Unpaid fee on my own savings

Voodoomelon

Hi guys.
To be honest I find this more funny than anything and maybe other BOI users should be aware of this issue.

Whilst I always understood BOI had an "Unpaid fee" policy for not having sufficient funds to service a Direct Debit (€12.70), little did I know this also applied to my own transfers to my own savings accounts as well.

Like many others, I have a weekly transfer to an external savings account. God forbid you should allow your BOI account to run below the balance necessary to transfer your own money to your own external bank account, you will be charged €12.70!

BOI don't just not take the money if it's not there, or run it into an overdraft, just deduct €12.70 from your balance. Fantastic!

pjmn

Voodoomelon wrote: »

Hi guys.
To be honest I find this more funny than anything and maybe other BOI users should be aware of this issue.

Whilst I always understood BOI had an "Unpaid fee" policy for not having sufficient funds to service a Direct Debit (€12.70), little did I know this also applied to my own transfers to my own savings accounts as well.

Like many others, I have a weekly transfer to an external savings account. God forbid you should allow your BOI account to run below the balance necessary to transfer your own money to your own external bank account, you will be charged €12.70!

BOI don't just not take the money if it's not there, or run it into an overdraft, just deduct €12.70 from your balance. Fantastic!

... maybe I'm misunderstanding this; but is this not the crux of the issue, you weren't transferring your own money, you were attempting to transfer money you didn't have in your account...

Voodoomelon

You are correct and yes I should have had the funds in my account. But I don't see how an "unpaid fee" is warranted for savings accounts. I'm paying the bank for failing to transfer my own money to myself.

Kwack

Op

Was it a standing order between accounts? If so then yeah there would be an unpaid standing order fee (worked in a bank for 8 years). If you call them about it they might refund it a a goodwill gesture

pjmn

Yes - I can see where you are coming from, however given as you say the funds were going to an external account the bank would have no line of sight of that account so in effect wouldn't be aware of where it was going... having said that I'd suspect even if they had that line of sight they'll claim that the same charge would apply as they incur the same workload irrespective of where the funds are going...

Ted_YNWA

How do they know where the money is going to?

They just see that you are trying to transfer X to an external account .

You do not have sufficient money to cover X, so thus the charge

Voodoomelon

Ted_YNWA wrote: »

How do they know where the money is going to?

They just see that you are trying to transfer X to an external account .

You do not have sufficient money to cover X, so thus the charge

Yup, not arguing with their logic as to why they're entitled to take it, just pointing out what actually happened in this case.

As you say, its just a flat binary decision, charge or don't charge, doesn't matter that its going to one of my own accounts in my own name.

Bank of Ireland: Tara

Hi Voodoomelon,

Thanks for getting in touch.

An unpaid fee is applied when there are insufficient funds to meet a direct debit, regardless of where the beneficiary account is held. If you have any further queries about the unpaid fee, please contact the branch your current account is held with. Contact details for your branch can be found here.

Thanks,
Tara

Legislator

Are we talking about a direct debit or a standing order here.