Irish Banks are a joke: I'm closing my Irish bank account

parc

Mods, before you move this to banking/finance, hear me out. I think this is relevant to all and the more people who discuss this the better.

This news story about BoI selling its 700 ATMs to Euronet, which will more than likely mean that there will be 700 more cash machines around the country charging you to take you money out.

https://www.rte.ie/news/business/2020/1218/1185359-700-bank-of-ireland-non-branch-atms-sold-to-euronet/

I live abroad where there are no chargers like this. It's a complete joke the way Irish banks treat their customers, and I can't believe people put up with it.

I have decided to close my Irish bank account because of this (I'll let you guess which one it is - it's one of the main ones).

How can the taxpayers bail out failed banks, then sit back while they charge them quarterly fees to deposit their money, and take out their money from ATMs. I would encourage people to figure out alternative means, as it shouldn't be like this.

ratracer

You don’t live here, so your closing your bank account here....... Good man!

Meanwhile, this of us living and working here still need a bank account here!

completedit

Now everyone let's move to the utopia of a cashless society. Make no mistake it's their money, they just lend it to you.

deandean

The only cash I have used in the last few months is a 2 Euro coin for a shopping trolley.

silver2020

parc wrote: »

I live abroad where there are no chargers like this. It's a complete joke the way Irish banks treat their customers, and I can't believe people put up with it.

I have decided to close my Irish bank account because of this (I'll let you guess which one it is - it's one of the main ones).

How can the taxpayers bail out failed banks, then sit back while they charge them quarterly fees to deposit their money, and take out their money from ATMs. I would encourage people to figure out alternative means, as it shouldn't be like this.

You live abroad and are getting free withdrawals which the rest of up pay for in other charges.

Banks were not bailed out. the Banking system was bailed out. The alternative was to wipe out all deposits over the guaranteed level.

Please close your account.

The Mighty Quinn

Cashless society.... I'm actually in favour of it, if the data is managed appropriately. There are too many people operating on the black or grey markets, cash in hand, earning money while in receipt of welfare payments etc. It's not fair to those who work and pay their taxes. I know cashless isn't a perfect system either, and i'm not against anybody earning extra money or finding ways to legally avoid tax, but evasion just costs everybody else more in the long run. I know there's also the argument that "most people only pay their taxes because it's automatically taken from them" and that's probably true, so I'm not soapboxing either.

Back on thread... I am with Bank of Ireland. Considering moving, but not sure who to - suggestions and whys?

gipi

This is old news, weren't the ATMs sold earlier this year?

And in the Canaries, all bank ATMs charge a fee

Gregor Samsa

“ Euronet does not levy any charges for Irish debit cardholders taking out cash in euros from Euronet ATMs in Ireland”

https://www.euronetatms.ie/

Bank charges are a separate issue to ATM operators charging for withdrawals.

Now, I’m sure you can speculate that maybe they’ll bring in charges in the future, but that’s true for the banks or anyone else who runs ATMs too, so this situation doesn’t make it any more or less likely.

Closing your Irish bank account is obviously your prerogative, but since you’re bringing up your specific reason for doing it, it would appear that you’ve done so on the back of a lot of ifs and buts, rather than facts.

galway_lad

Im with the OP. I used to keep my old Irish account alive but the fees they have are outrageous when compared with other countries. No the mention when the government start dipping their hands in your pocket for the "privilage" of having a debit card.

How do these new online banks compare with the traditional ones in Ireland?

One More Toy

galway_lad wrote: »

Im with the OP. I used to keep my old Irish account alive but the fees they have are outrageous when compared with other countries. No the mention when the government start dipping their hands in your pocket for the "privilage" of having a debit card.

How do these new online banks compare with the traditional ones in Ireland?

Been with kbc 3 years now after moving from aib and ptsb. Zero problems with them in that time. Used to be 24hr customer service but now its 8am-11pm due to covid. No fees if lodging 2000 a month

utyh2ikcq9z76b

The Mighty Quinn wrote: »

Cashless society.... I'm actually in favour of it, if the data is managed appropriately. There are too many people operating on the black or grey markets, cash in hand, earning money while in receipt of welfare payments etc. It's not fair to those who work and pay their taxes. I know cashless isn't a perfect system either, and i'm not against anybody earning extra money or finding ways to legally avoid tax, but evasion just costs everybody else more in the long run. I know there's also the argument that "most people only pay their taxes because it's automatically taken from them" and that's probably true, so I'm not soapboxing either.

Back on thread... I am with Bank of Ireland. Considering moving, but not sure who to - suggestions and whys?

That's ok now in a fairly democratic society, but if that changes in the future being cashless will give them extra control over the population

Grab All Association

I left bank of Ireland 12 year ago. I’m not joking ask anyone in Thurles, the staff in their branch resembled and acted like the hotel workers in Home Alone 2. Very rude people who’d look down builders, plumbers, painters.

hurikane

Living abroad and going on about taxpayers bailing out banks.

The best thing about the recession was, all the patriots that headed off and abandoned the country. The thicker they were, the further they went. Small villages were purged of all the idiots, I relished seeing them heading off, hoping they wouldn’t return. I now get great enjoyment of hearing how great Oz is and what a sh1thole Ireland is.

accensi0n

deandean wrote: »

The only cash I have used in the last few months is a 2 Euro coin for a shopping trolley.

Same, only used a 1 euro coin though.

Santan

gipi wrote: »

This is old news, weren't the ATMs sold earlier this year?

And in the Canaries, all bank ATMs charge a fee

Not true, if you use your banks atm, there is no fee. Granted its getting much harder to find your banks atm, as they are closing most of them, but by christ do you pay if you cross over atm machines. La caxia charged me 10%, bbva was 6% and increased I think for anything over 100€. These new companies that are springing up everywhere with atm machines are massively expensive, don't know how much as I have never used them, but just hear everyone complaining about the charge. It is disgusting to think of the charges, as I pay around 300 a year per account just to handle my transactions, moved a lot of my dealings to revolut.

One More Toy

hurikane wrote: »

Living abroad and going on about taxpayers bailing out banks.

The best thing about the recession was, all the patriots that headed off and abandoned the country. The thicker they were, the further they went. Small villages were purged of all the idiots, I relished seeing them heading off, hoping they wouldn’t return. I now get great enjoyment of hearing how great Oz is and what a sh1thole Ireland is.

Ah yes the 'I was earning 50 dollars an hour in the mines' d1ckheads. Great and all but a beer costs 10 dollars in a pub you tool.

Pity they're all back now. Shame they didn't stay out there on the farms driving GPS controlled tractors

j4vier

The Mighty Quinn wrote: »

Cashless society.... I'm actually in favour of it, if the data is managed appropriately. There are too many people operating on the black or grey markets, cash in hand, earning money while in receipt of welfare payments etc. It's not fair to those who work and pay their taxes. I know cashless isn't a perfect system either, and i'm not against anybody earning extra money or finding ways to legally avoid tax, but evasion just costs everybody else more in the long run. I know there's also the argument that "most people only pay their taxes because it's automatically taken from them" and that's probably true, so I'm not soapboxing either.

Back on thread... I am with Bank of Ireland. Considering moving, but not sure who to - suggestions and whys?

It's not just about taxes though. A cashless society means the banks have full control of people's finances which means if for whatever reason accounts get frozen ( legal, IT glitches etc) you could lose everything and/or won't have access to it for periods of time.

Sci fi stuff for some people but looking at what has been happening in the world this year, is it really that improbable?

Higgins5473

parc wrote: »

Mods, before you move this to banking/finance, hear me out. I think this is relevant to all and the more people who discuss this the better.

This news story about BoI selling its 700 ATMs to Euronet, which will more than likely mean that there will be 700 more cash machines around the country charging you to take you money out.

https://www.rte.ie/news/business/2020/1218/1185359-700-bank-of-ireland-non-branch-atms-sold-to-euronet/

I live abroad where there are no chargers like this. It's a complete joke the way Irish banks treat their customers, and I can't believe people put up with it.

I have decided to close my Irish bank account because of this (I'll let you guess which one it is - it's one of the main ones).

How can the taxpayers bail out failed banks, then sit back while they charge them quarterly fees to deposit their money, and take out their money from ATMs. I would encourage people to figure out alternative means, as it shouldn't be like this.

Had the misfortune of using one yesterday. Maximum €40 withdrawal, I needed €200. 5 withdrawals, wonder how much I’ll be charged.

Santan

j4vier wrote: »

It's not just about taxes though. A cashless society means the banks have full control of people's finances which means if for whatever reason accounts get frozen ( legal, IT glitches etc) you could lose everything and/or won't have access to it for periods of time.

Sci fi stuff for some people but looking at what has been happening in the world this year, is it really that improbable?

Very true, I was with Santander and I know this sounds untrue, but unfortunately it is not. A guy went in to the branch, he had the same first name as me, don't know what he wanted but the girl mistook him for me and gave him my account details to log in online. Obviously they could not access it with out my passwords so she went about resetting all my log in details. I was out of the country at the time, all my cards got blocked, no access to my online banking, had my wife's cards so we were ok, but without that I was screwed. It took almost 1 month for the bank to get everything sorted, they messed up so many times during this, passing me off to different customer services, different departments, they had full control of my financial life, with cards blocked, direct debit cancelled an absolute mess. Showed me first hand how important cash in the hand was, and to have other options ready if one fails.

parc

Higgins5473 wrote: »

Had the misfortune of using one yesterday. Maximum €40 withdrawal, I needed €200. 5 withdrawals, wonder how much I’ll be charged.

Insane

parc

It's kind of weird and funny reading the comments defending banks and having a go at me for leaving Ireland.

"Oh why don't you pi** of back to wherever you f*cked off to."

How is that relevant? What I'm saying is, the banks are charging you money, for something you shouldn't be charged for, based on how it is in other countries. All this after 2008

There are alternatives surely?

McGinniesta

The Mighty Quinn wrote: »

Cashless society.... I'm actually in favour of it, if the data is managed appropriately. There are too many people operating on the black or grey markets, cash in hand, earning money while in receipt of welfare payments etc. It's not fair to those who work and pay their taxes. I know cashless isn't a perfect system either, and i'm not against anybody earning extra money or finding ways to legally avoid tax, but evasion just costs everybody else more in the long run. I know there's also the argument that "most people only pay their taxes because it's automatically taken from them" and that's probably true, so I'm not soapboxing either.

Back on thread... I am with Bank of Ireland. Considering moving, but not sure who to - suggestions and whys?

Cashless society is a bad idea. Some people don't have bank accounts and don't want them.

People working on the black market isn't a good enough idea on it's own to ban the use of cash.

Tax evasion is a system wide issue and the use of bank accounts won't stop this issue. You'll find that super wealthy people are just as likely to evade tax in some way than some lad doing a few nixers cash in hand. It's not right but we're talking small change for the lads working cash in hand. Offshoring money has become an industry and is encouraged and facilitated.

un5byh7sqpd2x0

Is this the modern day equivalent of announcing that you’re closing your Facebook account?

McGinniesta

parc wrote: »

It's kind of weird and funny reading the comments defending banks and having a go at me for leaving Ireland.

"Oh why don't you pi** of back to wherever you f*cked off to."

How is that relevant? What I'm saying is, the banks are charging you money, for something you shouldn't be charged for, based on how it is in other countries. All this after 2008

There are alternatives surely?

There is a simple solution. Use your credit union account. No fees.

parc

silver2020 wrote: »

You live abroad and are getting free withdrawals which the rest of up pay for in other charges.

Banks were not bailed out. the Banking system was bailed out. The alternative was to wipe out all deposits over the guaranteed level.

Please close your account.

Did you mean to type "us"?

It's not just withdrawal fees. It's also current account fees per quarter and more


For example:
Automated Transactions (Direct Debit/ Standing Orders) 20c.
ATM withdrawals 35c
Machine Lodgements 35c
Cheque Processing 39c
Debit Card Transaction 20c
Over the Counter Transaction 39c

ElJeffe

deandean wrote: »

The only cash I have used in the last few months is a 2 Euro coin for a shopping trolley.

I've actually done the complete opposite. I'm more determined now to use cash than before.

McGinniesta

ElJeffe wrote: »

I've actually done the complete opposite. I'm more determined now to use cash than before.

It will certainly reduce fees. You will still need a bank account to have it paid in to but cash is still king

senordingdong

j4vier wrote: »

It's not just about taxes though. A cashless society means the banks have full control of people's finances which means if for whatever reason accounts get frozen ( legal, IT glitches etc) you could lose everything and/or won't have access to it for periods of time.

Sci fi stuff for some people but looking at what has been happening in the world this year, is it really that improbable?

Not to mention the implementation of negative interest rates.

dxhound2005

parc wrote: »

Did you mean to type "us"?

It's not just withdrawal fees. It's also current account fees per quarter and more


For example:
Automated Transactions (Direct Debit/ Standing Orders) 20c.
ATM withdrawals 35c
Machine Lodgements 35c
Cheque Processing 39c
Debit Card Transaction 20c
Over the Counter Transaction 39c

How do banks abroad make a profit if none of them charge for any service?

daheff

One More Toy wrote: »

Been with kbc 3 years now after moving from aib and ptsb. Zero problems with them in that time. Used to be 24hr customer service but now its 8am-11pm due to covid. No fees if lodging 2000 a month

I tried twice to open a bank account with them. Never actually did they manage to open the account so I gave up. If they aren't bothered to take my business then I'll go elsewhere.

daheff

senordingdong wrote: »

Not to mention the implementation of negative interest rates.

Banks are charging more fees so they don't need to charge you for negative interest. PR wise that would be a disaster. People would close accounts in droves to avoid it. Yet extra fees are largely ignored.

ElJeffe

McGinniesta wrote: »

It will certainly reduce fees. You will still need a bank account to have it paid in to but cash is still king

Yeah iv'e always been a cash person tbh but over the lockdown if i've found places that are refusing to take cash iv'e just walked out and not give them my business.

dxhound2005

dxhound2005 wrote: »

How do banks abroad make a profit if none of them charge for any service?

The problem is that with the artificial interest rates kept at 0, there's a net cost to keeping money on deposit, where previously they would have made interest on your money. They do make a decent margin on loans though. After computerising their services and getting rid of most of their tellers, their actual cost per transaction has gone way down. I always felt it was unfair to penalise the low income people by putting the requirements for free banking out of their reach, while giving free banking to the people that didn't necessarily need it.

I don't have an objection to banking fees, but I think 1 to 5 cents per computerised transaction is enough to generate a small margin, maybe 5-10 cents per ATM transaction, and a euro if you insist on going to a teller for a transaction that can be done on your phone.

PhilOssophy

dxhound2005 wrote: »

How do banks abroad make a profit if none of them charge for any service?

Same way as the banks here make their profit - deposits 0%, lend it out at 4%.

I still love how the OP is getting so worked up about something which
1. SHOULD have no effect on him (as he is presumably living in the wonderful GB given his macbook purchase in £)
2. Wouldn't bother me in the least as I never have any cash - I don't even carry a wallet any more as I pay for most things with my phone
3. Is another industry of diminshing returns for those purchasing it the machines.

No need to guess which bank either OP - your posting history tells all!

parc

dxhound2005 wrote: »

How do banks abroad make a profit if none of them charge for any service?

By changing interest on loans, overdrafts, investing/trading etc.

Some here will probably argue that account/withdrawal fees, in say a UK bank, are just abstracted away into these other financial instruments as higher charges?

The point is, these services are all optional. I don't have to take out a loan, I don't have to have an overdraft, I don't have to have a credit card.

But I need someplace to deposit my money - and that's free in foreign countries. In fact, the bank pays me to keep money with them, however small. It's crazy how Irish banks can get away with these fees and it's even more crazy that there are some here defending it.

whisky_galore

Euronet ATMs are a respectable means of scamming tourists.

PhilOssophy

parc wrote: »

But I need someplace to deposit my money - and that's free in foreign countries.

Take it all out and put it under your mattress, nobody will charge you and you can sleep all night safe in the knowledge that you'll never have to pay for an ATM transaction again.

Daragh1980

When I worked in England, the bank charges were a lot higher than here. Particularly if you went overdrawn or had a cheque or direct debit bounced on you.

Not sure what is like now but it always amuses me to see people like the OP who think it should be free. Why should any business offer its services for free? Does the OP work for free?

dxhound2005

parc wrote: »

But I need someplace to deposit my money - and that's free in foreign countries. In fact, the bank pays me to keep money with them, however small. It's crazy how Irish banks can get away with these fees and it's even more crazy that there are some here defending it.

I took a look online and you were wrong about "abroad" not having ATM charges. Plenty of countries do. I am not going to bother with this "free in foreign countries" statement. But I would be surprised if it applies to every foreign country.

The Mighty Quinn

The Mighty Quinn wrote: »

Cashless society.... I'm actually in favour of it, if the data is managed appropriately. There are too many people operating on the black or grey markets, cash in hand, earning money while in receipt of welfare payments etc. It's not fair to those who work and pay their taxes. I know cashless isn't a perfect system either, and i'm not against anybody earning extra money or finding ways to legally avoid tax, but evasion just costs everybody else more in the long run. I know there's also the argument that "most people only pay their taxes because it's automatically taken from them" and that's probably true, so I'm not soapboxing either.

Back on thread... I am with Bank of Ireland. Considering moving, but not sure who to - suggestions and whys?

I moved to an post. 5 percent back on Lidl which negates their €5 a month charge. Plus I now have s branch 2 miles away. It was 25

Wanderer78

neoliberalism rocks, the wealth will trickle down, happy days!

Wombatman

daheff wrote: »

I tried twice to open a bank account with them. Never actually did they manage to open the account so I gave up. If they aren't bothered to take my business then I'll go elsewhere.

Took me about 20 min to open an account with them (KBC) using their mobile app. No charges if you lodge more that €2000 a month as previously stated.

Revolut soon to have Irish accounts too.

I also have N26, Fire and Monese accounts.

Never been a better time to find a fee free current account.

Bank of Ireland has reported an underlying profit before tax of €758m for 2019, down 19% on the €935m reported the previous year.

Poor banks. Wouldn't your heart just bleed for them.

Wanderer78

Wombatman wrote: »

Took me about 20 min to open an account with them (KBC) using their mobile app. No charges if you lodge more that €2000 a month as previously stated.

Revolut soon to have Irish accounts too.

I also have N26, Fire and Monese accounts.

Never been a better time to find a fee free current account.



Poor banks. Wouldn't your heart just bleed for them.

poor, me hole, they cant pretty much create as much money as they want, then sell it to us!

Daragh1980

Wombatman wrote: »

Poor banks. Wouldn't your heart just bleed for them.

That’s last year’s figures. 2020 very different. The big three banks in Ireland all announced significant redundancies in recent months. A lot of those staff will be out of work.

Wanderer78

Daragh1980 wrote: »

That’s last year’s figures. 2020 very different. The big three banks in Ireland all announced significant redundancies in recent months. A lot of those staff will be out of work.

i wouldnt be overly worrying about the banks, that model is well in intact, their staff on the other hand....

daheff

Wombatman wrote: »

Revolut soon to have Irish accounts too.

Revolut don't have a banking license in Ireland....so buyer beware

Wanderer78

daheff wrote: »

Revolut don't have a banking license in Ireland....so buyer beware

what are the issues with that?

Wombatman

Daragh1980 wrote: »

That’s last year’s figures. 2020 very different. The big three banks in Ireland all announced significant redundancies in recent months. A lot of those staff will be out of work.

Paying excess fees to banks won't save the staff. Cutting costs = extra profit, simple as.

Wombatman

daheff wrote: »

Revolut don't have a banking license in Ireland....so buyer beware

Soon to have one.

https://www.irishtimes.com/business/financial-services/revolut-shifts-regulation-of-irish-customers-to-lithuania-1.4369544

Ush1

Wanderer78 wrote: »

what are the issues with that?

Well the most obvious is no Irish deposit guarantee.

Sheep Shagger

Needed cash for kids birthday party (in a park today), had to drive home to get my debit card as use my phone for contactless for everything. Used a Euronet ATM (no charges). First time I've used an ATM all year I think.

No longer have an old school bank account, only n26 and Revolut.