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BOI Alternatives-New Charges

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    #332
    macguru
    Registered Users Posts: 647 ✭✭✭macguru


    McGaggs wrote: »
    They generally won't accept any bank statement where the customer has printed it themselves, even if it's a legacy bank.

    I had no problems with self printed AIB or KBC ones.

    M


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    #333
    coylemj
    Registered Users Posts: 25,345 ✭✭✭✭coylemj


    McGaggs wrote: »
    They generally won't accept any bank statement where the customer has printed it themselves, even if it's a legacy bank.

    If you have a half decent printer, how can they tell the difference? Unless your bank prints it's statements on watermarked paper...


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    #334
    calfmuscle
    Registered Users Posts: 746 ✭✭✭calfmuscle


    macguru wrote: »
    One thing to note as well is that any service provider who has to do Anti Money Laundering checks will not accept accept statements from online banks such as Revolut, Monese, Monzo, N26 etc. as part of their ID verification.

    M

    According to central bank no service provider can discriminate against you for using an eu bank. As long as they are under sepa the service provider cannot deny you the service.


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    #335
    Jim2007
    Moderators, Business & Finance Moderators Posts: 10,026 Mod ✭✭✭✭Jim2007


    calfmuscle wrote: »
    According to central bank no service provider can discriminate against you for using an eu bank. As long as they are under sepa the service provider cannot deny you the service.

    Does not trump MLA and there is no obligation for them to accept any particular form of identification.


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    #336
    coylemj
    Registered Users Posts: 25,345 ✭✭✭✭coylemj


    Jim2007 wrote: »
    Does not trump MLA and there is no obligation for them to accept any particular form of identification.

    Does the MLA oblige them to require any specific i.e. prescribed (by the legislation) forms of identification? Or is it down to each institution to define what items they require?


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    #337
    jeffk
    Registered Users Posts: 5,836 ✭✭✭jeffk


    Delta2113 wrote: »
    We are in a global Pandemic at the moment.

    Sorry just seen this now

    Yes we are, so things should be a tighter ship

    Twice ive been there and had at least 3 inside and 5 or more outside waiting for 1 person to serve them

    Should be appointments only unless you REALLY need it now and both counters should be open


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    #338
    The J Stands for Jay
    Registered Users Posts: 5,664 ✭✭✭The J Stands for Jay


    coylemj wrote: »
    Does the MLA oblige them to require any specific i.e. prescribed (by the legislation) forms of identification? Or is it down to each institution to define what items they require?

    I don't think it does specify the documents, beyond saying what to do for someone who doesn't have any passport or driver's licence.


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    #339
    Jim2007
    Moderators, Business & Finance Moderators Posts: 10,026 Mod ✭✭✭✭Jim2007


    coylemj wrote: »
    Does the MLA oblige them to require any specific i.e. prescribed (by the legislation) forms of identification? Or is it down to each institution to define what items they require?

    The legislation is based on the EU directive :https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX%3A32015L0849 and as far as I know there is no specific requirements other than they must use a number of independent sources.

    Also at this stage it extends to verifying your relationship to other known individuals are ready flagged, business partners etc...


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    #340
    Delta2113
    Registered Users Posts: 2,670 ✭✭✭Delta2113


    jeffk wrote: »
    Sorry just seen this now

    Yes we are, so things should be a tighter ship

    Twice ive been there and had at least 3 inside and 5 or more outside waiting for 1 person to serve them

    Should be appointments only unless you REALLY need it now and both counters should be open

    -Fair enough - all Irish Banks Customer service is abysmal. At least it's FREE abysmal with EBS Money Manager.


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    #341
    neutral guy
    Closed Accounts Posts: 402 ✭✭neutral guy


    Sooner or later everybody will pay charges.Include Revolut.
    Revolut keep his money in a bank the bank will charge.
    Next year every single card/account will be charged the matter will be how much.


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    #342
    calfmuscle
    Registered Users Posts: 746 ✭✭✭calfmuscle


    neutral guy wrote: »
    Sooner or later everybody will pay charges.Include Revolut.
    Revolut keep his money in a bank the bank will charge.
    Next year every single card/account will be charged the matter will be how much.

    N26 say their business model is based on Spotify. So free accounts for all and only go premium if you want to.
    Saying you'll have to pay in the future isn't really a reason to pay fees now.


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    #343
    neutral guy
    Closed Accounts Posts: 402 ✭✭neutral guy


    calfmuscle wrote: »
    N26 say their business model is based on Spotify. So free accounts for all and only go premium if you want to.
    Saying you'll have to pay in the future isn't really a reason to pay fees now.
    I think you have no understanding what money is /how they are covered / and how much they cost.2020 is the last year when Revolut/other cost you nothing.

    Look this video please :

    https://www.youtube.com/watch?v=Uo0KjdDJr1c&ab_channel=RaucePadgett


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    #344
    calfmuscle
    Registered Users Posts: 746 ✭✭✭calfmuscle


    neutral guy wrote: »
    I think you have no understanding what money is /how they are covered / and how much they cost.2020 is the last year when Revolut/other cost you nothing.

    Look this video please :

    https://www.youtube.com/watch?v=Uo0KjdDJr1c&ab_channel=RaucePadgett

    Yeah I'm not going to watch that or listen someone who's attempt at discussion is to initially tell someone they know nothing. Thanks tho.


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    #345
    Delta2113
    Registered Users Posts: 2,670 ✭✭✭Delta2113


    neutral guy wrote: »
    Sooner or later everybody will pay charges.Include Revolut.
    Revolut keep his money in a bank the bank will charge.
    Next year every single card/account will be charged the matter will be how much.

    - I couldn't disagree more with this statement.


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    #346
    Jim2007
    Moderators, Business & Finance Moderators Posts: 10,026 Mod ✭✭✭✭Jim2007


    Delta2113 wrote: »
    - I couldn't disagree more with this statement.

    Well you better get ready for a shock then....

    The banking industry has successfully turned itself into a commodity industry, we’re now just waiting for the catalyst to start the consolidation to kick off. UBS & CS are in negotiation, DB are in negotiation with an undisclosed party and there are rumblings in Spain as well.

    Most likely we’ll end up with 7 or 8 level one banks and 15 to 20 level 2 banks in Europe, the rest will be just name plates. And once the excess capacity has been removed the fees will start to climb.


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    #347
    JTMan
    Registered Users Posts: 5,537 ✭✭✭JTMan


    I appreciate that the ECB are trying to encourage consolidation and that mergers and acquisitions will happen in certain cases but it's difficult to believe the consolidation story as a whole. People have been predicting consolidation in the banking industry for two decades and it hasn't happened on any major scale in Europe yet. The cost of IT integration and the length of time that IT integration takes can sometimes be enough to stop acquisitions. Legacy branch networks don't create attractive targets either.


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    #348
    The J Stands for Jay
    Registered Users Posts: 5,664 ✭✭✭The J Stands for Jay


    JTMan wrote: »
    I appreciate that the ECB are trying to encourage consolidation and that mergers and acquisitions will happen in certain cases but it's difficult to believe the consolidation story as a whole. People have been predicting consolidation in the banking industry for two decades and it hasn't happened on any major scale in Europe yet. The cost of IT integration and the length of time that IT integration takes can sometimes be enough to stop acquisitions. Legacy branch networks don't create attractive targets either.

    AT some point they'll have closed enough branches for the big bosses to believe they'll be the exception and that their merger will actually deliver the projected savings.


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    #349
    Jim2007
    Moderators, Business & Finance Moderators Posts: 10,026 Mod ✭✭✭✭Jim2007


    JTMan wrote: »
    I appreciate that the ECB are trying to encourage consolidation and that mergers and acquisitions will happen in certain cases but it's difficult to believe the consolidation story as a whole. People have been predicting consolidation in the banking industry for two decades and it hasn't happened on any major scale in Europe yet. The cost of IT integration and the length of time that IT integration takes can sometimes be enough to stop acquisitions. Legacy branch networks don't create attractive targets either.

    The ECB are not playing a roll in what is going on, it is pressure primarily from the institutional shareholders to improve profits.

    There is no cost of IT integration because that is not how we do it, there will be a political decision as to which system will remain, not a technical one. And then it’s a case of having staff, already trained in the process, to on board customers from one system to the other. It took us about 18 months to complete the merger of the old Swiss Banking Corp and the old UBS. You can move fast when the approach is elimination not integration.

    The same goes for the branches, the objective is to reduce capacity so no one really gives a fig about the old branch network.

    In my experience (twice), the staff that go first will come away with the best deals. They need to keep the remaining staff sweet to complete the process, but by the end it will be statutory minimum and there is the door.

    Glad to be a spectator next time around.


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    #350
    manster
    Registered Users Posts: 882 ✭✭✭manster


    I'm a BOI customer for well over 30 years and have decided to finally cut the chord. As I have an AIB mortgage, I also had to have an AIB current account, which I have not used to date. Will close my BOI accounts and going forward this will be used with the benefit that there are no fees. Also I had a a look at how easy it is to switch to AIB. So AIB and Revolut going forward for me!


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    #351
    JTMan
    Registered Users Posts: 5,537 ✭✭✭JTMan


    Jim2007 wrote: »
    There is no cost of IT integration because that is not how we do it, there will be a political decision as to which system will remain, not a technical one. And then it’s a case of having staff, already trained in the process, to on board customers from one system to the other. It took us about 18 months to complete the merger of the old Swiss Banking Corp and the old UBS. You can move fast when the approach is elimination not integration.

    System elimination was much easier 20 years ago when there were less systems. Now banks have so many different systems, decommissioing of systems takes ages and costs a fortune and you often have to build new functions in one of the systems before the transition can occur. System elimination is the right route but there is no way it would be done in 18 months in any of the Irish banks with their matrix of systems.


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    #352
    The J Stands for Jay
    Registered Users Posts: 5,664 ✭✭✭The J Stands for Jay


    JTMan wrote: »
    System elimination was much easier 20 years ago when there were less systems. Now banks have so many different systems, decommissioing of systems takes ages and costs a fortune and you often have to build new functions in one of the systems before the transition can occur. System elimination is the right route but there is no way it would be done in 18 months in any of the Irish banks with their matrix of systems.

    I can't imagine that the Irish banks have many features that aren't available on the others, so that would avoid a lot of issues. Also, of I'm picking up Jim2007 correctly, the process is to get customers of bank B to sign up with bank A then transfer their balance. If they lose account features, too bad. The empty systems of bank B are then turned off with no integration or transferring of functionality or data.


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    #353
    Cliona2012
    Registered Users Posts: 156 ✭✭Cliona2012


    If I switch away from a BOI current account will it impact on my chances of getting a mortgage from them?


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    #354
    The J Stands for Jay
    Registered Users Posts: 5,664 ✭✭✭The J Stands for Jay


    Cliona2012 wrote: »
    If I switch away from a BOI current account will it impact on my chances of getting a mortgage from them?

    No


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    #355
    howyegettinon1
    Registered Users Posts: 318 ✭✭howyegettinon1


    been meaning to close my account with them for some time now but havent as it's handy having access to cash in branches but the text about the mandatory monthly fees of 6euro was the final straw


    Curious if anyone else is getting rid of them now too after that text?


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    #356
    Car99
    Registered Users Posts: 2,530 ✭✭✭Car99


    I should but probably not because its convenient and I dont want the hassle of changing DD's and the like. I guess that's what BOI are banking on , people being too lazy to move.

    Pardon the pun


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    #357
    Henry Ford III
    Moderators, Business & Finance Moderators Posts: 17,634 Mod ✭✭✭✭Henry Ford III


    Not another BOI charges thread! Merging.


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    #358
    howyegettinon1
    Registered Users Posts: 318 ✭✭howyegettinon1


    JTMan wrote: »
    I appreciate that the ECB are trying to encourage consolidation and that mergers and acquisitions will happen in certain cases but it's difficult to believe the consolidation story as a whole. People have been predicting consolidation in the banking industry for two decades and it hasn't happened on any major scale in Europe yet. The cost of IT integration and the length of time that IT integration takes can sometimes be enough to stop acquisitions. Legacy branch networks don't create attractive targets either.


    couldnt agree more on that one, I contract into AIB for projects and holy mother of god the turnaround time for projects in there is about x10 times what you would have with even with a government contracts, the cost of project also reflects that too, and thats for relatively simple stuff thats all under their controll, I cannot even imagine doing a project where you have 2 banks delaying you on both sides


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    #359
    JTMan
    Registered Users Posts: 5,537 ✭✭✭JTMan


    McGaggs wrote: »
    If they lose account features, too bad. The empty systems of bank B are then turned off with no integration or transferring of functionality or data.

    It's not that simple in todays complex matrix of systems and services. Let's say bank A does retail, funds, corporate, business, FX desk and wealth management all from a crappy legacy system X. Bank B just does retail and insurance from system Y. But bank B has a much much better system than bank A. What ya gonna do? You can't switch off the features because system X nor Y does not even have all the core features/functions to begin with and you need to retain the value added services. Keep both sets of systems? Good luck with that too.


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    #360
    hardybuck
    Registered Users Posts: 5,162 ✭✭✭hardybuck


    What are the odds of some of the other banks announcing changes to their fees structure in or around when the 2021 Budget is announced on Oct 13th!?


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    #361
    howyegettinon1
    Registered Users Posts: 318 ✭✭howyegettinon1


    hardybuck wrote: »
    What are the odds of some of the other banks announcing changes to their fees structure in or around when the 2021 Budget is announced on Oct 13th!?


    if I was a bank id wait a good year or two until I got all the customers over that fled from BOI


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