Changes to fees on current accounts?

Mrsbananas

Read on another forum that from 19th of November you must have €3000 min balance throughout the full quarter to get free banking, that your 9 '365' transactions and the €3000 passing through your account option will be gone.
Supposedly BOI placed an ad in yesterday's Irish times about it!

Is this true?

seamus

Yes:

http://personalbanking.bankofireland.com/fs/doc/wysiwyg/pca-press-ad-final-18thsept.pdf

Mrsbananas

Thanks for that! I couldn't find anything on their site myself!

Very disappointed with them now!

enviro

Mrsbananas wrote: »

Thanks for that! I couldn't find anything on their site myself!

Very disappointed with them now!

+1. Switching to another bank myself. I will keep the account open but they will no longer be my main bank for current account services.

Mrsbananas

But the only others with free banking are ulster bank are they not?

BOI only changed their fee structure last year, I'm annoyed as they seem to be just following aib with the min balance. So if you have the money to pay fees they don't charge you! If you don't, they do!

daheff

while I understand that BOI need to earn money from processing transactions...this is taking the p*ss

They might as well just take away the exemption as it will apply to so few people.

Delta2113

€8.00 for lost,stolen or damaged card - I've had enough - moving to Ulster - not literally - well not yet anyway.

daheff

Delta2113 wrote: »

€8.00 for lost,stolen or damaged card - I've had enough - moving to Ulster - not literally - well not yet anyway.

I dont agree with having to pay this fee, as long as you arent losing cards every other day. Maybe 1 free card every year or 2? A bit of common sense here would work BOI


what if I had my 3k in the bank, lost my card and refused to pay for a new one? then I'd have to go into the branch everytime i needed cash. wouldnt incovenience me much as i work beside one...but it'd add to your costs !

so how much would these 'transaction fees' be? would you see a small amount taken out of your account every time you make a transaction say like you would when you take money out in the US for instance?

Bank of Ireland: Linda

Hi everyone,

Bank of Ireland: Linda wrote: »

Please note we have made a change to our qualifying criteria for our No Transaction Fees offer. You can find more information here.

Our transaction fees remain the same. There are two options available for customers.

a) Pay as you go: 28c for each transaction.

b) Flat fee option: €11.40 per quarter for 90 transactions. Transactions in excess of 90 costs 28c each.

If you wish to amend the fee category you are on before the above take effect you will need to make the amendment before 16th of November 2012. You can contact the branch or Banking 365 to discuss.

The contact number for Banking 365 is 0818 365 365.

There will also be a change in the replacement card charge from €5.90 to €8.00. This will not effect customers in the automatic roll-out of Visa Debit cards.

We have passed your feedback on regarding the amendment.
Thanks
Linda

Paddy001

So what actually counts as a transaction? I assume it includes direct debits and online transfers? How about Direct Debits to a BOI credit card or savings account? Surely you wont be charging for a direct debit to another BOI account?

Bank of Ireland: Linda

Hi Paddy001,

A transaction is considered any movement in or out of your account, regardless of the beneficiary.

Thanks
Linda

Mrsbananas

So apart from the one ad in the times how were you planning to inform customers of the changes?

Bank of Ireland: Linda

Hi Mrsbananas,

We placed advertisements in both the Irish Times and Irish Independent. We have in branch literature and information on the Bank of Ireland Group website. We also continue to use social media.

Thanks
Linda

SCOOP 64

E3000! thats to high abar to set., never had that amount every quarter in 8yrs being with bank of Ireland, more fees ,we could do with out it.
Any banks doing free banking now?

Slattsy

Bank of Ireland: Linda wrote: »

Hi Mrsbananas,

We placed advertisements in both the Irish Times and Irish Independent. We have in branch literature and information on the Bank of Ireland Group website. We also continue to use social media.

Thanks
Linda

I don't read the Times or the Indo.
I have no need to visit my branch.
I'm not on Facebook or Twitter.

I do have a boards account, luckily, as I fortunately stumbled across this as otherwise I'd never have known about these scandalous charges.

What about all those people that don't need or use any of the above ???????

smcgiff

enviro wrote: »

I will keep the account open but they will no longer be my main bank for current account services.

If it's the same as the AIB current account you will still be charged a maintenance fee even if you don't have any transactions.

UB will have free banking for approximately a further year.

Brissygirl32

I was in the dooradoyle branch of boi yesterday - and there was most certainly NO information about account fee changes!!!

Mint Sauce

Brissygirl32 wrote: »

I was in the dooradoyle branch of boi yesterday - and there was most certainly NO information about account fee changes!!!

Was in the Sligo branch today, whole new refit and layout to the place, but also did not notice any signs up to say fee changes.

Bank of Ireland: Graham

Hi all,

Thank you very much for your posts. We've forwarded all your feedback on to the Branch Network.

smcgiff wrote: »

you will still be charged a maintenance fee even if you don't have any transactions.

Hi smcgiff,

We currently have no maintenance fees on our current accounts.

Thanks again for posting,
Graham

dudara

Flip - and it was only last week that I said how delighted I was with not paying transaction fees with Bank of Ireland. I've banked with BOI since I was a teenager, and I don't think I've paid a single transaction fee. (other than missed direct debit type fees).

Time to assess moving.

Has Bank of Ireland taken into account the security risk posed by needing a €3,000 bank account balance? What happens if your laser/debit card is stolen or skimmed? I deliberately don't keep a large balance in my account for that very reason.

La Gun

Just cancel all standing orders direct debits take what ever money you might have out of the banks, and use a post office to pay bills with real money cash, Cancel cards, And F*ck the banks we don't really need them your paying for a convenience. Get up and do the stuff our selves it will cost less and you will actually have more money for your self when you handle the cash your self,
Any one who has €3000 in their account prob wont give a dam about charges, but if your like me and many others living hand to mouth, the banks can get stuffed, if they think they can tax me for not being well off, As a people Irish people we are too passive and the fat cats know it,

daheff

Bank of Ireland: Linda wrote: »

Hi Paddy001,

A transaction is considered any movement in or out of your account, regardless of the beneficiary.

Thanks
Linda

so you are now charging to put money into the bank....wtf!!! do you not make enough money having funds on deposit overnight???

i think i'm going to move money to a deposit account overnight and make u pay me interest...more work for me, but i'm damned if i'm going to pay you stupid fees like this.

MJCM71

Just checked your website & no mention of these changes to the fees, in fact it clearly states in the FAQ & Schedule of Charges that:

You can however qualify for our No Transaction Fees offer:

1) Over the course of a fee quarter, lodge at least €3,000 to your Personal Current Account (this is the equivalent of €1,000 net salary lodgement per month) AND make 9 debit payments for that account using 365 Phone, Online and/or Mobile Banking. Payments made by direct debit or standing order do not qualify as 365 Phone, Online and/or Mobile Banking payments for the purpose of this offer.

Or

Maintain a minimum credit balance of €3,000 in your Personal Current Account throughout the full fee quarter to qualify.

Lodgements received and payments made after cut off times or anytime on a non-banking day (i.e. Saturday, Sunday or bank/public holiday) may not be reflected in the account until the following working day. There are different cut off times for different transactions. Please contact your branch for details. Our No Transaction Fees offer is based upon the overnight balance that appears on your statement.

Also I'd like to know why I was charged a Current Account Charges fee of €11.40 this month when I keep to the first option and have done so for the past several years. I have not changed the way I bank so why am I suddenly being charged transaction fees?

Very disappointed with this change, I've been a customer since I was in my teens (over 20 yrs ago) and never had cause to complain about the service until today.

remoh

Bank of Ireland: Linda wrote: »

Hi Paddy001,

A transaction is considered any movement in or out of your account, regardless of the beneficiary.

Thanks
Linda

Hi Linda

So going on this I will get charged the transaction fee on my current account when I'm paying off my BOI mortgage or any other loans I have with BOI which are paid directly from my current account.

Bank of Ireland: Graham

Hi dudara,

dudara wrote: »

Has Bank of Ireland taken into account the security risk posed by needing a €3,000 bank account balance? What happens if your laser/debit card is stolen or skimmed?

As with all decisions taken by us, customers' account security is paramount. All cases of suspected fraudulent transactions on an account would be thoroughly investigated by our Fraud department and each would be assessed on a case by case basis.

Hi MJCM71,

MJCM71 wrote: »

Just checked your website & no mention of these changes to the fees

The change in criteria for the No Transaction Fees offer doesn't come into effect until 19th November 2012, at which point our FAQs and Schedule of Fees and Charges will be updated.

MJCM71 wrote: »

Also I'd like to know why I was charged a Current Account Charges fee of €11.40 this month

To find out why you were charged this fee, please contact Banking365 on 0818 365 365, or your branch, and a representative will be happy to look into it and provide you with a breakdown if you wish.

remoh wrote: »

So going on this I will get charged the transaction fee on my current account when I'm paying off my BOI mortgage or any other loans I have with BOI which are paid directly from my current account.

Hi remoh,

Yes, all payments made from your current account will be charged at 28cent on the Pay As You Go option, including direct debits/standing orders, lodgements or electronic transfers to your other BOI accounts.

Thanks for all your queries,
Graham

Yakuza

I have a question - what is the default option if I do nothing between now and November - do you go onto the PAYG structure or the €11.40/quarter structure? We have two current accounts (one in my name and a joint one with the missus) and we were on the flat fee structure before free banking came in (fadó fadó) - will it switch back to this or is PAYG the default?

Free banking is pretty much nonexistant these days (I'm loath to move to UB) but I'll weigh up the best options around in the market. There's a good thread on AAM about what's available in Ireland, for anyone interested.

L1011

Back to using cash at the checkout I go - charging for debit card transactions when the retailer already pays is particularly low.

Bank of Ireland: Graham

Hi Yakuza,

The fee option you're on will depend on what you chose when you opened the account, or if you have changed it since. To check which option applies to your accounts, and if you'd like to change this before the next fee quarter, please contact Banking365 directly on 0818 365 365. You can also send a signed written request to your account holding branch to change your fee option.

Thanks,
Graham

gar32

I found out this by chance I paid €11.40 for 20 transactions. At 28 c each that's €5.60. Why was I over charged ? I felt like closing account ASAP. The bang in my face 0.5 % interest rate increase on my mortgage with BOI. I was was already feeling bad about how the bank brought the country down. I had to move out of Ireland to get work. I will be looking to get a loan here to pay BOI and close my 20 year old account down.

BOI is going on my black list with Credit rating of Junk!!!!!!

P.s. any one with few transaction ring and change to Option 1 ASAP before BOI rob you of more money.

28 cent per transaction.

AIB 20 c per transaction.

Good bye BOI. Hope your highly paid get hit by Karma in the face.


Regards gar32

L5

Absolute disgrace . Only opened BOI account 3 months ago to escape the AIB charges.
Ill be closing my BOI account ASAP and moving to ptsb.
BOI are going to lose a lot of customers over this

Calhoun

L5 wrote: »

Absolute disgrace . Only opened BOI account 3 months ago to escape the AIB charges.
Ill be closing my BOI account ASAP and moving to ptsb.
BOI are going to lose a lot of customers over this

Customer since i was 16, just opened up a saving account but i am seriously considering to PTSB on the basis of this move.

Guide here http://www.moneyguideireland.com/current-bank-account-charges-and-fees.html on the different fee's and PTSB does come off as most reasonable.

namloc1980

L5 wrote: »

Absolute disgrace . Only opened BOI account 3 months ago to escape the AIB charges.
Ill be closing my BOI account ASAP and moving to ptsb.
BOI are going to lose a lot of customers over this

Why is it a disgrace? A company is charging fees for a service it provides...do you think you're entitled to free banking or something?

L5

namloc1980 wrote: »

Why is it a disgrace? A company is charging fees for a service it provides...do you think you're entitled to free banking or something?

I signed up to BOI in the knowledge that I could have transaction fee free banking if i met certain criteria each quarter, which I have done.
These new criteria were only brought in earlier this year and now BOI are scrapping them. So yes, it is a disgrace.
Off to ptsb I go

namloc1980

L5 wrote: »

I signed up to BOI in the knowledge that I could have transaction fee free banking if i met certain criteria each quarter, which I have done.
These new criteria were only brought in earlier this year and now BOI are scrapping them. So yes, it is a disgrace.
Off to ptsb I go

Changing terms of service is not a disgrace. The sense of entitlement is unreal. And when ptsb start charging what then?

daheff

namloc1980 wrote: »

Why is it a disgrace? A company is charging fees for a service it provides...do you think you're entitled to free banking or something?

Why is it a disgrace?

ok 1- bank earns interest on your current account balances overnight....do you get any of that? Hell no
2- who had to pay to bail the bank out??? thats right the citizens of this country...who also happen to be its customers. so we're paying to beef up its balance sheet through the government and additional fees (more than AIB even!!)

its not an entitlement. Its paying twice for the service.

Slattsy

Slattsy wrote: »

I don't read the Times or the Indo.
I have no need to visit my branch.
I'm not on Facebook or Twitter.

I do have a boards account, luckily, as I fortunately stumbled across this as otherwise I'd never have known about these scandalous charges.

What about all those people that don't need or use any of the above ???????

Not one response from any BOI rep here...... typical.

Bank of Ireland: Billy

Hi gar32,

Thanks for posting.

If you were charged €11.40 for transactions, you are on the flat fee. In this instance, because you had 20 transactions in the fee quarter, you would have been better off on the Pay as You Go fee of 28cent per transaction. It is possible to change to the Pay as You Go option by calling Banking 365 on 0818 365 365. If you do decide to do this, please do sp before Nov 16th to have the change in place for the next fee quarter.

We have passed on your comments about the 0.5% interest rate increase to the relevant department.

Thanks

Billy

bothyhead

Bank of Ireland: Graham wrote: »

Hi Yakuza,

The fee option you're on will depend on what you chose when you opened the account, or if you have changed it since. To check which option applies to your accounts, and if you'd like to change this before the next fee quarter, please contact Banking365 directly on 0818 365 365. You can also send a signed written request to your account holding branch to change your fee option.

Thanks,
Graham

Hi Graham,

I used to pay a flat quarterly fee in the 90's, so I'll default back to that - fair enough, but what happens if I also have a balance of 3K in my account for any given quarter, is the fee then waived for that quarter?

For example:

Quarter 1, I maintain 3K, so I get free banking
Quarter 2, My balance drops to 2999 at some stage, so I'm charged a flat quarter fee
Quarter 3, I maintain 3k, so I get free banking

Is this right?

If my example is correct, the fees would need to be applied in arrears. Can you confirm this also please.

Many thanks

Bank of Ireland: Tara

Hi Slattsy,

Apologies for the delay in replying to you.

Bank of Ireland: Graham wrote: »

Our press advertisement on the Bank of Ireland website was posted in our press notices section. We also took out advertisements in two national newspapers, we've information available in our branches and we're using our social media presence to communicate with customers.

As Graham has previously stated, we are forwarding all feedback and comments to our Branch Network.

Thanks,
Tara

viper006

Hi Tara,

Does these fees apply to graduate current accounts(No fess) as well or just standard current accounts?

Cheers

Bank of Ireland: Graham

Hi bothyhead,

bothyhead wrote: »

I used to pay a flat quarterly fee in the 90's, so I'll default back to that - fair enough, but what happens if I also have a balance of 3K in my account for any given quarter, is the fee then waived for that quarter?

For example:

Quarter 1, I maintain 3K, so I get free banking

Quarter 2, My balance drops to 2999 at some stage, so I'm charged a flat quarter fee

Quarter 3, I maintain 3k, so I get free banking

Is this right?

If my example is correct, the fees would need to be applied in arrears. Can you confirm this also please.

Yes, you're exactly right in your example. Also, the fees are applied in arrears.

Hi viper006,

viper006 wrote: »

Does these fees apply to graduate current accounts(No fess) as well or just standard current accounts?

The new card replacement charge of €8.00 will apply, however, as a graduate account doesn't currently incur transaction charges, the change in criteria to the No Transaction Fees offer will have no impact.

Thank you both for your queries,
Graham

doomcox

Hi Graham,

My question relates to Vipers. I also have a graduate account but it is over 2 years old. Will these charges be applied to my account and will i need to keep €3000 in it.


Cheers,

Bank of Ireland: Pat

Hi doomcox,

As long as you still hold a Graduate Account with us you will not incur transaction charges. How ever you may want to check with your branch to ensure that your account is still a Graduate Account. Normally a Graduate Account will revert back to a Standard Current account after two years.

If your account has reverted to a Standard Current Account you will be liable for any transaction fees that apply.

Thanks
Pat

niallu

Quick Question to any of the BoI reps.

Do you have any figures of how many current account customers AIB lost when they brought in the similar fees, and how many BoI are likely to loose?

Fair enough, current accounts may be considered a loss leader to the bank, however, when you have a current account customer, they will also be coming back for car loans , overdrafts, and the biggest of all, a mortgage over the next few years.

So to look at it like this.

Im in my late twenties, and have had a free current a/c for 20+ yrs, (like a sunk cost to ye guys now)....i've had 2 car loans which you have made decent money on, but now when im so close to buying a house, and instead of giving you the biggest bit of business possible, i'm going to switch to Ulster Bank and they can have my custom instead.

Also, for anybody who keeps 3k in their current account, the interest lost from their savings account on this 3k, will be the same as paying for bank charges anyways.

Pretty poor on Mgmt at AIB & BoI to be so short sighted instead of focusing the long run.

At the end of the day, its Mgmt's job to increase shareholder wealth....but wait, the irish public are the shareholders already (& not by choice), and now the banks are rewarding us by bending us over once again.

Niallu

doomcox

Bank of Ireland: Pat wrote: »

Hi doomcox,

As long as you still hold a Graduate Account with us you will not incur transaction charges. How ever you may want to check with your branch to ensure that your account is still a Graduate Account. Normally a Graduate Account will revert back to a Standard Current account after two years.

If your account has reverted to a Standard Current Account you will be liable for any transaction fees that apply.

Thanks
Pat

Hi Pat,
I just got off the phone with my branch and they have confirmed that it is a graduate account. However I was informed that I will still be charged if I have under 3000 in my account. I was advised that it is only 2nd level graduates that will not be charged. You guys really need to work on the wording of your statements. This is leading to a lot of confusion amoung customers.

Bank of Ireland: Laura

Hi doomcox.

Apologies if the information you received from your branch was unclear.

The new card replacement charge of €8.00 will apply on all Graduate Accounts from November 19th, however as per Pat's previous post, once your account is classed as a Graduate Account you will not incur any transaction charges.

Hope this helps.
Laura

Bank of Ireland: Pat

Hi niallu,

We don't have the numbers that you have requested. The rest of your feedback will be forwarded on. Thanks for your post.

Pat

Cunning Alias

What exactly counts as a transaction?

Are all transactions considered equal? E.G. using a BOI atm or a PTSB atm. Are these both transactions?

Bank of Ireland: Laura

Hi Cunning Alias.

All transactions are indeed considered equal.
Whether the card is used in a BOI or a PTSB ATM, a charge of 28c per transaction will apply.

Hope this helps.
Laura

luketitz

This sprung to mind immediately!

https://www.youtube.com/watch?v=cPgypOuEE5k