BOI Alternatives-New Charges

DesperateDan

It is remarkably easy to change banks. They are forced by the someone (EU, Central Bank I dunno) to make sure the new bank is given the ability to move everything over for us, on the date we tell them to.

I walked in to AIB 3 years ago when BoI would not budge on implementing Android / Apple Pay. I could not believe how out of date BoI were in comparison (although you can see with the redesign etc they are finally playing catch up now). Moved every DD/Standing Order that day by just signing a form.

Xaniaj

The 'new' application is shocking, it's slower than the old app and the interface looks like something from the 90s!

Like many, I've been paying 20eur/year so will be moving as well. UB had a similar charge to what I'm paying now (2eur a month with a minimum balance) and I have my joint and mortgage accounts with them so may just go with them. As mentioned above, they have a moving team that will take care of everything.

Anyone know if you can keep your BoI credit card as a standalone product?

jack_frost_09

Jim2007 wrote: »

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

I'll defer to your better judgement so! Mind if I ask though what the considerations were, if any, when those kind of decisions were being made?

Delta2113

Yes a Credit card is a standalone product.

darrenheaphy

It irks me that BOI will take €6 off, also have an account with AIB that I should cancel. Do people use Revolut/N26 for subscriptions and recurring payments too?

Maz2016

My colleague went into aib today and set up a new account. They transferred her eir, Vodafone and Layla direct debits. They even gave her a letter to give to our HR with the updated bank details. Took 15 minutes.
I’ll definitely be switching too. EBS is an option. They don’t have an app but you can save the webpage on your home screen

JTMan

darrenheaphy wrote: »

Do people use Revolut/N26 for subscriptions and recurring payments too?

Yes, some people do.

-=al=-

Just got the email about the changes today...

"Customers have told us that our fees are too complex, and that we’ve so many of them it makes it hard to keep track.

That’s why from 23 November 2020 we’re introducing a simple way of charging for your current account. We’re eliminating 26 individual charges and introducing a single monthly fee of €6."

I'd rather have "complex" fees than have a 350% increase

Apart from being insulting the audacity to have that big an increase and say it's the customers fault is absolute insanity. Their services have been stuck in the stone age for years and the app is pretty miserable.

To do something like this when consumers have several free digital and online banking options available at hand is madness

DeanM

Bubbaclaus wrote: »

People pay for every other service they use and dont give it a second thought. But when a bank wants to charge for the services they provide people become enraged. Never understood it.

Maybe you can't understand it cos you are stating false information. They are not deciding all of a sudden to charge for the service, that is not the issue.
Have no problem paying for the service. I have been paying for it for 20yrs. There has always been transaction fees, or if you keep 3k, a flat fee of 5e per month. So where you getting that people are enraged over being charged for the services when they have been paying for it for 20, 30, 40years?
The problem is when they hike the price 260%....and give a completely facetious reason for it then that is ridiculous. Would you accept that increase for rent? Broadband? For....anything?

-=al=-

The reasoning behind this debacle is the real clincher

Imagine a tenant getting an email from their landlord explaining that the tenant doesn’t understand why the room they rent costs 1,000 a month, so the landlord is just going to charge 3,000 instead for the same room

...Or the tenant could just move their stuff next door to a similar room with better WiFi for free

Henry Ford III

Threads merged.

macguru

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

Bubbaclaus

DeanM wrote: »

Maybe you can't understand it cos you are stating false information. They are not deciding all of a sudden to charge for the service, that is not the issue.
Have no problem paying for the service. I have been paying for it for 20yrs. There has always been transaction fees, or if you keep 3k, a flat fee of 5e per month. So where you getting that people are enraged over being charged for the services when they have been paying for it for 20, 30, 40years?
The problem is when they hike the price 260%....and give a completely facetious reason for it then that is ridiculous. Would you accept that increase for rent? Broadband? For....anything?

Using the percentage increase from previous minimum charge to future maximum charge sure pulls at the heartstrings.

What if I told you it was 1 euro per week max increase. Plus you can now free up that 3k to potentially earn you 1 euro per week or more elsewhere. Not as sensationalist then.

Xaniaj

Bubbaclaus wrote: »

Using the percentage increase from previous minimum charge to future maximum charge sure pulls at the heartstrings.

What if I told you it was 1 euro per week max increase. Plus you can now free up that 3k to potentially earn you 1 euro per week or more elsewhere. Not as sensationalist then.

And I would still move. I plan on keeping at least 3k on hand anyway as an emergency fund so it won't be earning me money regardless.

HBC08

[Deleted User] wrote: »

Does any other bank have free transaction fees if you keep a certain amount in your current account?

I'm with Ulster bank and I think it's no fees if you have 3k in the account (I could be wrong) I accidentally dropped below 3k a few months ago (didn't notice for a day or day,as soon as I noticed I topped it back up but got charged for a month)

silenoz

Hi,

BOI will be charging 72 EUR per annum for current account maintenance starting Nov 2020.
I am suggesting that a new thread be started, possibly a sticky could be added to give forum users info. on how to switch from BOI, close BOI accounts, and for users to suggest suitable alternative current accounts.
I am currently in the process of researching possible alternative current account options. Are KBC or EBS any good? Are they cheap to use or possibly free? Going by what I've seen they seem to be quite cheap in comparison. What are they like to deal with?
I am looking to transfer mortgage, mortgage protection and various household bill payments.

adox

For those closing accounts with a long history, are you printing out statements to keep on record?

scrumqueen

This thread has prompted me to check if I had a KBC Current or Xtra Current account, I had the regular and just switched via the app there! very handy! Thanks!

My fees were minimal but just saved myself a few quid now

Which is the cheapest bank to deal with. I’m also not paying €6 a month just to bank with bank of Ireland I only use the atm every two weeks and have only standing order a week for €30

coylemj

adox wrote: »

For those closing accounts with a long history, are you printing out statements to keep on record?

You can download quarterly BOI statements as PDF files, no need to print them.

jeffk

Went into KBC, hardly rolled out the red carpet, two workers and myself so not busy busy

The "new normal" of booking to discuss it

E6 a quarter and some booklet and sent on my way

JP Liz V1

These increase charges are huge, disgraceful of BOI

coylemj

Bubbaclaus wrote: »

..... you can now free up that 3k to potentially earn you 1 euro per week or more elsewhere. Not as sensationalist then.

I agree with the general tenor of your post, the increase for me would be about €3.50 p.m.

But... 1 euro per week interest on a deposit of €3,000 is 1.73%. Nobody is offering anywhere near that rate of interest on deposits.

Bubbaclaus

coylemj wrote: »

I agree with the general tenor of your post, the increase for me would be about €3.50 p.m.

But... 1 euro per week interest on a deposit of €3,000 is 1.73%. Nobody is offering anywhere near that rate of interest on deposits.

I didnt suggest putting it on deposit.

4Ad

HBC08 wrote: »

I'm with Ulster bank and I think it's no fees if you have 3k in the account (I could be wrong) I accidentally dropped below 3k a few months ago (didn't notice for a day or day,as soon as I noticed I topped it back up but got charged for a month)

I had over 3k in my Ulster Bank and seemed to have being charged 26 and 28 euros last November...I'm trying to contact them...I am going to close my Bank Of Ireland account asap, ridiculous fees..

bossdrum

Bubbaclaus wrote: »

What if I told you it was 1 euro per week max increase.

That's the type of phrase Enda Kenny was using when they tried to bring in water charges and can be used to try and justify any increase in any bill.
Everything is only a couple of euro a week, TV licence, Car tax etc.
All these charges add up and will keep increasing if banks think people will put up with it and not move.
In any other business why would you continue to pay for the same service if you can get it cheaper in another?
People can always move back to BOI if the other options increase their fees later.

Boards.ie: Mark

Hi silenoz,

I have moved your thread to the Banking & Insurance & Pensions forum where it is more suitable. While this thread involves Bank of Ireland, the Bank of Ireland Talk To forum is a forum where bank staff can help customers with issues and find resolutions.

The banking forum is more applicable for general discussion, getting opinions on which banks are best to switch to, and discussion about the switching process.

adox

There is a thread right below this one where it has been discussed at length in the last few days.

silenoz

adox wrote: »

There is a thread right below this one where it has been discussed at length in the last few days.

Apologies, yes, I only seen that after the thread was moved.

https://www.boards.ie/vbulletin/showthread.php?t=2058106504

Hibernicis

HBC08 wrote: »

I'm with Ulster bank and I think it's no fees if you have 3k in the account (I could be wrong) I accidentally dropped below 3k a few months ago (didn't notice for a day or day,as soon as I noticed I topped it back up but got charged for a month)

I currently have current accounts with BOI and Ulster. Ulster charge €2 per current account for any month where the daily balance does not drop below €3,000.

The Ulster apps on the iPhone and iPad are light years ahead of BOI’s. Also, transfers between accounts in Ulster are instant with all balances immediately updated for both standing orders and ah-hoc online transfers (In BOI’s case the debit is instant, the credit usually takes a business day to show up). And Ulster have up to date online access to transaction histories on deposit accounts, whereas you have to wait for a statement from BOI. I set up the BOI C/A to act as a feeder for a number of GoalSaver and other “high interest” regular savings accounts. Given these charges and the recent interest rate drops I will shutting the whole lot down as its no longer worth having. When I first started dealing with BOI some years ago I was shocked by how poor their systems, information and apps were. And it hasn’t got any better.

4Ad wrote: »

I had over 3k in my Ulster Bank and seemed to have being charged 26 and 28 euros last November...I'm trying to contact them...I am going to close my Bank Of Ireland account asap, ridiculous fees..

This happened to me once and the cause was a rogue DD that showed up about a week early, taking my balance below €3,000 for one night And landing me with full fees for that month. I watch it a bit more closely now.