Amendments to No Transaction Fees offer

Bank of Ireland: Billy

Hi DerryRed,

Thanks for posting.

We do understand peoples frustrations with the way the message was communicated and the feedback has been passed to our Consumer Banking Team.

Sorry to hear we’ll be losing your business.
If you would like us to arrange a call back from your branch, please let us know.

Thanks

Billy

PinkFly

Derry Red what are the charges with PTsb??

DerryRed

PinkFly wrote: »

Derry Red what are the charges with PTsb??

From the PTsb site

Quarterly Account Maintenance fee of €12.00 applies. You may be exempt from paying the Account Maintenance fee by meeting each of the following conditions: Lodgement(s) amounting to at least €3,000 made to your account each quarter (allowance is not made for cheques, drafts or other credits lodged until value has been received), 18 card purchases on your account each quarter, 1 financial transaction made through Open24 telephone and internet banking, and you must keep your account within agreed limits (e.g. if you exceed your authorised overdraft you’ll be charged the Account Maintenance fee).

Fingleberries

Bank of Ireland: Billy wrote: »

Hi brownemar,

Thanks for posting.

We’re receiving a lot of comments about fees and charges and can understand your frustrations.

If I could just clarify, it’s an amendment to the qualifying criteria for the Free Transaction offer has changed.

Information on changing fee category was listed on Personal Current Account statements since November.

There are two fee categories available.

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.

We also announced this change through the following methods:

A pres notice in the Current Accounts section of our website.
Adverts in two national newspapers on 19/09/2012.
In branch signage.
Through our social media channels, boards.ie, Facebook and Twitter

Information on this and how to reduce fees can be found here

Thanks

Billy

Hello Bank of Ireland support,

Further to the common theme coming through the most recent posts on this thread, I would like to take the opportunity to add my voice to the growing numbers who are thoroughly dissatisfied with the recent "Amendments" to 'No Transaction Fees' offer.

I have just received my Personal Current Account Statement, covering the time from August 2012 to February 2013, and received the surprise bill for approximately €35 in fees.

As this is the first Statement I have received since this November timeframe, this was the first notification of any changes to the Fees structure or effective removal of 'No Fees'. I had previously met all criteria comfortably (min. €3000 into the account during the quarter and min. 9 online transactions).

However, the new criteria of having a minimum balance of €3,000 in the account for the entire quarter is too heavy handed for the majority of customers. Also, if I have that much money in savings I would be better off keeping them in savings rather than leaving it as dead money in a Bank of Ireland account where it earns 0% interest and serves only to bolster the liquidity ratio of the bank.

The statement that sufficient notice was given in the Current Accounts section of the website, in-branch signage and social media channels (or two newspapers if you happened to buy them that day) is insufficient. I am sure that it would have been cheaper to post notices to all account holders than to run two full-page advertisements in the paper. Even a basic notice as users logged on to Banking 365 would have highlighted the issue to the many who many not have encountered the previously listed restricted notification options.

I would like to register my displeasure that each and every transaction I make (whether it be moving money into my account, paying bills, or paying using debit card) now is charged at 28c. The 'flat' fee is equally nonsensical, because it is a flat fee that would only save you €13 per quarter and would not truly help avoid fees.

I have been a Bank of Ireland customer for many years, using many of their products. However, this latest 'amendment' to the fee structure to put the benefit outside the reach of many customers is too far. If no change to this plan is forthcoming in the near future, I feel that the only course of action would be to move my business to another bank, and all the personal accounts (and other financial products) that my family currently have with Bank of Ireland.

Both Permanent TSB and Ulster Bank are providing better offerings regarding Personal Account fees. It is a dreadful state of affairs when Ulster Bank with all their interminable IT woes of late are a viable alternative to Bank of Ireland personal accounts.

Bank of Ireland, why should we need to jump through hoops in your FAQ to try to avoid fees?

So, in the mean time, I would like to recommend for people to shop around for their personal bank accounts. Ask About Money have a decent overview of the Personal Account Transaction Fees for all the major banks:
http://www.askaboutmoney.com/showthread.php?t=21774


I would appreciate if you could provide feedback on whether any further changes are on the horizon for the Current Account transaction fees with Bank of Ireland. In the absence of such changes, I'm afraid that many more unhappy customers will leave the bank.

Kind regards,
F.

Bank of Ireland: Tara

Hi Fingleberries,

 

We appreciate you taking the time to post.

 

We have forwarded your comments, feedback and points raised to our Consumer Banking Team. Although we recognise that some customers may be unhappy with these changes we do feel that we offer excellent value in our Current Account and we have implemented these changes as announced.
 
Our Current Account transaction fees are reviewed periodically however, we have not been made aware of any upcoming changes. If there are any changes announced we will post here.
 
If you would like to discuss your comments further, please pm us with your name, branch name and your contact phone number, which we will forward to your branch requesting they make contact with you.
 
Thanks again for posting,
Tara

Hellrazer

Bank of Ireland: Linda wrote: »

Hi Hellrazer,

Apologies for the delay with responding to your pm. It was received logged as an official complaint to your branch yesterday. As per the consumer protection code, they can take up to 5 working days to contact you but hopefully will be back sooner.

Thanks
Linda

I still gotten a call from my branch yet.


Pfft-Up to 5 days.This was the 1st of March.That 13 days.

Lucky Ive just signed up with Ulster Bank so!!!

Bank of Ireland: Linda

Hi Hellrazer,

I have responded to your pm, if you can please see my response.

Thank you
Linda

mckildare

DerryRed wrote: »

Billy you don't get it.  Yes this change was communicated in such a way that people could easily get the information.  People shouldn't have to visit your branch, website, social media channels or read in the newspaper that these changes were coming.  As for putting the information on the back of statements that was just plain sneaky.  Who reads the back of their statements?

Such a change should have been highlighted via a standalone letter, or at the very least a letter accompanying the November statements.  

It is due to this underhand behaviour that I am meeting with Permanent TSB this week to move across both my Current Account and Credit Card account.

I found out this sneaky change in rules from reading the back of my statement actually Probably the first time I ever looked at the back of it but glad I did when I did! Managed to get away with less than 20 euro in fees :rolleyes:

Since then we have moved our 3 current accounts to PTSB with credit card only to go now (and this is only because I can't have 365online without my current account!!). PTSB so far are doing well, they were very helpful and good with keeping contact during the switching periods. The Open24 isn't as pretty as 365 but it does all that we need it for.

It looks like a lot of people are complaining with their feet this time and moving banks (from this forum anyway). Hopefully it makes the brass in BOI realise all it took was a letter to people and they might have stayed. We would have regardless of the fees because BOI have been great the last 15 years and the online staff are very helpful. Ah well!   Good luck with the switch!

vicwatson

Can you please advise if BOI are charging me 28c if I move money ONLINE from my current a/c to a savings a/c in BOI?

Please tell me I'm not.

Bank of Ireland: Linda

Hi vicwatson,

If you are on Pay as you go, it is 28c per transaction but the Flat fee option is €11.40 for 90 transactions with transactions in excess of the 90 being charged at 28c each.

A transaction is any credit or debit on your account; any transfer online out of your current account would be considered a transaction.

I hope this answers your question.
Thank you
Linda

Sheep Shagger

Any reason the bank did not put a leaflet in the last round of statements or even a separate letter (realise they are not legally bound to do this but this is a big change).

They are not adverse to wasting money on postage given activation codes and receipts for inward domestic and international payments are still posted.

Bank of Ireland: Linda

Hi Sheep Shagger,

We have printed a note on the statements about the change for No Transaction Fee Offer but thank you for the suggestion and we have passed this on to our Consumer Banking Team.

We do actively encourage people to register their mobile number to receive activation codes. With incoming international payments BOI must send a letter if 1) There is a charge 2) The Reference has more than 18 characters or 3) If there is a conversion. I understand it can be frustrating, but we're obliged to do this.

Thank you very much for posting and your suggestion has been passed on.

Thanks
Linda

tartanarmy

Hi Linda
Can you please post the text that was displayed in papers in Sept with notice of hear changes & also the text displayed on bank statements?

Bank of Ireland: Billy

Hi tartanarmy,

Thanks for your post.

You can view the press release that was printed in the papers here

We do not have access to bank statements so unfortunately cannot print the details you requested however you can view the information on eStatements or hard copy statements sent from your branch from November onwards. 

Thanks

Billy

vicwatson

Bank of Ireland: Linda wrote: »

Hi vicwatson,

If you are on Pay as you go, it is 28c per transaction but the Flat fee option is €11.40 for 90 transactions with transactions in excess of the 90 being charged at 28c each.

A transaction is any credit or debit on your account; any transfer online out of your current account would be considered a transaction.

I hope this answers your question.
Thank you
Linda

And on that bombshell it's off to PTSB with me.

Bye bye BOI

tartanarmy

Thanks for that. So no actual mention of-

1) what the fees are
2) option for PAYG or qurterley fee

NinjaTruncs

Do you charge a transaction fee when the fees are debited from a BOI account?

Bank of Ireland: Billy

Hi tartanarmy,

Thanks for your post.

The first part of the Press Release was to advise of the amendment to the No Transaction Fee Offer for Personal Current Accounts. There were no changes to transaction fees to advise of.

The second part of the Press Release advised of a change to the replacement of lost, stolen or damaged ATM/Debit Cards. As there was a change to the charges for this, the charges were included here.

Thanks

Billy

Bank of Ireland: Billy

Hi NinjaTruncs,

Thanks for your post.

You are not charged when fees are debited from your account.

Thanks

Billy

Sheep Shagger

Hi, are BOI mortgage deductions included in the fee calculations?

Thanks

Bank of Ireland: Linda

Hi Sheep Shagger,

Yes the payments coming from your Current account to pay your mortgage direct debit are calculated as part of your fee transactions.

Thanks for posting.

Linda

rn

Just to convey my voice of anger on the relatively high fees BOI introduced on my former current account. Obviously consumer based banking is no longer a priority for the bank. 

I was a BOI current, credit card, savings and mortgage account holder. 

I would encourage people to vote with their feet and look at the options out there. I myself have moved the current account to Ulsterbank and I'm relatively happy with the switch over. Took a bit of effort, but I reckon I've saved myself a significant out lay in fees. The sooner you do it, the sooner you save. 

BOI did ask me in as soon as they noticed that my salary was no longer being paid into my current account. However since I was unwilling to leave an idle 3000 in my current account, and by that time I had already opened an alternative, more favorable current account - it really was a case of shutting the door after the horse had bolted.

As a result of my transferring experience, my intention is to move my savings when they come up for renewal (Currently locked in until July). 

The credit card and mortgage I am going to leave with BOI... as I can't find a better deal out there than the contractual arrangements I currently have on both those products.

vobyrne

Just finished filling out an Account Switching form for Permanent TSB so Bye Bye Boucher and Co. . Was hit with €70 charge for Nov to Feb quarter.
Rang them re cancelling charge and they couldn't give a hoot, just some mealy-mouthed sentiments about "I know, yeah it's unfortunate!"
So you have to maintain a credit balance of 3K in your account and if you dip below it even once during the quarter you're charged transaction fees for the full quarter.

gud

I wonder how many customers BOI are willing to let move accounts before they decide that these fees aren't working for them... defeats the purpose bringing in fees for extra cash but losing customers. I wouldn't have minded staying with them if the had a set fee per year, like Gov stamp duty on credit cards. but to charge you for every single transaction even online ones like Direct debits, mortgage repayments etc. that require no human input is crazy.. Glad I moved to PTSB, and like other ex BOI customers if the BOI fees are done away with in the future. I still will never move back.

Fingleberries

gud wrote: »

I wonder how many customers BOI are willing to let move accounts before they decide that these fees aren't working for them... defeats the purpose bringing in fees for extra cash but losing customers. I wouldn't have minded staying with them if the had a set fee per year, like Gov stamp duty on credit cards. but to charge you for every single transaction even online ones like Direct debits, mortgage repayments etc. that require no human input is crazy.. Glad I moved to PTSB, and like other ex BOI customers if the BOI fees are done away with in the future. I still will never move back.

It's strange talking to BoI about it because they will try to sell you the 'flat rate' package for charges: the arithmetic "Flat Rate fees" < No Fees is true no matter which way you package it.

It's a shame that I moved away from BoI after a few decades with them, but they did not seem ready for the turning on the fees.

Cautious Dinny

€0.28 cent per transaction is an extortionate amount plain and simple!. I switched accounts to PTSB as paying €0.28 cent a transaction is almost on a par with having a low-level smoking habit if you use your card a lot. Trying to just draw out cash to avoid fees is too much of a head melter when the alternative of switching to a no fees account is so easy.  If enough people have the will to move Current Accounts and point blank refuse to hold their hands above their heads with the transaction fees gun in the small of their backs then BOI might be shamed into reversing what is such a brazen attempt to retroactively fund their ill-judged lending policy decisions of the noughties.  JUST SAY NO!!

Bye Bye BOI

Anybody see the slick lighthouse advertisement where BOI attempts to parallel it's recent history with that of a life-critical system such as a lighthouse in the eye of the perfect storm, with the following diatribe solemnly intoned by some random voice actor -

Over 200 years ago Bank of Ireland was founded on the principle of supporting and guiding our customers. We recognise for the last few years however, the waters have been particularly stormy - that's why we want and need to renew our commitment to look out for you, to offer guidance when you need it and to provide the right products and services , the Bank that's working towards a brighter future - Bank of Ireland, for small steps for big steps, for life!!!

The funding of such cinematic morkeshing ploys in the future will require many multiple transactions @ 0.28cent a go so the more customers that switch from BOI now the less chance we'll have of having these ridiculous, insincere morkeshing campaigns foisted on us!!!

Bank of Ireland: Tara

Hi All,

We'd like to thank everyone for taking the time to provide us with their valued feedback regarding this change. All comments have been noted and passed on to the appropriate departments.

Thanks
Tara