BOI Alternatives-New Charges

eurasian

It's been more than one year since I switched to EBS after my old bank PTSB announced 6 euro monthly fees, which resulted in termination of relationship with them.

Now on EBS.
They have online banking. It's a pretty basic system, that allows you to check the balance and sent money free of charge to most banks within SEPA. It's clean, simple and well organised. Nothing fancy, and you will get paper statement via post every three months.
They don't have a mobile app. If you're on the phone, go old school and check it via browser. Personally it didn't bother me at all. One thing you need to bear in mind is that you'll need to use their authentication app every time when loggin in, and you'll be lucky if you get that notification every single time. I sometimes have to retry 3-4 times before it comes up.
If you need to do something in the branch, don't expect anything fancy either. There's no modern atm's and self-service computers. You will go the counter and do everything there. Is it a problem? Not at all for me at least. I only go there if I need to lodge cash or get banker's draft, etc.

Overall it's an OK account, not all that bad as some people might think.

jeffk

Got two E50 payments from my credit union to Revolut, so it is working ok as said (bit of a mix up/delay in confirmation so tried again)

I still think ill go with EBS (just feels more secure having a building etc) and then have Revolut for direct debts and day to day smaller stuff

My credit union seem to be in the dark ages and then the "customer care" wouldn't inspire confidence so would rather limit my interactions with them

Another nice feature of Revolut is a notification when something happens, like say the E50 payment went in

Delta2113

I'm so happy hearing from other People about EBS. I even got asked by a Member was I working for them because I bang on about them.

No matter how much I help and try and guide people some would still prefer (although still moan) to pay AIB,BOI,PTSB etc. than switch to EBS and then for a work around for a nice app get Revolut or Monese,N26 etc. Top up with EBS card.

I'm with most off the Fintech and pay nothing.

theglobe

Is moving to EBS as easy as walking in and saying I want to switch?

I have accounts with BOI and AIB. It seems that AIB is still not charging current accounts but has high rates to use their cards which I haven't been doing.

I was planning on keeping money in AIB, closing my BOI account, setting up a ESB account and using that card/Revolut for all day to day transactions. Would this make sense?

This might be a silly question but are fees with banks ever negotiable?

jeffk

theglobe wrote: »

Is moving to EBS as easy as walking in and saying I want to switch?

I have accounts with BOI and AIB. It seems that AIB is still not charging current accounts but has high rates to use your cards which I haven't been doing.

I was planning on keeping money in AIB, closing my BOI account, setting up a ESB account and using that card for all day to day transactions. Would this make sense?

Not in my view,

Bring what they want, oh no we need this and be October 20 onward before you can move (this was August)

Come back with this, oh no we meant that, then something else and then ah we'll call eventually and have to come in at 430 when you do

They wanted the paper from car insurance disc, then oh we meant the disc it self , why I dunno and who won't have their disc in the car (actually started to ask was I parked outside and have I my car with me)

Only one window open with at least 3 staff members there. When told there was a queue, ah yeah we know, then mouthing about BOI set-up to justify the growing queue.

Doesn't help when you're asked on the spot to produce a bank statement (another thing they thought up I need) and watch me reinstall app (don't need it as leaving them) and take screenshot and email it , rather than open another window for others

Hopefully just the staff in the Blanch centre are like that

Jim2007

jeffk wrote: »

Not in my view,

Bring what they want, oh no we need this and be October 20 onward before you can move (this was August)

Come back with this, oh no we meant that, then something else and then ah we'll call eventually and have to come in at 430 when you do

They wanted the paper from car insurance disc, then oh we meant the disc it self , why I dunno and who won't have their disc in the car (actually started to ask was I parked outside and have I my car with me)

Only one window open with at least 3 staff members there. When told there was a queue, ah yeah we know, then mouthing about BOI set-up to justify the growing queue.

Doesn't help when you're asked on the spot to produce a bank statement (another thing they thought up I need) and watch me reinstall app (don't need it as leaving them) and take screenshot and email it , rather than open another window for others

Hopefully just the staff in the Blanch centre are like that

Can you clarify what products you were seeking to sign up for? I can't associate your car details with simply opening an account?

jeffk

Jim2007 wrote: »

Can you clarify what products you were seeking to sign up for? I can't associate your car details with simply opening an account?

Money manager account as its being championed as the best option as free banking

Me neither, fair enough I live at home so used letter as proof off address
But to ask for page and then the disc from that page makes no sense

dragona

Anyone feel free to pm me with suggestions for alternative banking options. we have three accounts, two personal and one joint, no way are we paying these fees!216 euro per year??? MENTAL!!!!

Jim2007

jeffk wrote: »

Money manager account as its being championed as the best option as free banking

Me neither, fair enough I live at home so used letter as proof off address
But to ask for page and then the disc from that page makes no sense

Actually it is starting to make a bit of sense. If you don't have any other source of identification and they need to verify your details, your insurance is not a bad option.

They are probably going on the assumptions that you would not take out insurance in false name as it would be unlikely to pay out in the event of a claim.

jeffk

Jim2007 wrote: »

Actually it is starting to make a bit of sense. If you don't have any other source of identification and they need to verify your details, your insurance is not a bad option.

They are probably going on the assumptions that you would not take out insurance in false name as it would be unlikely to pay out in the event of a claim.

I don't mind that, that's why I went with 1st page of insurance and bonus it was from BOI

But be told ah no not that letter, the one the disc came off, then ah no, we want the disc now

Moving the goal posts as they say

Jim2007

jeffk wrote: »

I don't mind that, that's why I went with 1st page of insurance and bonus it was from BOI

But be told ah no not that letter, the one the disc came off, then ah no, we want the disc now

Moving the goal posts as they say

Sounds like someone in the front office is trying to accommodate you while some in the back office is trying to stick closer to the rules...

jeffk

Jim2007 wrote: »

Sounds like someone in the front office is trying to accommodate you while some in the back office is trying to stick closer to the rules...

No it was the same girl both times

This is why I have moved all direct debt etc to revolut, so just a current account to be moved

Jim2007

jeffk wrote: »

No it was the same girl both times

I was thinking of her boss, or the person in the back office who is actually responsible for setting up the account.

jeffk

Jim2007 wrote: »

I was thinking of her boss, or the person in the back office who is actually responsible for setting up the account.

I'm not sure what they're at to be honest

Sooner the better setup and likely end of in branch interactions

shanec1928

theglobe wrote: »

Is moving to EBS as easy as walking in and saying I want to switch?

No it has to be one of the most stupid systems they have in place. It will require two visits. The first to “verify you” then the second time you can open the account. They only recently introduced contactless cards.The online is prehistoric and beyond basic. Before they introduced there pathetic attempt of multi factor authentication. You had to call to confirm setting up a beneficiary, now you can approve from the app. To log in online for me normally take two goes as 99 times out of 100 the first MFA notification fails to come through.

Delta2113

https://www.ebs.ie/contact-us#compbookanappointmentfor - Book an appointment in advance.

jeffk

Delta2113 wrote: »

https://www.ebs.ie/contact-us#compbookanappointmentfor - Book an appointment in advance.

Next appointment I was told in August in Blanch was October 20th or after it

Boards.ie: Niamh

Dragona, I have moved your post re banking alternatives to the appropriate thread in the Banking forum here: https://www.boards.ie/vbulletin/showthread.php?t=2058106504#post114593445

Delta2113

jeffk wrote: »

Next appointment I was told in August in Blanch was October 20th or after it

We are in a global Pandemic at the moment.

the-island-man

shanec1928 wrote: »

No it has to be one of the most stupid systems they have in place. It will require two visits. The first to “verify you” then the second time you can open the account. They only recently introduced contactless cards.The online is prehistoric and beyond basic. Before they introduced there pathetic attempt of multi factor authentication. You had to call to confirm setting up a beneficiary, now you can approve from the app. To log in online for me normally take two goes as 99 times out of 100 the first MFA notification fails to come through.

I was with BOI all my life up until 2018 when I decided enough was enough. Switched to the EBS Money Manager and Revolut combination. I have encountered all the same pitfalls with EBS as shanec1928 and also got stung once or twice by the FX fees when I stupidly bought something in GBP on Amazon.co.uk.

However I'm still happy I moved. The BOI app when I left them wasn't much better than the experience with the EBS online portal. My wife is still with BOI and even now their online app isn't that great. They just jazzed it up and made it a bit more responsive but no extra functionality as far as I can see.

fafy

unhappys10 wrote: »

I'm 37 and I could count on one hand the number of cheques I've received.
They may be common in certain types of business, someone mentioned farming, I reckon that's down to old farmers stuck in their ways and sons who maybe continued the tradition as they had to deal with the older farmers also.
They are pure hassle to lodge/change and the sooner they disappear the better imo.

CHEQUES:
To a certain extent i agree, I have not owned a cheque book in years, but i received a check refund from the NCT last week, as they had overcharged me back in March, i also received a cheque from An Post for a Saving Cert product which matured, and i also moved electricity provider, and as it was level pay, i received my remaining credit balance by cheque.
Granted, cheques have greatly reduced in necessity, but to say, you will never come across them ever, is not accurate either.

Sone insurance/investment products, still (rightly or wrongly) still use cheques, to pay out on maturity.

And as these cheques are made out, to either one or two named persons, you need somewhere to lodge them, and you can’t do this with N26 & Revolut, even if you could lodge, it would not work if the cheque was in two names, as they don’t operate joint named accounts.

If you have an Irish Bank account, these can usually be lodged via an external atm, or, an in branch atm, and takes a minute to lodge- its hardly a hastle, as can be done when branch is closed.


N26/Revolut - Restrictions/Limits:

While these new ways of banking, are excellent, and cheap and efficient, i have both revolut & n26, we will definitely keep at least one bricks & mortar Irish bank account going, as i notice there are some restrictions, and a number of things you cannot do, and also a few limits, which simply do not apply to the main Irish banks, and may cause some unforseen problems, albeit for a small number of situations.
like large one off household expenditures, ( kitting out a new kitchen with new appliances)and foreign car hire, where there can be a substantial pre authorisations made on car hire- which effectively means a good chunk of your cards balance, is unavailable to you to spend, while the pre authorisation is in place. This does not lift until well after, the car has been returned.

I had a car hire pre auth in Italy last year of over 3k.(For a Ford Focus) Thats €3k of the €5k daily limit on N26 Standard card gone, or in the case of a Revolut Standard Card, 3k of the overall 4 day 5k limit gone. Just imagine, you are paying a hotel bill on arrival, just after you have hired that car, and it may get tight, as you add meals out, shopping, tours etc. N26 scores much better here, as its only a €5k daily limit versus, a €5k max, over a 4 day period with Revolut.

For things like buying a new car(if not financing it),For say €20k, you have the 5k limit which could be an issue. But you could do it with 4 transfers
On N26 on 4 consecutive days, or with Revolut, It would take 20 days to do those 4 €5k transfers(Due to €5k max per 4 day period)
I appreciate, this is an extreme example, but showing where the limits, may become an issue.

So long as people understand these limits and restrictions, then thats fine, these cards, are perfectly fine, for the vast majority, of everyday transactions.

Some planning may be required, for large, one off expenditures, and potential issues with more expensive holidays, where spending amounts maybe a lot higher than a weekend trip to europe.

Have been to a few places around Europe, where certain areas only take cash, so the Revolut €200 monthly ATM limit may become an issue, as you start paying 2% on each Atm € withdrawal, after you hit that limit, or N26, which is much better here, as no atm € amount withdrawal limit, but, a charge kicks in of €2 each, after the 5th atm withdrawal in a month. Of course, if one was spending an extended period in a € area where cash was the norm, Revolut would be particularly unsuitable here, due to the relatively low €200 monthly limit, before 2% charges on ATM Withdrawals kick in. Another extreme example granted, but showing where the limits may impact.

JimmyVik

fafy wrote: »

CHEQUES:
To a certain extent i agree, I have not owned a cheque book in years, but i received a check refund from the NCT last week, as they had overcharged me back in March, i also received a cheque from An Post for a Saving Cert product which matured, and i also moved electricity provider, and as it was level pay, i received my remaining credit balance by cheque.
Granted, cheques have greatly reduced in necessity, but to say, you will never come across them ever, is not accurate either.

Sone insurance/investment products, still (rightly or wrongly) still use cheques, to pay out on maturity.

And as these cheques are made out, to either one or two named persons, you need somewhere to lodge them, and you can’t do this with N26 & Revolut, even if you could lodge, it would not work if the cheque was in two names, as they don’t operate joint named accounts.

If you have an Irish Bank account, these can usually be lodged via an external atm, or, an in branch atm, and takes a minute to lodge- its hardly a hastle, as can be done when branch is closed.


N26/Revolut - Restrictions/Limits:

While these new ways of banking, are excellent, and cheap and efficient, i have both revolut & n26, we will definitely keep at least one bricks & mortar Irish bank account going, as i notice there are some restrictions, and a number of things you cannot do, and also a few limits, which simply do not apply to the main Irish banks, and may cause some unforseen problems, albeit for a small number of situations.
like large one off household expenditures, ( kitting out a new kitchen with new appliances)and foreign car hire, where there can be a substantial pre authorisations made on car hire- which effectively means a good chunk of your cards balance, is unavailable to you to spend, while the pre authorisation is in place. This does not lift until well after, the car has been returned.

I had a car hire pre auth in Italy last year of over 3k.(For a Ford Focus) Thats €3k of the €5k daily limit on N26 Standard card gone, or in the case of a Revolut Standard Card, 3k of the overall 4 day 5k limit gone. Just imagine, you are paying a hotel bill on arrival, just after you have hired that car, and it may get tight, as you add meals out, shopping, tours etc. N26 scores much better here, as its only a €5k daily limit versus, a €5k max, over a 4 day period with Revolut.

For things like buying a new car(if not financing it),For say €20k, you have the 5k limit which could be an issue. But you could do it with 4 transfers
On N26 on 4 consecutive days, or with Revolut, It would take 20 days to do those 4 €5k transfers(Due to €5k max per 4 day period)
I appreciate, this is an extreme example, but showing where the limits, may become an issue.

So long as people understand these limits and restrictions, then thats fine, these cards, are perfectly fine, for the vast majority, of everyday transactions.

Some planning may be required, for large, one off expenditures, and potential issues with more expensive holidays, where spending amounts maybe a lot higher than a weekend trip to europe.

Have been to a few places around Europe, where certain areas only take cash, so the Revolut €200 monthly ATM limit may become an issue, as you start paying 2% on each Atm € withdrawal, after you hit that limit, or N26, which is much better here, as no atm € amount withdrawal limit, but, a charge kicks in of €2 each, after the 5th atm withdrawal in a month. Of course, if one was spending an extended period in a € area where cash was the norm, Revolut would be particularly unsuitable here, due to the relatively low €200 monthly limit, before 2% charges on ATM Withdrawals kick in. Another extreme example granted, but showing where the limits may impact.

All those can be overcome.
I have N26, Revolut and Moneze.
I had Curve too but I had a major issue with that. I wouldnt touch them ever again and cut up the card. But thats another story.
I also keep an avantcard CC which I rarely use but I use it for credit cardy things like car hire etc.



If I needed i could combine the cards for cash withdrawals for a much higher limt.
In practice ive only ever really used revolut for day to day and N26 as my main bank.
I paid €12000 for a car a couple of years ago on revolut. It wasnt a problem. I just contacted them and told them who the transfer was going to be to and when it would happen and it went through without a hitch.
Revolu and N26 have announce that they will have a facility to cash cheques by phone. Photograph it in the app and they cash it. This is already done in many banks in the US.
I think anyone who pays for a bricks and mortar account now is mad. These charges are only coming in because people stay with the bank out of fear. And the costs arent even low.

fafy

JimmyVik wrote: »

All those can be overcome.
I have N26, Revolut and Moneze.
I had Curve too but I had a major issue with that. I wouldnt touch them ever again and cut up the card. But thats another story.
I also keep an avantcard CC which I rarely use but I use it for credit cardy things like car hire etc.



If I needed i could combine the cards for cash withdrawals for a much higher limt.
In practice ive only ever really used revolut for day to day and N26 as my main bank.
I paid €12000 for a car a couple of years ago on revolut. It wasnt a problem. I just contacted them and told them who the transfer was going to be to and when it would happen and it went through without a hitch.
Revolu and N26 have announce that they will have a facility to cash cheques by phone. Photograph it in the app and they cash it. This is already done in many banks in the US.
I think anyone who pays for a bricks and mortar account now is mad. These charges are only coming in because people stay with the bank out of fear. And the costs arent even low.

Good points !

Its good to hear cheque “image” lodging is coming, but its actually not currently available.

Also good to hear flexibility on the 5k spending limit, i wasn’t aware of that, and its far from obvious you can do that.

I’ve been closing bank accounts, but will keep my credit card for as you said, the rare occasions i may need it.

I have heard some people having issues with Direct Debits for Utility bills from N26 re the non IE IBAN, is this still an issue with say Vodafone, ESB, Energia etc, or is rhat no longer an issue ?

JimmyVik

fafy wrote: »

Good points !

Its good to hear cheque “image” lodging is coming, but its actually not currently available.

Also good to hear flexibility on the 5k spending limit, i wasn’t aware of that, and its far from obvious you can do that.

I’ve been closing bank accounts, but will keep my credit card for as you said, the rare occasions i may need it.

I have heard some people having issues with Direct Debits for Utility bills from N26 re the non IE IBAN, is this still an issue with say Vodafone, ESB, Energia etc, or is rhat no longer an issue ?

I have had issues with a direct debit from revolut alright last year. They said it was because the IBAN was GB. I dont know if the situation has improved though.

I put them it my N26 and they went through no problem. It probably depends on the company.

whitelightrider

Im in the same boat as a lot here. BOI customer for over 20 years. I have Revolut for day to day stuff and also N26, but always kept BOI as an option. Now with the charges I think its time to make the jump and switch over to the likes of N26 to manage my main Direct debit payments, and the Revolut for day to day stuff.

jeffk

Got the call for my appointment, 21st October to move to EBS

Should have all my direct debt gone by then, so just move a current account

Only issue been revolut give you a GB Iban and most won't accept it or you have to send a form in.

Trying to get through to Virgin Media to see what else they can do

calfmuscle

I had an issue with AXA not taking my n26 german Iban. I rang central bank for clarification and they said AXA have to accept it under sepa. So I went back to axa and suddenly they found a way to work it.

macguru

calfmuscle wrote: »

I had an issue with AXA not taking my n26 german Iban. I rang central bank for clarification and they said AXA have to accept it under sepa. So I went back to axa and suddenly they found a way to work it.

Had a similar one with a utility provider, likewise contacted the central bank and they said they cannot differentiate between any european SEPA compliant account.

As an aside the lotto website used to only take Irish registered cards, they now take N26 and Revolut.

M

macguru

One thing to note as well is that any service provider who has to do Anti Money Laundering checks will not accept accept statements from online banks such as Revolut, Monese, Monzo, N26 etc. as part of their ID verification.

M

The J Stands for Jay

macguru wrote: »

One thing to note as well is that any service provider who has to do Anti Money Laundering checks will not accept accept statements from online banks such as Revolut, Monese, Monzo, N26 etc. as part of their ID verification.

M

They generally won't accept any bank statement where the customer has printed it themselves, even if it's a legacy bank.