Excessive Bank Charges in Ireland

Hammer of the Gods

Yesterday I check my BOI account online and notice I was charged €12.70 euros for an unpaid direct debit. This charge is applied when your account has insufficient funds to cover the transaction, I'm sure it's happened to us all at some time or another .

Anyway I discussed this with the vendor ( my car insurance company ) and it turns out they are also charged to the tune of € 8.50 euros for the same transaction. So in total that's 20 euros for ...what is a computerised/ automated item. I believe there is no justification to be over charged by this amount.
I mean perhaps € 2.50 or something like that but €20 is incredible and unfair and my vender agreed. I phoned my bank to discuss and I got the usual dribble " it's in the terms and conditions etc" well you know what I disagree with your terms and conditions and as a customer I am unhappy and wish to complain.
I insisted they she log my call as a complaint. I am going to draft a template letter of complaint on this very matter to my bank and I offer anyone who wants a copy PM me and I will forward to you.

We as a nation have become great at whinging and bitching about things but rarely do we do it in the correct manner and pen a letter for example ,so lets start here and who knows where it will take us. we have power in numbers. Thank you. My gas supplier is next. Stay tuned

Valetta

Hammer of the Gods wrote: »

Yesterday I check my BOI account online and notice I was charged €12.70 euros for an unpaid direct debit. This charge is applied when your account has insufficient funds to cover the transaction, I'm sure it's happened to us all at some time or another .

Anyway I discussed this with the vendor ( my car insurance company ) and it turns out they are also charged to the tune of € 8.50 euros for the same transaction. So in total that's 20 euros for ...what is a computerised/ automated item. I believe there is no justification to be over charged by this amount.
I mean perhaps € 2.50 or something like that but €20 is incredible and unfair and my vender agreed. I phoned my bank to discuss and I got the usual dribble " it's in the terms and conditions etc" well you know what I disagree with your terms and conditions and as a customer I am unhappy and wish to complain.
I insisted they she log my call as a complaint. I am going to draft a template letter of complaint on this very matter to my bank and I offer anyone who wants a copy PM me and I will forward to you.

We as a nation have become great at whinging and bitching about things but rarely do we do it in the correct manner and pen a letter for example ,so lets start here and who knows where it will take us. we have power in numbers. Thank you. My gas supplier is next. Stay tuned

I suspect you indicated otherwise when opening your account.

Hammer of the Gods

Valetta wrote: »

I suspect you indicated otherwise when opening your account.

Great contribution thank you so much.

What? I indicated otherwise when I opened my account all those years ago in punts that it was ok to overcharge me in DD fees.

No I did not but you know that already.

Valetta

When you open a bank account you must agree to their terms and conditions, which will include their various charged.

Also included is an undertaking that you will have sufficient funds in your account to meet any direct debits or standing orders.

You broke the conditions and were charged accordingly.

In my opinion you don't have any valid complaint.

Hammer of the Gods

Valetta wrote: »

When you open a bank account you must agree to their terms and conditions, which will include their various charged.

Also included is an undertaking that you will have sufficient funds in your account to meet any direct debits or standing orders.

You broke the conditions and were charged accordingly.

In my opinion you don't have any valid complaint.

So that makes it ok to fleece people because they agree to T&Cs years ago?

And btw Im not asking for your opinion and you sound just like a drone on the line from the bank...T&Cs blah blah blah.....

Perhaps you work for a bank?

In fact don't answer that just jog on from this thread because Ive had enough from people like you and your negative sheeple views and out look on matters like these.

I feel sorry for you guys actually...Happy jogging mate and take care

Please don't reply just move along....

Valetta

I'll reply right here.

It's not "fleecing" when you are made aware of the charges and how to avoid them.

Perhaps if you managed your finances a bit better you would not have the need to come on here whinging.

Hammer of the Gods

Valetta wrote: »

I'll reply right here.

It's not "fleecing" when you are made aware of the charges and how to avoid them.

Perhaps if you managed your finances a bit better you would not have the need to come on here whinging.

Keep jog trolling buddy I aint listening to you dronish dribble. Have a nice day

Hammer of the Gods

Has anybody else experienced this overcharging by your banks? I'm just raising awareness of what I believe are excessive charges.

And I do appreciate the PMs I've received on this topic and don't worry I wont pay much attention to these sheeple drones who post negative dribble about T&Cs etc.

I am really curious as to why the venders also get charged a punishment fee also?

Any thoughts on this? Thanks

munchkin_utd

Hammer of the Gods wrote: »

Has anybody else experienced this overcharging by your banks? I'm just raising awareness of what I believe are excessive charges.

And I do appreciate the PMs I've received on this topic and don't worry I wont pay much attention to these sheeple drones who post negative dribble about T&Cs etc.

I am really curious as to why the venders also get charged a punishment fee also?

Any thoughts on this? Thanks

if i overdraw my account i get charged similar charges.
but I have an overdraft facilty arranged so this isnt an issue.

To be honest, even when I was 15 and had my Ulster bank account I knew it was deadly expensive to overdraw your current account without having the appropriate arrangements in place.
I'm stunned that you werent aware of these charges which are completly standard and have been for at least 20years, but probably a multiple of that again.

Hammer of the Gods

munchkin_utd wrote: »

if i overdraw my account i get charged similar charges.
but I have an overdraft facilty arranged so this isnt an issue.

To be honest, even when I was 15 and had my Ulster bank account I knew it was deadly expensive to overdraw your current account without having the appropriate arrangements in place.
I'm stunned that you werent aware of these charges which are completly standard and have been for at least 20years, but probably a multiple of that again.

No don't get me wrong I knew there was a charge on the account if there was no funds but what Ive had enough of is the excessive nature of the charge for what is automated, 12.70 euros is outrageous don't you agree Utd? And 8.50 euros fee for my vendor also! Its way to much and Im not happy about it.

Im in the process of drafting a template letter to send to the bank as a complaint, If anyone wants a copy just PM me.

Enough is Enough.... Just because it exists doesn't mean we have to accept without question, challenger or refusal.

Thanks for your post Utd.

RangeR

I miss the Thunderdome.

I'm going to side with the OP. I understand the need for bank charges. I understand that they will charge me for a failed Direct Debit or what not. However, the amount they charge is.... a little difficult to justify.

Hammer of the Gods

Ranger, yes the excessive nature is far too much, I'm just surprised the vendor takes the hit of 8.50 and says nothing ,in total 20.00 euros for a missed DD. My car insurance DD is for 28.00 euros a month and they charged 20 euros as a penaltyfor missing it....

Just how much are they making on people because of this...its just wrong.

lau1247

i think the bonuses etc they got would have give you some indication.. kidding..

In all seriousness, unless you want to open and operate your own bank, there is not much you can do as you sign on to their terms and conditions. The only solution is to find one that does it cheapest.

Hammer of the Gods

Yes Lau they would appear to have it sussed but Id say if enough people complain and vote with their feet then things will change.

emo72

You have my support op. 20 euro is too much. And they will keep charging that until they are challenged on it.

Also I admire people who before they sign a legal document take the time to read the terms and conditions. I've generally never done it.

Hammer of the Gods

That's for sure Emo, they will do it until challenged on it.

themandan6611

Would love to see how they break the charge down, how it costs them. Taking the piss and i guarantee you it will only ever increase.

skelligs

Hammer of the Gods wrote: »

Ranger, yes the excessive nature is far too much, I'm just surprised the vendor takes the hit of 8.50 and says nothing ,in total 20.00 euros for a missed DD. My car insurance DD is for 28.00 euros a month and they charged 20 euros as a penaltyfor missing it....

Just how much are they making on people because of this...its just wrong.

so you don't have enough money in you account, the bank imposes a penalty on you, partly to offset their costs and partly to try and get you not to do it again and you complain?

Charges are published. You can view them whenever you wish. By using the account you have effectively accepted the very clear terms and conditions which included these charges (they are not hidden). And you have an issue with them.

Don't go overdrawn then!

A quick check shows in the USA it ranges from $30 - $40 (US Bank = $36), in the UK its £20-£25. (Barclays £24.50)

GerardKeating

themandan6611 wrote: »

Would love to see how they break the charge down, how it costs them. Taking the piss and i guarantee you it will only ever increase.

IT infrastructure for Banking does not come cheep.

Del2005

Hammer of the Gods wrote: »

Yesterday I check my BOI account online and notice I was charged €12.70 euros for an unpaid direct debit. This charge is applied when your account has insufficient funds to cover the transaction, I'm sure it's happened to us all at some time or another .

Anyway I discussed this with the vendor ( my car insurance company ) and it turns out they are also charged to the tune of € 8.50 euros for the same transaction. So in total that's 20 euros for ...what is a computerised/ automated item. I believe there is no justification to be over charged by this amount.
I mean perhaps € 2.50 or something like that but €20 is incredible and unfair and my vender agreed. I phoned my bank to discuss and I got the usual dribble " it's in the terms and conditions etc" well you know what I disagree with your terms and conditions and as a customer I am unhappy and wish to complain.
I insisted they she log my call as a complaint. I am going to draft a template letter of complaint on this very matter to my bank and I offer anyone who wants a copy PM me and I will forward to you.

We as a nation have become great at whinging and bitching about things but rarely do we do it in the correct manner and pen a letter for example ,so lets start here and who knows where it will take us. we have power in numbers. Thank you. My gas supplier is next. Stay tuned

The penalty fine is set high as otherwise there's no deterrent to missing your DD, just be happy that they rejected due to lack of funds and didn't let an unauthorised overdraft happen then you'd have really high penalty charges.

The DD may be automated but missing it causes work for the bank.

Hammer of the Gods

I think you lot are missing the point, the whole system is set, I've no issue with a small charge but I refuse to lay down and be ripped off, maybe you guys are and with attitude like that maybe you deserve all you get... Sheeple attitude...

galwayjohn89

Hammer of the Gods wrote: »

I think you lot are missing the point, the whole system is set, I've no issue with a small charge but I refuse to lay down and be ripped off, maybe you guys are and with attitude like that maybe you deserve all you get... Sheeple attitude...

I do deserve everything I get. No fees. I play by the terms and conditions I agreed to and therefore control my finances.

Hammer of the Gods

Vuzuggu wrote: »

I do deserve everything I get. No fees. I play by the terms and conditions I agreed to and therefore control my finances.

No fees eh??!!

You must love your job in the bank only they get to bank with no fees.

Everybody else are subject to fees that's how they make their money off the rest of us.

So why don't you try your voodoo elsewhere... It ain't working and I'm right and people are entitled to know the out right rip offs that are going on in our society and the likes of you won't stop it.

Pablo Sanchez

Hammer of the Gods wrote: »

No fees eh??!!

You must love your job in the bank only they get to bank with no fees.

Everybody else are subject to fees that's how they make their money off the rest of us.

So why don't you try your voodoo elsewhere... It ain't working and I'm right and people are entitled to know the out right rip offs that are going on in our society and the likes of you won't stop it.

Its already been demonstrated further up the thread that the fees are there to be a deterrent and are in fact more expensive in other jurisdictions. Clearly it works, as your pretty sore now that you paid 12.70.

Why not start a moan about how much it takes to get a clamp removed? I mean it does not cost a guy €120 to put the clamp on your car, so therefore its a rip off? No its not, its an effective deterrent, its not just about covering costs.

And the moment someone mentions 'sheeple', i despair.

Hammer of the Gods

Actually Pablo you couldn't be more wrong on this, how can you compare a computerized/automated charge by a bank to having to pay labour to a clamper, provide a van and equipment etc.

As for your sheeple despair , I hope you do despair because you are part of the problem.

coffeenut

OP, as a couple of people have already mentioned, the charge isn't just to cover costs. The charge is also there as a deterrent so that people don't frequently allow payments to be presented and bounced from their accounts. While I don't agree with some bank charges, e.g. paying to set up a standing order or to use an ATM, I have absolutely no issue with a bank charging a penalty fee like this for that exact reason.

On the cost side of things, the IT systems behind all of these automated transactions cost millions to support and maintain. Or do you think that once the systems are set up they run by themselves, problem free? It's fairly obvious that they're not flawless systems when you look back over the last couple of years and the number of news articles about various IT failures across the banking industry. They require a lot of manpower in the background to keep them running.

On top of that, the decision to bounce a payment isn't always made by a computer. In some cases it can land on someones desk for them to decide whether to bounce the payment or to allow you an unauthorised overdraft, which incurs a smaller fee. Generally, it will depend on your account history which way they decide to go and the person who makes that decision has to be paid a wage.

Afroshack

Hammer of the Gods wrote: »

Actually Pablo you couldn't be more wrong on this, how can you compare a computerized/automated charge by a bank to having to pay labour to a clamper, provide a van and equipment etc.

As for your sheeple despair , I hope you do despair because you are part of the problem.

I'm sorry, but are you 12? Either switch to a different bank or stop moaning. You signed the T&C's, you clearly didn't read them and now you're complaining. You might think the cost is excessive (it probably is, depending on your disposable income) but you seem to forget that you AGREED to it many moons ago when you opened your account. Close your account, and find a new bank. Read their T & C's carefully. Stop calling people 'sheeple' because they disagree. Problem solved.

Hammer of the Gods

Butter it up what ever way you want, it's automated and excessive and the longer we allow it the worse it will get. I've had enough of it and decided to do something about it.

Hammer of the Gods

Those who accept this type of rip off and do nothing about it need to wake up. Those who justify and accept without question are clearly part of the problem. Am I twelve, you obviously are... Yes sir, no sir 3 bags full sir, wake up.

Valetta

Hammer of the Gods wrote: »

Those who accept this type of rip off and do nothing about it need to wake up. Those who justify and accept without question are clearly part of the problem. Am I twelve, you obviously are... Yes sir, no sir 3 bags full sir, wake up.

It's not a rip off when you know in advance how much the charges are and you have a very simple way of avoiding then.

You need to take responsibility for your actions and accept the consequences when you breach the terms you agreed to.

Hammer of the Gods

Yep, same old dribble about T&Cs as if that makes it ok. Well it doesn't simple as that.

I again offer anyone who wishes to recieve a copy of my letter of complaint to PM me and I will gladly forward. The more people who complain the greater weight to our argument and refusal to take anymore rip off Ireland

chrysagon

Banks make the excuse that they are a business................so every chance they get to nip some money..they will

Valetta

chrysagon wrote: »

Banks make the excuse that they are a business................so every chance they get to nip some money..they will

Are you saying they are not a business?

galwayjohn89

Hammer of the Gods wrote: »

No fees eh??!!

You must love your job in the bank only they get to bank with no fees.

Everybody else are subject to fees that's how they make their money off the rest of us.

So why don't you try your voodoo elsewhere... It ain't working and I'm right and people are entitled to know the out right rip offs that are going on in our society and the likes of you won't stop it.

I'm a student in Ireland so no fees except fory mistakes such as overdrawn or direct debit bounce.

I have a Canadian account with fees though, pretty standard don't mind paying for a service. As stated fee is set high to deter people from losing control of there finances.

Hammer of the Gods

The volume of justification and obedience is a clear indicator of where we are ... Right where they want us. Just head down and keep grazing on what they feed us.

Well not all think that way, never forget that.

There is no justification for what the big corporations/governments are doing to the nations of the world.

It's gonna change when you can graze no more.

No Pants

Hammer of the Gods wrote: »

I'm just surprised the vendor takes the hit of 8.50 and says nothing

Check the next bill from your vendor. I'd be very surprised if they don't sting you for a tenner also.

Hammer of the Gods

No Pants wrote: »

Check the next bill from your vendor. I'd be very surprised if they don't sting you for a tenner also.

I actually discussed this with my vendor and they agreed with me that it was unjustified and excessive. They won't be passing it on to me.

I will be keeping an eye on it though just incase.

No Pants

chrysagon wrote: »

Banks make the excuse that they are a business................so every chance they get to nip some money..they will

Banks are a business. They're a money shop; they buy and sell money. If you view them that way, it'll all make much more sense.

UNP3

"So that makes it ok to fleece people because they agree to T&Cs years ago?"

This annoys me hearing this war cry against the banks. It is your responsibilty to make yourself aware of changes to terms and conditions and charges over all these years. Thats why its called a personal bank account / personal loan/ persoanl credit card etc etc I have no doubt the bank notified you of every single change and you just did not take the time to read, object or change provider until last week when you got hit with this charge. Prices are high for missed debits but it does have to pay for an infrastructure that on a whole provides the majority with a service that is relativly cheap with the majority of transactions going through to a point so seamlessly that many of us can just forget our DD in the knowledge the payment will come out on the chosen date. If it didnt work this well we would not all be using it.

Now i know your going to create some mad argument that dismisses this by claiming i am another one of the lazy Irish sheeple. But get real the terms and conditions dont just apply when they suit. The bank is a business not your friend. They are going to try to make money of you at every turn and if you can not have the responsability or accountability to be aware of potential ways they can get money out of you then you are going to get charged in excess. Here is a better idea. Cancel all your direct debits and get a few people to do it with you. Take the time to find out what you are paying out and take a few minutes to pay these manually. It gives you better control and awareness of where your money is and how much money you have and best of all if enough of us do it this way and stop being lazy about our finances the bank will start losing money on direct debits and have to make new and better offers to incentivise people to use them again.

I have cancelled them all and now pay attention to all my bills when they come in, as a result i have made money as i have noticed when companies are overcharging me or trying to rip me off and there is no chance of the bank getting extra money off me unless I mess things up and withdraw more money then I have.

Weaselfeatures

Hammer of the Gods wrote: »

Yesterday I check my BOI account online and notice I was charged €12.70 euros for an unpaid direct debit. This charge is applied when your account has insufficient funds to cover the transaction, I'm sure it's happened to us all at some time or another .

Anyway I discussed this with the vendor ( my car insurance company ) and it turns out they are also charged to the tune of € 8.50 euros for the same transaction. So in total that's 20 euros for ...what is a computerised/ automated item. I believe there is no justification to be over charged by this amount.
I mean perhaps € 2.50 or something like that but €20 is incredible and unfair and my vender agreed. I phoned my bank to discuss and I got the usual dribble " it's in the terms and conditions etc" well you know what I disagree with your terms and conditions and as a customer I am unhappy and wish to complain.
I insisted they she log my call as a complaint. I am going to draft a template letter of complaint on this very matter to my bank and I offer anyone who wants a copy PM me and I will forward to you.

We as a nation have become great at whinging and bitching about things but rarely do we do it in the correct manner and pen a letter for example ,so lets start here and who knows where it will take us. we have power in numbers. Thank you. My gas supplier is next. Stay tuned

How can you say you are being overcharged? Do you know what the cost of handling the exception is? And before you say it, I do not work in an a Irish bank.

thesimpsons

Hammer of the Gods wrote: »

No fees eh??!!

You must love your job in the bank only they get to bank with no fees.

Everybody else are subject to fees that's how they make their money off the rest of us.

So why don't you try your voodoo elsewhere... It ain't working and I'm right and people are entitled to know the out right rip offs that are going on in our society and the likes of you won't stop it.

I don't work in a bank and I don't pay fees. never have done in over 30 yrs of banking in PTSB (or TSB in the old days). get salary paid in directly to bank - no fees. some banks have minimum balance and there are no fees. manage your transactions properly - NO FEES.

ps3man

Hammer of the Gods wrote: »

The volume of justification and obedience is a clear indicator of where we are ... Right where they want us. Just head down and keep grazing on what they feed us.

Well not all think that way, never forget that.

There is no justification for what the big corporations/governments are doing to the nations of the world.

It's gonna change when you can graze no more.

Did you have your tin foil hat on when you wrote this?

keithclancy

IMO Irish banks are awful.

The online banking is terrible, the service is terrible. The IT is terrible.

Sticking some ad in the newspaper on new charges constitutes informing the customer (when they could have just sent you an e-mail)

My Dutch bank is miles ahead, I can do everything online with my phone or laptop.

I pay a flat monthly fee for my banking that applies to anywhere in the world.

Closed my Irish account and never looked back.

Lord PuppyMcSnuggle of Cuddleshire

Hammer of the Gods wrote: »

The volume of justification and obedience is a clear indicator of where we are

Yeah, it's a funny thread alright. Really makes me want to start a business. By the looks of things, I could write anything I want in the T&C's and people will be falling over themselves to defend it.
I mean it's your own fault you didn't have your team of lawyers look over the terms before signing up to my service. Now if you want me to stop washing your car every week, you have to pay me €200 to end our contract. Hey, I'm a business not a charity, so every morally repugnant thing I do is justified... that's how it works!

ThisRegard

keithclancy wrote: »

My Dutch bank is miles ahead, I can do everything online with my phone or laptop.

I pay a flat monthly fee for my banking that applies to anywhere in the world.

I can do all that, and I pay no monthly fees. So in keeping with the tone, Dutch banks are a disgraceful rip off charging you a flat monthly fee.

keithclancy

ThisRegard wrote: »

I can do all that, and I pay no monthly fees. So in keeping with the tone, Dutch banks are a disgraceful rip off charging you a flat monthly fee.

3.26 a month for 2 Current A/Cs, a Joint Savings A/C and a Personals Savings A/C

Also worldwide banking so no fees for withdrawal from ATMs/Bank Transfers anywhere in the world.

I haven't had to visit a branch in 5 years.

Yes a total rip off :rolleyes:

ThisRegard

€3.26 is more expensive than 0.

And I did say my comment of it being a rip off was in keeping with the tone of the thread, i.e. exaggerated.

the groutch

Keith, that's all well and good for people who travel a lot, but for most that benefit would be moot.