BOI Alternatives-New Charges

jack_frost_09

Jim2007 wrote: »

Not true. Most mortgage lending is done on the basis of securitisation, you can't match short term deposits with long term lending, it just does not work. Deposits do not it in the impact a bank's ability to lend, its T1 ratio and its ability to use securitisation to off load balance sheet debt is what counts.

Thanks for the observation. Perhaps we're going off the thread topic here a little but I'm not sure that one could state "not true" as you have above. Yes securitisation is a form of funding but first you need to ask where do the loans that back these securitisations come from? Securitised notes are issued off the back of lending in the form of mortgages or other loans that in the first instance require a sticky deposit base i.e. consumers current accounts and long-term savings accounts for banks to lend on the back of.

While you state that "you can't match short term deposits with long term lending" that is only true to the extent where deposits are actually short term. In reality however, the majority of all deposits in the form of current accounts and savings accounts are assumed by banks to be long term with only minor fluctuations in the aggregate. This is the assumption made by banks that allow them to function as they do.

jeffk

Would it be a good idea for a mod to edit my post into a poll so people can vote whats the best alternative/s

Im kinda thinking its keep credit card and/or savings with BOI, then KBC or EBS seems to be the choice, but not sure

I know we have till almost December, so be handy to guide for people as the time draws newer

Jim2007

jack_frost_09 wrote: »

In reality however, the majority of all deposits in the form of current accounts and savings accounts are assumed by banks to be long term with only minor fluctuations in the aggregate. This is the assumption made by banks that allow them to function as they do.

Certainly not and I've been in the room when those kind of decisions were being made, although not at an Irish bank.

Sconsey

adox wrote: »

It’s plain maths for me. Whether they need to make the charges or not is a side issue.
I’m currently paying €20 a year for the account and they are raising that charge to €72 a year. That’s over a 350% increase!

I can get the same service(or better)elsewhere for less or for free. From a financial point of view it makes zero sense for me to stay with the bank.

Well Said. Same as above, going from €20 to €72 is bad but the absolute nonsense of an excuse they gave was the limit. I never found the pricing structure confusing, thanks for making it easier for me by paying multiples of my previous charges.

Have investigated switching and it is not going to be as much hassle as I thought, in fact the biggest pain for me will be dealing with my companies payroll.

Spanish Eyes

Feckers the lot of them.

There is no solution to this gouging for us giving them the privilege of banking with them. Disgusted from Tunbridge Wells. LOL.

listermint

Why are people leaving 3k sitting in a current account to save a couple of euro.... Surely putting it somewhere else would make you a couple of euro .

Not making excuses for boi but make sure do your maths on this. There isn't free banking anywhere anymore even revolut and n26 have paid models.

Research fully your charges with any bank. Rather than reactionary stuff like outrage.

Jim2007

Jim2007 wrote: »

Really, dig out a set of their accounts and demonstrate with actual facts, rather than here say.

The reality is that banks have managed to turn themselves into a commodity industry and in a commodity industry you can't afford to give stuff a way for free.

We're just waiting for the consolidation to start... and once that happens fees will starts fees will start climbing big time.

People will just move to free options, KBC, EBS, Revolut, N26 etc etc. People won’t accept paying for something that should be free, in fact something that should be paying us through proper interest rates on savings.

cullenswood

listermint wrote: »

Why are people leaving 3k sitting in a current account to save a couple of euro.... Surely putting it somewhere else would make you a couple of euro .

Not making excuses for boi but make sure do your maths on this. There isn't free banking anywhere anymore even revolut and n26 have paid models.

Research fully your charges with any bank. Rather than reactionary stuff like outrage.

Because if the €3,000 sitting in the account meant you avoided annual charges of €72 that's a 2.4% return

adox

listermint wrote: »

Why are people leaving 3k sitting in a current account to save a couple of euro.... Surely putting it somewhere else would make you a couple of euro .

Not making excuses for boi but make sure do your maths on this. There isn't free banking anywhere anymore even revolut and n26 have paid models.

Research fully your charges with any bank. Rather than reactionary stuff like outrage.

And Revolut and N26 also have free banking.

KBC offer free banking if you deposit 2k into the account monthly. A lot of people getting their wage in there would cover it alone.

I’m sure most will or already have researched the charges. Many are looking for alternatives here. The change doesn’t take place until November.

BOI also offer one of the most outdated apps there is on the market at the moment.

listermint

cullenswood wrote: »

Because if the €3,000 sitting in the account meant you avoided annual charges of €72 that's a 2.4% return

The 6 per month flat rate is new.

listermint

adox wrote: »

And Revolut and N26 also have free banking.

KBC offer free banking if you deposit 2k into the account monthly. A lot of people getting their wage in there would cover it alone.

I’m sure most will or already have researched the charges. Many are looking for alternatives here. The change doesn’t take place until November.

BOI also offer one of the most outdated apps there is on the market at the moment.

Completely unfair tbh. You can't bank fully free in revolut or n26 without incurring fees. Most folks had a mix of traditional bank and fintech ones for freer experience. If your putting lock stock and barrel into them youd pay for the experience or you hit limits.

Again I'm not defending boi.


And boi app is brand new it was launched about 4 weeks ago with Google pay today. It's the newest banking app in the Irish market.....

adox

listermint wrote: »

Completely unfair tbh. You can't bank fully free in revolut or n26 without incurring fees. Most folks had a mix of traditional bank and fintech ones for freer experience. If your putting lock stock and barrel into them youd pay for the experience or you hit limits.

Again I'm not defending boi.


And boi app is brand new it was launched about 4 weeks ago with Google pay today. It's the newest banking app in the Irish market.....

My point is there are options out there at the moment to bank “free”. You completely ignored KBC which is free with the stipulation of 2k per month lodged. No limits on ATM withdrawals etc.

Why would I pay BOI €6 a month when I can get the exact same service or better for €0 a month?

Also the app may be the newest in the market but it doesn’t not make it outdated. It’s finally launched Google Pay. Years behind the curve. The interface is as clunky as hell. Still no fingerprint option.

coylemj

GarIT wrote: »

Typically banks use your money to make a profit.

That's not true these days. Interest rates are at rock bottom and banks and credit unions are drowning in cash sitting in deposit accounts on which they are paying virtually nothing in interest. So it's unrealistic to expect a bank to provide a 'free' service in return for you leaving money sitting dornant in your account.

listermint

adox wrote: »

My point is there are options out there at the moment to bank “free”. You completely ignored KBC which is free with the stipulation of 2k per month lodged. No limits on ATM withdrawals etc.

Why would I pay BOI €6 a month when I can get the exact same service or better for €0 a month?

Also the app may be the newest in the market but it doesn’t not make it outdated. It’s finally launched Google Pay. Years behind the curve. The interface is as clunky as hell. Still no fingerprint option.

I'm with KBC I ignored nothing.

It's the newest app on the market in this country. Yet is outdated.

Ok right. Got it. Tbh finger print is overused now for various apps none secure I'm not actually sure how I feel about it or trust it relation to banking I'd probably. Prefer a print and pin frankly. I also use revolut since they launched but wouldn't keep alot of money on it. Through it yes but not on it.

listermint

coylemj wrote: »

That's not true these days. Interest rates are at rock bottom and banks and credit unions are drowning in cash sitting in deposit accounts on which they are paying virtually nothing in interest. So it's unrealistic to expect a bank to provide a 'free' service in return for you leaving money sitting dornant in your account.

Have to agree with this tbh. I don't even see KBC staying free. People racing around to save 50 quid over the year may find out it was physical time wasted fairly soon.

Yyhhuuu

listermint wrote: »

Completely unfair tbh. You can't bank fully free in revolut or n26 without incurring fees. Most folks had a mix of traditional bank and fintech ones for freer experience. If your putting lock stock and barrel into them youd pay for the experience or you hit limits.

Again I'm not defending boi.


And boi app is brand new it was launched about 4 weeks ago with Google pay today. It's the newest banking app in the Irish market.....

Completely free current a/c with EBS

adox

listermint wrote: »

It's the newest app on the market in this country. Yet is outdated.

Ok right. Got it.

Does it really have to be explained to you?

listermint

Yyhhuuu wrote: »

Completely free current a/c with EBS

Ah I'd never use EBS . No offense.

Yyhhuuu

listermint wrote: »

Have to agree with this tbh. I don't even see KBC staying free. People racing around to save 50 quid over the year may find out it was physical time wasted fairly soon.

KBC have offered free banking for YEARS.

Why pay BOI €72 when free elsewhere. Madness...

Yyhhuuu

listermint wrote: »

Ah I'd never use EBS . No offense.

Why? I find them fantastic. EBS is part of AIB Group, bailed out by the Irish taxpayer so they OWE us free banking.

In the UK bank charges are the exception not the norm.

adox

Yyhhuuu wrote: »

KBC have offered free banking for YEARS.

Why pay BOI €72 when free elsewhere. Madness...

You’d swear moving banks was some incredible hardship. It’s the same with everything. You shop around for the best deal once it suits your needs.

listermint

adox wrote: »

You’d swear moving banks was some incredible hardship. It’s the same with everything. You shop around for the best deal once it suits your needs.

Ahh now I know youre pulling legs.

Contacting hr to change salary , stopping all standing orders. Stopping all DDs and redirecting . Mortgage payments. Etc etc etc. It's not a walk in the park. It's not like swapping insurance be honest.

Yyhhuuu

adox wrote: »

You’d swear moving banks was some incredible hardship. It’s the same with everything. You shop around for the best deal once it suits your needs.

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

Yyhhuuu

listermint wrote: »

Ahh now I know youre pulling legs.

Contacting hr to change salary , stopping all standing orders. Stopping all DDs and redirecting . Mortgage payments. Etc etc etc. It's not a walk in the park. It's not like swapping insurance be honest.

That's all very simply done in one transaction

adox

listermint wrote: »

Ahh now I know youre pulling legs.

Contacting hr to change salary , stopping all standing orders. Stopping all DDs and redirecting . Mortgage payments. Etc etc etc. It's not a walk in the park. It's not like swapping insurance be honest.

No point in continuing to engage with you.

listermint

adox wrote: »

No point in continuing to engage with you.

Ok grand... ..

listermint

Yyhhuuu wrote: »

That's all very simply done in one transaction

No chance.

Delta2113

listermint wrote: »

Ah I'd never use EBS . No offense.

"There isn't free banking anywhere anymore even revolut and n26 have paid models."

Yes you can have free banking so you are wrong.

listermint

listermint wrote: »

Ah I'd never use EBS . No offense.

Just because you would refuse to use EBS for some unknown reason doesn’t mean they don’t offer free banking.

With EBS and Revolut I’ve never paid a cent in charges between them. I use Revolut for everything bar taking out money as it’s the only thing in my usage that would attract any charge with them. Someone who doesn’t take out much cash would have totally free banking with Revolut.

Delta2113

"If you like the look of our MoneyManger account but already have a bank account in place, we can help you switch your account to EBS. The process is smooth and hassle free in line with the Central Bank of Ireland's Switching Code and we'll make sure that any direct debits or standing orders you may have coming out of your current bank account are seamlessly switched to your new EBS MoneyManager account."

And contact your HR regards your wages.

Shock horror - two transactions.