Current Account Fees

dmca77

After 19 years as a Bank Of Ireland customer since I left school.
I recieved a bill of nearly €36 of transactions yesterday.
I will not keep €3000 in my current account so BOI can feed of me when other companies our crying out for business!

I was on the phone for nearly an hour with Ulster Bank and I have gave all my details for Current, Savings and Master card to be switched with no charges.

I contacted my holding branch to inform them and not even as much as a thank you for your business Sir.

Another lost customer for Bank Of Ireland and soon to be followed by my Wife!

Dmca

hughowen

dmca77 wrote: »

After 19 years as a Bank Of Ireland customer since I left school.
I recieved a bill of nearly €36 of transactions yesterday.
I will not keep €3000 in my current account so BOI can feed of me when other companies our crying out for business!

I was on the phone for nearly an hour with Ulster Bank and I have gave all my details for Current, Savings and Master card to be switched with no charges.

I contacted my holding branch to inform them and not even as much as a thank you for your business Sir.

Another lost customer for Bank Of Ireland and soon to be followed by my Wife!

Dmca

Well done, similar story to you double the charges though and closing the account...

Bank of Ireland: Tara

Hi dmca77,

Thanks for taking the time to post.

We're sorry to hear you have decided to close your accounts with us. If you would like us to arrange a call for you from your branch to discuss your concerns further, please pm us your name, phone number and branch name.

If we can ever do anything for you in the future, please let us know.

Thanks,
Tara

DerryRed

dmca77 wrote: »

After 19 years as a Bank Of Ireland customer since I left school.
I recieved a bill of nearly €36 of transactions yesterday.
I will not keep €3000 in my current account so BOI can feed of me when other companies our crying out for business!

I was on the phone for nearly an hour with Ulster Bank and I have gave all my details for Current, Savings and Master card to be switched with no charges.

I contacted my holding branch to inform them and not even as much as a thank you for your business Sir.

Another lost customer for Bank Of Ireland and soon to be followed by my Wife!

Dmca

Apparently Ulster Bank are bringing in the same charges later in the year.  Only reason they haven't to date is due to the negative publicity they had last year from their broken IT systems.  They decided to hold off until the dust settled.  Personally I'm looking at moving my banking to the Credit Union to avoid these charges.

Philipblue12

After arriving home from work tonight I've just discovered I'm now going to charged 64 euro for ATM/laser transactions for the period nov to feb, I must of been on cloud nine because I've never heard of any changes made to account fees. I'm fuming, how dare you charge me that without notifying me of the changes. I was still at the belief that 3 online transactions or and a minimum balance of 3k exempt you from them. How on earth can a business operate like so and more importantly I'm going to struggle to cope that week when the fee is applied. Like the previous person has stated i too have been a been a loyal customer since 1998 and to be treated like that is tge final straw.

badgerbroc11

Philipblue12 wrote: »

How on earth can a business operate like so

You are spot on. The banks 'business model' has been fundamentally flawed for years. They offered current accounts as loss leaders to get victims inside the door - then miss-sold pensions and life assurance which earned them massive fees. Lured people into unsustainable mortgages by promoting their affordability as a result of the low interest rate brought about by the euro.

It costs the banks millions in technology and many people are employed in the provision of payment services. These costs have to be recouped. The problem is that banks are now trying to make money from these services and overcharging.

The unsustainable business model bankrupted the nation and went unchecked by the central bank. Fees are a necessary evil but the regulators need to do their job and protect us.

Let's say you decided to operate without a bank account and get your employer to pay you with cash instead of eft or cheque.

To pay your bills, electricity, heating, gas, phone, mortgage etc, you will have to buy an envelope and stamp, write a brief note, go to the post office, post the letter and hope it gets to where it needs to because if not, your out of pocket. How much time would this take and how do you value your time and also that of the people manually processing the transaction on the other side. You will also be more at risk of theft because the criminal will know that there is cash in your home.

Alternatively the utility company's could start sending people back out collecting again. How much more would our bills be if this were the case.

There's no such thing as a free lunch and when you do get one you should consider the motivation.

Tow

Worked fine for the Minister of Finance...

Bank of Ireland: Tara

Hi Philipblue12,
 
Thanks for posting.

The previous criteria for our No Transaction Fees offer was to;

a) Have €3000 being paid through your account and to make 9 debit payments from your account using 365 phone or online banking within the fee quarter. This option is no longer available.
b) Maintain a credit balance of €3000 throughout the fee quarter which is now the only criteria for this offer.

The option of making 3 debit payments on 365 hasn't been in place for a number of years.

If you have maintained the €3000 credit balance on your account throughout the full fee quarter you should not be charged current account fees and we would suggest contacting your branch to have this looked into. Contact details for your branch can be found here.

We had notified customers of the change through a number of channels. The social media channels; boards.ie, twitter and Facebook. We also placed a notice through two national newspapers, on the Bank of Ireland group website and through a message on all personal current account statements issued to customers since the 19th of November 2012.

We will pass on all feedback received here to our Consumer Banking Team.

Thanks,
Tara

Philipblue12

Bank of Ireland: Tara wrote: »

Hi Philipblue12,
 
Thanks for posting.

The previous criteria for our No Transaction Fees offer was to;

a) Have €3000 being paid through your account and to make 9 debit payments from your account using 365 phone or online banking within the fee quarter. This option is no longer available.
b) Maintain a credit balance of €3000 throughout the fee quarter which is now the only criteria for this offer.

The option of making 3 debit payments on 365 hasn't been in place for a number of years.

If you have maintained the €3000 credit balance on your account throughout the full fee quarter you should not be charged current account fees and we would suggest contacting your branch to have this looked into. Contact details for your branch can be found here.

We had notified customers of the change through a number of channels. The social media channels; boards.ie, twitter and Facebook. We also placed a notice through two national newspapers, on the Bank of Ireland group website and through a message on all personal current account statements issued to customers since the 19th of November 2012.

We will pass on all feedback received here to our Consumer Banking Team.

Thanks,
Tara

Sorry my mistake I stand corrected it was 9 online transactions. I'm sorry but that is not an acceptable customer awareness campaign. Where was it written on the back page was it highlighted? No seriously after contacting 365 I'm apparently not the only idiot who didn't spot this declaration. Can you answer me why you didn't just write to actuall customers? Because clearly it wasn't a success or is that the point. Did you factor in a percentage of your customer base not being aware and hence raising funds. A supermarket etc engage in this kind of notification because they can't specially identify there customers. You on the other hand can! You can also pass on to consumer banking team that they have one less customer to be concerned about in future ad campaings and also my partner and friends will be shortly following suit. may not be a mass exodus but at least it's a start.

Bank of Ireland: Tara

Hi Philipblue12,

We're sorry to hear we will be losing your business. A decision was made that the previously mentioned methods was how we would be communicating this to customers. Your feedback and suggestion of sending this type of notification in a letter is very much appreciated and I have passed it on to the team.

The message on the statements is on the front page.

Thanks,
Tara

Tails142

Regardless of the notification, the fees are very high at 28c per transaction, i.e. per use of visa debit card.

I know about signing up to the flat fee which works out about 12 cent for the first 90 transactions, but tell me this, why isn't the flat fee option automatically given to customers who will make a saving from it instead of having to phone up and opt in?

jackdarabbit

If i Keep over €3000 will i avoid all transaction fees ,also could you please give me a break down of how I was charge €34 , what is it per transaction ( is it 28c as stated above if so that's outrageous quite frankly ). Also if i go into the branch will i be charged for withdrawing money aswell . Your customer service is terrible one of your branches rarely opens on time and why are  quick lodgement machines outside the buildings like atm machines it would mean i wouldn't have to waste my lunch queing to lodge a cheque .

Philipblue12

jackdarabbit wrote: »

If i Keep over €3000 will i avoid all transaction fees ,also could you please give me a break down of how I was charge €34 , what is it per transaction ( is it 28c as stated above if so that's outrageous quite frankly ). Also if i go into the branch will i be charged for withdrawing money aswell . Your customer service is terrible one of your branches rarely opens on time and why are  quick lodgement machines outside the buildings like atm machines it would mean i wouldn't have to waste my lunch queing to lodge a cheque .

There is only lodgements through cash machines in the hall now. You cannot make cash lodgements at the counter so the bank is increasing their turnover due to cutting back on manpower and charging you for the privilege. Scam possibly scamola. Just leave the bank, I was looking at tsb website and they do all the work for you. Couldn't be easier:-)

Philipblue12

DerryRed wrote: »

Apparently Ulster Bank are bringing in the same charges later in the year.  Only reason they haven't to date is due to the negative publicity they had last year from their broken IT systems.  They decided to hold off until the dust settled.  Personally I'm looking at moving my banking to the Credit Union to avoid these charges.

Haven't looked into ulster bank but at least they compensate for any incompetence. Reckon they're a better bank than boi also my friend reckons they're great to deal with. :-)

Philipblue12

Bank of Ireland: Tara wrote: »

Hi Philipblue12,

We're sorry to hear we will be losing your business. A decision was made that the previously mentioned methods was how we would be communicating this to customers. Your feedback and suggestion of sending this type of notification in a letter is very much appreciated and I have passed it on to the team.

The message on the statements is on the front page.

Thanks,
Tara

Hi Tara,

No there's no need to apologise sometimes things happen for a reason. I've been threatening to change banks for a while and nows the push. But your right social media is great in the way we can spread our disappointment and unpleasant experiences as customers unlike before.

Thanks

Bank of Ireland: Tara

Hi Tails142,

Thanks for posting.

At account opening the two fee options would be explained to the customer and they would select which one they feel would most suit their account usage. Account usage can vary from customer to customer and quarter to quarter and as we cannot predict the level of usage a customer may have in an upcoming quarter we cannot select a fee category for them.

Thanks
Tara

Bank of Ireland: Tara

Hi jackdarabbit,

Thanks for getting in touch.

If you maintain a credit balance of €3000 throughout the full fee quarter, your account would qualify for the offer. To find out which fee category you are on and to get a breakdown of the fees due, please call Banking365 or your branch. All movements of money in or out of your account are transactions and the 28c transaction fee is applicable to all types of transactions. There should also be a breakdown on the fee notification you received.

We have a thread on our external Lodgement ATMs which you may find helpful. We have external Lodgement ATMs at Stillorgan Shopping Centre and Walkinstown in Dublin and Kiltimagh in Co Mayo.

Thanks
Tara

Hellrazer

Hi there BOI.

As a BOI customer since my very first job 20 years ago to say Im pissed with these fees is an understatement.

Ive just received a bill today for 61 euros worth of fees.

This is an absolute disgrace.

You are actually charging me to deposit money into my account ie my wages!!!!!

You are charging me to pay a BOI loan by standing order!!!!!

28 cent per atm transaction??28 cent per direct debit?

Disgraceful.Absolutely disgraceful.

This time tomorrow I will no longer be a BOI customer unless something is done about these extortionate fees by close of business tomorrow as Im taking my 20 years of business elsewhere and BOI can go and **** themselves.I dont care if this other Bank decides to introduce fees in the future.My account will be emptied by tomorrow evening / Friday morning and the 61 euros worth of fees will never be paid as you cant take it out of an empty account.

Goodbye.

DerryRed

Hellrazer wrote: »

Hi there BOI.

As a BOI customer since my very first job 20 years ago to say Im pissed with these fees is an understatement.

Ive just received a bill today for 61 euros worth of fees.

This is an absolute disgrace.

You are actually charging me to deposit money into my account ie my wages!!!!!

You are charging me to pay a BOI loan by standing order!!!!!

28 cent per atm transaction??28 cent per direct debit?

Disgraceful.Absolutely disgraceful.

This time tomorrow I will no longer be a BOI customer unless something is done about these extortionate fees by close of business tomorrow as Im taking my 20 years of business elsewhere and BOI can go and **** themselves.I dont care if this other Bank decides to introduce fees in the future.My account will be emptied by tomorrow evening / Friday morning and the 61 euros worth of fees will never be paid as you cant take it out of an empty account.

Goodbye.

Well said Hellrazer.  

As a customer of 14 years I'm following suit.  These charges and the way they were introduced is the final straw for me.  I've been on the phone to Permanent TSB this afternoon and I'll be taking my business there as soon as possible.

Please note however it says on the Permanent TSB site that 

"Any interest or fees or charges due on your "old account" will be applied prior to it being closed".

Therefore it's going to be quite difficult to avoid paying what is owed.  At least you will not be hit again with a similar charge in 3 months from now.

Hellrazer

DerryRed wrote: »

"Any interest or fees or charges due on your "old account" will be applied prior to it being closed".

Thats only if the TSB close the account for you.Same as Ulster Bank.

If I empty the account tomorrow and I do the switching myself Im sure they cant get those fees if theres no funds in the account to cover them.Fees arent payable until March 22nd.

DerryRed

Hellrazer wrote: »

Thats only if the TSB close the account for you.Same as Ulster Bank.

If I empty the account tomorrow and I do the switching myself Im sure they cant get those fees if theres no funds in the account to cover them.Fees arent payable until March 22nd.

I'm not sure.  There's probably some clause that says you can't close an account with any bank until all charges are paid.  

What will probably happen if you empty the account and don't close it, is that they will take the charges out leaving the account overdrawn and then start charging you interest.  I'd say they would then chase you for this until it is settled, including the interest, which ultimately could end up in a Court summons.

I'm assuming this is what will happen, but I'm not an expert, so probably best to do some research or get expert advice before proceeding this way.

Philipblue12

DerryRed wrote: »

I'm not sure.  There's probably some clause that says you can't close an account with any bank until all charges are paid.  

What will probably happen if you empty the account and don't close it, is that they will take the charges out leaving the account overdrawn and then start charging you interest.  I'd say they would then chase you for this until it is settled, including the interest, which ultimately could end up in a Court summons.

I'm assuming this is what will happen, but I'm not an expert, so probably best to do some research or get expert advice before proceeding this way.

Why dont you post on boi facebook profile that your leaving or maybe update your twitter account that your leaving and not paying your fees apparently its an acceptable form of communication according to boi. You can then also dislike they products and status updates. The future of banking will done via twitter and facebook lol

terenurebob

Bank of Ireland: Tara wrote: »

If you maintain a credit balance of €3000 throughout the full fee quarter

What does this mean? Does this mean that everyday at close of business, I have to have €3000 in my account?

Philipblue12

terenurebob wrote: »

What does this mean? Does this mean that everyday at close of business, I have to have €3000 in my account?

Yep. Ring Tsb I was talking to very helpful guy yesterday. Once 3k goes through your account whether it be wages or lodgements and you make 18 laser/visa transactions you qualify for free banking. No brainer, your being fleeced by boi make the switch

Bank of Ireland: Billy

terenurebob wrote: »

What does this mean? Does this mean that everyday at close of business, I have to have €3000 in my account?

Hi terenurebob,

Thanks for posting. 

As Tara mentioned, to qualify for the Free Transaction Offer, you would need to have a minimum balance of €3,000 in your account at all times for the full fee quarter. 

Thanks

Billy

hughowen

Bank of Ireland: Billy wrote: »

Hi terenurebob,

Thanks for posting. 

As Tara mentioned, to qualify for the Free Transaction Offer, you would need to have a minimum balance of €3,000 in your account at all times for the full fee quarter. 

Thanks

Billy

Complain via the financial ombudsman 
   http://financialombudsman.ie/making-a-complaint/FSOB-Complaint-Form2011.pdf     
and if enough people complain then we will have to be refunded the money that they are going to 'steal' from us. 
Steal is a strong word but in my opinion that is what is happening. 

I am not giving them permission to take money from my account and if there is nothing in it then they will charge overdraft fees, late payment fees, court costs, solicitor fees, etc., and that's not even including the stress and upset it all causes and before we know it they will think they are owed hundreds if not thousands from each customer and be able to pay big fat bonuses to their people again.

Philipblue12

Bank of Ireland: Billy wrote: »

Hi terenurebob,

Thanks for posting. 

As Tara mentioned, to qualify for the Free Transaction Offer, you would need to have a minimum balance of €3,000 in your account at all times for the full fee quarter. 

Thanks

Billy

Lol if you could afford to have 3k in your Current account for a full quarter you probably wouldn't be that concerned with banking fees.

Bank of Ireland also do stand up

david.carroll5

Got charged 26 euros too for fees! I never knew anything about the changing of 9 online transactions for free banking. Sly one BOI! My girlfriend knew nothing about these either. I know you said about advertising in some social circles like twitter and facebook but I don't think any of my friends or I follow BOI on these!!! Could you not send letters?! Feckin Joke! Should have given customers the default flat fee option but I guess was an opportunity to get some easy money off loyal customers! Also now by time I got the letter I can't sign up for the flat fee until the next quarter which is in May. Joke! Moving bank.

Bank of Ireland: Linda

Hi David,

We understand customers frustrations and all feedback will be passed on to our Consumer Banking department. The amendment to the No Transaction Fee option has been notified to customers through a number of channels:

• A press notice in the Current Accounts section of our website.
• Adverts in two national newspapers on 19/09/2012.
• In branch signage.
• On all Personal Current Account statements since November.
• Through our social media channels, boards.ie, Facebook and Twitter.

We also would not change customers to a particular category as account usage can change from customer to customer, quarter to quarter.

If you wish to amend your fee category, please call your branch or Banking 365 on 0818 365 365 directly.

Thank you
Linda

coylemj

Hi BOI, I see from the new schedule of fees that the last period for fees ended on Feb 15th and the charges will be applied to current accounts on March 22nd. Can you tell me when account holders will be notified of the charge to be applied - assuming we'll be told a week or so before the money is taken from the account?

Don't want a sudden surprise. I'm on 365online and have signed up for eStatements. I just downloaded an eStatement which covers the three months up to March 4th (yesterday) but there's no mention of charges.

I thought it might be mentioned in a footnote on the eStatement that xxxx was going to be deducted for fees on March 22nd given that the fees period ended about three weeks ago so the amount should have been calculated at this stage.

When will I know what my fees will be?

Bank of Ireland: Tara

hi coylemj,

Thanks for posting.

A fee notification will only be posted if you are on the Pay as You Go option and the fees are above €12.70. If you call your branch a representative will be more than happy to check this for you.  Contact details for your branch can be found here. Fee notifications are not sent with eStatements.

Thanks
Tara

NapoleonInRags

Bank of Ireland are total scumbags the way they've handled this - they probably know it and more probably don;t give a toss

molard

NapoleonInRags wrote: »

Bank of Ireland are total scumbags the way they've handled this - they probably know it and more probably don;t give a toss

surely all customers should have received a letter about these fees.is it not a legal requirment to do so.

bribren2001

What is the logic or justification in transaction fees for people with less than €3000 in there account?

Why not have it for people with more than say €50000 in there account. 

A absolute disgrace.

ardmacha

bribren2001 wrote: »

What is the logic or justification in transaction fees for people with less than €3000 in there account?

Why not have it for people with more than say €50000 in there account. 

A absolute disgrace.

It isn't rocket science. Accounts cost money to operate. If there is a larger sum in the account then the notional interest, even at a time of low interest rates, covers the cost of operating the account. 

That is not saying that the fee structure is ideal.

faolteam

Tara this is very misleading information here , to have a balance of 3000 euro would mean you would have to have at least 4000 euro and more allowing for payments and direct debits ,
So i really hope Bank of Ireland learn to remember that they should at least try to hang on to there customers instead of running them out of the bank ,

Ps : for the record i was with the Bank of Ireland for 30 years not as much as Good bye, and thanks for your Business, and before you say it NO i dont want a phone call now, the Damage is Done ....

Bank of Ireland: Tara wrote: »

Hi Philipblue12,
 
Thanks for posting.

The previous criteria for our No Transaction Fees offer was to;

a) Have €3000 being paid through your account and to make 9 debit payments from your account using 365 phone or online banking within the fee quarter. This option is no longer available.
b) Maintain a credit balance of €3000 throughout the fee quarter which is now the only criteria for this offer.

The option of making 3 debit payments on 365 hasn't been in place for a number of years.

If you have maintained the €3000 credit balance on your account throughout the full fee quarter you should not be charged current account fees and we would suggest contacting your branch to have this looked into. Contact details for your branch can be found here.

We had notified customers of the change through a number of channels. The social media channels; boards.ie, twitter and Facebook. We also placed a notice through two national newspapers, on the Bank of Ireland group website and through a message on all personal current account statements issued to customers since the 19th of November 2012.

We will pass on all feedback received here to our Consumer Banking Team.

Thanks,
Tara

brownemar

I have received notification of €46 bank charges today. I was completely unaware that the criteria had changed. I'm so disgusted that as a customer I received no notification of this and wasn't given the option of the flat fee.  I will certainly be closing my account after 30 years. Outrageous that they can operate in this manner. €46 per quarter is the equivalent of nearly €200 over the year and we give out about the property tax??

faolteam

Not even a Reply Typical

gabbo is coming

Philipblue12 wrote: »

Yep. Ring Tsb I was talking to very helpful guy yesterday. Once 3k goes through your account whether it be wages or lodgements and you make 18 laser/visa transactions you qualify for free banking. No brainer, your being fleeced by boi make the switch

I'm moving too. Credit card and current account. Ulster says yes!

BoI customer since my first day in Trinity College 21 years ago. Great staff but won't be fleeced.

Bank of Ireland: Tara

Hi Everyone,

Thanks for your comments and feedback, as always it is all passed on to our Consumer Banking Team.

Hi Faolteam,

Apologies if you were expecting a response from us however, you had not asked us any direct questions and had specified that you did not want a phone call. There was also nothing further to add to our previous comments.

Thanks
Tara

Ivan.Drago

I personally received a letter informing me that my account was moving to the transaction fee structure and I have proceeded to limit my transactions since then. My brother on the other hand got no letter in this regard and received a bill for transaction fees in the interim. Why am I informed by letter, but not him? He was under the impression that he was still on free banking given that he received no personal notification. In order to be legally compliant, should you not be informing your customers DIRECTLY (ie. personally addressed letter), that they will be incurring fees?

Thank you

Steve

Bank of Ireland: Billy

Hi Steve,

Thanks for posting.

We do not have access to account details at this department. We will pass your feedback regarding informing customers via letter to our Consumer Banking Team.

If you call your branch, they can advise why you received the letter.

A full list of branch contact numbers can be found here

We are legally compliant in terms of how we advised customers about the changes to the criteria for the Free Transaction Offer. We done this through:

• A press notice in the Current Accounts section of our website.
• Adverts in two national newspapers on 19/09/2012.
• In branch signage.
• On all Personal Current Account statements since November.
• Through our social media channels, boards.ie, Facebook and Twitter.

We will pass your feedback regarding informing customers via letter, to our Consumer Banking Team.

Thanks

Billy

daheff

Bank of Ireland: Tara wrote: »

Hi Tails142,

Thanks for posting.

At account opening the two fee options would be explained to the customer and they would select which one they feel would most suit their account usage. Account usage can vary from customer to customer and quarter to quarter and as we cannot predict the level of usage a customer may have in an upcoming quarter we cannot select a fee category for them.

Thanks
Tara

Just on this Tara, Leap cards are now smart enough to work out what is more cost effective for travelling public over a 7 day period...surely a similar system could be used by BOI? Or even if BOI charged the first X number of transactions at 10c each and after the fee hit a predefined level (within the quarter) the charge increased (because lets face it, the charges are designed so that the BANK is the beneficiary of more transactions, not the customer)?

Bank of Ireland: Pat

Hi daheff,

Thanks for your input. I'll be forwarding on your feedback to our Consumer Banking team for consideration when making any future changes to the pricing structure.

Thanks
Pat

Philipblue12

I rang my branch (o'connell str) twice around two weeks ago and specifically requested a phone call. Still haven't heard a word? Not much customer service if you ask me.

joetoad

Another customer lost, my wife, a lot of friends have allready moved. No letter anything about it

Bank of Ireland: Pat

Hi Phillipblue12,

Apologies if you didn't receive the call-back that you were expecting. If you would like to send us a PM with your name, contact number, the name of your branch and the details of your query and we can forward them on to your branch.  

If there's anything else we can help you with, please let us know.

Thanks
Pat

Bank of Ireland: Pat

Hi joetoad,

We're sorry to hear we'll be losing your wife's business. If your wife would like to contact her branch they'd be happy to discuss the matter. If there's anything we can do for you here, please let us know.

Thanks
Pat

joetoad

Bank of Ireland: Pat wrote: »

Hi joetoad,

We're sorry to hear we'll be losing your wife's business. If your wife would like to contact her branch they'd be happy to discuss the matter. If there's anything we can do for you here, please let us know.

Thanks
Pat

Nope nothing, until the bank of Ireland cop on to themselves, absolutely ridiculous behavior.