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BOI Alternatives-New Charges

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    #242
    Phoebas
    Registered Users Posts: 9,370 ✭✭✭Phoebas


    I don't know if this situation has been covered on this thread yet, so sorry if I'm duplicating.

    I have two school going teenagers who both have BoI student accounts with debit cards.
    Both got a letter today about the €6 pm charges.

    For them, this is totally prohibitive. They hardly use the accounts, mainly for a bit of savings and a bit of shopping online - maybe a couple of transactions a month.

    Have BoI made a mistake here? I can't see any sense in them discouraging young people from banking with them. I thought all the banks were desperately chasing the student market for their future profits.


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    #243
    rubberdungeon
    Registered Users Posts: 606 ✭✭✭rubberdungeon


    Phoebas wrote: »
    I don't know if this situation has been covered on this thread yet, so sorry if I'm duplicating.

    I have two school going teenagers who both have BoI student accounts with debit cards.
    Both got a letter today about the €6 pm charges.

    For them, this is totally prohibitive. They hardly use the accounts, mainly for a bit of savings and a bit of shopping online - maybe a couple of transactions a month.

    Have BoI made a mistake here? I can't see any sense in them discouraging young people from banking with them. I thought all the banks were desperately chasing the student market for their future profits.


    Young Saver, Second level, Third level and Graduate accounts, along with our Golden Years and Basic bank accounts, will be exempt from the new account maintenance fee. Business current accounts are not affected by these changes.

    https://www.bankofireland.com/personal-current-account-fee-change/


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    #244
    Phoebas
    Registered Users Posts: 9,370 ✭✭✭Phoebas


    rubberdungeon wrote: »
    Young Saver, Second level, Third level and Graduate accounts, along with our Golden Years and Basic bank accounts, will be exempt from the new account maintenance fee. Business current accounts are not affected by these changes.

    https://www.bankofireland.com/personal-current-account-fee-change/
    Thanks for that. I didn't think it made any sense.
    BoI must have sent out a mass generic mailing to all customers.


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    #245
    mjp
    Registered Users Posts: 975 ✭✭✭mjp


    When is the Android pay coming being launched. Remember reading last week that it was coming out in the next week.


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    #246
    neutral guy
    Closed Accounts Posts: 402 ✭✭neutral guy


    It is matter of time when fees will be in every bank because banks has huge problems with proffits.


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    #247
    jeffk
    Registered Users Posts: 5,841 ✭✭✭jeffk


    mjp wrote: »
    When is the Android pay coming being launched. Remember reading last week that it was coming out in the next week.

    its here, I used it the other day no bother

    May as well use it once (after YEARS of waiting) before I leave them


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    #248
    GarIT
    Registered Users Posts: 8,671 ✭✭✭GarIT


    Phoebas wrote: »
    Thanks for that. I didn't think it made any sense.
    BoI must have sent out a mass generic mailing to all customers.

    Or they have adult accounts


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    #249
    jeffk
    Registered Users Posts: 5,841 ✭✭✭jeffk


    neutral guy wrote: »
    It is matter of time when fees will be in every bank because banks has huge problems with proffits.

    Profits yes, not from E0 to E72 just because, small increase over time be a bit more palatable


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    #250
    mjp
    Registered Users Posts: 975 ✭✭✭mjp


    jeffk wrote: »
    its here, I used it the other day no bother

    May as well use it once (after YEARS of waiting) before I leave them

    Lovely. Setup there now. Long enough waiting for it.


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    #251
    Phoebas
    Registered Users Posts: 9,370 ✭✭✭Phoebas


    GarIT wrote: »
    Or they have adult accounts

    They don't. It says Student Debit Card on the card.
    BoI sent a mailing about the new charges to customers who the charges don't apply to.


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    #252
    Delta2113
    Registered Users Posts: 2,679 ✭✭✭Delta2113


    neutral guy wrote: »
    It is matter of time when fees will be in every bank because banks has huge problems with proffits.

    - People have been saying this for years yet I can still do FREE banking.


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    #253
    Jim2007
    Moderators, Business & Finance Moderators Posts: 10,118 Mod ✭✭✭✭Jim2007


    Delta2113 wrote: »
    - People have been saying this for years yet I can still do FREE banking.

    What you see does not take away from the fact that their accounts show very poor performance and that fact that they have not recovered from the last recession.

    Offering free banking while racing to the bottom only confirms that it is now a commodity industry. We are going to see a major consolidation in the industry, we're just waiting for the catalyst... probably the coming recession.


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    #254
    jeff bingham
    Registered Users Posts: 644 ✭✭✭jeff bingham


    Jesus some people expect a free ride in everything. Id say BOI will be delighted to get those customers off the books.


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    #255
    adox
    Registered Users Posts: 19,017 ✭✭✭✭adox


    There is no free banking with BOI for the regular customer as it is.


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    #256
    JTMan
    Registered Users Posts: 5,540 ✭✭✭JTMan


    Jim2007 wrote: »
    WWe are going to see a major consolidation in the industry, we're just waiting for the catalyst... probably the coming recession.

    Consolidation has being predicted for some time. But I find it difficult to even guess who would merge with who given the costs involved.

    KBC recently ruled out merging with Ulster or PTSB. Some have said that merging any of the big banks would involve 10 years+ of big IT costs and projects to standardise systems. And why buy a legacy branch network when you know you are just going to have to painfully wind it down.


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    #257
    maneno
    Registered Users Posts: 237 ✭✭maneno


    It has nothing to do with bank of ireland, more to do with EU regs, see this https://www.citizensinformation.ie/en/money_and_tax/personal_finance/banking/standard_bank_account.html


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    #258
    Pkiernan
    Registered Users Posts: 4,315 ✭✭✭Pkiernan


    Does anyone know if this €6/month applies to every account held with BOI.

    I have 3 accounts, Current, Joint and Savings.

    I dont was to pay €18/mo for the privilege.

    I've yet to get a response from BOI directly.


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    #259
    adox
    Registered Users Posts: 19,017 ✭✭✭✭adox


    Pkiernan wrote: »
    Does anyone know if this €6/month applies to every account held with BOI.

    I have 3 accounts, Current, Joint and Savings.

    I dont was to pay €18/mo for the privilege.

    I've yet to get a response from BOI directly.

    Its for current accounts. Wont affect savings but if your joint account isa current account also then yes that will be charged too.


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    #260
    iLikeWaffles
    Registered Users Posts: 4,325 ✭✭✭iLikeWaffles


    maneno wrote: »
    It has nothing to do with bank of ireland, more to do with EU regs, see this https://www.citizensinformation.ie/en/money_and_tax/personal_finance/banking/standard_bank_account.html

    Having trouble seeing how EU regulations are anything to do with BOI introducing the new €72 per annum fee here, with the link you provided.


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    #261
    macguru
    Registered Users Posts: 650 ✭✭✭macguru


    iLikeWaffles wrote: »
    Having trouble seeing how EU regulations are anything to do with BOI introducing the new €72 per annum fee here, with the link you provided.


    I think that's more related to the Basic Bank account discussion.

    M


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    #262
    jeffk
    Registered Users Posts: 5,841 ✭✭✭jeffk


    Went to change to EBS in Blanch centre, eventually got to the window (one staff remember only on)

    Told ah be October 20 before can set you up, then wasn't happy with proof off address and asked would I be back over today with it :rolleyes:


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    #263
    iLikeWaffles
    Registered Users Posts: 4,325 ✭✭✭iLikeWaffles


    Must actually count up how much the current fees amount to with BOI. BOI don't make this process easy would have to look at all statements from the past year or quarter and try to work out what is a fee (if anyone knows how to make this easier would be great to know). Someone I know did so and said it would be not worth switching as the amount she currently pays each quarter was €18 or over so worth looking into this before thinking about switching. I have a feeling mine would below this threshold as I don't do direct debits or use non BOI ATM or pay for a packet of Wrigley's with a debit card etc.


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    #264
    maneno
    Registered Users Posts: 237 ✭✭maneno


    iLikeWaffles wrote: »
    Having trouble seeing how EU regulations are anything to do with BOI introducing the new €72 per annum fee here, with the link you provided.

    that was for the basic accounts as other posters appear to lame boi for not allowing them to open it when they have had other accounts


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    #265
    Delta2113
    Registered Users Posts: 2,679 ✭✭✭Delta2113


    jeffk wrote: »
    Went to change to EBS in Blanch centre, eventually got to the window (one staff remember only on)

    Told ah be October 20 before can set you up, then wasn't happy with proof off address and asked would I be back over today with it :rolleyes:

    - Annoying but stick with it and get a FREE account set up.


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    #266
    Delta2113
    Registered Users Posts: 2,679 ✭✭✭Delta2113


    iLikeWaffles wrote: »
    Must actually count up how much the current fees amount to with BOI. BOI don't make this process easy would have to look at all statements from the past year or quarter and try to work out what is a fee (if anyone knows how to make this easier would be great to know). Someone I know did so and said it would be not worth switching as the amount she currently pays each quarter was €18 or over so worth looking into this before thinking about switching. I have a feeling mine would below this threshold as I don't do direct debits or use non BOI ATM or pay for a packet of Wrigley's with a debit card etc.

    I'll make it very easy. You switch to a totally FREE EBS Money Manager Current Account.


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    #267
    Bubbaclaus
    Registered Users Posts: 4,461 ✭✭✭Bubbaclaus


    Delta2113 wrote: »
    I'll make it very easy. You switch to a totally FREE EBS Money Manager Current Account.

    I'd say you've posted that about 1,000 times in the last year or so. Do you work for them?

    I actually hope you do.


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    #268
    hardybuck
    Registered Users Posts: 5,167 ✭✭✭hardybuck


    JimmyVik wrote: »
    I went to N26 a while ago.
    Cant complain.

    Also looking closely at N26. They seem to offer a more complete service than Revolut.

    Have heard mixed feedback about EBS - their customers seem to have been trouble accessing their online accounts for weeks in the recent past, and issues with payments going through.

    I suspect a lot of the banks will be amending their fees structures in the next few months.

    Have a joint account with KBC and the Extra Regular Saver - they've cut their savings interests rates significantly over the last 12-18 months so I would be surprised to see them start charging for current accounts too.


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    #269
    Delta2113
    Registered Users Posts: 2,679 ✭✭✭Delta2113


    Bubbaclaus wrote: »
    I'd say you've posted that about 1,000 times in the last year or so. Do you work for them?

    I actually hope you do.

    No I don't work for EBS but I offer FREE (yes that word again) advice on how everybody living in the Republic of Ireland can operate a current account with no charges.


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    #270
    Mac-Chops
    Registered Users Posts: 291 ✭✭Mac-Chops


    iLikeWaffles wrote: »
    Must actually count up how much the current fees amount to with BOI. BOI don't make this process easy would have to look at all statements from the past year or quarter and try to work out what is a fee (if anyone knows how to make this easier would be great to know). Someone I know did so and said it would be not worth switching as the amount she currently pays each quarter was €18 or over so worth looking into this before thinking about switching. I have a feeling mine would below this threshold as I don't do direct debits or use non BOI ATM or pay for a packet of Wrigley's with a debit card etc.

    I did exactly that.
    Mac-Chops wrote: »
    Curiosity got the better of me so I checked over my account usage fees as far back as I could go. Average of €5.40 a month so I'm looking at an increase of 60c a month or €7.20 a year. Not exactly enough to spur me in to action.

    You get an annual summary but only get a breakdown in your monthly. You can filter your statements to just fees though which helps.
    This is part of their weak logic for simplifying to €6 a month.

    Bonkers have a fresh comparison article out which is good. The lack of mobile app on EBS puts me off. It shouldn't, but it does.

    Also, if you just went Revolut or N26, aside from the obvious reliability concerns, how do you go about lodging good old fashioned cold hard cash?


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    #271
    Delta2113
    Registered Users Posts: 2,679 ✭✭✭Delta2113


    "The lack of mobile app on EBS puts me off. It shouldn't, but it does."

    Open a EBS Money Manager Account and use it to top up Revolut and/or N26 and you then have your app and if you get the odd cheque to lodge or prefer an Irish Operation to operate direct debits or standing orders you will have that.

    Best off both worlds and all FREE.


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