BOI Alternatives-New Charges

The J Stands for Jay

Delta2113 wrote: »

"The lack of mobile app on EBS puts me off. It shouldn't, but it does."

Open a EBS Money Manager Account and use it to top up Revolut and/or N26 and you then have your app and if you get the odd cheque to lodge or prefer an Irish Operation to operate direct debits or standing orders you will have that.

Best off both worlds and all FREE.

Where's the need for EBS in this? It's not bringing anything to the table that N26 doesn't.

quinnd6

AIB sent me the same email that they're starting charging fees for everyone also.
All this in the middle of a pandemic.
How rotten of them.
So I'm thinking of moving banks now also.
So EBS are the only bank that don't charge fees is that right?
So I presume you can use the browser on your phone instead of an app for online banking.
Can you take money out of a bank machine, use a debit card, use chip and pin, pay bills with their direct debit etc and not get charged rip off fees?
Is there really any disadvantages of going with EBS?
Can you do wire transfers on their website?
Basically is it the same stuff except you don't have to use an app and use their website instead?
I mean if that's the case then there doesn't really seem to be any disadvantage of going with them apart from the inconvenience of setting it up of course.

McGaggs

McGaggs wrote: »

Where's the need for EBS in this? It's not bringing anything to the table that N26 doesn't.

I use EBS and Revolut and while I can do most with Revolut it can’t do everything and N26 would be the same.

I lodge cheques and cash from time to time. I withdraw cash well above the Revolut/N26 free limits every month. I get cheques made out occasionally and there is evidence of hassle from some companies in getting direct debits accepted from not irish banks.

Another reason applicable to me is I have savings accounts in ebs and you need a current account to mange this fully.

quinnd6 wrote: »

AIB sent me the same email that they're starting charging fees for everyone also.
All this in the middle of a pandemic.
How rotten of them.
So I'm thinking of moving banks now also.
So EBS are the only bank that don't charge fees is that right?
So I presume you can use the browser on your phone instead of an app for online banking.
Can you take money out of a bank machine, use a debit card, use chip and pin, pay bills with their direct debit etc and not get charged rip off fees?
Is there really any disadvantages of going with EBS?
Can you do wire transfers on their website?
Basically is it the same stuff except you don't have to use an app and use their website instead?
I mean if that's the case then there doesn't really seem to be any disadvantage of going with them apart from the inconvenience of setting it up of course.

Yes to everything really, it’s the same as any bank account so you can do all the above.

Hibernicis

Here is the full list of the 26 (actually 12) charges which BOI are "eliminating". This was requested on a number of occasions in the ASK BOI forum but never provided.

A few observations:

• There are 26 "eliminations" listed. There are actually 25, the first is an increase in an existing charge
• The last 13 are under the heading "Service charges currently waived" so these don't count
• This leaves a total of 12 charges actually being eliminated

I have no doubt that BOI modelled the change, but it defies any rational I can see. They are going to remove charges and thus reward the most troublesome clients (forget PIN 7 times a year and waste BOI staff time resetting it, bounce 4 or 5 cheques a year, have 5 or 6 debits returned/referred, continuously change DD instructions, turn up at the counter lodging €45 on a Tuesday afternoon and withdrawing €15 of Wednesday morning etc etc) and make it more attractive for these clients to remain banking with BOI. Meanwhile they are going to penalise and most likely loose a lot of clients who keep their accounts in credit and use only automated transactions, thus generating little cost for BOI. I wouldn't be at all surprised if BOI has once again taken aim and shot itself in both feet.

|Fees and charges|Existing charge|Charge from 23 November 2020
|||
1|Fee for maintaining the account |€5.00 / quarter / account |€6.00 / month / account
|||
|Fees charged per transaction||
2|Automated / self-service transactions such as standing orders, direct debits, and 365 phone and online transactions |€0.10|€0.00
3|Debit card point of sale transactions (for example, chip and PIN and online transactions) |€0.10|€0.00
4|Debit card contactless transactions |€0.01|€0.00
5|Paper or staff-assisted transactions such as cheque lodgements, cash lodgements or withdrawals at the counter using paper or using ATM card or debit card |€0.60|€0.00
6|ATM or LATM (Lodgement ATM) transactions like cash or cheque lodgements or cash withdrawals |€0.25|€0.00
|||
|Service charges applied on usage||
7|Charge for a cheque book |€0.20 / cheque (€5 per book of 25 cheques) |€0.00
8|Account transfers through standing instruction ||
|• Monthly |€6.35 / quarter |€0.00
|• Weekly |€19.05 / quarter |€0.00
|• Daily |€76.15 / quarter |€0.00
9|Domestic bank draft |€1.90 each (excludes Government duty of €0.50) |€0.00
10|Charge for each day’s cheques to be retrieved |€4.44 / day |€0.00
11|Queries provided for in Consumer Credit Act, 1995 |€2.54 each |€0.00
12|Referral item charges per quarter ||
|• First item |No charge |€0.00
|• Second and third |€3.50 each |€0.00
|• Fourth and fifth |€5.00 each |€0.00
|• Sixth and further items |€10.00 each |€0.00
13|Unpaid items ||
|• Cheque or direct debit (includes SEPA direct debit) returned unpaid from customer account |€12.70 each |€0.00
|• Unpaid standing order (for instance due to lack of funds) |€12.70 each |€0.00
|• Cheque lodged to customer account and returned unpaid |€3.30 each |€0.00
|||
|Service charges currently waived||
14|Replacement of lost, stolen or damaged card |€8.00 each |€0.00
15|Account administration |€33.00 / hour |€0.00
16|Account balance or interest certificate |€3.80 each |€0.00
17|Auditor queries |€33.00 / hour, €21.50 minimum charge |€0.00
18|Character or status enquiry |€6.35 each |€0.00
19|Cheque encashment |€1.90 each |€0.00
20|Cheque clearance by phone |€3.80 plus cost of call |€0.00
21|Cheque sent for collection or special presentation |€5.05 / item |€0.00
22|Replacement debit card PIN |€3.15|€0.00
23|Setting up standing order or accepting direct debit |€3.43 each |€0.00
24|Standing order amendments / commission |€1.33 each |€0.00
25|Stop payment instruction – direct debit or cheque |€5.08 each |€0.00
26|Copy or duplicate statement ||
|• First page |€3.80 each |€0.00
|• Additional pages |€2.50 each |€0.00

Delta2113

McGaggs wrote: »

Where's the need for EBS in this? It's not bringing anything to the table that N26 doesn't.

Can you post a cheque to N26 for lodgement?

theguzman

I am with EBS money Manager for the last 7 years and moved after BOI ripped me off in Forex fees and charges during a holiday to Thailand in 2013. EBS hgave extremely competitive Forex fees but Revolut now is better.

EBS and Revolut is a good bet, I use Revolut myself but only when I am abroad.

Bubbaclaus

Delta2113 wrote: »

Can you post a cheque to N26 for lodgement?

Vast majority would have no need for that facility. I've never received a cheque in my life, for example.

Maestro84

With more people moving to EBS, I'd say it wont be long until they start charging too...

jeffk

Maestro84 wrote: »

With more people moving to EBS, I'd say it wont be long until they start charging too...

That's if you can move

I went in, used a month old letter about car insurance just happened to be from BOI as proof of address.
Ah no we want the paper that had the disc on it, dunno what difference that makes

Then when's the next appointment, ah sometime after October 20.

Two days after asking on Facebook to see if all branches the same or could get sooner appointment. I got a snotty callback more or less saying your fault there's a delay as didn't have proper paperwork(I did)

Having another go Wednesday, most of BOI stuff been done now

Bubbaclaus

Bubbaclaus wrote: »

Vast majority would have no need for that facility. I've never received a cheque in my life, for example.

I’d find that unusual, cheques are still quite common in my experience. The majority of our farm business transactions in and out are by cheque for example. I have regularly got refunds via cheque (the covid insurance refund for example was a cheque in the post from Allianz), I have received payment via cheque for work and about 1/4 of my wedding presents were cheques, and I paid a number of supplier and the hotel by cheque myself just as some examples - there would be other examples too.

Delta2113

Bubbaclaus wrote: »

Vast majority would have no need for that facility. I've never received a cheque in my life, for example.

- Well that's you in the minority concerning cheques.

JTMan

Maestro84 wrote: »

With more people moving to EBS, I'd say it wont be long until they start charging too...

The Irish Independent says here that there are 12 bank charges changes pending approval with the CBI. Strong possibility that that includes EBS.

Bubbaclaus

Delta2113 wrote: »

- Well that's you in the minority concerning cheques.

Any stats to back that up? Anybody that grew up in the digital era (which currently is the group opening revolut/N26 accounts for the most part) wouldn't know what to do if they got a cheque. Probably try scanning it with the NFC on their phones.

Edit: only 3 in 10 people in Ireland owned a cheque book in 2013, and this has been decreasing rapidly in the years since. To say I am in a minority is just being majorily misinformed. The report I read said that farmers and the elderly are the main users of cheque books, as they have failed to move to modern and efficient forms of payments, so maybe you are hanging in those circles.

calfmuscle

I moved my business account to n26. I'm saving nearly 300 a year compared to my ptsb personal and business accounts. Plus a far superior account. I love the app and have had to contact n26 twice with queries and found them very quick and easy to deal with. Ptsb were a nightmare. I'm with a large credit union that offers a current account so have opened one just in case I need it but to be honest I'm not sure ill need it, I'm tempted to just open an n26 current account instead.

Bubbaclaus

Bubbaclaus wrote: »

Any stats to back that up? Anybody that grew up in the digital era (which currently is the group opening revolut/N26 accounts for the most part) wouldn't know what to do if they got a cheque. Probably try scanning it with the NFC on their phones.
.

Well I am that group who grew up in the “digital era” and was one of the first people in my circle to start using Revolut etc and as I said I still deal with some cheques personally and regularly in relation to the farm business.

Just to highlight a recent example again I got a cheque from Allianz insurance for the covid refund on my insurance, every Allianz customer in the country would have got the same.

Stupid statement on “scanning the NFC” anyone in Ireland knows what a cheque is ffs and you would be in an absolutely tiny tiny minority to never have received one. I would say it’s actually bizarre you haven’t.

unhappys10

Delta2113 wrote: »

- Well that's you in the minority concerning cheques.

I'm 37 and I could count on one hand the number of cheques I've received.
They may be common in certain types of business, someone mentioned farming, I reckon that's down to old farmers stuck in their ways and sons who maybe continued the tradition as they had to deal with the older farmers also.
They are pure hassle to lodge/change and the sooner they disappear the better imo.

unhappys10

unhappys10 wrote: »

I'm 37 and I could count on one hand the number of cheques I've received.
They may be common in certain types of business, someone mentioned farming, I reckon that's down to old farmers stuck in their ways and sons who maybe continued the tradition as they had to deal with the older farmers also.

It’s not just farming though. I got about 30 cheques at my wedding as gifts. The hotel were paid by cheque (limits and delay on daily bank transfers meant it made more sense as I had to pay the day after the wedding which was a weekend), and one or two suppliers wanted cheque. I’m younger than you too.

Also the farming, it makes a lot of sense to use cheques in many instances as you are paying a lad in a yard or in a field etc and some wouldn’t have a close about online banking or you might not be able access it when paying a person and generally you pay on the spot in certain situations.

My father would use cheque more than me but I can still see a place for cheques for a long time yet for businesses.

drogon.

Sorry if this has been asked before, but I couldn't find it.

My understanding this fees applies only to current accounts - is assumption right or wrong ?
Secondly, is there away to close the current account and keep the sayings account only ?

jeffk

All this talk and with issues moving

I wonder would you use a credit union account to pay direct debits?

Only issue then is my credit union wouldn't accept revolut IBAN and BIC so couldn't top it up

-=al=-

Banks/businesses in Europe have to accept Sepa IBANS for direct debits in euro payments

Also, I believe in the UK you can use your phones camera in the appropriate banking app to take photos of cheques to lodge them into your free current account. Pretty nifty

SourSessions

jeffk wrote:

Only issue then is my credit union wouldn't accept revolut IBAN and BIC so couldn't top it up

I've sent money from my credit union account to my revolut plenty of times, so it is possible

jeffk

SourSessions wrote: »

I've sent money from my credit union account to my revolut plenty of times, so it is possible

Did you just use the IBAN and BIC on the app?

I'm with community credit union so might be different system

Might have to email and see, they are useless at this suff though

jefferson73

Yyhhuuu wrote: »

The banks rely on inertia. Well FU BOI after 40 years bye bye

Same, after 30 year's cloing down the entire shooting gallery (savings, current and credit card) and moving on, In my opinion an out dated bank that only has themselves to blame for their lack of innovation, technology and customer centric focus. I feel sorry for their staff as senior mangement have alot to answer for in relation to the losses of €669 million and direction the bank has taken, they'll be the ones that ultimatley pay the price.

adox

jefferson73 wrote: »

Same, after 30 year's cloing down the entire shooting gallery (savings, current and credit card) and moving on, In my opinion an out dated bank that only has themselves to blame for their lack of innovation, technology and customer centric focus. I feel sorry for their staff as senior mangement have alot to answer for in relation to the losses of €669 million and direction the bank has taken, they'll be the ones that ultimatley pay the price.

I’m in the process of doing the same. Closing all accounts.
Have got a credit card from KBC so will get rid of my BOI one.

1% cash back on grocery shopping and online purchases with it(up to €10 a month), should have done it ages ago tbh.

eggerb

macguru wrote: »

Switched form BoI to KBC (also use revolut), only pain is when you get a cheque (rare) as you have to post them in or lodge them in a HUB other than that haven't paid a penny in fees and their App is excellent.

M

What's a HUB?

SourSessions

jeffk wrote:

Did you just use the IBAN and BIC on the app?

Yes did exactly that!

macguru

eggerb wrote: »

What's a HUB?

It’s sort of like a branch, but for queries, account opening, loans etc (they’re cashless), they have them in Dublin, Cork, Galway, Limerick, Kilkenny and Kildare. ( multiple in each county) https://www.kbc.ie/why-kbc/kbc-hubs-locations

M

redlead

adox wrote: »

I’m in the process of doing the same. Closing all accounts.
Have got a credit card from KBC so will get rid of my BOI one.

1% cash back on grocery shopping and online purchases with it(up to €10 a month), should have done it ages ago tbh.

This is basically what I did a couple of years ago. I was with AIB my whole life until about 8 years ago when they brought in fees. I then moved to PTSB who had no fees and then moved again to KBC about three years ago when PTSB brought in fees. I have an N26 account on top of this because you'll save a fortune on foreign ccy transactions. I have no doubt that KBC will bring them in at some point is the only thing. A downside of KBC is that depending on where you live, the benefits of a brick and mortar bank might not be so obvious as they have a lot less branches.

I'd recommend both banks. I love N26 and its the better of the foreign online banks if the guarantee of assets is important to you as its a real bank guaranteed by the German government. If you are just using it as a side account, I'd recommend Revolut over it for the simple reason that that seems to be what everyone else has. When paying for meals or wanting to do a simple transfer, I always seem to be the odd one out.

adox

redlead wrote: »

This is basically what I did a couple of years ago. I was with AIB my whole life until about 8 years ago when they brought in fees. I then moved to PTSB who had no fees and then moved again to KBC about three years ago when PTSB brought in fees. I have an N26 account on top of this because you'll save a fortune on foreign ccy transactions. I have no doubt that KBC will bring them in at some point is the only thing. A downside of KBC is that depending on where you live, the benefits of a brick and mortar bank might not be so obvious as they have a lot less branches.

I'd recommend both banks. I love N26 and its the better of the foreign online banks if the guarantee of assets is important to you as its a real bank guaranteed by the German government. If you are just using it as a side account, I'd recommend Revolut over it for the simple reason that that seems to be what everyone else has. When paying for meals or wanting to do a simple transfer, I always seem to be the odd one out.

Thanks. Ive been with KBC a couple of years(along with BOI who Ive been a customer of for 30 years). I just didnt have a credit card with them.

I have accounts with both N26 and Revolut also. They are great for the most part. Have Revolut linked to my Amazon account and pays for my Netflix sub(Turkish)and Youtube premium(India).

N26 I have used less but am starting to use spaces now to box off money for some projects.

I had been using BOI less and less the last couple of years. switched my wages to KBC. didnt use the debit card. The only thing I did use regularly was the credit card so I`ll get rid of that. Just need to sort out direct debits,close a savings account and I will be done with them.

macguru

adox wrote: »

Thanks. Ive been with KBC a couple of years(along with BOI who Ive been a customer of for 30 years). I just didnt have a credit card with them.

I have accounts with both N26 and Revolut also. They are great for the most part. Have Revolut linked to my Amazon account and pays for my Netflix sub(Turkish)and Youtube premium(India).

N26 I have used less but am starting to use spaces now to box off money for some projects.

I had been using BOI less and less the last couple of years. switched my wages to KBC. didnt use the debit card. The only thing I did use regularly was the credit card so I`ll get rid of that. Just need to sort out direct debits,close a savings account and I will be done with them.

Revolut is great for geographical shopping around for online services deals, there's some difference based on location of payment (and before anyone asks the actual streaming content is based on the location you are accessing from). for example a basic Brazilian Netflix subscription is about US$4 a month

M