Changes to fees

Bank of Ireland Reps

Blackwater20 wrote: »

Bank of Ireland Reps wrote: »

This means that all customers will be subject to a flat rate fee of €6 per month. If you remain unhappy with these changes or any aspect of the service you have received from us and would like to make an official complaint please see here.

Thanks Jen[/font]

Hi Jen,

Could you please respond, why are Irish BOI customers charged 72 eur per year for current account, when BOI current account in UK is free?

Hi Blackwater, 

thanks for getting in touch with us here. Apologies for the delay in responding to you. We have reached out to the relevant team for further information on this for you and as soon as we have a response we will certianly come back to you here. 

Thanks again Jen

listermint

Dublinflyer wrote: »

In my opinion BOI want out of the personal banking space as much as possible. If you look at how slow they have been to get Google Pay up and running and still no date for apple pay, increased charges, letting staff and closing branches everywhere the higher ups in the bank see the bank as an investment house and dealing with pensions, long term loans and business finance. This is just the latest step to reduce personal banking, and a pretty good one at that as they are sure to lose a lot of customers over it. What they don't seem to realise is that people use them for loans, pensions and mortgages as they have their personal banking with them as well.  

Assuming people will actually look at their fees first before jumping ship. For me this was a saving of over 40 Euro on previous yearly fees tbh. Often theres outrage without looking at what they are spending.

Again , thats some folks.

and KBC is grand until you need to make a large cash lodgement from a car sale for example. (im a KBC customer too)

Bobeagleburger

Couldn't be simpler to switch.

JJayoo

[Deleted User] wrote: »

26 chargers I only use 2 of them so why am I being forced to pay for the other 24

Because they want your money and think you're too stupid to change

SCOOP 64

You should not be called Bank of Ireland ,You don't deserve that accolade.

Brian2011

I have an 18 month no access deposit account with BOI, It's my understanding that I will be charged an undisclosed cancellation fee if I want to get access to deposit before end of term, so I am stuck with them until then or what can I do?

Also is there any point switching to AIB as they will probably do same as BOI eventually?

ButtersSuki

How does one qualify for a Graduate account? I have 2 accounts with BOI, I don’t recall ever hearing about a Graduate account, even though I’m with you 35+ years and throughout multiple stints in University.

begbysback

893bet wrote: »

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

If an email was sent out stating that the cost of maintaining bank accounts has risen drastically, specified those increases, and boi was going to have to increase fees, then fair enough.

They didn’t, they are calling me a dope, an imbecile with an iq of around 40, by stating that they are going to make my life easier by increasing fees, making me pay for services which I don’t use, and lying to me saying it’s for my benefit.

I have been a customer for a long long time, have mortgage, insurance, everything with these guys, and this is how I’m treated, on principle I’m done.

Darc19

All the whiners are out in force.

The shock of a commercial company making a profit or changing their fees.

The old "we bailed you out" rubbish too. (Boi paid back the bailout along with very substantial fees and interest)

Then you have the "they are using our money" line. That's more laughable. The ecb has NEGATIVE interest rates for banks, so if Boi have your money and giving you 0% interest, it is costing Boi money to hold your deposit.

In Germany some banks are now charging you interest on deposits

€6 a month is paltry for what you get.

(I'm with ulster, I don't know what their charges are, and I don't care because I know it's small but likely more than €6 a month)

BTW, many current accounts are loss making for banks, they'd love for you to move.

Flyb4ck

Darc19 wrote: »

€6 a month is paltry for what you get.

(I'm with ulster, I don't know what their charges are, and I don't care because I know it's small but likely more than €6 a month)

Ulster has 2€/month maintenance fee + transaction fee (not charged if you keep 3000+€ on the account). That works out as a minimum of 24€/year that is similar to the 20€/year you could get with Bank of Ireland, and that is acceptable.

You have an Ulster account at the moment, if you really think that Bank of Ireland charges are fair have you considered switching?

JoyPad

Brian2011 wrote: »

I have an 18 month no access deposit account with BOI, It's my understanding that I will be charged an undisclosed cancellation fee if I want to get access to deposit before end of term, so I am stuck with them until then or what can I do?

Also is there any point switching to AIB as they will probably do same as BOI eventually?

The new fees only apply to current accounts.

Brian2011

JoyPad wrote: »

The new fees only apply to current accounts.

I also have current account

dragona

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. 

ok, which ones? I have a joint and personal account wit BOI and quite frankly it pees me off to pay them 12 EURO A MONT

Brian2011

dragona wrote: »

ok, which ones? I have a joint and personal account wit BOI and quite frankly it pees me off to pay them 12 EURO A MONT

I think rest of banks are gonna follow and do same so no point moving for a while to see if this can be overturned with people power.

koxx

New fee system is a pure scam !  I dont care about "eliminating 26 different current account fees and transaction charges" and other "transparent" <you name it>. After 15 yrs with BOI its time to move on. I wont look back for sure.

Darc19

Flyb4ck wrote: »

Ulster has 2€/month maintenance fee + transaction fee (not charged if you keep 3000+€ on the account). That works out as a minimum of 24€/year that is similar to the 20€/year you could get with Bank of Ireland, and that is acceptable.

You have an Ulster account at the moment, if you really think that Bank of Ireland charges are fair have you considered switching?

I couldn't be bothered to change. A few quid here or there wouldn't be noticeable

I used to bank with Barclays in the uk and I know the charges were £50+ every quarter.

That was in the mid nineties and it noticeable how high they were compared to ireland.

I would guess that many of those complaining could save substantial amounts by double checking all their utility bills - a few hours of work could save hundreds, but most people don't check and will cry foul on a small increase by a bank.

chooey

We have three accounts plus our mortgage with Boi. We were considering remortgaging with another bank but hadn’t made our mind up. This pushed us to do something about it and we were in contact with two other banks on Friday going through rates etc. Boi must really think we’re fools

Yyhhuuu

Darc19 wrote: »

I couldn't be bothered to change. A few quid here or there wouldn't be noticeable

I used to bank with Barclays in the uk and I know the charges were £50+ every quarter.

That was in the mid nineties and it noticeable how high they were compared to ireland.

I would guess that many of those complaining could save substantial amounts by double checking all their utility bills - a few hours of work could save hundreds, but most people don't check and will cry foul on a small increase by a bank.

Barclays bank uk do not charge for their current accounts. It's only the exception that uk banks charge for current accounts. Theres huge competition there.

Darc19

Yyhhuuu wrote: »

Barclays bank uk do not charge for their current accounts. It's only the exception that uk banks charge for current accounts. Theres huge competition there.

In 1996 they certainly did

But look at some of their other charges.

Receive an international payment of £100 - fee is £6

Want an authorized overdraft - no problem, only 35.5% interest. Ouch.

Yyhhuuu

I think Nationwide Uk was voted the best uk bank. My experience of their Irish division was excellent.

Is Barclay's considered one of the more 'upmarket' or establishment banks in the UK as BOI or AIB would be considered here. I.e. used by the well heeled middle classes.

Of course the likes of Coutts or the private banking division in the UK or the Boi or Aib private banking divisions here would be used by the highest net worth clientelle providing a tailored service

eggerb

I'll be closing my BOI current account also. I have had it almost 30 years. I currently pay €5 per quarter with no tx costs as I maintain the min balance. Going forward, I will be paying €6 per month. Looking for alternatives. Bye Bye BoI

Yyhhuuu

eggerb wrote: »

I'll be closing my BOI current account also. I have had it almost 30 years. I currently pay €5 per quarter with no tx costs as I maintain the min balance. Going forward, I will be paying €6 per month. Looking for alternatives. Bye Bye BoI

You're right to move. Have you decided where to. I wonder if BOI might reverse this if enough customers threaten to move or do they want to get rid of us? It seems like they do and the insulting way they twisted the reason for the fee increase as if we were asking for it. Clearly loyalty means nothing today.

JoyPad

I've been with Energia for two years. When they heard that I'm switching my electricity provider, their Loyalty department called to make me an offer to stay.
I've been with BoI for almost 20 years, last 6 years as a Premier customer. When I told them I'm switching to a different bank, they sent me a link to the Close Current Account page.

mountainy man

Been with BOI since 1993, sick of them at this stage.

Have been researching EBS money manager acc seems great has all that I'd need, can anyone think of any negatives about it?

MM

Yyhhuuu

mountainy man wrote: »

Been with BOI since 1993, sick of them at this stage.

Have been researching EBS money manager acc seems great has all that I'd need, can anyone think of any negatives about it?

MM

I think I will move to EBS they have no condition attached to free banking. They have online banking, but no app. They also issue paper statements free. Their call centre is the same centre as AIB as part of AIB Group.

Their online account doesn't show historical bank statements which is a drawback as this is available on BOI. Their debit mastercard only charges 1% fee for non-euro purchases which is way better rate than BOI. At least one can lodge cash (which I never do) in branch unlike KBC.

The only negative for me is I dont like their branding.

mountainy man

Yyhhuuu wrote: »

mountainy man wrote: »

Been with BOI since 1993, sick of them at this stage.

Have been researching EBS money manager acc seems great has all that I'd need, can anyone think of any negatives about it?

MM

I think I will move to EBS they have no condition attached to free banking. They have online banking, but no app. They also issue paper statements free. Their call centre is the same centre as AIB as part of AIB Group.

Their online account doesn't show historical bank statements which is a drawback as this is available on BOI.  Their debit mastercard only charges 1% fee for non-euro purchases which is way better rate  than BOI. At least one can lodge cash (which I never do) in branch unlike KBC.

The only negative for me is I dont like their branding.

Thanks for your reply,

Lack of app doesn't bother me as I don't have a smart phone. I guess that historical statements can be ordered in branch, I will ask them. Yes lodging cash is an advantage over purely online accounts. The branding is not something that would deter me, they could have pink flashing balloons and I wouldn't care as long as I'd save a few euros.

MM

Yyhhuuu

mountainy man wrote: »

Thanks for your reply,

Lack of app doesn't bother me as I don't have a smart phone. I guess that historical statements can be ordered in branch, I will ask them. Yes lodging cash is an advantage over purely online accounts. The branding is not something that would deter me, they could have pink flashing balloons and I wouldn't care as long as I'd save a few euros.

MM

When closing BOI a/c I will be printing all my statements which are available for 7 years online in case I am required to account for transactions.

Historically some banks used to keep account details for decades even on closed accounts. They were condensed on to microfilm. I m not sure how long they can be retained now with GDPR.

I am hoping BOI reverse this decision.

Darc19

Most banks are making changes to their charges.

Central Bank has 9 applications in their system.
https://www.independent.ie/irish-news/banks-plan-a-raft-of-fee-increases-for-customers-39490220.html

yes there

Can you keep a deposit saver account and close current account? Will switch even though I'd be saving money, didn't realise it was costing me near 100 euro a year. Will switch current accounts to N26 or KBC as I see they have a free extra current account but would like to keep all my money in the saver account I have there.

eggerb

Yyhhuuu wrote: »

You're right to move. Have you decided where to. I wonder if BOI might reverse this if enough customers threaten to move or do they want to get rid of us? It seems like they do and the insulting way they twisted the reason for the fee increase as if we were asking for it. Clearly loyalty means nothing today.

Bonkers.ie have a comparison tool that might be worth playing with:

https://www.bonkers.ie/compare-current-accounts/

I have a PTSB joint current account for the last 20 years that I pay no fees for. We use it for all direct debits, mortgage etc. A branch manager told me once to make sure I never close it. I am tempted to use that as I am the only one funding it at the moment but not having an account in my sole name might cause me difficulties e.g. with the likes of Degiro.