BOI Alternatives-New Charges

hardybuck

Jim2007 wrote: »

All EU directives on banking are applied, European banks are free to establish in the state, passport services if they wish etc.... so what exactly are you referring to?


The reality is that on EU bank is going to be motivated to enter a market where they know they will loose money...







That has long been debated on AskAboutMoney.... the reality is that banks don't like to enter foreign markets when it comes mortgages because when they do they almost always loose. And institutional investors tend to come down hard on boards of directors how suggest doing it.






But most of the budget airlines when bust and those that survived have failed to build the necessary capital structures to deal with the current fall out, hell even BA are now selling of the furniture.


So that did not work out well, but it is not surprising, it because a commodity industry and most players suffered as a result and that is what is happening to banking right now as well - a race to the bottom.






Since the objective is to reduce non fee paying customers and concentrate on fee payers, the more that leave the better. You are effectively pushing loss makers onto your competitors. Eventually they will have to react as well - no one can to continue giving their services away for free over the long haul.

As you're a moderator you'll presumably not want to contribute to any further off topic discussion, however I will briefly say that I think you're a bit wide of the mark on a few points you've thrown out there.

Yyhhuuu

hardybuck wrote: »

Have been with KBC for a couple of years for my joint account and just moved my personal account there from BOI. Much better online and you can avail of the bonus savings rate too.

KBC Bonus Saver rate was reduced.

I closed my BOI current account. A previous poster was correct: BOI don't care about customer loyalty, they just care about profits. Well they're not getting my money. So F.U
BOI! Nice knowing you...

I opened a free current a/c with EBS as I previously earned 1.25% with their regular saver a/c. Their internet banking is very poor. Sometimes multiple attempts to log in. No mobile banking app.

adox

Yeah I closed mine. I already had a KBC account which was better overall. Just moved any direct debits etc to them any updated any online sites that had my BOI details(like revenue etc).

They can of course charge what they want but I had no reason to stay with them and pay it. A better product elsewhere with no charges for the time being that I already used.

All banks may indeed implement a similar flare rate charge abs if that happens I will review again but I just had no reason to hand money over to BOI at this time when it’s available free elsewhere.

Shinsen

Hi all, What about TSB? I recently asked a coleague for advice. He said that he pays just the annual stamp duty.
Thanks.

jerod29

Shinsen wrote: »

Hi all, What about TSB? I recently asked a coleague for advice. He said that he pays just the annual stamp duty.
Thanks.

He probably has a legacy account like me, I used to avoid fees by lodging 1500 euros into my account every month, then last year they did away with that and now my balance has to be over 2500 euros to avoid fees, I'm guessing that's what your friend is doing. However that option is not available to new customers.

Yourmama

I'm watching this thread since first post and it's time for me to add something. I was with BOI for 15 years and at the beginning the account was free. Then I had to keep 1k at all times, fine. Then I had to keep 3k to keep it free, fine. Then even if I had 3k i paid 5 euro every 3 months. Since I never paid any fees on any of my accounts this was a bit of surprise but it wasn't enough for me to leave.
When new monthly charges were announced I didn't wait and moved to KBC. I have to say it was pretty much painless process, I filled out some forms for my payroll and for KBC with date when I want my current account close and move money to KBC. I got notification of my direct debits and that my providers were informed on change. This went with a hiccup and I got two phone calls from credit control departments surprised I closed account and they can't take my money. This was problem on their side rather than banks since I got copy of notification sent to them.
Overall happy new customer of KBC and adiós BOI, let's hope it stays this way.

hardybuck

Yourmama wrote: »

I'm watching this thread since first post and it's time for me to add something. I was with BOI for 15 years and at the beginning the account was free. Then I had to keep 1k at all times, fine. Then I had to keep 3k to keep it free, fine. Then even if I had 3k i paid 5 euro every 3 months. Since I never paid any fees on any of my accounts this was a bit of surprise but it wasn't enough for me to leave.
When new monthly charges were announced I didn't wait and moved to KBC. I have to say it was pretty much painless process, I filled out some forms for my payroll and for KBC with date when I want my current account close and move money to KBC. I got notification of my direct debits and that my providers were informed on change. This went with a hiccup and I got two phone calls from credit control departments surprised I closed account and they can't take my money. This was problem on their side rather than banks since I got copy of notification sent to them.
Overall happy new customer of KBC and adiós BOI, let's hope it stays this way.

Welcome to the K(BC) Club! Similar to me - I'd been with BOI for nearly 20 years. I think a lot of people will get experience of change now and will be more likely to change again when they see something that suits them better.

Shinsen

I am also with BOI for almost 20 years and the last thing that I want to do is shopping around for opening a new bank account, but if I have to do it... hence why I am on this forum.
I was wondering though, what if the other banks (Kbc, etc...) that offer free banking will start charging like BOI or almost like in the next (and possibly near) future?

Neowise

Shinsen wrote: »

I am also with BOI for almost 20 years and the last thing that I want to do is shopping around for opening a new bank account, but if I have to do it... hence why I am on this forum.
I was wondering though, what if the other banks (Kbc, etc...) that offer free banking will start charging like BOI or almost like in the next (and possibly near) future?

If that happens, then you shop around for the cheaper option.
Previously to recent times, BOI was 20 euro per annum. Thats been upped to 72 euro per annum. KBC is currently 0 per annum, if they up it to 20 per annum you are still better of for the move.

hardybuck

Shinsen wrote: »

I am also with BOI for almost 20 years and the last thing that I want to do is shopping around for opening a new bank account, but if I have to do it... hence why I am on this forum.
I was wondering though, what if the other banks (Kbc, etc...) that offer free banking will start charging like BOI or almost like in the next (and possibly near) future?

Yeah echo another poster - I think the days of staying with a bank for 20 years are over.

There has traditionally been terrible inertia from consumers in Ireland, but we've gotten used to moving energy suppliers etc. and moving banks should be the same.

If the banks think that Irish consumers aren't ever going to leave them they have no incentive to offer better value or service.

Jim2007

hardybuck wrote: »

If the banks think that Irish consumers aren't ever going to leave them they have no incentive to offer better value or service.

When a customer is unwilling to pay fees the best thing to do is how them the door. And that is happening these days.

-=al=-

I think folks are happy to pay fees for a good service, but more than tripling the fees with a terrible excuse while providing below par banking is having a laugh

hardybuck

Jim2007 wrote: »

When a customer is unwilling to pay fees the best thing to do is how them the door. And that is happening these days.

Even if they're all charging fees you'll go to wherever you get best value.

L1011

FSPO complaint now in over a complete series of disasters by BOI during a BOI->KBC move; albeit extensively BOI Mortgages not listening to BOI current account side and then sending me a reply that may as well have been to someone elses complaint.

Current account switch code may as well not exist.

BOI mortgage should be gone by the end of the month too so I'll only have my credit card there - which is basically the only thing they actually handle in a 21st century manner with a live balance/transactions list available via their *other* website and not 365. Jokeshop.

Nermal

L1011 wrote: »

Current account switch code may as well not exist.

It's useless. If you're lucky, your originators may get a paper letter which will probably never be acted on.

The only thing that will fix the banking market is IBAN portability.

Imagine having to change your phone number when you switched networks - how often would people do that?

L1011

In my case, Zurich and Laya did act on the letter. BOI did not act on the letter from BOI!

thebo

Planning on ditching my boi current account as don't have much on it and only use it for online purchases. But €6 month is not worth it.

I have a savings account with them that I will keep as there is no charges on that.

Thinking switching to revolut just wondering can I top up my revolut account with my boi savings account?

Yyhhuuu

thebo wrote: »

Planning on ditching my boi current account as don't have much on it and only use it for online purchases. But €6 month is not worth it.

I have a savings account with them that I will keep as there is no charges on that.

Thinking switching to revolut just wondering can I top up my revolut account with my boi savings account?

I'm sure you could set up Revolut as a sepa payee. Just remember Revolut is not a bank. I would not keep large sums with the latter.

silenoz

Yyhhuuu wrote: »

KBC Bonus Saver rate was reduced.

I closed my BOI current account. A previous poster was correct: BOI don't care about customer loyalty, they just care about profits. Well they're not getting my money. So F.U
BOI! Nice knowing you...

I opened a free current a/c with EBS as I previously earned 1.25% with their regular saver a/c. Their internet banking is very poor. Sometimes multiple attempts to log in. No mobile banking app.

I think KBC would have been the safer option over EBS, based on what has been said on here.
I decided to switch to EBS a few months ago. It has been a bit of a disaster, I have a few previous posts about it.

I initially went for EBS for two reasons:
- No min. balance required
- EBS will do the transfer of DDs, SOs etc.. for you (just fill out a form!)

Well, moving on from all the issues I had with setting up the account and the online access (see previous posts). I also have to ring them again to activate the debit card (still haven't done that).

Going back to the Transfer Request form... I contacted EBS several times about it. Took a while to get someone to talk to me about it. When I finally did, the EBS guy told something to the effect of "oh no, I wouldn't use that form, customers are having huge issues with getting the transfer team to do the transfers. Set them all up individually yourself".

So, for anyone still thinking of changing: I think the KBC account has more benefits and is probably easier to set up.

L1011

All banks do the transfer procedure, they're required to. But it barely works at all regardless of bank

PHG

Yyhhuuu wrote: »

I'm sure you could set up Revolut as a sepa payee. Just remember Revolut is not a bank. I would not keep large sums with the latter.

Revolut has a banking license and is fine use. I use a mix of them and KBC.

BOI is pure crap. Have gotten rid of everything with them and UB in favour of tRev and KBC. Back for xmas and once my quarantine and negative test are done I'm closing the accounts as they have to be done in branch

Hibernicis

PHG wrote: »

Back for xmas and once my quarantine and negative test are done I'm closing the accounts as they have to be done in branch

Unless there are unusual circumstances, you should be able to close your BOI account without going near a branch. The instructions are here and these link to the form you need to complete. Note that in my case the form I submitted online wasn’t processed by BOI (quelle surprise) within the allocated timescale and BOI claimed that they never received my closure application so I resubmitted it and it was closed a few hours later.

If you do this straight away you will avoid a chunk of charges.

Frozen Veg

Alot of credit unions now doing current accounts and debit cards. €4 per month.

Great to deal with.

Yourmama

Frozen Veg wrote:

Alot of credit unions now doing current accounts and debit cards. €4 per month.

The whole idea here is to avoid charges. If I was to drop from 6 to 4 euro, I wouldn't bother, especially between bank and CU it's worth the extra. Luckily there are free options with banks out there.

bugsyb4

silenoz wrote: »

I think KBC would have been the safer option over EBS, based on what has been said on here.
I decided to switch to EBS a few months ago. It has been a bit of a disaster, I have a few previous posts about it.

I initially went for EBS for two reasons:
- No min. balance required
- EBS will do the transfer of DDs, SOs etc.. for you (just fill out a form!)

Well, moving on from all the issues I had with setting up the account and the online access (see previous posts). I also have to ring them again to activate the debit card (still haven't done that).

Going back to the Transfer Request form... I contacted EBS several times about it. Took a while to get someone to talk to me about it. When I finally did, the EBS guy told something to the effect of "oh no, I wouldn't use that form, customers are having huge issues with getting the transfer team to do the transfers. Set them all up individually yourself".

So, for anyone still thinking of changing: I think the KBC account has more benefits and is probably easier to set up.

Moved all our accounts to KBC and wish had done it earlier was sick of BOI. I also moved all DD over myself as felt at least I was the one responsible if something went wrong and thankfully all worked well. With KBC around 3 months now and no issues so far although we already had an extra current account with KBC to take advantage of good interest rates they used to have on savings account and to reduce mortgage interest rate by 0.20% so we weren't coming to it cold, just we still did our day to day banking with BOI no idea why!!

Quick tip which won't work for everyone if looking to have the 2k hit account through the month. My wife has her salary going into her own current account twice a month but it is under 2k but what she does is move some of that into our joint account and then a few days later back into her own account again and has had no issues so far. Might be useful for some out there who use Revolut, N26 etc and wants a banking presence.

youcancallmeal

Is there any word on BOI rolling back on this, surely they must be losing loads of customers? I have a joint account with my wife and at least 10 different payments are coming in and out of our account, would be a nightmare changing them all. I use KBC Extra + Revolout for my personal banking. Might just have to bite the bullet and move the joint account over to KBC.

Lmkrnr

I moved current acc to kbc. No charges now. I left My savings in the AIB deposit account which i can view still on the App.

If i need to remove a large sum or deposit a check I can still use AIB. I'd recommend that option.

Jim2007

youcancallmeal wrote: »

Is there any word on BOI rolling back on this, surely they must be losing loads of customers? I have a joint account with my wife and at least 10 different payments are coming in and out of our account, would be a nightmare changing them all. I use KBC Extra + Revolout for my personal banking. Might just have to bite the bullet and move the joint account over to KBC.

Loosing not paying customers means you save costs. Sure you'll loose some paying ones as well, but the over all outcome for the bank will be positive. Taking on such customers will negative consequences for the new bank. Expect the trend to continue and plan accordingly.

youcancallmeal

Jim2007 wrote: »

Loosing not paying customers means you save costs. Sure you'll loose some paying ones as well, but the over all outcome for the bank will be positive. Taking on such customers will negative consequences for the new bank. Expect the trend to continue and plan accordingly.

I'm not sure I get you, do you mean that they have retail customers who aren't paying fees?

hardybuck

It's fantastic that Irish consumers are finally switching. Their inertia has discouraged competition in the sector.