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Negative Interest Rates on personal accounts!!!!!

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  • 19-05-2021 10:43am
    #1
    dimma
    Registered Users Posts: 136 ✭✭


    Hi BOI.
    So here we go? Just got a letter this morning with new terms and conditions etc and it now mentions negative interest rates going forward from 6th August. Now I dont fit the criteria but it does not state rates etc,,, So now customers have 6 euro a month fees and if they have high savings you are gonna charge negative instrest rates on personal customers savings... OMG does this bank not stop at gouging people out of money....  From closing branches to 72 Euro a year fess to now negative interest rates (wonder how longer before they drop threshold to 0!!!!!!!

    Not a happy customer at the moment,,,Ireland really is a rip off country...
    Bet your customers in the UK did not get these letters?


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    #2
    woejus
    Registered Users Posts: 1,497 ✭✭✭woejus


    dimma wrote: »
    Hi BOI.
    So here we go? Just got a letter this morning with new terms and conditions etc and it now mentions negative interest rates going forward from 6th August. Now I dont fit the criteria but it does not state rates etc,,, So now customers have 6 euro a month fees and if they have high savings you are gonna charge negative instrest rates on personal customers savings... OMG does this bank not stop at gouging people out of money....  From closing branches to 72 Euro a year fess to now negative interest rates (wonder how longer before they drop threshold to 0!!!!!!!

    Not a happy customer at the moment,,,Ireland really is a rip off country...
    Bet your customers in the UK did not get these letters?
    What do you suggest Bank of Ireland do here? Pay interest on deposits that will lose them money? You are aware money is almost free at the ECB at the moment?


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    #3
    jaggiebunnet
    Registered Users Posts: 1,357 ✭✭✭jaggiebunnet


    woejus wrote: »
    dimma wrote: »
    Hi BOI.
    So here we go? Just got a letter this morning with new terms and conditions etc and it now mentions negative interest rates going forward from 6th August. Now I dont fit the criteria but it does not state rates etc,,, So now customers have 6 euro a month fees and if they have high savings you are gonna charge negative instrest rates on personal customers savings... OMG does this bank not stop at gouging people out of money....  From closing branches to 72 Euro a year fess to now negative interest rates (wonder how longer before they drop threshold to 0!!!!!!!

    Not a happy customer at the moment,,,Ireland really is a rip off country...
    Bet your customers in the UK did not get these letters?
    What do you suggest Bank of Ireland do here? Pay interest on deposits that will lose them money? You are aware money is almost free at the ECB at the moment?
    They have not paid interest on deposits for a long time.


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    #4
    Bank of Ireland Reps
    Closed Accounts Posts: 1,293 ✭✭✭Bank of Ireland Reps


    jaggiebunnet wrote: »
    woejus wrote: »
    dimma wrote: »
    Hi BOI.
    So here we go? Just got a letter this morning with new terms and conditions etc and it now mentions negative interest rates going forward from 6th August. Now I dont fit the criteria but it does not state rates etc,,, So now customers have 6 euro a month fees and if they have high savings you are gonna charge negative instrest rates on personal customers savings... OMG does this bank not stop at gouging people out of money....  From closing branches to 72 Euro a year fess to now negative interest rates (wonder how longer before they drop threshold to 0!!!!!!!

    Not a happy customer at the moment,,,Ireland really is a rip off country...
    Bet your customers in the UK did not get these letters?
    What do you suggest Bank of Ireland do here? Pay interest on deposits that will lose them money? You are aware money is almost free at the ECB at the moment?
    They have not paid interest on deposits for a long time.
    Hi All, 

    Thanks for posting. 

    Please be assured if you are meeting the specific criteria relating to negative interest rates, BOI will be in touch again to communicate further. 

    Many thanks
    Alison


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    #5
    dimma
    Registered Users Posts: 136 ✭✭dimma


    woejus wrote: »
    dimma wrote: »
    Hi BOI.
    So here we go? Just got a letter this morning with new terms and conditions etc and it now mentions negative interest rates going forward from 6th August. Now I dont fit the criteria but it does not state rates etc,,, So now customers have 6 euro a month fees and if they have high savings you are gonna charge negative instrest rates on personal customers savings... OMG does this bank not stop at gouging people out of money....  From closing branches to 72 Euro a year fess to now negative interest rates (wonder how longer before they drop threshold to 0!!!!!!!

    Not a happy customer at the moment,,,Ireland really is a rip off country...
    Bet your customers in the UK did not get these letters?
    What do you suggest Bank of Ireland do here? Pay interest on deposits that will lose them money? You are aware money is almost free at the ECB at the moment?
    Did you not read the post?? Its not about positive interest rates (thats where you make money on savings) ... Its negative rates (loose money on savings) which means they charge the personal customer for money on deposit or in your current account if you match the critera .. its not about earning money on deposit as yes at moment there is no money on deposits but if you are happy to have them charge you interest on your savings as they lend out your money to you for say a mortgage and then charge you interest again on that too (highest in Europe too).... my point is that this is the start of negative rates ...lets see how you like when you put you wages in the bank and a week later as example BOI or AIB whatever take a bite and call it negative rates and then o yes current account fees too please...


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    #6
    Ally Dick
    Registered Users Posts: 12,697 ✭✭✭✭Ally Dick


    They'll never implement it for all savings. Would cost too much to change the interest structure 


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    #7
    jahalpin
    Registered Users Posts: 1,031 ✭✭✭jahalpin


    dimma wrote: »
    Hi BOI.
    So here we go? Just got a letter this morning with new terms and conditions etc and it now mentions negative interest rates going forward from 6th August. Now I dont fit the criteria but it does not state rates etc,,, So now customers have 6 euro a month fees and if they have high savings you are gonna charge negative instrest rates on personal customers savings... OMG does this bank not stop at gouging people out of money....  From closing branches to 72 Euro a year fess to now negative interest rates (wonder how longer before they drop threshold to 0!!!!!!!

    Not a happy customer at the moment,,,Ireland really is a rip off country...
    Bet your customers in the UK did not get these letters?
    The customers in the UK would not have recieved these letters as they use GBP and the Bank of England overnight interest rate for GBP is currently positive. The ECB is currently charging banks to deposit money as their deposit rates are currency negative

    The money in current accounts can't really be used as a basis to lend money as most people deposit their pay at the start of the month and have taken it all back out again by the end of the month, the only thing the banks can do with these short term deposits is to put them on deposit with the ECB, so the bank would be paying the ECB interest on these deposits


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    #8
    dublin49
    Registered Users Posts: 1,343 ✭✭✭dublin49


    little doubt the limits where negative interest rates kick in will be reduced gradually but consistently so more and more people are caught by this new charge,we expect BOI to use our deposits to loan them out at healthly rates on motor,Housing and business loans,if they cannot manage this they are doing something wrong.


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