A simple SMS would have really helped

gebbel · 11-10-2023 10:20am #1

Hi,

An unfortunate sequence of events which could have been prevented with a simple SMS. I usually pay my credit card balance online it’s never large. However this month I let it slip then my toll account ends up blocked as their debit is denied. This leads me stuck at the toll plazas (Drogheda to Galway is 4 tolls including the M50) frantically fishing for coins in my wallet and all over the car while I’m honked to bits by cars behind me. On investigation my credit card is 79 quid overdrawn with a payment due of €2.99, then I’m charged a penalty of 8 or 9 quid that they rescinded after I called. I have since set up a minimum payment debit instruction.

Today (5 days later) I receive a letter from you advising the above. All of this mess could have be avoided, I receive plenty of texts for other reasons but could have really benefitted from one here. Rant over, but I think it’s a fair rant. Many thanks.

11-10-2023 10:22am

It could also have been prevented had you paid your credit card bill, without the need for any rant.

gebbel · 11-10-2023 10:29am

https://www.boards.ie/discussion/comment/121222911#Comment_121222911

You sound like an understanding sort. Fair enough on your comment, having said that for a debt of €2.99 and no because no flag up of the issue then important services are denied. Yes it is a fair rant.

Apiarist · 11-10-2023 11:19am

To avoid my CC being blocked and ruining my credit rating, I have setup an automatic DD instruction to pay the minimum required amount to the CC account from my current account. This way I can miss paying the full amount I owe at the end of the month and only incur the interest payment.

You cannot expect the bank to send you SMSes or make your life easier in any way, that's not what banks are for!

Victor · 11-10-2023 11:29am

"You cannot expect the bank to send you SMSes or make your life easier in any way, that's not what banks are for!"

Apparently Apple credit cards (provided by a bank, but with Apple branding) would send an SMS any time an important date, e.g. bill payment date, was coming up. The bank wasn't making any money due to this.

kirving · 11-10-2023 11:32am

What is you credit limit?

Is it €0 and you need to top up your credit card to use it, or are you saying that Bank of Ireland will block your card if you miss a payment?

gebbel · 11-10-2023 11:32am

https://www.boards.ie/discussion/comment/121223097#Comment_121223097

I have done the same. But other service providers will let you know by SMS if you are overdrawn or getting close to it. Panda Waste for an example. Very handy and my hats off to them for using simple tech to benefit me. As for your comment about “not expecting the bank to make my life easier in any way”…. I’ll let others pass judgment on that.

gebbel · 11-10-2023 11:56am

https://www.boards.ie/discussion/comment/121223147#Comment_121223147

Credit limit is 7 grand. Up until now I paid it off online anytime I saw a balance when i logged on. Which is a few times per month. This time however I let it slip, I had a balance of 80 quid with a minimum payment due of €2.99. Easytrip tried to debit 40 quid to top up my toll tag, it was declined so they disabled the tag. I knew nothing of any of this, so my return trip to Galway was a disaster as I almost live in a cashless world. It’s sorted now as I’ve added a minimum payment instruction. My original thread was to raise a little frustration with the bank for reasons outlined above.

ThreeGreens · 11-10-2023 12:26pm

"I have since set up a minimum payment debit instruction."

Direct debits are good for automating your finances.

But with a credit card you should set it up to pay the full amount. That way you will never pay any interest, and you'll have to learn the discipline of not spending on your CC money that you don't have (or won't have by the due date).

It may be hard to get used to if you are used to not clearing the balance, but it's a discipline that will benefit you in the long run.

10-10-20 · 11-10-2023 12:30pm

All of the above is why I ended up ditching my BOI CC as 27 EUR went unpaid due to a failed DD (which I could have fixed if I had known about) and I ended up in a world of pain. Absolute bull; just not worth it.

kirving · 11-10-2023 8:13pm

https://www.boards.ie/discussion/comment/121223251#Comment_121223251

Ah ok, that seems fairly harsh of BoI to disable your credit card due to a missed payment. I have an automated payment for the minimum amount, but I really wouldn't expect the card to be disabled if I didn't.

https://www.boards.ie/discussion/comment/121223408#Comment_121223408

Kind of missing the point of a credit card with a 7k limit - unless you're just using it to avoid the transaction fee on a debit card.

It can be a very handy way to spread large, unexpected payment over a say two months.

frank730 · 12-10-2023 1:15pm

you must have had a card for a while now, I thought now a DD with minimum payment is mandatory when opening the credit card account

A simple SMS would have really helped

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