Getting charged bank charges because im poorer

Solair · 05-09-2012 11:03AM

folan wrote: »

thats unfair on Kermit!

True. He'd run a sensible banking operation.

Miss Piggy on the other hand .... She's definitely more in the mould of the global banking elite!

Miss Piggy, the Muppets wrote:

Many people have been to schools where they were taught useful phrases, how much to charge and – most important – what to wear.

If she hadn't made it in show biz, Wall Street would have been the next best thing!

caff · 05-09-2012 11:19AM

Bank Fees
http://www.moneyguideireland.com/current-bank-account-charges-and-fees.html

Ulster Bank offer free personal current accounts. They have no admin fees or charges for any day to day transactions on current accounts and you don’t have to meet certain criteria to qualify for free banking.

Bank of Ireland : The BOI criteria for fee free banking is

a) Lodge at least €3,000 into the account each quarter AND make nine payments from that account using either phone or online services

OR b) maintain a minimum credit balance of €3,000 throughout the full quarter

The BOI fees are 28 cents for each of the following transactions:
Debit Card ; ATM ;Standing order ; Direct debit ; Cheque ; Branch transaction ; Internet transaction ; Phone transaction

So – someone with a BOI account that didn’t meet the fee free banking criteria – using a debit card ten times a week , using the ATM twice a week, writing one cheque a week and with 4 direct debits a month , would be charged €50.68 in transaction fees in a quarter for those 181 transactions . (€202.72 a year). Those BOI fees are on “the pay as you go “ account – but BOI also have a flat rate charge of €11.40 per quarter, for up to 90 transactions All transactions over the 90 still costs 28c each. So the above example would still cost €36.88 per quarter. (€147.52 a year) . See below for a way to avoid BOI transaction fees.

PTSB charge a flat rate of €12.00 a quarter – but PTSB customers can avoid this fee if in each quarter they : lodge at least €3,000 AND make at least 18 card purchases AND make at least 1 financial transaction through online banking (Open24) AND keep the account within agreed limits. So the most anyone would be charged by PTSB is €48 a year.

AIB a balance of at least €2500 is required at all times to avoid fees.
If you don’t qualify for free banking with AIB – you will be charged €4.50 a quarter (admin) plus 20 cents for each of the following transactions:
Debit Card ; ATM ;Standing order ;Direct debit ; Internet transaction ; Phone transaction and 30 Cents for each Cheque and Branch transaction. For the transactions given in the BOI example – an AIB customer who didn’t meet the free banking criteria would be charged €42 a quarter or €168 a year

Some tips here too
http://www.irishtimes.com/newspaper/finance/2012/0522/1224316492020.html

fishy fishy · 05-09-2012 11:34AM

its not rocket science to see who you should be banking with.

Thumby · 05-09-2012 11:36AM

Sorry caff, but i'm gonna have to ask ya where you got the aib requirement of 2.5k for fee fee banking? I've never had that in my bank account but because i am registered for online banking and make a minimum of 3 transactions per month either online or top up by text through my bank a/c i don't get charged fees.

folan · 05-09-2012 11:40AM

Thumby wrote: »

Sorry caff, but i'm gonna have to ask ya where you got the aib requirement of 2.5k for fee fee banking? I've never had that in my bank account but because i am registered for online banking and make a minimum of 3 transactions per month either online or top up by text through my bank a/c i don't get charged fees.

check out the pdf located here

caff · 05-09-2012 11:41AM

Thumby wrote: »

Sorry caff, but i'm gonna have to ask ya where you got the aib requirement of 2.5k for fee fee banking? I've never had that in my bank account but because i am registered for online banking and make a minimum of 3 transactions per month either online or top up by text through my bank a/c i don't get charged fees.

No you don't have to ask, you read the post and follow the links to where I copied and pasted it from, then follow more links to this AIB one... which interestingly also mentions more fees arriving in NOV 2013 http://www.aib.ie/personal/current-accounts/Personal-Current-Acc-Fees-Charge

Kenny Logins · 05-09-2012 11:43AM

louthguy25 wrote: »

AIB

20c

Confab wrote: »

AIB

20c

Tomk1 wrote: »

AIB

20c

Confab wrote: »

AIB

20c

preddy · 05-09-2012 11:43AM

Do you get charged for laser transactions or just withdrawals?

Thumby · 05-09-2012 11:51AM

Thanks caff, i may check it out later damn thing won't open on my phone. Lol

Shenshen · 05-09-2012 12:01PM

Tomk1 wrote: »

Change to Ulster bank or PTSB switch, no charges and treated like a human being.
I'm suprised AIB/BOI havn't come up with entrance fee at the door yet.

This.
A colleague of mine was complaining this morning as AIB apparently just started charging (or she just noticed, don't know which), so I suggested moving your account to a bank that doesn't charge.

At the end of the day, the banks make money with the money you've got in your account, and they charge you for it on top? Forget it.

fishy fishy · 05-09-2012 12:05PM

boi had the charge applying if you had 500 or less in the account - they then switched it to either 2,000 or 2,500. Never knew until I saw 30 Euro coming out of my account one day for charges (charges = using my OWN MONEY to pay for things).

My money didn't last long enough for them to try and rob me again.

tunedout · 05-09-2012 12:16PM

BizzyC wrote: »

If you dont want to pay for the service, then dont use it.

Or switch to someone who will give you the service for free.

BrunoGeist · 05-09-2012 12:54PM

In other words: Wunch of Bankers! Don't make me wrong, I understand these services are not (and shouldn't be) free, just the requirements too keep them free are plain stupid - how many of us have 2.5k to just sit useless on the account? I'm not poor but it'll average on 250 euro a year for my household - it's a fair sum to me. A 250 I could spend on:
- my bills, or;
- my car tax, or;
- my fuel, or;
- flight ticket(s), etc.
Not to mention that because some of the customers are exempt from paying fees, the ones that can afford 2.5k to sit on C/A, the rest pays for them. I think that "the inventor" of this system should be proud of her/himself and deserves another special bonus at the end of the year, what do you think of it Ireland? Golden Rolex or maybe K-Club membership? And btw gas is going up by 8.5% on top of everything.
Is there any hope for this country to recover or it'll gonna be a backbreaking experience for all of us?

BizzyC · 05-09-2012 01:29PM

BrunoGeist wrote: »

Not to mention that because some of the customers are exempt from paying fees, the ones that can afford 2.5k to sit on C/A, the rest pays for them.

Nope.

People with more money in their accounts enable the banks to build revenue in other areas.
Since the bank is already making money off of their accounts, they dont need to charge.

On other accounts that they cant make money on, they charge fees....
If you pay fees, you're paying for your own account.

BizzyC · 05-09-2012 01:31PM

tunedout wrote: »

Or switch to someone who will give you the service for free.

Soon enough there wont be anyone left offering it for free, what will you do then?

stmol32 · 05-09-2012 01:59PM

I believe this suits the title of the thread.

http://www.youtube.com/watch?v=Y_-1l_SlA7c

BrunoGeist · 05-09-2012 02:21PM

BizzyC wrote: »

If you pay fees, you're paying for your own account.

You're 100% right but if everybody would pay for their personal C/A regardless of having 2.5k or not, then the overall cost per customer could be made smaller (read more affordable). And this 2.5k is not saving by any means as there's a penalty of withdrawing it any time during the quarter (the fees). And of course I'm not talking about business accounts as there are much different fees and charges.

This policy does not promote saving, I think it's a nail to AIB coffin as I defo switch my accounts soon like many other so called "valued" customers, judging by the vibe on various internet forums.

If I had more money I would definitely invest it, pay my company taxes and fees, give people jobs and still have something left for my family. But I don't. It's sad that 250 quid a year makes a huge difference to me, but it does, full stop.

tunedout · 05-09-2012 02:56PM

BizzyC wrote: »

Soon enough there wont be anyone left offering it for free, what will you do then?

Sorry what do you mean by this? When is 'soon enough' ? Can you show me a link to back up your claims that there will be no free banking?

'Soon enough'all the banks are going to revert to free banking so all is grand. :cool:

tunedout · 05-09-2012 03:02PM

BrunoGeist wrote: »

Not to mention that because some of the customers are exempt from paying fees, the ones that can afford 2.5k to sit on C/A, the rest pays for them. I think that "the inventor" of this system should be proud of her/himself and deserves another special bonus at the end of the year, what do you think of it Ireland? Golden Rolex or maybe K-Club membership? And btw gas is going up by 8.5% on top of everything.
Is there any hope for this country to recover or it'll gonna be a backbreaking experience for all of us?

Don't be fooled Bruno, the 2.5kers are also paying for their account in lost interest seeing as AIB Current Account products now offer 0% interest rate. To maintain 2500 in your account , a balance which you can't go under, is to lose 100€ a year (@4%), €70 (after DIRT) in interest.
€70 would pay for the four quaterly maintenance charges (€4.50) each + 260 more 20c transactions. It's probably costing the people who keep 2500 in their account more than it's costing many of those who don't meet the 'free' banking criteria.

Just switch bank. That's what I did.

Linoge · 06-09-2012 01:32PM

tunedout wrote: »

To maintain 2500 in your account , a balance which you can't go under, is to lose 100€ a year (@4%),.

What savings account is paying 4%??

tunedout · 06-09-2012 03:40PM

Linoge wrote: »

What savings account is paying 4%??

http://www.ulsterbank.ie/roi/personal/saving/regular-savings/sida.ashx

preddy · 06-09-2012 04:51PM

Nearly vomited in my mouth yesterday when i got my AIB charges statement.

I would take my business to UB but for their recent problems, less transactions for me.

weldoninhio · 07-09-2012 08:26AM

It is absolutely shocking that in this day and age that a company should try to reduce their operating costs and charge people for their transactions!! I mean, the computer systems they use are free aren't they? G4S deliver the cash to them for free, don't they?? The staff are volunteers who work for free, aren't they.

The cheek of them trying to make money rather than just going back to the govt for even more money.

It's 20c per transaction!!!

Steven81 · 07-09-2012 09:08AM

I am with BOI and you have to make 9 365 transactions in a quarter and have 3k i think going into your account in that time you dont have to pay the fees. I make 9 one euro transactions into my credit card, simple as!!.

fishy fishy · 07-09-2012 09:14AM

Steven81 wrote: »

I am with BOI and you have to make 9 365 transactions in a quarter and have 3k i think going into your account in that time you dont have to pay the fees. I make 9 one euro transactions into my credit card, simple as!!.

I prefer not to be dictated to about my own money

I'm not really a fan of their "do this...or else" mentality.

WhatNowForUs? · 07-09-2012 09:50AM

BizzyC wrote: »

They all have to bring in charges.
There's an amazing amount of people out there who think banking should just be free.

They offer an optional service and do so to make money.
The reason it's free when you have over X amount is that the bank can make money off of the balance you've put on their books if it's large enough.
If the amount you've got in your account is too low, they can't make money from it and have to charge you fees instead.

If you dont want to pay for the service, then dont use it.

Banking is not optional anymore. Payments from work into accounts, cheaper Bill payments for electricity gas etc, paying for any large items and I may be wrong here but is there some regulation on payments for large assets through hard cash in so far as it's not allowed (Fraud or something).

Ush1 · 07-09-2012 10:27AM

Banks aren't charities or care workers.

They are businesses. The more money you give them, the more they can make off of said money so they will naturally offer more incentives to people who give them more money.

In saying that I'm with Ulster which is a free current account and I find them very good.

JamieKCCO · 07-09-2012 10:30AM

Bank of Ireland refused me an overdraft because my account kept going into overdraft...

Fromthetrees · 07-09-2012 10:33AM

Take all of your money that you need for the week out in one transaction and pay your bills in cash through the post office who don't charge fees.
Ideally you should get paid in cash but that's simply not possible for most people.
I keep my savings in the credit union and they don't charge me for the 'privilege' of me giving them my money.
In the wise words of Charlie Sheen,
The post office and the credit union = 'WINNING'.

readyletsgo · 07-09-2012 12:03PM

preddy wrote: »

Nearly vomited in my mouth yesterday when i got my AIB charges statement.
I would take my business to UB but for their recent problems, less transactions for me.

I was the same yesterday! I got the letter too, a charge of €29.00 to be taken out on the 17th sept.
Didnt realise I used ATM's so much! and Being charged for paying extra into my AIB loans online. My last 'bill from AIB was €14

So from now on, on pay day, I will be taking all I need out in one go and leave the rest for bills, let it build up as much as I can and then do one big transfer to my loans once a month.

Very hard to do when you earn very little money each week.

Ush1 wrote: »

Banks aren't charities or care workers.

They are businesses. The more money you give them, the more they can make off of said money so they will naturally offer more incentives to people who give them more money.

In saying that I'm with Ulster which is a free current account and I find them very good.

I completely understand this, banks are businesses and are there to make money like any other business, of course.

BUT! The only reason people mainly use banks is due to its the only way to get paid your weekly/monthly wage, no company is going to go back to giving you cash in an envelope with a little detailed payslip like they used to.

This is what pisses me right off, the fact that we HAVE to use bank a/c's for everything and get charged for the privilege to have our hard earned money put into a bank where we have to withdraw it some how and get charged to do it.

If I had the option of being paid with cash with a payslip etc, I would take that in a heart beat! I cant be the only person who thinks this.

Also, with Ulster Bank, when AIB introduced the charges in Mar/Apr I set up new a/c's with UB, it took ages to do, was a pain in the hole and when I got it all set up, a few months later, the problems started and I was counting my lucky stars I didnt inform my payroll about my new a/c's as I would have been fcuked for money for near over 2 months. So its a no to Ulster bank from me.

I have my UB a/c's sitting there open, but I have a fear of UB now due to the massive fcuk up that was the last two months. I hope everyone remembers that RBS sorted their english customers out within a week or two but left the Irish customer for 2 months, going into branches with proof that they had money in their account and doling it out SLOWLY.... Just like the olden days...

And all banks are introducing charges at some stage over the next year so you can't win which ever bank you go to.

:mad:

Getting charged bank charges because im poorer

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