Ways to reduce bank charges?

clio_16v

Has anyone seen the new pricing structure for Bank Of Ireland. They really do not want anyone using cash! I operate a cash heavy business and need to figure out some way of reducing my charges. I get a lot of change in coins from the bank and lodge a lot of cash and these are incurring huge increases this month. Any thoughts?

Waynesireland

I work for an Irish Bank myself, where as much as possible you should give creditors your account details so they can lodge directly online at minimal cost to you, I appreciate this is not always the option.

Most effective solution: open a demand deposit account linked to your business. Order a lodgement card for it and lodge the bulk of your cash through here, there is NO FEE on demand deposit. You can then go online and transfer what's needed to your current account to cover day to day as required paying zero for same. Note if you go to teller your game could be up as your t's and c's state your business income should go through current account so teller could rat on you to the powers that be!

But this is your best option in my opinion.

best of luck with your business. Remember banks are screaming out for good customers so don't feel like Boi are your only option.

Bandara

Waynesireland wrote: »

I work for an Irish Bank myself, where as much as possible you should give creditors your account details so they can lodge directly online at minimal cost to you, I appreciate this is not always the option.

Most effective solution: open a demand deposit account linked to your business. Order a lodgement card for it and lodge the bulk of your cash through here, there is NO FEE on demand deposit. You can then go online and transfer what's needed to your current account to cover day to day as required paying zero for same. Note if you go to teller your game could be up as your t's and c's state your business income should go through current account so teller could rat on you to the powers that be!

But this is your best option in my opinion.

best of luck with your business. Remember banks are screaming out for good customers so don't feel like Boi are your only option.

The banks are wise to this and will cop it pretty quick when they notice the drop in fees and look into the account

How much cash are you turning over? Ive gone to full cash collection and it's saving be over €1800 a month in fees

ScouseMouse

Can you pay your suppliers in cash? I go into the cash and carry and pay them in coin. I insist on paying smaller suppliers cash.

Can you offer cashback to customers using debit cards?

Pay staff in cash, not bank to bank.

ESB bills can be paid in the post office in cash.

I used to lodge cash into my own account at 30c per transaction, then write a cheque to the company for that amount. Stopped that though as revenue may have an issue with it.

elastico

Bandara wrote: »

How much cash are you turning over? Ive gone to full cash collection and it's saving be over €1800 a month in fees

What is full cash collection?

I guess a cash in transit van company but surely they fees charge anyway?

Bandara

elastico wrote: »

What is full cash collection?

I guess a cash in transit van company but surely they fees charge anyway?

Hi

sorry, by full cash collection I mean they collect all my cash, chqs, coin etc. They also will deliver me cash (I may need lots of fivers for example) or coin.

In essence I never step foot in a bank any more for any reason other than if I'm meeting with them for something.

Yes they do charge fees, however in my case the fees they charge are over 50% cheaper than the cash lodgement fees with BOI, I'm on .32 with BOI which is better than most people, yet with collection fee and the lodgement fee its still over 50% cheaper with GSLS (the cash transit people I use)