Before i Close my Bank of Ireland Account?

faolteam

I have just noticed that im been deducted Current account fees from my Account , even though I have done 9 transactions in 3 months or does this not apply anymore is this Correct ?.

If So i will be calling it a Day with this Crowd...

cookie1977

faolteam wrote: »

I have just noticed that im been deducted Current account fees from my Account , even though I have done 9 transactions in 3 months or does this not apply anymore is this Correct ?.

If So i will be calling it a Day with this Crowd...

Boi introduced fees back in November. There's no way to avoid them unless you maintain a current account balance of 3000 constantly during a quarter, or you're a student or you're retired

mockingjay

http://www.boards.ie/vbulletin/showthread.php?t=2056810667

areyawell

Closing mine as well, some shower! What bank are you joining OP?

flyguy

http://www.moneyguideireland.com/category/current-accounts

smcgiff

areyawell wrote: »

Closing mine as well, some shower! What bank are you joining OP?

Do you charge for your services?

You have the right to switch banks, but BOI have been fully up front with their fees and therefore not 'some showers' because they are charging fees.

All bank will be charging fees within the next year. UB, I think, are the last bank not to charge fees and that's only as a goodwill gesture since their systems imploded.

faolteam

its our money the fecking cheek of them

they even charge u when u take ur money out

they originally said u could make 9 transactions online in 3 months

ill be joining ulster bank

smcgiff

Listen here?!? You do know I can't hear you, even if you're talking aloud as you type.

Correct, it's your money. How do you manage to get it from A to B, to pay your bills and to access your cash without carrying the full amount with you in your pocket. You use the bank's multi-million euros systems and infrastructure.

"It's our money" is the adult equivalent of 'It's my ball and I'm going home' when it comes to reasoned argument.

Do move it to UB, that's who I'm currently with, but I'm under no illusions as to what's going to happen in 2013 re bank fees.

faolteam

i still have money in my account which is in there bank which they can use freely,

what do u think would happen if we all took our money out i bet there be no more fees then...

smcgiff wrote: »

Listen here?!? You do know I can't hear you, even if you're talking aloud as you type.

Correct, it's your money. How do you manage to get it from A to B, to pay your bills and to access your cash without carrying the full amount with you in your pocket. You use the bank's multi-million euros systems and infrastructure.

"It's our money" is the adult equivalent of 'It's my ball and I'm going home' when it comes to reasoned argument.

Do move it to UB, that's who I'm currently with, but I'm under no illusions as to what's going to happen in 2013 re bank fees.

Bank of Ireland: Tara

Hi faolteam,

Thanks for posting.

The current account fees posted today (31/12/2012) are for the fee quarter dated 20/08/2012 - 16/11/2012. The old criteria for our No Transaction Fees offer, of making 9 debit payments using 365Phone/Online and having €3000 paid through your account, was applicable for that quarter. If you feel you have met that criteria, please contact your branch who will be happy to look into this further and arrange a refund if applicable. Contact details for your branch can be found here.

If we can help with anything else, please let us know.
Thanks
Tara

smcgiff

faolteam wrote: »

i still have money in my account which is in there bank which they can use freely,

what do u think would happen if we all took our money out i bet there be no more fees then...

Really, so these millions you've got in the bank...:rolleyes:

Duberlin Chick

Changing banks on Thursday. Fed up with them.

dewsbury

Roughly speaking how many euros are these bank fees.

Is it more than the price of a few pints?

Kensington

dewsbury wrote: »

Roughly speaking how many euros are these bank fees.

Is it more than the price of a few pints?

From [here].

With a standard current account there are two fee options:

Option 1 - Pay as You Go

Pay 28c for every transaction into or out of your account (charged quarterly).

Option 2 - Flat Fee

11.40 per quarter, for up to 90 transactions into and out of your account. Over 90 transactions would costs 28c each. If you have more than 40 transactions per quarter, Flat Fee becomes the better option for you. You can, however, switch between the two options at any stage by contacting your branch. The change will take effect at the beginning of the next fee-charging quarter

You can however qualify for our No Transaction Fees offer by maintaining a minimum credit balance of €3,000 in your Personal Current Account throughout the full fee quarter to qualify.

If your current account balance remains above €3,000 at all times, you pay nothing. Otherwise, you either pay 28c for every transaction (lodgement, withdrawal, ATM, Laser, Direct Debit etc.), or €11.40 every 3 months which will cover you for 90 transactions, after which it's 28c per additional transaction.

dewsbury

Thanks Kensington for you comprehensive response.

So about 12 cents per day (€46 per annum).


To me this is a price worth paying.

Bank of Ireland: Billy

Hi Duberlin Chick,

Sorry to hear you'll be closing your account.
If theres anything we can help you with, please let us know.

Thanks

Billy

faolteam

and the girl on the phone said i only made 8 online banking transactions , it wasnt till i checked it myself i actually made 12,

first of all why is there errors made in first place and is this person looking at a different screen to me

i have been with the Bank of Ireland over 20 years i was even refused a loan once when i had a good steady job and it was a small loan also found lately since they put the foreign exchange with the normal banking the Queues in the bank are outrageous and they are slowly getting rid of teh cashier it will be Machines running it soon ,

if u go into the branch in oconnell street you have to go up several flights of stairs to find the Cashiers

cookie1977

faolteam wrote: »

and the girl on the phone said i only made 8 online banking transactions , it wasnt till i checked it myself i actually made 12,

first of all why is there errors made in first place and is this person looking at a different screen to me

i have been with the Bank of Ireland over 20 years i was even refused a loan once when i had a good steady job and it was a small loan also found lately since they put the foreign exchange with the normal banking the Queues in the bank are outrageous and they are slowly getting rid of teh cashier it will be Machines running it soon ,

if u go into the branch in oconnell street you have to go up several flights of stairs to find the Cashiers

if you did not maintain a balance of 3000 in your current account, constantly throughout the quarter then you would incure fees no matter how many transactions you made

LifeBeginsAt40

No banking is "free". People really do need to understand that.

I'm with BOI and Ulster Bank and have been with other "free" banks such as Santander. All banks charge a fee for something. Some charge for overdrafts, some charge for paper statements. Most use currency conversion rates that favour the banks etc.

ALL BANKS CHARGE FEES - the convenience of ATMS, online transactions, your money not being under the mattress all costs money.

By all means move to another bank, but remember ALL banks are in business to make money. There are just several ways of funding that business model.

cookie1977

Ulster bank are free now and until about the summer

Bank of Ireland: Pat

Hi faolteam,

If you would like we can arrange a call-back from one of our representatives to have the transactions on your account reviewed again. Please send us a PM with your name, contact number and the name of your branch and we will be happy to look after it for you.

Hi cookie1977,

While you are correct about needing to maintain €3000 in the account to qualify for the No Transaction Fee Offer for the current quarter. This only took effect for the fee quarter beginning on the 19th of November. For the fee quarter ending on the 18th of November, the previous criteria for the offer was still in place. As long as there were 9 online transactions (excluding credits, direct debits and standing orders) and €3000 was credited into the account during the quarter, the criteria of the No Transaction Fee Offer would have been met.

Thanks
Pat

daheff

Ok, lets cut this 'free banking' nonsense out now. If i have 3000 in my account i am foregoing interest that I could earn elsewhere to remove the banking charges from my BOI current account.

So its not really free at all. Its just BOI getting customers to either leave 3K in their account or charging for transactions made.

So i'm left with a choice...
either pay banking fees & earn interest (at best about 60Eur after Dirt)
or
Effectively earn enough interest on the 3K with BOI to negate the fees they charge.

This is assuming I have 3K to leave 'on deposit'. For most people its probably cheaper to leave the money in their current account with BOI.

senor2013

This is absolutely disgraceful. This is actually the first time I have heard about this. BANK OF IRELAND, How come you did not notify customers of this? A letter should of been sent out, I certainly did not get one. Why changes the 9 transaction rule? Were too many people doing it and ye lost out on charging fees? Scounds, im going to consider changing banks now too.

Froyo

Absolutely the worst bank I've had the displeasure of dealing with.

Terrible customer service to boot.

Closing my account also.

Bank of Ireland: Laura

Hi Senor2013

We are sorry to hear we may be losing your business.

We notified our customers of the amendments to the No Transaction Fees Offer a number of ways. Please see below:

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.

There is also a thread on this topic here.

If there is anything further we can help you with, please don't hesitate to ask.
Laura

faolteam

A few things here first,

If you have to have 3000 in your account so you can get currrent account fees free , this is actually misleading as in you probably need at least 3500 - 4000 , why you might say?

well if you have any direct debits or withdrawls that 3000 becomes under the limit that is required,

i also recieved no communication to this effect of what was happening,
they agreed teh nine transactions and the only reason the Bank of Ireland are doiing this is because everybody was doing this online, tut tut and they were losing,

i dont think this bank cares how long you are with them your just a number on the list , well its there loss,

as for people who thinks its great value thats just typical of people who don't mind spending more money

Bank of Ireland: Laura wrote: »

Hi Senor2013

We are sorry to hear we may be losing your business.

We notified our customers of the amendments to the No Transaction Fees Offer a number of ways. Please see below:



There is also a thread on this topic here.

If there is anything further we can help you with, please don't hesitate to ask.
Laura

angel_wings

"The current account fees posted today (31/12/2012) are for the fee quarter dated 20/08/2012 -16/11/2012. The old criteria for our No Transaction Fees offer, of making 9 debit payments using 365Phone/Online and having €3000 paid through your account, was applicable for that quarter. If you feel you have met that criteria, please contact your branch who will be happy to look into this further and arrange a refund if applicable"

Having read this I looked back over my account and for this quarter I made 12 online transactions!!!! I still got charged over €30 in fees, why is this?

Bank of Ireland: Billy

Hi faolteam,

Thanks for posting.

As you correctly mention, to avail of the free transaction offer, you would need to maintain a minimum balance of €3,000 after any direct debits or standing orders leave your account.

Thanks

Billy

Bank of Ireland: Billy

Hi angel wings,

Thanks for posting.

If you met the criteria for the free transaction offer, you should not have been charged fees on the account.

Please call your branch who will investigate this for you.

A full list of branch contact numbers can be found here

Thanks

Billy

Sheep Shagger

The ****e really is going to hit the fan when this quarters fees start debiting peoples accounts.

Most people won't have seen the newspaper adverts advising of the changes in fee policy (I know legally this is all BOI are required to do) but this won't stop the moaners.

Am with BOI and while I;m not happy about the fees think overall the service is pretty good (best of the Irish banks anyway).

New technology (although very late compared to banks around the world) is slowly coming on stream, pity some of the big profits during the boom wern't spend on new service delivery channels.

People need to realise that although the bank did get bailed out (although much less than anglo or AIB) it is a business and on a day to day basis needs to return to profitability.

fester

I've been trying to switch my account from BOI to AIB. The switch was supposed to happen in early Dec, but it still hasn't gone through. I checked on AIB side first to ensure that the processing has been completed on their side, which it has.

I called BOI customer care line and I was told in a very rude way “don’t call this number again”, that I should only contact only AIB. And this was after I explained to the lady in BOI customer care that I has been in contact with AIB and they had process the issue as far as possible on their side and had sent the request to BOI. I find this completely unacceptable and it’s a good example of the kind of service that has lead me to leave BOI.

Eventually I was given a number of a contact in the branch. I left a voicemail. I also left a voicemail on this number last week but got no response.

Bank of Ireland: Graham

Hi fester,

Normal practice in the account switching process is that the customer deals solely with the new bank. The new bank will then liaise directly with the old bank, with no need for the customer to communicate with their old bank.

It's a possibility that your account with us has already been closed.

Thanks for getting in touch,
Graham

fester

Hi Graham,

If the systems were working, then no, there would be no need for me to communicate with my old bank. Unfortunately in this case the system is not working and I need to follow up to find the problem.

The request was sent to BOI to process the switch. On the 20th Dec, a AIB representative contacted BOI to request a status update on the switch. Only today did BOI reply saying that they never received the request.

At this stage I would prefer to go into a BOI branch and close my account 'manually'. I would switch my direct debits manually too. Could you please let me know if I could do this in any branch?

Thanks,
Paul

cgc5483

Hi,

I'm a BoI customer of over 20 years I can say that I am astonished by the way these fees have been introduced and the manner it which it is being implemented.

Now I can understand why it may be necessary to introduce charges but the manner in which it was introduced has been shocking. Like I guess a lot of people I seldom read newspapers except at a little at weekends. Even if I do one of the things I would never pay attention to is the ads especially ads regarding banks.

Why weren't other means used. For instance the new Mail feature when you login online?

On hearing today that fees were introduced I rang Banking365 to enquire as to what plan I'm on. I have a lot of transactions on a monthly basis and was dismayed to hear that not only have I been paying per transaction (I currently have 76 transactions in this billing period or over €20), I have no way of changing this until the next billing cycle which is the 20th or 21st of Feb.

There is already an outcry here in this forum of people that are changing banks because of the introduction of fees but this will only get considerably worst. I'd imagine that the majority of people aren't aware of the re-introduction and are in for a nasty shock when the charges are added in February.

Maybe BoI don't care about the loss of business and as has been spouted already you have complied with the legislation in terms of notifying your customers. However, if in fact maybe you do care about your customers you can maybe take a little bit of money out of your advertising/PR budget and spend it in a much better manner by actually properly informing your customers as to these important changes.

Furthermore, as a gesture of goodwill you should at least allow customers to retrospectively change the plan they are on. Surely it would have been much fairer to actually look at a customers account and place them on the most appropriate plan based on their transaction history over the previous 12 months than just lumping everyone on the Pay as you Go plan (the irony is that it isn't even a Pay as you Go plan; its a Pay up to 3 months later).

I'm sure it's not going to make a difference if i say I'm moving my account but if the attitude of BoI remains as is I will certainly seriously consider it. I certainly will change my house and travel insurance when due for renewal.

Bank of Ireland: Linda

Hi fester,

You can manually close your account in a Bank of Ireland branch. Although the only way to change over your direct debits manually will be to cancel them with Bank of Ireland and then contact each company individually with your new details.

Alternatively you can request for AIB send the request again.

We are sorry to hear that you are changing banks and if you have any questions about our products or services in the future, please don't hesitate to ask.

Thanks
Linda

Bank of Ireland: Linda

Hi cgc5483,

Thank you for taking the time to post and providing us with the feedback and suggestions.

Just to clarify, we have not reintroduced fees; we have changed the qualifying criteria for the No Transaction Fee Offer. The fee plan customers are on would have been selected when your account was first open based on what you would have advised would be your usage on the account.

Your feedback has been forwarded on and thank you again for taking the time to post.

Thanks
Linda

Rory1

I saw a lot of conversation online and in the media (TV, radio and Newspapers) about BOI changing criteria for free bank banking. As a BOI customer, I'm not happy about it but can understand reasons and feel there was plenty of notice to customers.

Bank of Ireland: Linda

Hi Rory1,

Thank you for taking the time to post. As always we do forward customers feedback, whether positive or negative, to the relevent department.

Thanks
Linda

LifeBeginsAt40

I've always paid fees. It was made very clear to me the day I opened my BOI account.

Why do some people think BOI have "reintroduced" fees? They never went away.

Bank of Ireland: Graham

Hi LifeBeginsAt40,

Personal current account transaction fees have not changed. However, the qualifying criteria for our No Transaction Fees offer has. You can find out more in the Fees and Charges section here.

Thanks for your post,
Graham

cookie1977

LifeBeginsAt40 wrote: »

I've always paid fees. It was made very clear to me the day I opened my BOI account.

Why do some people think BOI have "reintroduced" fees? They never went away.

There was criteria that if they were met allowed you to have free banking with no fees. The criteria at the time was very easy to meet so essentially a lot of BOI customers did not ever have to pay fees. But the criteria have been made tougher to meet resulting in people having to pay fees where previously they have never had to.

LifeBeginsAt40

cookie1977 wrote: »

There was criteria that if they were met allowed you to have free banking with no fees. The criteria at the time was very easy to meet so essentially a lot of BOI customers did not ever have to pay fees. But the criteria have been made tougher to meet resulting in people having to pay fees where previously they have never had to.

I make several international transactions each month from BOI to UK banks. I do not at the moment pay a fee that is visible to me. Obviously I pay a "fee" via the exchange rate, as we all do when ever we pay for items in other currencies.

Ulster Bank for example make a clear up front charge of €12.70 per international transaction. So that's not free banking either.

BOI is a business, they need to change their business model to suit the times. Just as every business does to survive.

Times change, businesses change and BOI advertised these changes as required by the banking regulations.

If you think life is better at Ulster Bank, then by all means change banks, but believe me there isn't "free" banking there either.

cookie1977

LifeBeginsAt40 wrote: »

I make several international transactions each month from BOI to UK banks. I do not at the moment pay a fee that is visible to me. Obviously I pay a "fee" via the exchange rate, as we all do when ever we pay for items in other currencies.

Ulster Bank for example make a clear up front charge of €12.70 per international transaction. So that's not free banking either.

BOI is a business, they need to change their business model to suit the times. Just as every business does to survive.

Times change, businesses change and BOI advertised these changes as required by the banking regulations.

If you think life is better at Ulster Bank, then by all means change banks, but believe me there isn't "free" banking there either.

I dont do any international transfers so I dont incur costs there. I switched to Ulster Bank in November in plenty of time before fees were introduced after switching from AIB in June to BOI, both times due to fees being introduced or changes to T&C's. I'll keep moving for free banking until all banks are charging, then I'll pick the cheapest/best which currently I think is Danske Bank but we'll see in a while. For the moment though I'd prefer none of them to take my money until I have absolutely no choice.

dahamsta

To be honest, that's about as pedantic as BOI saying they're not reintroducing fees. I believe UB are doing the same soon but as of now they still have free banking in the way most people understand it.

There's very little point in ranting about BOI changes here though, it's a monolithic organisation with the turning circle of an oil tanker. The only way to teach them a lesson is to move your accounts asap. Doing so will also lower the risk, slightly, of Ireland going back to the dark days of the AIB/BOI cartel.

LifeBeginsAt40

cookie1977 wrote: »

I dont do any international transfers so I dont incur costs there. I switched to Ulster Bank in November in plenty of time before fees were introduced after switching from AIB in June to BOI, both times due to fees being introduced or changes to T&C's. I'll keep moving for free banking until all banks are charging, then I'll pick the cheapest/best which currently I think is Danske Bank but we'll see in a while. For the moment though I'd prefer none of them to take my money until I have absolutely no choice.

Absolutely agree, it's the way you have to play the game these days. Same with utility suppliers. Websites in the UK like Uswitch and Utility Warehouse (I think) are very very popular for this exact reason.

It is a pain in the bum I agree, but it's the only way to get the best deal. Keep moving around as offers appear and disappear.

cookie1977

We've bonkers.ie over here which is useful but I prefer doing my own research (which takes longer but at least it's fully independent and fully up to date).

LifeBeginsAt40

cookie1977 wrote: »

We've bonkers.ie over here which is useful but I prefer doing my own research (which takes longer but at least it's fully independent and fully up to date).

There isn't really one bank account to suit all. I like BOI for international transactions. I liked Ulster Bank as they had Visa Debit cards ages before BOI.

You are a shining example to many of us to get off our backsides and find the best deals.