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Avoiding Bank Fees & Charges

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  • Registered Users Posts: 749 ✭✭✭smackyB


    Made the switch from Ulster Bank to KBC a few months back as I could see the writing was on the wall regarding UB's future in Ireland. Pretty happy so far, no fees once you meet the lodgement requirement as others have mentioned.

    One thing that did catch me out is that KBC have a 5k daily online transaction limit. I had to split a payment up into a series of transactions and the app doesn't tell you what the issue is when you hit the limit - I had to call customer care to figure out what was going on. Ulster Bank had a much more generous online transaction limit.

    Also I was stung for €10 by KBC for not having enough in my current account to pay a standing order - it smacks as a bit of a money grab, surely a notification could be sent to remind beforehand that you don't have enough in the account to pay the order.

    The KBC app is good but still not a patch on Revolut in terms of features like real-time transaction notifications and virtual card creation.


  • Registered Users Posts: 2,138 ✭✭✭lau1247


    Orebro wrote: »
    This is a classic example of why the likes of AIB love you as a customer - as a country we seem to have some misplaced sense of loyalty to whatever bank we’ve been with for a long time. If everyone switched their banking providers for better deals then it would shake them all up to treat their customers better.

    I closed BoI about 5 years ago because there is no way around the maintenance fees so it was not worth keeping. I'm not against switching. While I agree with what you said in general, however if I can keep it at no fees as I have explained (Seems my situation is the perfect condition with respect to AIB and what I proposed), then there is no loss from my end, just playing within the rules of the game.

    As it is currently, I'm getting free banking from AIB (Mortgage with them), KBC (2K per month transfer) and PTSB (One of those older Current account 1/2/3/4 where you keep €2.5K at all times).


    I have been burnt by KBC in the past when I applied mortgage with them back when I didn't have an account with them. They string me along for 3 months between not giving me update, coming to ask for more info, I had to constantly chase up. I think the lack of history with them play a big part in it. Which is one of the main reason to keep AIB.

    West Dublin, ☀️ 7.83kWp ⚡5.66 kWp South West, ⚡2.18 kWp North East



  • Registered Users Posts: 1,492 ✭✭✭dowtchaboy


    blackbox wrote: »
    According to their website you have to be over 66. Same for AIB.


    Pity. They must have quietly changed it. I've had this type of account with them for the best part of 10 years and while I'm approaching 70, I'm not speeding.


  • Registered Users Posts: 2,650 ✭✭✭cooperguy


    Darc19 wrote: »
    0,5% charge on deposits over €50k and probably move the figure lower soon.

    No thanks.
    Probably shouldnt have that much in a normal deposit account anyway?


  • Registered Users Posts: 19,017 ✭✭✭✭adox


    smackyB wrote: »
    Made the switch from Ulster Bank to KBC a few months back as I could see the writing was on the wall regarding UB's future in Ireland. Pretty happy so far, no fees once you meet the lodgement requirement as others have mentioned.

    One thing that did catch me out is that KBC have a 5k daily online transaction limit. I had to split a payment up into a series of transactions and the app doesn't tell you what the issue is when you hit the limit - I had to call customer care to figure out what was going on. Ulster Bank had a much more generous online transaction limit.

    Also I was stung for €10 by KBC for not having enough in my current account to pay a standing order - it smacks as a bit of a money grab, surely a notification could be sent to remind beforehand that you don't have enough in the account to pay the order.

    The KBC app is good but still not a patch on Revolut in terms of features like real-time transaction notifications and virtual card creation.

    Yeah the daily limit is 15k 3 transactions. I recently was buying a car and needed to transfer more than that. I had to go to a hub and fill out a form. Luckily there was a hub near me and it took five minutes to fill out the form.


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  • Registered Users Posts: 28,804 ✭✭✭✭AndrewJRenko


    Frozen Veg wrote: »
    Some credit unions have current accounts for €4 per month.

    Not bad if you're looking for an alternative to a bank.

    And some of these are moving to offer debit cards too.


  • Registered Users Posts: 1,477 ✭✭✭Hibernicis


    dowtchaboy wrote: »
    blackbox wrote: »
    According to their website you have to be over 66. Same for AIB.
    Pity. They must have quietly changed it. I've had this type of account with them for the best part of 10 years and while I'm approaching 70, I'm not speeding.

    It has changed across the board:

    BOI 2013
    AIB - c. 2014
    Ulster 2017
    PTSB 2018


  • Registered Users Posts: 2,822 ✭✭✭Ten Pin


    Much handier to link your EBS card to Curve to avail of Google & Apple Pay and free ATM withdrawals. No topping up involved, your Curve card functions as if it were your EBS card.

    Does Curve definitely work with EBS cards? A couple of posts in Curve thread suggested the code didn't appear in the transaction list online, that was mid-2019, has it been rectified since?

    Knowing EBS, there will be problems with online transactions when they implement SCA, Curve would hopefully be a workaround.


  • Registered Users Posts: 4,235 ✭✭✭Poochie05


    KBC also have a standard current account with a €6 quarterly maintenance fee, which is more palatable than the €6 per month BofI have started charging, so if you don’t think you can lodge €2000 per month, this might be an option


  • Registered Users Posts: 1,525 ✭✭✭Curious_Case


    I'm going to close 1 of 2 CA's with B of I and open a CA with An Post.

    All things equal I'll save €1 per month but then there's the 5% moneyback from all Lidl purchases over €25


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  • Registered Users Posts: 261 ✭✭caycro


    corcaigh07 wrote: »
    Free banking with AIB if you have more than 2.5k in your account at all times for each quarter.

    AIB have cancelled this free banking route from 01/01/21


  • Moderators, Business & Finance Moderators Posts: 6,290 Mod ✭✭✭✭Sheep Shagger


    Under EU law, banks must offer a free bank account (even if its very skimpy on services and have rigid rules to avoid fees).

    For obvious reasons these are not widely advertised and some staff may not even know they exist if you ask...BOIs is here

    https://personalbanking.bankofireland.com/bank/current-accounts/basic-bank-account/features-benefits/

    A note on how to stay fee free...

    Fees for maintaining the account may be charged after 12 months depending on turnover if the value of lodgements to your account exceeds a certain threshold. This threshold is equivalent to the national minimum hourly rate of pay (as declared from time to time in accordance with Section 11 of the National Minimum Wage Act 2000) multiplied by 2,080 (i.e. 40 hour week x 52 weeks of the year). If this is applicable to your account you will be notified 2 months in advance of this change. For more information on terms and condition for our Basic Bank Account, please view our Basic Bank Account brochure


  • Registered Users Posts: 3,817 ✭✭✭Darc19


    TheDriver wrote: »
    Is there a switching code? A reg customer would have a few DD/SO and a salary incoming, Do the banks change these, are they all the same?

    It's very easy to switch. You apply, provide the id and sign a document and choose when you want to switch.

    The banks do the rest and transfer all the s/o and dd's over.


  • Registered Users Posts: 2,822 ✭✭✭Ten Pin


    Under EU law, banks must offer a free bank account (even if its very skimpy on services and have rigid rules to avoid fees).

    For obvious reasons these are not widely advertised and some staff may not even know they exist if you ask...

    Oh they know about it alright but are probably under management orders to feign ignorance of the product.

    They will put up as many hurdles as possible to minimize the basic account obligation. EBS are the only ones making it widely available.


    Bizarrely, neither An Post or Credit Unions are listed as offering a basic current account so that indicates they don't provide that option...both are listed under the fee accounts section...
    https://www.ccpc.ie/consumers/money-tools/current-account-comparison/


  • Registered Users Posts: 3,783 ✭✭✭Apogee


    KBC with a Credit Union account for cash/cheque is a winning and free combo.


    I thought most Credit Unions had a quarterly charge now for current accounts? Or are you using a CU savings account?


  • Registered Users Posts: 798 ✭✭✭Yyhhuuu


    Under EU law, banks must offer a free bank account (even if its very skimpy on services and have rigid rules to avoid fees).

    For obvious reasons these are not widely advertised and some staff may not even know they exist if you ask...BOIs is here

    https://personalbanking.bankofireland.com/bank/current-accounts/basic-bank-account/features-benefits/

    A note on how to stay fee free...

    Fees for maintaining the account may be charged after 12 months depending on turnover if the value of lodgements to your account exceeds a certain threshold. This threshold is equivalent to the national minimum hourly rate of pay (as declared from time to time in accordance with Section 11 of the National Minimum Wage Act 2000) multiplied by 2,080 (i.e. 40 hour week x 52 weeks of the year). If this is applicable to your account you will be notified 2 months in advance of this change. For more information on terms and condition for our Basic Bank Account, please view our Basic Bank Account brochure


    Thanks for letting me know about this rule.

    I assume this free bank account under EU Law does NOT refer to a current account. Aa far as I know only one bank offers a free current a/c without conditions attached, which is E.B.S. ( I.e. AIB must have mortgage with them. KBC must lodge minimum 2k per month).
    €10.10 x 2080= € 21,008. If for example one had 2 savings accounts in the same bank, each with less than €21,008 lodged per year,
    I assume there would be no fee charged?


  • Registered Users Posts: 2,822 ✭✭✭Ten Pin


    I assume this free bank account under EU Law does NOT refer to a current account.

    AIUI it's very close to a current account. Although there are slight variations between banks, the main difference is the lodgement cap and there's no chequebook or overdraft facility. An ATM / debit card is provided, some offer contactless on the basic account, some don't. Direct debits and standing orders also work...it's a current account in all but name. The main criteria is that no other current account is held in any ROI bank.


  • Registered Users Posts: 50 ✭✭grounderfill


    Ten Pin wrote: »
    AIUI it's very close to a current account. Although there are slight variations between banks, the main difference is the lodgement cap and there's no chequebook or overdraft facility. An ATM / debit card is provided, some offer contactless on the basic account, some don't. Direct debits and standing orders also work...it's a current account in all but name. The main criteria is that no other current account is held in any ROI bank.

    Thanks for the information. In terms of lodgement cap would anyone know what this amount actually is?

    How would they know if you had any other current account in the ROI. Do they ask when opening the account?
    Does an N26 account constitute a current account in ROI?


  • Moderators, Business & Finance Moderators Posts: 6,290 Mod ✭✭✭✭Sheep Shagger


    Thanks for the information. In terms of lodgement cap would anyone know what this amount actually is?

    How would they know if you had any other current account in the ROI.

    A) Differs from bank to bank, I put up the BOI text earlier.

    B) You have to sign a declaration but in reality nobody would know (just don't have an account at the bank you end up going with).


  • Registered Users Posts: 993 ✭✭✭Time


    Is BOI premier free for day to day? its not entirely clear from their website.


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  • Moderators, Business & Finance Moderators Posts: 6,290 Mod ✭✭✭✭Sheep Shagger


    Time wrote: »
    Is BOI premier free for day to day? its not entirely clear from their website.

    No - usual fees apply even for Premier customers.

    Minimum income levels apy etc, I ditched my Premier debit card when I closed my account, switching to n26 and Revolut.

    Stay away from the platinum credit card with €76 charge too, the insurance that comes free is rubbish.


  • Registered Users Posts: 993 ✭✭✭Time


    No - usual fees apply even for Premier customers.

    Minimum income levels apy etc, I ditched my Premier debit card when I closed my account, switching to n26 and Revolut.

    Stay away from the platinum credit card with €76 charge too, the insurance that comes free is rubbish.

    I qualify income wise. Thats a shame though, i'll probably be stuck with them or AIB anyway when the time comes, i need to be able to lodge cash so thats KBC out unfortunately.


  • Moderators, Business & Finance Moderators Posts: 6,290 Mod ✭✭✭✭Sheep Shagger


    Time wrote: »
    I qualify income wise. Thats a shame though, i'll probably be stuck with them or AIB anyway when the time comes, i need to be able to lodge cash so thats KBC out unfortunately.

    Apart from the black card and a few offers (used to give 3 airport lounge passes a year but very little else) it's just a normal BOi current account including the fees. I used to avoid the fees by leaving a 3k buffer in but when they scrapped that...I was off.

    I only have n26 and revolute now apart from a BOi credit card if I need to lodge cash or cheques I just lodge to that instead (maybe once a year at the most). If you don't lodge often o believe you can use a BOi savings account for that (no fees).


  • Registered Users Posts: 50 ✭✭grounderfill


    Thanks, I don't mean to deviate off a bargain alert so I'll try keep it within this framework.
    As an existing current account holder where wages are paid direct into this account; direct debits and Bill's deducted from here, is it possible to to avail of this basic account?


  • Registered Users Posts: 12,431 ✭✭✭✭TheDriver


    Thanks, I don't mean to deviate off a bargain alert so I'll try keep it within this framework.
    As an existing current account holder where wages are paid direct into this account; direct debits and Bill's deducted from here, is it possible to to avail of this basic account?
    Afaik no, you can't have an account to open one.


  • Registered Users Posts: 4,139 ✭✭✭shanec1928


    shanec1928 wrote: »
    they removed that last year I thought?


    On the EBS account

    Pros

    Free banking

    Cons

    Stupid sign up system, will require two visits to the branch.
    Website is awful with no features.
    Multi factor authentication is the worst I’ve ever seen usually takes two goes to get into your account.
    Limited opening hours in branch’s if you need to change address you have to go into the branch can’t be done online. This is extremely inconvenient if it’s a joint account.


    I’d go with KBC if possible and that’s someone who has an account with both.


    another con to add to the list which i have just found out. in order to cancel a direct debit you have to either call to branch or write them a letter. they wont do it over the phone.


  • Registered Users Posts: 2,822 ✭✭✭Ten Pin


    another con to add to the list which i have just found out. in order to cancel a direct debit you have to either call to branch or write them a letter. they wont do it over the phone.

    Will they accept a scanned letter by email? The terms say it has to be in writing. Standing orders can be amended by emailing a scanned letter...
    How do I amend a standing order?
    In order to amend a standing order we require a signed instruction to do so, signed by all parties on the account. This can be posted to 2 Burlington road Dublin 4, faxed to 01 874 7416 scanned and emailed to info@mail.ebs.ie or dropped into an EBS office.

    There's that word FAX, for anyone under 30, a fax machine is like a phone stuck to a printer....a highly secure communication medium....NOT.

    https://www.ebs.ie/ebs-faq/daily-banking

    Is there any messaging option in their online portal?

    Either way it's 1990s style banking if they insist on a letter by post.


  • Registered Users Posts: 1,477 ✭✭✭Hibernicis


    In terms of lodgement cap would anyone know what this amount actually is?

    See here " the total amount of money paid into your account each year is no more than €19,240 (the national minimum wage)"

    These accounts were intended for people who were outside the current banking system completely (e.g. elderly, financially marginalised, immigrants etc.) and who were in danger of becoming even more ostracised by not being able to use ATMs, purchase on line, avail of contactless payments etc. It is government mandated and was intended as an easy low threshold route into the mainstream world of bank account holding. For obvious reasons the banks didn't want their existing customers going anywhere near it and so the features set was kept to a minimum and entry/retention requirements were deliberately set to exclude the mainstream. In reality, apart from students and the unwaged these accounts are unlikely to suit the majority of existing bank customers.

    The reason the government got involved was to give a low/no cost solution to those who couldn't avail of electronic payments etc and were acting as a drag on the move to digital payments (e.g. welfare).


  • Moderators, Regional South Moderators Posts: 5,762 Mod ✭✭✭✭Quackster


    Ten Pin wrote: »
    Does Curve definitely work with EBS cards? A couple of posts in Curve thread suggested the code didn't appear in the transaction list online, that was mid-2019, has it been rectified since?

    Knowing EBS, there will be problems with online transactions when they implement SCA, Curve would hopefully be a workaround.
    I managed to get it set up anyway. Can't remember if I had any issues at the time as it was a few years ago.

    I don't foresee SCA being a problem as it's not an issue with any of the other cards I have on Curve that have already implemented SCA.

    Edit: It might have been that EBS cut off the last character of the code. I seem to recall having that issue adding one card but don't remember which one. I know that I contacted Curve customer support, giving them the portion of the code I had, and they gave me the missing last character.


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  • Moderators, Regional South Moderators Posts: 5,762 Mod ✭✭✭✭Quackster


    Apogee wrote: »
    I thought most Credit Unions had a quarterly charge now for current accounts? Or are you using a CU savings account?
    I have a free current account with my CU (have had it years and years) but it doesn't include a debit card (I don't need one from them anyway so that's fine).

    My CU offers a current account with debit card but it costs €4/month.


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