Changes to fees

893bet

The expectation for free banking in this country always puzzled me.

Sheep Shagger

893bet wrote: »

The expectation for free banking in this country always puzzled me.

Personally I don't mind paying something as agree someone has to pay for the infrastructure but this latest increase is a bit much.

redt0m

Bank of Ireland: Aisling wrote: »

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 

Nonsense. The only thing that you're doing Bank of Ireland, is sticking your grubby hands in my pocket and helping yourselves to an extra €52 quid for yourselves. And for what exactly? You haven't answered shipposter's question. Why are we going from €20 to €72? Gavin Kelly laughably says "We’re also making banking charges easier to understand by doing away with 26 different fees and charges and replacing them with a simple flat fee, a similar pricing model to Netflix or Spotify subscriptions where you pay the same every month and consume as much as you want". I buy entertainment from Netflix or Spotify. What am I buying from you - my own money?

u1navxomlkrjq7

40 years with BOi, keaving now also. If the change was from 5 euro a quarter uo to 6 i could stomach it but to go from 20 euro a year to 72 is too much. Suspect i won't be the lasr persin to do the same

Yourmama

In many countries you are paid for keeping money in bank. I still have accounts in my home country and never ever paid a cent for any of them. I was always puzzled how you are expected to pay for such service here.

Jim2007

cython wrote: »

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...

On the contrary, one of the best ways in saving costs in banking is to cull the customers.  It costs as much to manage an account with €1000 on it as it does with €20,000 on it.  But the chances are good that you'll likely sell other services to bigger account holders and be in a better position to concentrating on selling them services, if you reduce the time spent on small accounts.  

regulators

redt0m wrote: »

Nonsense. The only thing that you're doing Bank of Ireland, is sticking your grubby hands in my pocket and helping yourselves to an extra €52 quid for yourselves. And for what exactly? You haven't answered shipposter's question. Why are we going from €20 to €72? Gavin Kelly laughably says "We’re also making banking charges easier to understand by doing away with 26 different fees and charges and replacing them with a simple flat fee, a similar pricing model to Netflix or Spotify subscriptions where you pay the same every month and consume as much as you want". I buy entertainment from Netflix or Spotify. What am I buying from you - my own money?

Your buying their service, it doesn't magically work.

Hollybeg

regulators wrote: »

Your buying their service, it doesn't magically work.

A bank account is a basic product. A gateway product to other more profitable services. It's not the customers problem that a bank chooses to maintain a large expensive branch network. I wouldn't mind so much if the bank was using the fee to look to retain staff but they're replacing people with machines, moving people online etc. But clearly they're not doing any of that. As one poster above put it, they're charging me to spend my money. Coupled with their ****ty banking systems, you see where I'm going with this.

dog-man-star

Hi Aisling, 
I also am considering closing/moving my personal account and business account. 
like others I'm with BOI for over 30 years.
I have a pension setup with BOI - do you know if its possible to move this or how would that work? 

Also
Question for my mum - she's over 70, does her account automatically shift to a 'Golden Years' account to avoid fees or does she have to call into a branch to change the account? 

thanks

SCOOP 64

So keeping over €3000 in account  for no charges will no longer apply?

supersparkz

SCOOP 64 wrote: »

So keeping over €3000 in account  for no charges will no longer apply?

Yup, prepare for €6 per month charges. I'm considering moving to EBS seem to have most of what you get with BOI but not the 360% price hike.

P.S. I was quite happy to pay the €5 per quarter but with this price hike and the letting loads of staff go I will be taking my business elsewhere. I don't understand the full intricacies of banking but I'm sure they are already making interest from my money elsewhere and this is just greed.

JP Liz V1

Bank of Ireland: Aisling wrote: »

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 

But more costly to the customer and as I've two accounts I will have to pay 144 euros not easy on Covid Pandemic Pay, does this start in 2021? 

cython

Jim2007 wrote: »

cython wrote: »

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...

On the contrary, one of the best ways in saving costs in banking is to cull the customers.  It costs as much to manage an account with €1000 on it as it does with €20,000 on it.  But the chances are good that you'll likely sell other services to bigger account holders and be in a better position to concentrating on selling them services, if you reduce the time spent on small accounts.  

Deespite having had a reasonable sum on deposit with them for the last number of years, BOI did not try to upsell to me once.  I can't help but think you're giving them too much credit by attributing this as a move to simply offload lower value accounts.  Indeed the fee structure that's being replaced would be more amenable to those with a bit more cash in reserve.

Bank of Ireland: Richard F

Hi JP Liz V1,

The new monthly fee will be charged to personal customers for the fist time on 31st December 2020. This will cover the month of December.

Thanks,
Richard

shnaek

Been with BOI since my parents opened an account for me as a child, but this fee increase is a step too far. A real shame, been a lifetime relationship with BOI but I'll be moving my account in the coming weeks. 

Yyhhuuu

EBS & KBC amongst others offer free current account banking

Yyhhuuu

Can I please ask the Bank of Ireland representative I understand it is possible to have a SEPA Irish payee set up on a BOI demand deposit account (not a current a/c). How is this done on banking 365.

I have been a loyal customer of BOI for 40 years and I'm very disappointed at your new charges.( I understand You offer transaction free banking your customers at Bank of Ireland Northern Ireland current a/c)

JP Liz V1

Any chance of explaining why so high fee increase charge? 

chooey

As someone with two accounts in bank of Ireland that’s me gone. I’ve just enquired with kbc about opening an account. Extremely disappointed with such a large increase in fees with BOI

Zillah

I've been with BOI for over 20 years and I'll be moving after this. The obnoxious attempt at pretending that this is somehow in my interest is the part that really aggravates me, if you honestly just said "We want to be more profitable" I'd be less annoyed than having someone tell me to my face that somehow you're doing me a favour jumping from 20 to 72 quid a year.

Bank of Ireland: Tara wrote: »

The majority of personal current account holders will benefit from the new proposal.

If anyone believes this I have a bridge to sell you.

Eircom_Sucks

be leaving also 

€72 a year for doing feck all

no thanks

Bank of Ireland: Richard F

Yyhhuuu wrote: »

Can I please ask the Bank of Ireland representative I understand it is possible to have a SEPA Irish payee set up on a BOI demand deposit account (not a current a/c). How is this done on banking 365.

I have been a loyal customer of BOI for 40 years and I'm very disappointed at your new charges.( I understand You offer transaction free banking  your customers at Bank of Ireland Northern Ireland  current a/c)

Hi Yyhhuuu,

Just to mention that recurring payments such as direct debits and standing orders would not be able to be set up on a demand deposit account. You can certainly still make withdrawals on 365online.com.

Thanks,
Richard

Bank of Ireland: Richard F

JP Liz V1 wrote: »

Any chance of explaining why so high fee increase charge? 

Hi JP Liz V1,


We’re eliminating 26 different current account fees and transaction charges that are charged quarterly. We’re replacing them with a monthly all-inclusive, flat fee of €6 that is charged once a month. The flat fee will cover all debit card transactions, ATM withdrawals, as well as covering unpaid direct debits and standing orders.

Thanks,
Richard

Bank of Ireland: Richard F

chooey wrote: »

As someone with two accounts in bank of Ireland that’s me gone. I’ve just enquired with kbc about opening an account. Extremely disappointed with such a large increase in fees with BOI

Hi Chooey, we'd certainly be sorry to lose you as a customer. Rest assured our customer's feedback is very important to us and we'll absolutely share this with the relevant team.

Thanks,
Richard

Yyhhuuu

Bank of Ireland: Richard F wrote: »

Hi Yyhhuuu,

Just to mention that recurring payments such as direct debits and standing orders would not be able to be set up on a demand deposit account. You can certainly still make withdrawals on 365online.com.

Thanks,
Richard

Richard,

Can I set up a Sepay payee (I.e. another non -BOI bank) on a demand deposit bank account to transfer funds out of a/c using banking 365

Kind regards

Free Speech

How come UK customers can avail of free banking with BoI, while Irish customers get charged €72 a year for the same privilege.

mjbo

Eircom_Sucks wrote: »

be leaving also 

€72 a year for doing feck all

no thanks

Yep me too. 40 years with BOI so time to move elsewhere.

Yyhhuuu

Free Speech wrote: »

How come UK customers can avail of free banking with BoI, while Irish customers get charged €72 a year for the same privilege.

I was wondering the same thing. The answer is no competition on Ireland. BOI offer free banking in Northern Ireland.

carsQhere

I've been with BoI for about 35 years, 2 accounts, mortgage, cards, etc. This is the final straw. I'm in the process of opening current accounts with another bank and I'll be switching everything over in the coming weeks. I should have done it sooner in hindsight, but better late than never.

What really sickens me the most is the spin that this is somehow in my benefit when it's nothing more than a rapacious money grab from loyal customers.

Thanks to the various boards posters who've made constructive suggestions on alternative banks. I've got the ball rolling now.

Barna77

sugarman wrote: »

niallers1 wrote: »

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. 

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.

Same here.
Good bye BoI