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.