How to avoid certain fees?

mimimcmc

http://www.newstalk.com/Good-news-for-AIB-customers

How to avoid the fees?
AIB Keep €2,500 in the account at all times

Bank Of Ireland Keep €3,000 in the account at all times

KBC Lodge €2,500 each month

Ulster Bank Keep €3,000 in the account at all times

PTSB If you have an Explore acocunt, there’s a clever way to cap the annual charges at €12 – so talk to the bank!

Did everybody know this??
I'm with AIB and never heard of this...
I'm sure I still get charged stamp duty etc. but does keeping €2500 in my account at all times mean I never have to pay atm transactions fees etc?

CiniO

mimimcmc wrote: »

but does keeping €2500 in my account at all times mean I never have to pay atm transactions fees etc?

Exactly.

coylemj

That article on Newstalk would lead you to believe that all fees are waived if you maintain the minimum balance but in the case of a BoI current a/c, keeping the minimum balance (€3,000) avoids transaction fees but you still pay a €5 per quarter maintenance fee....

You will still pay a quarterly maintenance fee of €5 per quarter if you qualify for the No Transaction Fees Offer

https://personalbanking.bankofireland.com/bank/current-accounts/personal-current-account/fees/

Delta2113

Poor article - does she mention Current Account once?

No mention about EBS Money Manager.

BOI - as above you get hit with €20 per year.

mickmac76

I'm with AIB and I keep €3000 in my current account. The thing is you have to make sure the balance never falls below €2500 to qualify for free fees. If the balance is too close to the limit then a payment like your mortgage could knock you below the limit and you would pay a fee that quarter. Because interest rates are so low at the moment I'm losing out on may be €20 in interest after DIRT is taken into account but I'm avoiding about €80 in bank charges every year so it is worthwhile.

Delta2113

@mickmac76 - you could move to EBS Money Manager and not have to worry about any balance but if your happy enough with loosing interest it's your decision and yes no contactless card, no mobile app with EBS.

mickmac76

Thanks Delta that is interesting, I will have a look and consider switching banks.

coylemj

Delta2113 wrote: »

@mickmac76 - you could move to EBS Money Manager and not have to worry about any balance but if your happy enough with loosing interest it's your decision and yes no contactless card, no mobile app with EBS.

+1 one more difference but probably not a deal breaker these days - no chequebook but you can do online transfers, set up SOs and DDs and there's no fees. No mobile app is a PITA but you can't have it both ways :rolleyes:

You can just about use the EBS website on a tablet but it's not mobile friendly so pretty much unusable on a phone.

http://www.ebs.ie/daily-banking/ebs-moneymanager-account-a-debit-card.html

billyhead

coylemj wrote: »

+1 one more difference but probably not a deal breaker these days - no chequebook but you can do online transfers, set up SOs and DDs and there's no fees. No mobile app is a PITA but you can't have it both ways :rolleyes:

You can just about use the EBS website on a tablet but it's not mobile friendly so pretty much unusable on a phone.

http://www.ebs.ie/daily-banking/ebs-moneymanager-account-a-debit-card.html

I am with AIB at present and will make the switch to EBS. What do you need to open an account. Is it just proof of address & photo id? Also my salry is payed into my aib account and i have a number of direct debits set up with the account i.e mortgage, avc plan, broadband etc. Is it just a matter of contacting each to let them know I changed bank. Also one more thing is it just a matter of going into AIB and telling them I am closing my account and would I then have to withdraw all my cash. Sorry for being a bit clueless

mickmac76

Hi billyhead as far as I remember each bank is required to have a switching policy. This means once you open a new account the bank will contact your old bank and set up your direct debits and standing orders etc.

billyhead

mickmac76 wrote: »

Hi billyhead as far as I remember each bank is required to have a switching policy. This means once you open a new account the bank will contact your old bank and set up your direct debits and standing orders etc.

Cheers

coylemj

mickmac76 wrote: »

Hi billyhead as far as I remember each bank is required to have a switching policy. This means once you open a new account the bank will contact your old bank and set up your direct debits and standing orders etc.

+1 but your old and new banks have no control over how quickly or slowly your utilities and other service providers do the switchover in their billing systems. If I was doing this (as I did a few years ago), I'd do it manually myself over a couple of months.

And I don't think the automatic switchover process informs institutions or companies who regularly pay money into your a/c because that isn't an SO or DD so you would still have to notify your employer to change the destination a/c for your salary.

billyhead

Just another question. If I always have the min of €2500 balance in my AIB current account is there much point in changing to EBS?

wench

mickmac76 wrote: »

I'm with AIB and I keep €3000 in my current account. The thing is you have to make sure the balance never falls below €2500 to qualify for free fees. If the balance is too close to the limit then a payment like your mortgage could knock you below the limit and you would pay a fee that quarter. Because interest rates are so low at the moment I'm losing out on may be €20 in interest after DIRT is taken into account but I'm avoiding about €80 in bank charges every year so it is worthwhile.

If your mortgage is also with AIB, then you don't pay fees, regardless of balance.

coylemj

billyhead wrote: »

Just another question. If I always have the min of €2500 balance in my AIB current account is there much point in changing to EBS?

Yes..... it will free up that €2,500. Your present situation is like that of someone who lends money to a friend, you know you'll get paid some day but you're not sure when. One day, out of the blue, he hands you the cash, that's the situation you'll be in if you open an EBS Moneymanager a/c.

danjo-xx

coylemj wrote: »

+1 but your old and new banks have no control over how quickly or slowly your utilities and other service providers do the switchover in their billing systems. If I was doing this (as I did a few years ago), I'd do it manually myself over a couple of months.

And I don't think the automatic switchover process informs institutions or companies who regularly pay money into your a/c because that isn't an SO or DD so you would still have to notify your employer to change the destination a/c for your salary.

Agree 100% with this, do the switching yourself at your leisure, there is no need to rush to close your old account. Switch each item over as soon as you have just paid it and nothing should go astray.