Cost of lodging a check to BOI to increase 40%

phil1nj

Just seen this in the Indo:

http://www.independent.ie/business/personal-finance/cost-of-lodging-a-cheque-to-rise-40pc-for-thousands-of-bank-of-ireland-customers-29342338.html

I currently have a cheque in my possession for 60c from An Post. Looks like it will cost me money to lodge the cheque to my BOI account after August 19th........what do I do here????

Cash it in now and only lose 28c of my 60c or wait till August 19th and give a full 50c to a struggling Gubberment and 12c extra to a struggling bank?? A moral dilemma to be sure....I want to keep my money that An Post you know, owe me but on the other hand I want to be a good citizen.

Cody Pomeray

silly, out-dated payment method. What's worse is that the State themselves are still issuing them instead of using something like EFT, 10% of all cheques are written by Government.

MadsL

http://www.independent.ie/business/personal-finance/cost-of-lodging-a-cheque-to-rise-40pc-for-thousands-of-bank-of-ireland-customers-29342338.html

Cost of lodging a cheque up 40%...where is our tough new Banking Regulator in all of this? Are banks to be allowed to raise fees over and over again?

lkionm

To be fair, I havent seen a cheque book in 10 years

LizT

Threads merged. Please use the search function.

KillerShamrock

I fail to see the problem Cheques are an antiquated form of payment that cost a fortune in processing, handling and storage not to mention fraud! The bank are just trying to discourage people from using them they are decreasing electronic charges but sure thats good news so gets a single sentence!!!!

NuckingFacker

phil1nj wrote: »

Just seen this in the Indo:

http://www.independent.ie/business/personal-finance/cost-of-lodging-a-cheque-to-rise-40pc-for-thousands-of-bank-of-ireland-customers-29342338.html

I currently have a cheque in my possession for 60c from An Post. Looks like it will cost me money to lodge the cheque to my BOI account after August 19th........what do I do here????

Cash it in now and only lose 28c of my 60c or wait till August 19th and give a full 50c to a struggling Gubberment and 12c extra to a struggling bank?? A moral dilemma to be sure....I want to keep my money that An Post you know, owe me but on the other hand I want to be a good citizen.

Lodge it now? This only comes in in August.

MadsL

Richie6904 wrote: »

I fail to see the problem Cheques are an antiquated form of payment that cost a fortune in processing, handling and storage not to mention fraud! The bank are just trying to discourage people from using them they are decreasing electronic charges but sure thats good news so gets a single sentence!!!!

Decreasing EFT charges? Any linkage?

Panthro

Cheques are so medieval at this stage lads.

MadsL

Richie6904 wrote: »

I fail to see the problem Cheques are an antiquated form of payment that cost a fortune in processing, handling and storage not to mention fraud! The bank are just trying to discourage people from using them they are decreasing electronic charges but sure thats good news so gets a single sentence!!!!

I can lodge a cheque in the US by taking a pic of it with my phone. Funds are then available instantly.

Irish banks are antiquated, not the tech.

BOI will not even accept fax instructions never mind email ones.

L1011

MadsL wrote: »

I can lodge a cheque in the US by taking a pic of it with my phone. Funds are then available instantly.

Irish banks are antiquated, not the tech.

Cheques are next to dead here, whereas they're common in the US. Why would bankrupt banks invest money in something that virtually nobody uses and there is absolutely no reason to encourage the use of?

Let them die.

As goes decreasing EFT charges, if you look at the bank for info rather than reading a newspaper preferred by older people and hence picking the cheque aspect; they're reducing from 28c to 20c. Not much, not enough of a reduction, but still. Also 28 to 0 for a year on NFC.

MadsL

Are EFTs same day in Ireland now. If not, why not?

Cody Pomeray

MadsL wrote: »

Are EFTs same day in Ireland now. If not, why not?

No, next day. And that's only because of SEPA (Thanks, EU, for bringing us into the 21st century). You'd need to have it done by 2-3pm I think, to be sure.

SEPT 23 1989

I love getting cheques

AnonoBoy

Fecking BOI - they charge you now for lodging money into your own account if you go to a teller. But their own feckin' automated machines won't let me move money from my current account to my savings account - so the only way I can do it is by going to the teller.

The pr*cks.

Oh yeah what are we talking about? Cheques?

Yeah, love getting them for loads of cash. Hate them for anything less than 100 euro.

sgarvan

MadsL wrote: »

Decreasing EFT charges? Any linkage?

http://media.boimail.com/lp/viewemail.aspx?e=18632&c=

frozenfrozen

People living on the internet may not understand this but in business cheques are still very much still in use. Just because you buy everything with a credit card doesn't mean there's no use for cheques. Try sending cash in the post too and watch how fast it "disappears"

AlekSmart

MYOB wrote: »

As goes decreasing EFT charges, if you look at the bank for info rather than reading a newspaper preferred by older people and hence picking the cheque aspect; they're reducing from 28c to 20c. Not much, not enough of a reduction, but still. Also 28 to 0 for a year on NFC.

I am quite concerned by the "For a Year" aspect of the NFC element.

I believe that NFC use should be FREE in perpetuity,as it is strongly being pused as THE cashless method of transacting small value business....The BoI's wording on this strongly suggests to me that they are waiting in the long grass to see how NFC takes off before swooping on users.

Personally,I believe that the State should be empowering An Post to re-launch a broad spectrum of personal banking at a low fixed cost or totally free.

I have absolutely NO faith in the current Irish Banking system not to behave in an underhand manner.

enigmatical

MadsL wrote: »

I can lodge a cheque in the US by taking a pic of it with my phone. Funds are then available instantly.

Irish banks are antiquated, not the tech.

BOI will not even accept fax instructions never mind email ones.

it

Irish and EU banks in general are phasing cheques out entirely. They're far from antiquated.


The US banks also invested loads of money into signature capture pads for credit card terminals while European banks all moved to chip and pin.


I wouldn't really think the US banks are all that wonderful in my experience of them. services aren't anything amazing.

Interbank transfers in Europe are far, far more straightforward for example.


Bank of Ireland fees are ridiculous though on electronic transactions. so are AIB.

we are being gouged and pushed towards a cash economy by these institutions.

20c per tx is too much.

WindSock

Ur such a H8R BOI

Tazz T

If cheques are a dead form of payment and the government want to discourage their use, why is the only way you can pay for a driving licence application by cheque?

Gone Drinking

frozenfrozen wrote: »

People living on the internet may not understand this but in business cheques are still very much still in use. Just because you buy everything with a credit card doesn't mean there's no use for cheques. Try sending cash in the post too and watch how fast it "disappears"

^ This.

To everyone else they might seem a dead form of payment, but they're still massively used by businesses.

enigmatical

I don't really understand the rush to get rid of them myself.

Most EU countries seem to not use them at all, but cheques are still very common in Ireland, Britain, France and North America.

I can understand getting rid of them in retail, and to be fair, you can hardly use a cheque in Ireland to pay in a shop anymore, not very many of them will take one since the Cheque Guarantee Card system was shut down years ago and it makes more sense to pay by chip and PIN.

However, for one-off payments to say a painter or something, it still makes sense. Otherwise, you'd have to take the painter's bank details and do an online payment which is a bit more cumbersome than just filling in a bit of paper and handing it to him.

Businesses could probably make a lot more of their payments by electronic funds transfer and debit card. I know when I was operating my own business, we never really used cheques at all.

We'd a company card and most suppliers were happy to be paid by online banking. It actually made record keeping much easier than fiddling with cheques.

However, I can see where a company that has to say process a load of refunds or something or send out small payments to a large number of people on a random basis might prefer printed cheques. Otherwise, you'd have to gather payment details for everyone.

I also think there's a fundamental flaw with the whole system. You should have a 'paying in number' which is only useful for making payment to your bank account and then a regular number for actually using your bank account.

That way, you'd never have your bank account number exposed to anything dodgy.

So, on the end of the invoice you should be able to just put something like

Please pay to : IEPX 1234 5678 1234 1235 and maybe be able to include another few digits as a reference number.

So, for invoice 1234567

doing online banking transfer to say : IEPX 1234 5678 1234 1234 1234567 would automatically pay it.

As it stands, I think they're trying to kill off cheques without providing an adequate alternative. It's just going to push business over to Google Wallet and PayPal type services.

I'm getting a bit sick of European originated reports about how we should stop using cheques because they don't use them in Sweden or whatever. Until they provide an better alternative, I don't see why we should be changing something just to cut down paperwork for the lazy banks who just want to ensure they've enough money to keep their CEOs in champagne.

This notion of electronic = good / paper = bad is not always true. It's just handy if you're the organisation that processes the paper and no longer want to pay for the costs of doing that.