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BOI Alternatives-New Charges

jeffk

Just got an email from BOI about the new charges

https://www.irishtimes.com/business/financial-services/up-to-40-of-boi-customers-face-additional-costs-as-bank-revamps-charges-1.4335684

The sister was on about Explore Account with permanent TSB before the world went mad

Whats everyone's go to bank or is there one?

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Eduard Khil

GarIT wrote: »

Who? Over 65's, People with disabilities, students and graduates are exempt.

People with disabilities don't seem to be only the other three

Eduard Khil

https://www.boards.ie/ttfpost/114386143

Islander13

daheff wrote: »

When you start charging for a product that you had previously provided for free people tend to get annoyed... especially when they know you are using their money to make money too

This is completely incorrect, banks lose money on cash these days given negative ECB rates.

Fair enough to charge for a service given same

lawred2

adox wrote: »

KBC don’t have a limit do they? I know Revolut do.

I'm sure KBC do but I'm not sure what it is... It's more than €200 a month anyway

JTMan

adox wrote: »

KBC don’t have a limit do they? I know Revolut do.

No limit on ATM withdrawals with KBC Extra.

whatever76

I have no issues paying for the service as I can only imagine the IT bill for providing the online services which I do use - just think its a bit steep and I peeved at the sales pitch of it that they doing us the customers a favor charging a flat fee now as the other model was too complex - GRRRRR

Hollybeg

GarIT wrote: »

It's important to remember that Revolut isn't a bank. You money with them is more like credit on a phone than money, they set the terms. If they go bankrupt you could lose your money and they are in financial difficulty at the moment. They are also known for freezing accounts for up to 6 months for suspicious transactions that aren't suspicious. The average hold time to talk to customer support is three days.

N26 is very similar to Revolut in the good ways and is actually a bank. Your money is guaranteed and they have to follow banking regulations.

I get that. There's not going to be a fortune in it. If I could use my business a/c I would but for transparency it's not a good idea. I pay enough fees as it is.

adox

From what I can see Bank Of Ireland seem to have one of the highest limits on the amount you can spend on your debit card daily. I think it's 10k

Might be a consideration for some.
I've bought prize bonds etc in the past using it. Other banks seem to have a much lower limit 2500-5000.

[Deleted User]

GarIT wrote: »

I've added in a could to be exact. I can't understand why anyone chooses Revolute over N26, I have both and keep an almost 0 balance in Revolut until I need to use a disposable card.

I have both and find Revolut far better use it for everything and haven’t used N26 in probably a year. Revolut has much better features (split bills, instant transfers, multiple current accounts, shares, crypto etc), more people use it which means it’s better for transfers to/from people, instant top ups are a must etc etc.

I’ve no problem holding money in Revolut I would rarely have less than a few 100 in it and have often has 1000’s.

The J Stands for Jay

Adriana Brave Dashboard wrote: »

KBC still do it.

KBC don't require a balance, just a minimum value of payments into the account in the month

[Deleted User]

McGaggs wrote: »

KBC don't require a balance, just a minimum value of payments into the account in the month

It’s a similar concept though.

The J Stands for Jay

Delta2113 wrote: »

@Hollybeg - I would recommend FREE EBS Money Manager account and then just use it to top up Revolut.

You then have the best off both worlds.

Or just use N26 and have no messing about topping up cards

lawred2

JTMan wrote: »

No limit on ATM withdrawals with KBC Extra.

there is always a daily ATM withdrawal limit but it's something like €600/700

coylemj

I'll be interested to know what happens after you use the BoI card five times via Google Pay. It used to p**s me off when the POS machine rejected a tap and I had to insert it into the machine because apart from the inconvenience, it jacked the charge up from 1c to 10c.

I was assured by a call agent that this would only happen after my aggregate contactless purchases with the BoI Visa card reached €150 but that was BS. Five small purchases amounting to no more than a total of €50 and they wanted the PIN :mad:

Yyhhuuu

adox wrote: »

It also doesn’t mean you definitely won’t either, as you previously stated.

Either way I would hold large amounts in Revolut but do use it the most.

You would or you wouldnt hold large sums on Revolut?

Was this a typographical error on your part?

If your answer is in the affirmative then you are very brave when no bank guarantee...

[Deleted User]

Yyhhuuu wrote: »

You would or you wouldnt hold large sums on Revolut?

Was this a typographical error on your part?

If your answer is in the affirmative then you are foolish in the extreme when no bank guarantee...

I would have no issue holding sums in Revolut and I do from time to time and always have mid to high 100’s in my balance as it’s my main bank account for all my spending. I have reasonably large sum of money in Nexo earning very nice interest which while I don’t consider it risky I’d still see it as riskier than Revolut.

adox

Yyhhuuu wrote: »

You would or you wouldnt hold large sums on Revolut?

Was this a typographical error on your part?

If your answer is in the affirmative then you are very brave when no bank guarantee...

Yeah typo on my part. Wouldn't.

CertifiedSimp

CageWager wrote: »

Unpopular opinion but €6 per month is hardly a rip off to maintain a bank account, its not much more than the price of a pint. Like paying for water, people in this country flip out at the thought of paying for their bank account because traditionally it was always free but it’s a service and it costs money to provide.

I use N26 and Revolut but I don’t fully trust them larger sums of money and although I am cashless day to day I still want to avail of my BOI branch to lodge cash/cheques when I get them. IMO an extra €52 per year on top of what I was paying for a debit card, online banking, a local branch network etc. is a small price to pay. Sure, I could move to EBS but theres no guarantee they won’t start charging for current accounts and then I’m back to square one. Better the devil you know.

How many people use branches anymore?

Majority of us don't deal in checks or cash anymore.

They could have even offered different levels of membership.

Yyhhuuu

CHEQUES are so outdated.

Delta2113

McGaggs wrote: »

Or just use N26 and have no messing about topping up cards

- You still need EBS if you wanted to lodge a cheque for example.

Yyhhuuu

Would anybody recommend EBS current account? I was thinking of them and closing BOI Current account after decades . I wont require Google pay and I hope their online banking is accessible from a smartphone although they dont have an app. I have money credited to my BOI demand deposit accounts and hope to close my BOI current account and set up the new EBS current account as a payee on my Bank of Ireland online demand deposit account. I assume BOI will allow a 3rd bank account to be a payee on its online demand deposit accounts otherwise I will have to close my BOI online demand deposit accounts also.

The J Stands for Jay

Delta2113 wrote: »

- You still need EBS if you wanted to lodge a cheque for example.

Nobody wants to lodge a cheque. Just have the payment made by bank transfer.

Delta2113

McGaggs wrote: »

Nobody wants to lodge a cheque. Just have the payment made by bank transfer.

-Really? - So the cheques State Savings send out to me every year for Interest payment on my Savings Certificates I should just tear them up and throw in the bin or that house Insurance overcharge refund from Alliance I once got.

People still occasionally get cheques.

Another example - yes a few years ago Irish Water sent out cheques.

Jim2007

Yyhhuuu wrote: »

CHEQUES are so outdated.

In European terms they are pretty well extinct outside of the British Isles!

[Deleted User]

McGaggs wrote: »

Nobody wants to lodge a cheque. Just have the payment made by bank transfer.

Cheques are still very common in some areas. The majority of our farm transactions are by cheque.

Also even in day to day stuff a lot still use them, I’d say about 40 people gave us our wedding gift as a cheque. Also the covid refund from my insurance came by cheque as have other refunds I have gotten and loads of other random stuff. I still handle loads of cheques.

The J Stands for Jay

Delta2113 wrote: »

-Really? - So the cheques State Savings send out to me every year for Interest payment on my Savings Certificates I should just tear them up and throw in the bin or that house Insurance overcharge refund from Alliance I once got.

People still occasionally get cheques.

Another example - yes a few years ago Irish Water sent out cheques.

I got a cheque for overcharging sent by VHI. I had them pay it by bank transfer. I got Irish water to repay by bank transfer. I avoid state savings because of their use of cheques (and their current terrible rates).

Delta2113

For a 5 year term State Savings are still the highest rate and on a personal level yes I would prefer they did a bank transfer but they don't and rather than having to contact company's each time to cancel a cheque it be easier to have a FREE EBS account ready to take any lodgement.

Although I moved my Current account from BOI to PTSB I held onto a BOI savings account and I use that to lodge cheques via a LATM which is very handy and it's FREE.

Nobody and I mean nobody should be paying bank charges for Current Accounts.

jack_frost_09

Islander13 wrote: »

This is completely incorrect, banks lose money on cash these days given negative ECB rates.

Fair enough to charge for a service given same

On the flip side, please also bear in mind that all the mortgage lending (where they make a killing on interest rates to compensate themselves for the previous "wisdom" of tracker rates), is done on the back of our deposits! No deposits...no lending...no interest income!

Yourmama

GarIT wrote:

I've added in a could to be exact. I can't understand why anyone chooses Revolute over N26, I have both and keep an almost 0 balance in Revolut until I need to use a disposable card.

I'm quite opposite. Have both and was surprised how limited N26 Is and abandoned it immediately. Revolut is far superior.

Jim2007

jack_frost_09 wrote: »

On the flip side, please also bear in mind that all the mortgage lending (where they make a killing on interest rates to compensate themselves for the previous "wisdom" of tracker rates), is done on the back of our deposits! No deposits...no lending...no interest income!

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.