BOI Alternatives-New Charges

youcancallmeal wrote: »

I'm not sure I get you, do you mean that they have retail customers who aren't paying fees?

There's loads of bank customer who aren't paying for their current accounts. If those customers don't have any loans or other business that they're charged for, then they aren't paying any fees.

Everyone should switch bank accounts if they aren't happy with the fees. If you're happy with the level of service you receive (which seems unlikely for BoI) compared to the fees being charged, don't move. But paying for something your unhappy with isn't smart.

Jim2007 wrote: »

They are being kicked out because they are not generating sufficient fees to support the banking operations.


And the competition is such that the industry is now a commodity industry and as such:
- We are like to see closures like the one under consideration by UB
- Branch closures

- Job losses

- Reduced access and services.


I don't see anything fantastic about that situation where we are likely to end up paying more for reduced services.

For what it's worth, I'm absolutely delighted by the quality of customer service in the new bank I've moved to.

They seem to have more staff at the branch than BOI, more responsive to queries, and I've availed of a remote seminar on investments which I thought was a good innovation.

They also have a better app and far superior savings interest rates.

That's absolutely fantastic - competition is great.

Jim2007 wrote: »

The game is up for the customer, the two banks you mentioned are reporting hugh losses with regard to their previous performance.


You can look at any EU state and the situation is the same. You can't make money if you give away your services. The idea of recovering the losses by selling other services has not worked. I know of one European bank that even tried to do wills and tax returns with no success.

Give away services?

Irish banks are making a killing on mortgages. Interest rates are practically zero. Price gouging comes to mind.

Jim2007 wrote: »

You can keep repeating that as often as you like. But the facts are that fees are being introduced, negative interest is on the way, the closure of one of the banks is eminent and the financial statements confirm this. This is the same situation across Europe.

Thirty years ago when I started out, investors projected profits as a percentage of AMU, usually 3% - 5%. Today they talk in terms of base points, the 1/100 of a percentage.

I don't think the issue here is the profitability of free current accounts for the banks, the issue is customers paying fees for the exact same product as they could have elsewhere for free. No doubt we'll all be paying for it again at some point in the future, but paying for it now is for mugs.

I'm currently paying charges on my main personal current account, but I see value in it because the functionality is decades ahead of even the best Irish Bank. Compared to the threads on here about BoI not even being able to tell you what your balance is at a given point in time, it's madness to stick there and pay charges when a similar service, but with a working app and reliable balance, is available for free from, for example, KBC.

What happens when you don't have a KBC near you?

Do KBC have a switching service, where they handle all the details?

I fear of upping and leaving BoI would be that KBC will have to start charging in the next year or two.
I think its coming to all banks at some stage.

Banana Republic 1 wrote: »

The should definitely recognise N26 but the problem is Ireland official inc is in the dark ages. I did a stint in social welfare on the public service card end. Part of that process for people is they have to proof of address and the department will not recognise a letter to your house from N26 as being legitimate because they don’t recognise the bank as same.

Youre right about Ireland being in the dark ages for sure. AXA didn't have an IT system to accept my German Iban but I rang central bank who told me say "why are you discriminating against my bank". AXA immediately found a way to set up a DD for my n26 account. I also just had a government grant paid into it. So it would seem they are learing.

6 wrote: »

Have been inside a bank maybe twice in the past 8 years. Most people probably the same.

And those visits are only the result of a bank's terrible processes.

jeffk wrote: »

I just went to put E200 into revolut and got hit with need to install ebs card manager and then told you need to ring with a phrase

Then said ill be clever and use credit union and forgot the iban is now LT

What is the cheapest banking option going? It seems im saving money on transactions, but seems to be a minefield to do it. Herself said AIB works out about E5 a month

If it's a SEPA transfer, they are breaching the European banking regs if they differentiate between an Irish transfer and a European one, several have had to change their online process due to complaints from people trying to transfer to their home accounts (Poland, Latvia etc)

M

jeffk wrote: »

I just went to put E200 into revolut and got hit with need to install ebs card manager and then told you need to ring with a phrase

Then said ill be clever and use credit union and forgot the iban is now LT

What is the cheapest banking option going? It seems im saving money on transactions, but seems to be a minefield to do it. Herself said AIB works out about E5 a month

Iv said it a couple of times, n26 is free and I'm with them a year now and think it's the best bank iv delt with. I keep the credit union for loans. You will have a German Iban but every provider is legally obliged to accept it and cannot discriminate against you.

Hope you get sorted.