Charges

JB81

Hi There

I have standard current account with Bank of Ireland.
I have been looking at the ways to qualify for free banking ( no charges ). And find it hard to work it out from the website.

Here is what i have taken from it, if you could let me know if i am right??

1) Need to Lodge at least €3000 within any quarter, but do not need to have a certain balance maintained?
2) Need to make at least 9 automated transactions within any quarter??

Have I got it right?

Following that I have then a few queries:

1) What are the actual quarterly dates? From when to when?
2) What qualifies as one of the 9 automated transactions?
a) Mortgage Direct Debit?
b) Life Insurance Direct Debit?
c) Vodafone bill Direct Debit?
d) Making a payment online to ESB / Waste Company on banking 365 online?
e) Transferring money from one account to another on banking 365 online?
f) Payment for a purchase online with laser card?
g) Using laser card within a shop?

I find it hard to work out exactly what we need to do to minimise the crippling charges I am getting charged at the moment. Can someone help me please?

Thanks JB

Bank of Ireland: Linda

Hi JB

Thanks for your question.

There are two ways to qualify for our No Transaction Fees Offer:

1) Lodge €3000 into your account (but you do not have to maintain it) AND make 9 debit payments using Banking365 phone or Banking365 online services.
OR
2) Maintain a €3000 credit balance in the account for the full quarter.


The fee quarter dates for 2012 are as follows:
Quarter 1 begins 21st of Nov 2011 until 17th of Feb 2012
Quarter 2 begins 20th of Feb 2012 until 18th of May 2012
Quarter 3 begins 21st of May 2012 until 17th of Aug 2012
Quarter 4 begins 20th of Aug 2012 until 16th of Nov 2012
Any transactions after 5pm on the last day of the quarter may not be reflected until the next quarter.

In terms of debit transactions the following would qualify:
-debit payment from the account in question to another of your own accounts.
-debit payment out of your own account into a 3rd party account.
-pay a bill like a credit card or utility bill
-to top up your phone using banking365 phone or online.

The following do not qualify:
-Automated transactions such as direct debits and standing orders.
-Laser card transactions of any type.

Regarding your specific examples; a, b, c, f, and g do not qualify but d and e do.

I hope that clarifies things for you. If there is anything else I can do for you please let me know.

Thanks
Linda

Redsoxfan

Does payment of salary into the account qualify as a lodgement for the purposes of transaction free banking?

Bank of Ireland: Linda

Hi Redsoxfan,

Yes, your salary does count towards the €3000 that needs to be lodged to qualify for the No Transaction Fee Offer.

Thanks
Linda