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Overdraft Charges?

  • 24-03-2014 10:25am
    #1
    Walt Grace
    Registered Users, Registered Users 2 Posts: 106 ✭✭


    Hello.
    I have just ben charged €30 as an overdraft charge. I haven't had to use an overdraft in about 6 years and had only used it during college. Why am I being charged for something I don't even use? This seems a bit much on top of the usual current account charges that are now in place?!

    Thanks


Comments

  • #2
    Bank of Ireland: Tara
    Closed Accounts Posts: 2,346 ✭✭✭Bank of Ireland: Tara


    Hi Walt Grace,

    Thanks for getting in touch.

    The €30 overdraft facility fee is charged yearly for having an overdraft permission set up on your account. If the overdraft permission is used, there is interest charged and this is based on the amount the account is overdrawn by and how long. 

    If you no longer require the overdraft facility you can request this is removed by sending a written request to your account holding branch. 

    Thanks
    Tara


  • #3
    Walt Grace
    Registered Users, Registered Users 2 Posts: 106 ✭✭Walt Grace


    Bank of Ireland: Tara wrote: »
    Hi Walt Grace,

    Thanks for getting in touch.

    The €30 overdraft facility fee is charged yearly for having an overdraft permission set up on your account. If the overdraft permission is used, there is interest charged and this is based on the amount the account is overdrawn by and how long. 

    If you no longer require the overdraft facility you can request this is removed by sending a written request to your account holding branch. 

    Thanks
    Tara


    Hi Tara

    Thanks for the quick reply. My question is more along the lines of why do BOI feel the need to charge their customers for not using something?! I fail to see how a €30 annual charge can be justified for something that isn't being used?! Seems to me to be a needless additional charge on top of all these new current account fees.

    Thanks


  • #4
    Bank of Ireland: Tara
    Closed Accounts Posts: 2,346 ✭✭✭Bank of Ireland: Tara


    Hi Walt Grace,

    The fee is applied for having the facility made available on your account and not usage. It is outlined in our Schedule of Fees and Charges for Personal Customers brochure. The fee is not charged on Student Accounts and this may be why you have not noticed this before. When your account was changed from Student Account to Personal Current Account, you should have been advised that Personal Current Account fees and charges would be applicable.  

    Thanks
    Tara


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