Amendments to No Transaction Fees offer

Bank of Ireland: Linda

Hi everyone,

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.

Thanks
Linda

cookie1977

Unbelievable

Personal Current Account transaction fees will not apply if over the course of a fee quarter,
you maintain a minimum credit balance of €3,000 in your Personal Current Account
throughout the full fee quarter.
Credit interest is not payable on current account balances, and potential interest may be
foregone as a result of maintaining a minimum credit balance.
The previous qualifying criteria to lodge at least €3,000 throughout the fee quarter and
make 9 debit transactions using 365 phone or online will no longer qualify you for the No
Transaction Fees Offer.

Mrsbananas

Would this have been posted if I hadn't queried it?
Press release was issued the 18th but only here 3 days later, why?

Bank of Ireland: Linda

Hi Mrsbananas

As our presence on boards.ie is relatively new, we needed to decide on the most suitable approach for the forum. We appreciate there was a delay and apologise for this.

Thanks
Linda

inmyday

Mrsbananas wrote: »

Would this have been posted if I hadn't queried it?
Press release was issued the 18th but only here 3 days later, why?

I dont understand why everyone is getting upset about how and when they found out about this bad news. Who cares. I only care that they are ripping us off.

They wont be advertising about this like they would about positive news, eg. The ad is the bottom right corner.

Anyway, Im upset that bank of Ireland have changed it to a minimum of €3000, its a joke. There would not be a lot of people who would have the money to do it, and if they did, it would be better off in a savings account. So basically this bank just wants us to pay.

As customers, we should walk. And see what else is out there. Or we just have to take what they give us....

I myself am looking up ulster bank, ptsb tonight, just reading about it. Ill make a decision next week. Theres a lot to read in the small print when it comes to terms and conditions.

But if these are no better. What can I do other than bend over?
Maybe Ill just withdraw my salary in the branch every month and pay bills myself? Or else should Ill just bite the pillow and pay the 20-30 euro a quarter?

I really dislike bank or Ireland. And I feel bad for bankofireland:Linda cause she has to read all our complaints, and she has to be polite. Sorry linda, but you work for a shower of clowns!

daheff

why is this fee change not front and centre on your website??**

I dont think you can possibly say you have effectively & clearly communicated this fee change when its not even linked to the front page of your website


**answer is because you want to bury this news and hope people forget about it until customers get billed, and then its too late for people!!

Yakuza

I saw this on askaboutmoney today and was going to post it here. It really is very sneaky by not highlighting it on your website. It is also very cynical to offer free banking to anyone who keeps 3k *at all times* in your account. It's similar to Ryanair being able to state you can avoid CC fees when buying a flight, as long as you jump through several hoops.

I think this may be the nail in the coffin for my 30+ year relation with BoI.

Bank of Ireland: Graham

Hi inmyday,

We have a flat fee option which may help you save on fees:

Bank of Ireland: Linda wrote: »

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

Hi daheff and Yakuza,

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.

Thanks,
Graham

Mrsbananas

As stated on the other thread many people have been into branches and no information and you only posted here AFTER I asked about it which was 3 days after your so called press release!
Also why change the fee structure so soon, it was only changed last year? I'm also sure that last year it was in every national paper and tv adverts also!

Bank of Ireland: Pat

Hi Mrsbananas,

We do not have any information on why the decision was made to change the No Transaction Fee Offer. All feedback we have received in relation to this has been passed on to the relevant departments.

Thanks
Pat

Gingernuts31

For others thinking of changing to a different bank I'm with PTSB and be it they are closing branches but there will be 1 no more than 20 mins away depending on where you live. My point is I am very happy with them. I used to be with BOI years ago and I'm happy I left as even in the good ole day I seemed to always be paying fee's for something. Now I hardly pay any. Think for the entire quarter I paid something like 30 cent for the lot. Other time I didn't pay anything. Obsivously there is overdraft dee's missed DD fee's n that but thats normal for any bank. Id highly recommend PTSB as a change for the better. And no I don't work for them.

Mrsbananas

Pat, what are the chances of all the 'relevant' departments coming back with answers to all our questions?

Bank of Ireland: Laura

Hi Mrsbananas.

We will endeavour to answer all questions, however the feedback that we pass on may not get a response in all cases.
Any replies and updates that we receive, will be posted here.

Thanks.
Laura

Mrsbananas

As I suspected, just passing the buck plain and simple.
Sure why would we as customers deserve answers!

Bank of Ireland: Pat

Hi Mrsbananas,

As Laura mentioned:

Bank of Ireland: Laura wrote: »

We will endeavour to answer all questions, however the feedback that we pass on may not get a response in all cases.

As per our Customer Charter:

Bank of Ireland wrote:

Why are Bank of Ireland here?

We are here to listen and to help, wherever possible, with your banking queries.

The purpose of this “Talk To” forum is to help Bank of Ireland customers with any customer service queries that they have regarding their day to day banking. We are also happy to assist non-customers should they need information about Bank of Ireland products.

We appreciate that the recent change in our No Transaction Fee Offer will affect many of our customers,
so while we do try to answer all comments and questions that we receive in relation to this as completely as we can, this may not always be possible for a number of reasons. In these cases we make sure that the business units and departments involved are being made aware of the information we're receiving here.

Thanks
Pat

Tow

Hi Pat,

Are Bank of Ireland staff also going to lose their free banking?

Bank of Ireland: Laura

Hi Tow.

Further to Pat's previous post, we are here to answer all customer queries in relation to day to day banking and Bank of Ireland products and services.
We are unable to discuss the terms and conditions of employment with Bank of Ireland.

Thanks
Laura

gozunda

I find it somewhat strange that BOI are introducing the requirement to maintain €3000 in accounts at all time to 'get' free banking

Considering that the bank has free and full use of such monies - they will gain much more than the interest on same but will also have the benefit of any and all monies up to that amount but with the added bonus of charging "fees".

I find this charging structure to be both cynical and exploitative. It is also passing strange that both BOI and AIB are adopting the same charging structure post their coming under state ownership.

Who I wonder is the 'financial expert' who is advising Policy from the government think tank in order to align both banks to a streamlined non customer banking model?The bank I believe aim is to see small customers leave in order to achieve these economies of scale.

The future of these two banks whatever they will be do not have the average customer in mind.

daheff

Bank of Ireland: Graham wrote: »

Hi inmyday,



Hi daheff and Yakuza,

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.

Thanks,
Graham

really? I dont see it there on the link below. am I looking in the right section??
http://www.bankofireland.com/about-boi-group/press-room/press-releases/year/2012/

BTW there is no part of the home page that says press notices section. I found this under quick links>BOI News.

Again I'd contend that this should be front and centre on BOI's homepage, and not hidden away.

macadam

Are we not paying enough to rescue the banks now they want to rip the lining out of our pockets as well, Ulster bank Or PTSB for me after 31 years.

G-Money

It's a shame to see this being brought in. I don't enough to avoid these charges and even if I did, it would make more sense to put it into my savings account.

How do you apply for the flat rate fee rather than the pay as you go charge?

Bank of Ireland: Billy

Hi daheff,

daheff wrote: »

really? I dont see it there on the link below. am I looking in the right section??

http://www.bankofireland.com/about-boi-group/press-room/press-releases/year/2012/

BTW there is no part of the home page that says press notices section. I found this under quick links>BOI News.
Again I'd contend that this should be front and centre on BOI's homepage, and not hidden away.

The notice is located under Current Account - Press Notices. When a new notice is released, it is posted under the relevant product page - in this case Current Account is the product. If we were releasing a notice about a Savings Account, it would be posted under the Savings Account product page.

I have passed your feedback to the relevant department.


Hi G-Money,

G-Money wrote: »

It's a shame to see this being brought in. I don't enough to avoid these charges and even if I did, it would make more sense to put it into my savings account.



How do you apply for the flat rate fee rather than the pay as you go charge?

To change to the flat fee, please call Banking 365 on 0818 365 365.
Representative assisted hours are 8am - 12midnight Monday to Friday and 9am - 6pm Saturday, Sunday and Bank Holidays.

Thanks for your posts

Billy

gar32

Thanks but to late for me.

I had 20 transactions in 3 months but bank without asking which option I wanted when this charges came effect took €11.40. I feel like I have been mugged on the street.

I can't wait until I don't need your services any more and close my account. (I emigrated)

BOI you are owned by the people please don't forget that. Without tax money all of you would be out of a job!!!

Bank of Ireland: Linda wrote: »

Hi everyone,

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.

Thanks
Linda

Tow

gar32 wrote: »

Without tax money all of you would be out of a job!!!

At the rate they are automating the branches and limited the remaining services to 3 days a week we will see half of the branch staff out of a job within a year.

Bank of Ireland: Tara

Hi gar32,

As mentioned above, the recent change is to the qualifying criteria for our No Transactions Fees offer. Our transaction fee of 28c remains the same.

The flat fee of €11.40 is an option the customer must request. When opening a current account, the customer advisor will ask the customer which of the two fee options they require. If you feel you did not request this option, we would suggest contacting your branch to have the matter looked into.

Thanks,
Tara

roarlad

I'm not sure it has been noted but along with the amendment to the free banking terms, Bank of Ireland have also increased the cost of replacing Visa Debit Cards...

Personal and Business ATM/Debit Cards
The charge for replacement of a lost, stolen or damaged current or deposit account card
will change from €5.90 to €8.00 (a 35% increase). This charge does not apply to Second Level Student,
Golden Years and Business Start Up account cards.

It's unbelievable how myopic BoI and AIB are about this! The exact same thing happened in America with Chase, Wells Fargo and Bank of America, leading to people leaving the banks for Credit Unions.

All in all, this is the final nail in the coffin for me and my 15 year relationship with Bank of Ireland. I'm moving my accounts to Ulster Bank and encouraging everyone I know to do the same.

harolds57

Am doing the same. Am in the proccess of moving to Ulster Bank. They have a starter pack and basicly they do it all for you either in branch or on web. Closed my credit card today with BOI as a direct result of new charges been brought in and current account will be closed in a mater of weeks once im finished setting it up.
As pervious posters have said were great about complaining and not doing anything, do something about it and vote with your feet and move bank, it will soon teach them.

MagicRon

Also moving to Ulster Bank.
I have been with the Bank of Ireland for years, and have done a lot of business through them. But this has put the nail in that coffin. Disgraceful!.

Kenny Powers

I'm also moving to Ulster Bank including my Credit Card after 15 years with BOI. Hopefully more people get on board and do this. I'd say the next quarter (Feb 13) when people start to see charges on there statements things will kick off. It seems most accounts are default set up as pay as you use accounts .28c per transaction - over the Christmas period there will be alot of unhappy people out there.

Lamnot

Hi.

Can you please confirm how exactly this change was communicated to your customers? I have only just found out about it on receipt of my bank statement today, and had I been aware of this change in advance I would have either (reluctantly) made provision to top up my account to avoid the changes, or arranged to move provider.

Why were letters not sent out to individual customers alerting them of this change?

I'm guessing that as this was seemingly done in such an underhand way it'll be the second option for me, my wife and our joint account, something I should have done years ago!

Bank of Ireland: Tara

Hi Lamnot,

Thanks for getting in touch.

We've answered this earlier on this thread.

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.

The advertisements were published on 19/09/2012, two months in advance of the changes coming into effect.

The change to the qualifying criteria for our No Transactions Fee Offer came into effect on 19th November 2012. The bank statement you have just received is for the fee quarter dated 20/08/2012 - 16/11/2012, which was not effected by the change.

We appreciate that the recent change in our No Transaction Fee Offer will affect many of our customers. We continue to forward all comments and feedback received here, to our Consumer Banking Team.

Thanks
Tara

Lamnot

Tara,

As I was out of the country on the date the advertisement was published, don't feel the need to follow my bank on Facebook and don't regularly check your press notices section (as I'm sure not many folk do) I was unaware of these changes until yesterday.

Surely a letter, or even an email would have had a better impact in notifying your customers of this change. The underhand manner in which these changes have been implemented suggests to me that a lot of people will be in for a shock when they receive their statements next quarter, and I would suggest to your Consumer banking team that postponing this change for the current quarter and adequately notifying your customers in the above manner would be a much fairer and better way to sweeten these changes.

I appreciate that I won't be charged for the quarter to 16-NOV-12, however if I am understanding the changes correctly, there is now no way I can avoid being charged for the current quarter purely due to not knowing on the 17-NOV-12 that I had to have €3,000 in my account to do so!

I'll be circulating details of this change round my office (which has BoI onsite regularly to signup new customers) to ensure that as many folk are as aware of this as possible, seeing a BoI themselves don't seem to be doing a great job of this themselves.

Regards

Bank of Ireland: Pat

Hi Lamnot,

Thanks again for taking the time to give us your feedback. As Tara mentioned, we'll be making our Consumer Banking Team aware of your comments.

Thanks
Pat

whatlliwear

Bank of Ireland: Billy wrote: »

To change to the flat fee, please call Banking 365 on 0818 365 365.
Representative assisted hours are 8am - 12midnight Monday to Friday and 9am - 6pm Saturday, Sunday and Bank Holidays.

Thanks for your posts

Billy

Can you please advise of a landline number as I cannot ring such numbers on my mobile?

Sheep Shagger

Think it's poor those coming off the previous free banking are put on to the PAYG option by default, when I called to get flat fee was told it takes a quarter to take effect, a quarter? What year are we living in?

Suspect when this quarter ends and people start getting notices that they are going to be charged x amount the **** will really hit the fan with customer complaints. Did a straw poll in the office on Friday of BOI customers and none knew they have recently lost free banking.

Bank of Ireland: Linda

Hi whatlliwear,

You can call Banking 365 on 01 4044000.

I hope this helps.
Thanks
Linda

PinkFly

Do you have to have 3000 balance for the flat fee option?

Bank of Ireland: Pat

Hi PinkFly,

Thanks for your query. It isn't necessary to have €3000 in your account to register for the €11.40 Flat Fee Option. If you maintain a credit balance of €3000 in your account for the full fee quarter, you would automatically qualify for our No Transaction Fee Offer and would not be liable for transaction fees on your account for that quarter.

You can find more information about our two fee options and the No transaction Fee Offer here under the Fees and Charges section at the bottom.

Thanks
Pat

gud

I have about €500 odd euro in my current account, and €2,700 in a BOI saver account that I dont have access to unless i go into bank and withdraw. So as i have over €3000 cash with BOI, will I have to pay fees??

Bank of Ireland: Linda

Hi gud,

The qualifying criteria for the No Transaction Fee Offer is to have a €3000 balance in your current account for the full quarter. It does not add up all the money you have with Bank of Ireland and total it to qualify for the No Transaction Fee Offer.

If you would like to check what fee option you are on, please call your branch or Banking 365 directly.

I hope this clears it up.
Thanks
Linda

Yakuza

In my opinion (and not only mine, check on askaboutmoney.com) keeping 3k in a current account purely for the purposes of avoiding charges is unwise in terms of both interest forgone and security - if your card is skimmed you could lose it all. The cynic in me thinks BoI know most people will be of the same opinion and not keep that kind of money in there (even if they could) so won't avail of the Free banking "offer".

The fact that it *is* possible to get free banking is purely for optics in that they are giving the illusion of choice, in the same way that Ryanair always have one way (which has changed several times over the years) of not paying the ludicrous credit card processing charge they levy on each ticket and leg they issue, even though it's one amount being debited.

Skatedude

K, closing my account and moving to ulster bank. I might have stayed except for the underhanded way they "informed" us

Bank of Ireland: Graham

Hi Skatedude,

Your business is important to us and we're sorry to hear that you're considering closing your account. If there's anything at all we can help you with, please don't hesitate to ask.

Thanks,
Graham

MagicRon

Bank of Ireland: Graham wrote: »

Hi Skatedude,

Your business is important to us and we're sorry to hear that you're considering closing your account. If there's anything at all we can help you with, please don't hesitate to ask.

Thanks,
Graham

If our business really was important to 'you', you would rethink the fees.

I have also moved to Ulster Bank. I actually thought that moving would be harder than it was - if (when) UB introduce fees, I'll be off to the bank that costs me the least (The fees at BOI > AIB!)

Bank of Ireland: Graham

Hi MagicRon,

Thanks for your feedback. We're forwarding all comments in relation to this to the relevant departments for consideration.

If you have any queries about Bank of Ireland products in the future, we'd be more than happy to help.

Thanks again,
Graham

decosr1

Well I for one will be heading into Ulster bank at lunch time to ask about opening an account. The end of a long relationship with BOI im afraid

brightkane

Also moving to ulster bank, 17 years with BOI, countless loans and credit cards and also a business account.

I have an O/S BOI loan. If i close my account can i still log in through banking 365 to review it?

Bank of Ireland: Linda

Hi brightkane,

To access Banking 365, you will need a current account or a regular savings account. If you only account that you have with Bank of Ireland is the loan, you will not be able to view this on Banking 365.

We are sorry to hear that you will be changing but if there is anything else we can do for you, please don't hesitate to ask.

Thanks
Linda

brightkane

I have an easy saver account, so as long as thats active I will be able to see my loan and easy saver accounts when i log into 365, do I have that right?

Bank of Ireland: Linda

Hi brightkane,

Apologies about the information provided above, after checking with one of my colleagues in Banking365, depending on the kind of loan account that you have, you may still be able to view it on Banking 365. You will need to speak to a representative in Banking 365 directly. You can call them on 0818 365 365.

An easysaver account is a deposit-based account. This cannot be viewed as a stand-alone account online. Depending on your loan account, you may be able to view the easysaver account with the loan account online. Again a Banking 365 representative will be able to advise you regarding this.

Apologies again.
Thanks
Linda

AdpRo

The way this was informed to customers is an absolute disgrace as is the fact that you cannot change from a transaction based fee to a flat fee during the quarter, however are people really suprised how our banks operate at this stage.

Can you please let me know what the dates for the fee paying quarters are? Is 19/11/12 to 16/02/13, 17/02/13 to 18/05/13 correct.

Thanks.