Bank of Ireland customers, your turn to bail the bank out!

Tabnabs

The Bank of Ireland says some of their customers will pay the new charges, the Consumers' Association say the majority will. Either way, this is cack news.

Bank of Ireland has confirmed that some of its customers will face fees and charges for the first time.

Current account holders who do not make at least nine payments every three months will have fees imposed on them.

From 21 February, Bank of Ireland customers will also have to have at least €1,000 a month going into their account and make nine payments or more every three months using Banking 365 phone or online banking.

Alternatively, they should maintain a minimum credit balance of €3,000 during the fee quarter.

Customers who do not meet the new criteria will be charged 28c for each transaction.

The majority of the bank's 1.2m current account holders will be subject to the new fees.

26% of customers will not be affected as they hold 'Golden Years' or student accounts.

The bank says providing customers with current account facilities costs it money.

The changes have been criticised by the Consumers' Association.

Derek Jewell described the fees as another kick in the teeth for customers of the bailed out bank.

source

Cookie_Monster

no charges for me so

makes sense, I dunno why they're giving out about it. It costs money to provide and BOI are making it very easy to avoid them.
They only phased them out during the CT era anyway.

FearDark

1. Move all funds from BOI accounts to under our matress'.
2. Watch BOI collapse.
3. ???
4. Profit.

AntiMatter

They already use the financial alchemy of fractional reserve lending to turn people's deposits in to loans, to create more profits for themselves, and now they're going to charge people for the priviliege.

CreepingDeath

RTENews wrote:

Bank of Ireland has confirmed that some of its customers will face fees and charges for the first time.

First time ?

I was with BOI about 15 years ago, with a simple account to pay my salary in and a bank card to withdraw money. My account was always in credit, never overdrawn.

They used to charge me a monthly free, for me to lodge money with them. :mad:

Then they lost so many customers that they introduced new schemes to improve the bank and bring back customers, including dropping charges.

Now, they're bringing back charges. :rolleyes:

Ulster bank don't have any charges, dump BOI.
If it wasn't for the fact that we/the state owns them, I'd be laughing as they failed.

Pj!

Time to look for an alternative so.

Simple

jester77

To be fair, it's not a ridiculous set of demands.

If your salary is coming in, that will cover the 1000 and you need 3 payments a months, so rent/mortgage, credit card and phone bill would cover that.

Right so. I'm going to say I'm a student for as long as possible.

prinz

Would inter-bank transfers or transfers from one BOI account to another count towards your three payments per month?

bonerm

For argument sake (wrt to the 1k bit), Could you not just withdraw €1000 per month and then lodge it again straight away? At the other end just stick a tenner into your credit card a/c every ten days to cover the payments part?

evil_seed

1. I get paid monthly
2. I pay rent, phone, credit card & gym membership.

I still get charged fees regardless

daithi2011

Just change bank to a free one.
AIB have the same crap, but its one bill and one laser per quarter.
I forgot to do a laser transaction and got charged.
Moved my account straight away to another bank.
There should not be charges in this day and age. You dont even have to go into the bank.

bonerm

daithi2011 wrote: »

J
Moved my account straight away to another bank.
There should not be charges in this day and age. You dont even have to go into the bank.

Which bank?

daithi2011

I moved to Ulster bank. There should be more. Go to askaboutmoney.com.
THe funny part was though that I told AIB I would move if they didnt drop that stupid transaction rule, but they ignored me. But when I was moving they offered my no conditions free banking. Too late.

dcmraad

FearDark wrote: »

1. Move all funds from BOI accounts to under our matress'.
2. Watch BOI collapse.
3. ???
4. Profit.

I think BOI have enough cash money for the 1st thousand customers, after that it becomes a grey area.

MediaTank

jester77 wrote: »

To be fair, it's not a ridiculous set of demands.

If your salary is coming in, that will cover the 1000 and you need 3 payments a months, so rent/mortgage, credit card and phone bill would cover that.

It's transactions other than direct debits and standing orders, and they must be made through Banking365 either online or via phone, not in-branch.

Wertz

well after the ATM fiasco the other week and the failure of their online system for over three days, I lost what remaining confidence I had in BoI as a place to trust with my money/business and moved what remained of my term deposit acc and business acc away from them.

This news this morning means that I'll be closing my current acc in the NY.

Expecting people to have €3K min balance in a current acc in these times is ridiculous...I would probably do more than 9 online transactions a quarter, but with work the way it is I couldn't guarantee being able to consistently lodge 1K a month (a nice round figure that also squeezes those on social welfare into paying charges).

I understand the bank needs to make money...the only times I've been in branch (where transactions cost them the most) in the past couple of months is to move money or close accounts...everything else is online/phone, bar dropping a cheque in the quick deposit slot...they make/made money on my account from loaning out what I deposit or save...

[edit] I'm not even going to get in to the fact that they've been bailed out etc...although that merely adds insult to injury.

mailforkev

jester77 wrote: »

To be fair, it's not a ridiculous set of demands.

If your salary is coming in, that will cover the 1000 and you need 3 payments a months, so rent/mortgage, credit card and phone bill would cover that.

As it stands I think a Direct Debit doesn't count as a payment, so you would have to be manually paying your utility bills.

Every quarter I make sure to transfer 1 euro x 3 between my current accounts and then back again just to be on the safe side.

Cookie_Monster

MediaTank wrote: »

It's transactions other than direct debits and standing orders, and they must be made through Banking365 either online or via phone, not in-branch.

so if you are paying off your CC or transfering money just do it in smaller amounts. 9 x 11 instead of 100 quid onto the cc, job done

Ste_D

No charges for me - I've had a student account with AIB for about 15 years now

ScumLord

jester77 wrote: »

To be fair, it's not a ridiculous set of demands.

Of course it's ridiculous, BoI is a business and bringing in these type of stupid moves will lose them customers, at least it should.

It looks like these banks want to fail at this stage.

ei.sdraob

Pfft people still bank with them?

Cookie_Monster

ei.sdraob wrote: »

Pfft people still bank with them?

yes, why not. none of the other banks are any better. I've changed banks 5 times and BOI are the only ones I've been even vaguely happy with

weldoninhio

Bailed out or not, the bank is still a business. The bail out is a loan that the govt is going to be looking for some sort of payback on. Should the banks just continue as it is and try not to make any money and keep going back to the govt for more and more bailouts?

Its hardly rocket science to do 3 transactions a month, and if your that worried about money surely you'll remember to do those transactions. When the plastic bag levy came in and people complained that they'd have to pay charges if they forgot their bag, now its just a habit to bring bags.

checkyabadself

The new conditions wouldn't affect me either way, but with the government owning the bank and people on social welfare not not able to meet the requirements, i will be changing my current account and credit card to another bank.

Cookie_Monster

re the welfare thing.

why would the bank want low income people on welfare as customers anyway? They are inherently more risky than people with higher incomes.

Smart move, easy way to filter out riskier low income people or charge them for the risk they pose

Dravokivich

If you don't want to pay for a service, don't use the service...

Raskolnikov

evil_seed wrote: »

1. I get paid monthly
2. I pay rent, phone, credit card & gym membership.

I still get charged fees regardless

You do realise the likes of AIB and Permanent TSB provide free banking?

weldoninhio

Raskolnikov wrote: »

You do realise the likes of AIB and Permanent TSB provide free banking?

AIB only provide free banking if you meet certain criteria

Dont be at yourself

I pay €10 every month for my bank account here in Germany!

bonerm

NekkidBibleMan wrote: »

I pay €10 every month for my bank account here in Germany!

The up-side of that I suppose is that at least you know you're not gambling with your savings every day of your life.

jester77

NekkidBibleMan wrote: »

I pay €10 every month for my bank account here in Germany!

Postbank have free banking, but there are some conditions to it like BOI. And some of the online banks are free as well but I can't remember which ones right now.

practice

"Derek Jewell described the fees as another kick in the teeth for customers of the bailed out bank. "

What has Dermot Jewell ever done for consumers

Ruu_Old

Deleted User wrote: »

Right so. I'm going to say I'm a student for as long as possible.

Why yes sir, I am currently attending the University of Life. :cool:

Cookie_Monster

practice wrote: »

"Derek Jewell described the fees as another kick in the teeth for customers of the bailed out bank. "

What has Dermot Jewell ever done for consumers

Hired his brother to make statements to them?!

Sanjuro

First they pay some exec prick €500,000 in bonuses and then they do this. Utter, utter cunts. Glad I opened that Rabo account 2 weeks ago now.

maringo

AIB are paying an interest rate of 1 per cent on a "HIGH INTEREST CURRENT ACCOUNT" wonder what their low interest rate is?

ei.sdraob

Cookie_Monster wrote: »

yes, why not. none of the other banks are any better. I've changed banks 5 times and BOI are the only ones I've been even vaguely happy with

you didnt look hard/ shop around did you?


ulsterbank dont have rediculos charges like this
have a better online service
are open on saturdays
and have debit visa with your current ac, saving you having to keep separate credit card
and customer support are nice
oh and none of this atm breaking down business

biko

I have already switched away from them, in your FACE BoI!

Cookie_Monster

ei.sdraob wrote: »

you didnt look hard/ shop around did you?


ulsterbank dont have rediculos charges like this
have a better online service
are open on saturdays
and have debit visa with your current ac, saving you having to keep separate credit card
and customer support are nice
oh and none of this atm breaking down business

was with them
wouldn't give me a laser card at the time, no usefully located branches.
I don't pay current account fees with BOI anyway.

bluecatmorgana

Let me get this straight, if I'm rich and have extra cash in the bank say 3000 euro, I dont pay charges even though I can afford them but if I dont have extra cash in the bank and cant afford them , I have to pay charges.


think its time to transfer to el banco del under the mattress

ei.sdraob

Cookie_Monster wrote: »

was with them
wouldn't give me a laser card at the time, no usefully located branches.
I don't pay current account fees with BOI anyway.

Then you are putting your money at risk bad enough they are teetering on verge of collapse along with AIB

having to keep at least 3K in a current account earning no interest is a waste

adamski8

jester77 wrote: »

Postbank have free banking, but there are some conditions to it like BOI. And some of the online banks are free as well but I can't remember which ones right now.

its a pity they dont exist!!!

prinz

adamski8 wrote: »

its a pity they dont exist!!!

Looks like it to me boss...

http://www.postbank.com/

CharlesHaughey

I will have no troubles with this set up. I have plenty in my bank account.

Wertz

Cookie_Monster wrote: »

re the welfare thing.

why would the bank want low income people on welfare as customers anyway? They are inherently more risky than people with higher incomes.

Smart move, easy way to filter out riskier low income people or charge them for the risk they pose

What, so people that find themselves on the dole in the last couple of years don't deserve to be a customer of the bank?
What about those who have a dole payment payed to a BoI account (it still happens)?

What of those people on welfare that need to pay whatever bills by DD or wish to try and save a little something?
BoI had a previous stipulation of needing €500 min in the acc and 3 transcactions a quarter...that was a somewhat reasonable middle ground.

As for people on welfare being a bigger risk...lol how so? Sure with their likely credit ratings and current employment prospects they won't be getting loans, car finance or mortgages, so I fail to see where the risk is...the only risk is them taking 500 quid from an empty acc due to incompetence.

Oh and of course high earners aren't any risk whatsoever...as has been proved by the need for NAMA...

RonMexico

They can fuck off. The nerve of them. :mad:

MonkeyTennis

this is clearly just a way to get people using online services.

adamski8

prinz wrote: »

Looks like it to me boss...

http://www.postbank.com/

surely he meant the irish postbank no?
can you join the german one for banking??

drdeadlift

could you just put smaller amounts into the account more often,or maybe grow a brain and switch banks but maybe thats too much fuss for ye.

Tomohawk

It's a stupid move by BOI guaranteed to lose them some customers and effect many on social welfare like myself. I've had my main account with them since the 1980s and have worked most my adult life.

But if you wish to stay with BOI the following is from their pdf on their website.

"Over the course of a fee quarter, lodge at least €3,000 to your Personal Current Account AND make 9 debit payments from that account using Banking 365 Phone and/or Online.
(This is the equivalent of €1,000 net salary lodgement per month and 3 payments made per month)"

Or

Maintain a minimum credit balance of €3,000 in your Personal Current Account
throughout the full fee quarter
This is what I will attempt to do between now and the 21st feb 2011. Still I may have to consider other options...nice one BOI:rolleyes: