Why no minimum balance option for free banking?

ajhanon

I am very disappointed that BoI have decided to remove the 'minimum balance' option for free banking.
It would have been much more reasonable to increase the minimum from 1500 to say 2500 or whatever because the interest bearing alternatives you offer are really not viable.
All your online savings options are locked down for various periods of time and lots of restrictions on deposits and withdrawals. Instead of making the banking experience easier you are making it more restrictive.
I've been a loyal BoI customer for 25 years but I'm afraid I'm nearing the end of the road with this latest charging system. Is it too much to ask for an online instant access savings account with no restrictions on deposits and withdrawals?

Bank of Ireland: Tara

Hi ajhanon,

Thanks for getting in touch.

Our No Transaction Fees offer is still available on the Personal Current Account and you can find more information here.

There is more information on the instant access deposit accounts we currently offer here. If you would like to discuss any of the account types in details our Financial Advice Centre can be contacted on 1890 623 456.

Thanks
Tara

ajhanon

Bank of Ireland: Tara wrote: »

Hi ajhanon,

Thanks for getting in touch.

Our No Transaction Fees offer is still available on the Personal Current Account and you can find more information here.

There is more information on the instant access deposit accounts we currently offer here. If you would like to discuss any of the account types in details our Financial Advice Centre can be contacted on 1890 623 456.

Thanks
Tara

Hi Tara,
Thank you and my most humble apologies to BoI. 
I read your notice online and obviously did not do so fully. 
I shall say "sorry BoI" 100 times before I go to bed :-)

bidiots

ajhanon wrote: »

Hi Tara,
Thank you and my most humble apologies to BoI. 
I read your notice online and obviously did not do so fully.
I shall say "sorry BoI" 100 times before I go to bed :-)

You will still get charged a maintenance fee, plus the cost of the interest you lose on the 3k required for the so called free banking option...

rubberdungeon

[font=Arial, Helvetica, Verdana, sans-serif][font=Verdana, Arial, Helvetica, sans-serif]http://personalbanking.bankofireland.com/bank/current-accounts/standard-current-account/[/font][/font]


[font=Arial, Helvetica, Verdana, sans-serif]4. €5 quarterly maintenance fee
We’re introducing a €5 quarterly maintenance fee enabling us to continue offering you the best banking experience we can with our suite of quality and innovative services. [/font]
[font=Arial, Helvetica, Verdana, sans-serif]If you don't use your current account: If you haven't used your account, we won't charge you the maintenance fee until the fee quarter that starts in February 2014. That gives you time to review the use of your account. Simply contact your branch if you want to close or reactivate your account and we'll take you through what you need to do. Accounts that have not been reactivated may be automatically closed from 17th February 2014.[/font]
[font=Arial, Helvetica, Verdana, sans-serif]How this affects our 'No Transaction Fees' Offer: If you're keeping a minimum balance of €3,000 in your account for the full fee quarter, to qualify for our No Transaction Fees offer, you will still have to pay the €5 quarterly maintenance fee. Please note that we don't pay credit interest on your current account balance and you may be missing out on potential interest by maintaining a balance of €3,000 in your current account.[/font]
[font=Arial, Helvetica, Verdana, sans-serif]5. Personal Chequebook charge[/font]
[font=Arial, Helvetica, Verdana, sans-serif]We're introducing a new chequebook issuing charge of 20c per cheque. This means that, for a chequebook of 25 cheques we will charge you a €5 issuing charge which will be debited from your account when we issue your chequebook.This charge is in addition to Government Stamp Duty and the applicable transaction fee for cheques. The charge does not apply to 2nd Level or Golden Years accounts.[/font]

Rory1

Bank of Ireland: Tara wrote: »

Hi ajhanon,

Thanks for getting in touch.

Our No Transaction Fees offer is still available on the Personal Current Account and you can find more information here.

There is more information on the instant access deposit accounts we currently offer here. If you would like to discuss any of the account types in details our Financial Advice Centre can be contacted on 1890 623 456.

Thanks

Tara - that is wrong. You are charging EUR5 a quarter.

wmpdd3

"Our No Transaction Fees offer is still available on the Personal Current Account and you can find more information here."


Is this true?


Is there an account available where you will not be charged for credits and sebits and card transactions? 


Why is this not being advertised, when did things change? 

Bank of Ireland: Tara

Hi All,

Just to clarify, customers who meet the criteria for our No Transaction Fees offer (please see below) will not be charged the quarterly account transaction
fees on their standard personal current account for that quarter.

The €5 maintenance fee that will come into effect in August is not a transaction fee so would be charged to all Personal Current Account holders. 

Customers who hold a Golden Years Account,2nd/3rd level Student Account or Graduate Account are not charged transaction fees or the quarterly maintenance fee.

I have copied in the details below from the link I provided originally.


No Transaction Fees Offer

Our NO TRANSACTION FEES OFFER means customers who meet certain qualifying criteria are not charged the quarterly account transaction fees on their standard personal current account for the following:

Withdrawals.
Lodgements.
Direct debits and standing orders
Debit card transactions and cash-back (charges may apply to debit card transactions when made abroad - please refer to the schedule of fees and charges)
Processing cheques

To qualify for this offer in the fee quarter you must:

Maintain a minimum credit balance of €3,000 in your personal current account throughout the full fee quarter. 

Please refer to our schedule of fees and charges for specific dates of our fee quarters.

Lodgements received and payments made after cut off times or anytime on a non-banking day (i.e. Saturday, Sunday or bank/public holiday) may not be reflected in your account until the following working day. There are different cut off times for different transactions. Please contact your branch for details. Our no transaction fees offer is based upon the overnight balance that appears on your regular statement. There may be a difference between this balance and other sources of balance information available, such as ATM, online, phone, or branch printed statements.

Hope this helps to clarify things but if anyone should have any further questions, please feel free to ask.

Tara

ajhanon

Bank of Ireland: Tara wrote: »

Hi All,

Just to clarify, customers who meet the criteria for our No Transaction Fees offer (please see below) will not be charged the quarterly account transaction
fees on their standard personal current account for that quarter.

The €5 maintenance fee that will come into effect in August is not a transaction fee so would be charged to all Personal Current Account holders. 

Customers who hold a Golden Years Account,2nd/3rd level Student Account or Graduate Account are not charged transaction fees or the quarterly maintenance fee.

I have copied in the details below from the link I provided originally.


No Transaction Fees Offer

Our NO TRANSACTION FEES OFFER means customers who meet certain qualifying criteria are not charged the quarterly account transaction fees on their standard personal current account for the following:

Withdrawals.
Lodgements.
Direct debits and standing orders
Debit card transactions and cash-back (charges may apply to debit card transactions when made abroad - please refer to the schedule of fees and charges)
Processing cheques

To qualify for this offer in the fee quarter you must:

Maintain a minimum credit balance of €3,000 in your personal current account throughout the full fee quarter. 

Please refer to our schedule of fees and charges for specific dates of our fee quarters.

Lodgements received and payments made after cut off times or anytime on a non-banking day (i.e. Saturday, Sunday or bank/public holiday) may not be reflected in your account until the following working day. There are different cut off times for different transactions. Please contact your branch for details. Our no transaction fees offer is based upon the overnight balance that appears on your regular statement. There may be a difference between this balance and other sources of balance information available, such as ATM, online, phone, or branch printed statements.

Hope this helps to clarify things but if anyone should have any further questions, please feel free to ask.

Tara

Maybe BoI should enter politics Tara. 
In the world I inhabit free banking means free, gratis, zip, nada NOT a "maintenance fee". 
This so-called "free banking" borders on subterfuge and I'd love to know what exactly a maintenance fee is designed to cover. 
You are already receiving the use of 3k for "free" which even at the current low interest rates will return BoI a sum far in excess of €20 per annum.

Thank you to all those who helped point out this misleading BoI sleight of hand. 
I, (naively), had expected better. 

AJH