

Thank you for the swift replies that you have provided me today but I believe that I am better off closing my account. Can you tell me the procedure for this please?

Thanks for getting back to us BKtje, 

It wouldn't be possible to change an existing account to a basic bank account. I'm sorry you are considering closing your account, if you decide to close it you can do this using the online form here.

Thanks
Tara 

FGR

Is there any ability for customers to avail of transaction free banking anymore or is this gone altogether?

Can't see myself paying €72 per year up from €20 on the current setup. AIB, UB and KBC still offer this option. 

niallers1

Why would you pay BOI a cent when other banks offer free banking. Especially when BOI are loaning out your money to other customers at high interest rates.

Take your money elsewhere you crazy kids. 

Bank of Ireland: Tara

FGR wrote: »

Is there any ability for customers to avail of transaction free banking anymore or is this gone altogether?

Can't see myself paying €72 per year up from €20 on the current setup. AIB, UB and KBC still offer this option. 

Hi FGR,

Thanks for contacting us here on Boards.

We're still providing free banking for seniors, students and graduates, that hasn't changed, and they will no longer be liable for out of order charges such as unpaid direct debit or standing orders.

Thanks
Tara

BKtje

Bank of Ireland: Tara wrote: »

Thanks for getting back to us BKtje, 

It wouldn't be possible to change an existing account to a basic bank account. I'm sorry you are considering closing your account, if you decide to close it you can do this using the online form here.

Thanks
Tara 

It is a pity since I've been a customer for a long time but since I rarely use this account now, the new setup with regards fees is just not worth it anymore for me. Thanks again for the swift replies.

JP Liz V1

Does this mean we pay more, 72 euros per year 

shipposter

I currently pay 20 euro a year "maintaining the account fee".

What exactly am I getting for 72 euro a year? What benefit is it to me?

FGR

sugarman wrote: »

Because I currently get "free banking" with BOI. All I pay is a quarterly fee of €5, the same as I would with any other bank as I keep over €3,000 in the account at all times to avoid fee's.

This will no longer be the case it seems and there is absolutely no way i'll be handing them over €72 a year for the privilege of using their ****ty service.

I'm wondering if boi mortgage holders who have the 3% cashback option for having a current account with boi will still get their 1% in 5 years if they switch.

Boi can customers who have drawn down still move banks and keep that entitlement in five years ?

99nsr125

It isn't to your advantage it never is !

Change your account to someone else
It's the only way

BKtje wrote: »

Hello team,

I received the email with regards to changes to the fee structure that is being introduced from 23rd of November. 
As I no longer live in Ireland I very rarely use my BOI current account unless I am visiting the country. I am currently paying a little under 6 euro per quarter (if im reading my statement correctly) and switching to 6 euro per month is significant increase.

Im trying to understand whether there is an advantage to this in my case for most of the year when I am not using the account or whether I will mainly see the disadvantages. Would there be another account type which would be more advantageous to me?

Main use of the account:
- Used to withdraw cash when Im in the country (topped up from foreign account).
- Receive / pay money to friends family a few times a year.
- Few hundred to few thousand stored for this purpose.

I may just close the account do everything directly from Swiss account but I do like the flexibility the account provides (avoiding constant foreign exchange fees for example) but just not willing to pay over 70 euro a year for it.

Thank you for any advice that you can give

shipposter

What's involved in changing to a better bank who have a decent app and minimal charges?

I heard before if you have a history with a bank it's easier to get a loan? Are there any hidden downsides to switching?

Hoboo

After 30 years custom, I'm gone. What an absolute rip off, is this a joke?

Anyone with revolut doesn't use their boi debit, there are multiple banks offering a better service for a third of the price.

BOI rep: what's the quickest way to move a savings account, a current account and a business account? I'd prefer to keep all my banking with one supplier.

Bank of Ireland: Aisling

shipposter wrote: »

I currently pay 20 euro a year "maintaining the account fee".

What exactly am I getting for 72 euro a year? What benefit is it to me?

Hi There,

Thanks for getting in touch with us here on Boards.ie. 

We have created a more transparent and simple pricing model, to make it easier to understand your banking costs and enable easier budgeting.

Thanks, Aisling 

Bank of Ireland: Aisling

Hoboo wrote: »

After 30 years custom, I'm gone. What an absolute rip off, is this a joke?

Anyone with revolut doesn't use their boi debit, there are multiple banks offering a better service for a third of the price.

BOI rep: what's the quickest way to move a savings account, a current account and a business account? I'd prefer to keep all my banking with one supplier.

Hi There, 

Thanks for reaching out to us here on Boards.ie. 

I'm sorry to hear you feel this way, please be assured we will pass this on as feedback on your behalf. 

I have attached a link here to more information on how you can close an account. 

Thanks, Aisling

Hollybeg

Hoboo wrote: »

After 30 years custom, I'm gone. What an absolute rip off, is this a joke?

Anyone with revolut doesn't use their boi debit, there are multiple banks offering a better service for a third of the price.

BOI rep: what's the quickest way to move a savings account, a current account and a business account? I'd prefer to keep all my banking with one supplier.

Me too, I'm gone. Thankfully I only have a personal account with them at the moment having dealt with them more actively in the past. Now that I've discovered that Revolut do Direct Debits, I'm done with BOI!!! From quarterly charges of 5eur to 6eur a month is some increase. Of course BOI are framing it as "oh well we're removing all these other charges" but that's how it will be and is being framed.

Eduard Khil

Will you be charging Vulnerable adults this new fee

Sheep Shagger

shipposter wrote: »

What's involved in changing to a better bank who have a decent app and minimal charges?

I heard before if you have a history with a bank it's easier to get a loan? Are there any hidden downsides to switching?

There is no loyalty with banks anymore, as long as you can show history via statements (so Downland and print before you close any account) you can get a loan or mortgage with anyone.

I have Revolut but kept BOi account as had the 3k buffer, I'm gone now. Emailing HR to give them my Revolut for salary etc.

There are no downfalls to switching. Just start the process now so all your direct debits etc and changed over so you can close your BOI account by November when these come in.

Seems a pain but it really isn't.

Bank of Ireland: Aisling

Eduard Khil wrote: »

Will you be charging Vulnerable adults this new fee

Thanks for getting in touch with us here on Boards.ie Eduard.

Our new fees and charges will exclude 

• Student Accounts: Second level, Third Level, Graduate,
  
• Golden Years Account, where any account holder is aged 66 or older - for joint accounts, both parties need to be age 66 or older to qualify.
  

[*]


Thanks, Aisling.

shipposter

Bank of Ireland: Aisling wrote: »

Hi There,

Thanks for getting in touch with us here on Boards.ie. 

We have created a more transparent and simple pricing model, to make it easier to understand your banking costs and enable easier budgeting.

Thanks, Aisling 

Oh thanks! Previously I was getting that for 20e a year but sure have 72e instead.

cython

Bank of Ireland: Aisling wrote: »

Hi There,

Thanks for getting in touch with us here on Boards.ie. 

We have created a more transparent and simple pricing model, to make it easier to understand your banking costs and enable easier budgeting.

Thanks, Aisling 

I've been with BOI for probably 20 years if not more. 20 euro per year (due to my maintaining a minimum balance) was no less simple a fee structure than what you are now rolling out but it was a hell of a lot cheaper!

Switched my day to day banking to KBC lately due to your mortgage rates also being a rip off (even before their current account discount), not to mention how slow you have been to roll out support for Google Pay, etc., but I had intended keeping my BOI account in parallel so as to have some facility for cash lodgements. This facility was worth 20 per annum to me, but is not worth over 3x that! So consider me yet another long term customer leaving your service over this.

If your goal is in fact to reduce your number of customers and this money on deposit, then you're absolutely succeeding with this, but a business actively reducing their customer base seems rather silly...

Stopitwillya

Been with Bank of Ireland for over 20 years and always had over 3k in the account but going to change bank after this.
What other banks do free banking?

scamalert

nice so someone who has less then 3k and use card less often, or not all will be battered with 6e thanks for nothing service each month as it isnt bad as is. cancelling  any accounts, wont come fast enough once this news spread out.

snor

Customer For 40 years here - parents opened my first bank account For me after my communion and with them since. That’s me finished with BOI now. Going to move my children’s accounts also.

Sheep Shagger

Its mad that the people to lose out here the most are those with the 3k buffer.

If you have no decent balance, use branches a lot, use ATMs, lodge cheques, bounce a few direct debits etc (the type of customer most banks don't want) you will actually be better off with the €6 a month flat fee as those almost penalty charges have been scrapped in favour of the flat fee.

Maybe its the ECB charging BOI for all the buffer balances people had i don't know but this makes no sense.

Like I say, I'm gone along my current, savings and kids accounts after 20 odd years. Already mortgage as BOI wasn't competitive too.

Already downgraded my old BOI platinum credit card as the travel insurance was rubbish, don'tvgst me started on the aer lingus card. Now on the classic free card.

j4vier

Customer for 20 years here and also planning the switch after the announcement.

I have a current, savings account and a credit card.

Can I keep the credit card with BOI even if I don’t have a current account?