Fees Clarification

andynolan

Am i correct in saying the following:
 If you keep a minimum balance of 3000 the there will be no banking fees but there will still be a quarterly fee of 5euro regardles of balance?

Bank of Ireland: Alison

 
Hi andynolan
 
Thank you for contacting us on Boards.
 
You are correct, there is a maintenance quarterly fee of E5.00
 
This is a separate charge to the quarterly transaction fees which do allow customers free transaction banking when they hold their current account in credit of E3000.00 or above.
 
If you would like more information on this please see here
 
Thanks again for your post. If we can help you further, please do ask.
 

Alison

andynolan

Thanks for your reply. AIB have a similar balance requirement for a credit balance that gives you transaction free banking. However with AIB this balance means you are exempt from their maintainance fee also. Whereas bank of ireland still charges this 5 euro fee per quarter. Which is 20 euro per Annum. What justifications can you give to still apply this quarterly fee when a direct competitor does not charge this fee (if a specific credit balance is kept).

Bank of Ireland: Alison

Hi andynolan
 
We can certainly pass your feedback to the relevant department. Unfortunately, we would not be in a position to comment on competitors banking charges.
 
If I may mention, although we have introduced a maintenance fee, we have revised the cost of our transaction fees. We now differentiate between self service/automated transactions and staff assisted transactions.
 
We do appreciate you have taken the time to use the link we provided in our previous post.
 
Thanks

Alison

andynolan

Thank you for your reply - yes i see that they have been revised. My main point is that for someone with the required credit balance, then these fees hold no relevance anyway. However they will still be charged a quarterly fee. I understand you cannot comment on competitors bandking charges  but AIB's information regarding transactions are freely available on AIB.ie - I have compared both and there are several differences in my opinion that favour a customer banking with AIB. I also spoke with a rep to ensure I had not made a mistake. I have sent a direct email to Bank of Ireland requesting justification on still applying this charge when a direct competitor does not.

Bank of Ireland: Alison

Hi andynolan
 
We have a previous post here on Boards you may find the response in this post relevant to your query to us.
 
I hope this helps in understanding the maintenance charge.
 
Thanks
Alison

 

andynolan

 

Bank of Ireland: Alison wrote: »

Hi andynolan
 
We have a previous post here on Boards you may find the response in this post relevant to your query to us.
 
I hope this helps in understanding the maintenance charge.
 
Thanks
Alison

 

Thanks for the reply. I did not question what the "maintanaince" element was to which this directed me to a thread explaining this element. I already fully understood it. I was simply stating that you are charging 5e per qtr for your infrastructure maintainance costs, whereas your largest competitor which im sure has a similar framework does not charge it if you have a minimum credit balance. On paper, it would make sense for someone with the requisite credit balance (that allows transaction free banking for fees) to be with a bank that genuinely has "Every Fee Free" banking...such as what AIB is currently offering and BOI is not.

dobsdave

BOI is a business, do you go into Tesco and ask them why they charge more than Aldi?

If you're not happy with the 5euro charge, do as thousands of others have done and switch, its your money.

BOI are fully aware of what their competitors are charging, they don't seem too bothered imo.

andynolan wrote: »

 

Bank of Ireland: Alison wrote: »

Hi andynolan
 
We have a previous post here on Boards you may find the response in this post relevant to your query to us.
 
I hope this helps in understanding the maintenance charge.
 
Thanks
Alison

 

Thanks for the reply. I did not question what the "maintanaince" element was to which this directed me to a thread explaining this element. I already fully understood it. I was simply stating that you are charging 5e per qtr for your infrastructure maintainance costs, whereas your largest competitor which im sure has a similar framework does not charge it if you have a minimum credit balance. On paper, it would make sense for someone with the requisite credit balance (that allows transaction free banking for fees) to be with a bank that genuinely has "Every Fee Free" banking...such as what AIB is currently offering and BOI is not.

andynolan

dops - Using groceries in aldi and tesco to changing banks is not the best analogy. People dont change their banks at the same ease as it takes to change from tesco/aldi/lidl. Most people im assuming would like competitive banking. Its not the 5 euro by itself so as to make my query suggest i'm overly frugal or tight. It does all adds up. Its the principle and that adds up to 20e per annum. They are maintaining its fee applies qtrly to keep services ect optimum. I simply asked for justification as to why they charge it when their main competitor does not (providing a minimum of 3k/AIB2.5K is maintained at all times) as i am entitled to ask.

dobsdave

andynolan wrote: »

dops - Using groceries in aldi and tesco to changing banks is not the best analogy. People dont change their banks at the same ease as it takes to change from tesco/aldi/lidl. Most people im assuming would like competitive banking. Its not the 5 euro by itself so as to make my query suggest i'm overly frugal or tight. It does all adds up. Its the principle and that adds up to 20e per annum. They are maintaining its fee applies qtrly  to keep services ect optimum. I simply asked for justification as to why they charge it when their main competitor does not (providing a minimum of 3k/AIB2.5K is maintained  at all times) as i am entitled to ask.

Totally entitled to ask, however they don't have to justify it.Thats their prices, same way as any business doesnt have to justify their prices.
I was with them (still have a cc with them) for 19 years, they started charging me so I left to PTSB, total fees last 12 months 0 eur.
They obviously need those 5 eur to pay Enda back.