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BOI Alternatives-New Charges

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24567…17

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    #32
    s1ippy
    Banned (with Prison Access) Posts: 2,980 ✭✭✭s1ippy


    NIMAN wrote: »
    I'm not happy to hear about this news, but is there any point in moving if other banks are charging too?
    TSB and credit union your only man


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    #33
    Yyhhuuu
    Registered Users Posts: 798 ✭✭✭Yyhhuuu


    NIMAN wrote: »
    I'm not happy to hear about this news, but is there any point in moving if other banks are charging too?


    Other banks dont charge for current accounts such as EBS Moneymanager or KBC where one lodges €2k per month into account. Why pay when you can get it free.

    Banks in UK dont charge current account fees.


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    #34
    GarIT
    Registered Users Posts: 8,671 ✭✭✭GarIT


    s1ippy wrote: »
    TSB and credit union your only man


    TSB have a €6 monthly fee too?


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    #35
    Yyhhuuu
    Registered Users Posts: 798 ✭✭✭Yyhhuuu


    s1ippy wrote: »
    TSB and credit union your only man

    PTSB do charge for current accounts.


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    #36
    francie81
    Registered Users Posts: 1,411 ✭✭✭francie81


    Morby wrote: »
    Is this all BOI accounts? I didn't get any email

    Apparently so no one exempt from these changes from November.


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    #37
    Yyhhuuu
    Registered Users Posts: 798 ✭✭✭Yyhhuuu


    Will you jump ship?

    I thought AIB caved in to pressure to suspend maintenance fees for those who could avoid them by keeping €2,500 on account.

    Why is the same pressure not being brought to bear on BOI?

    All being done in the midst of a Pandemic..


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    #38
    s1ippy
    Banned (with Prison Access) Posts: 2,980 ✭✭✭s1ippy


    GarIT wrote: »
    TSB have a €6 monthly fee too?
    Never gotten it, never use the atm


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    #39
    JTMan
    Registered Users Posts: 5,535 ✭✭✭JTMan


    Yyhhuuu wrote: »
    PTSB do charge for current accounts.

    PTSB charge some.

    PTSB have free euro banking for students, graduates and seniors.

    PTSB have free euro banking for customers on a legacy product called Switch.

    For everyone else, PTSB have different fees depending on which product you have. PTSB Explore, their current product, charges €6 per month but you can get up to €5 per month back in cashback by using your debit card so for many customers it costs €1 per month.


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    #40
    JTMan
    Registered Users Posts: 5,535 ✭✭✭JTMan


    Yyhhuuu wrote: »
    Will you jump ship?

    I thought AIB caved in to pressure to suspend maintenance fees for those who could avoid them by keeping €2,500 on account.

    Why is the same pressure not being brought to bear on BOI?

    All being done in the midst of a Pandemic..

    I don't think so.

    AIB timing could not have been worse and it was a simpler price increase.

    BoI are increasing the price for some but not for all and have timed it better.

    Can't see BoI reversing course.


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    #41
    JTMan
    Registered Users Posts: 5,535 ✭✭✭JTMan


    whatever76 wrote: »
    So annoying and they ending the ‘no transaction fees’ offer when 3k in account for the quarter - that was v handy as I put 3k of my savings ( rainey day fund) in my Current account to avoid the fees .... grrrr and never went into it over last 5 years so just got charged the quarterly fees.

    In this negative interest world it makes no sense for BoI to encourage people to leave large sums in their current account. Previously BoI would have made money from these excess sums, now it is costing them money.

    The days of getting out of current account fees due to high balances are over.


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    #42
    [Deleted User]
    Posts: 0 ✭ [Deleted User]


    I’ve had my boi account since I was in primary school so about 25 years - same account number all along.

    I never paid charges until a few months ago as I managed to keep it as a student account until a few months ago as they never noticed. I had already been using Revolut for almost all my spending but was still getting paid into boi but paying transaction fees was unacceptable so moves to using my EBS account and Revolut. I’m nostalgic and didn’t want to close the account so decided I would use it for a side business I am getting running rather than opening a business account as there would be minimal transactions so really just the quarterly fee.

    Now however at 6 euro a month and no balance maintain free fees I will have to consider closing it which I hate doing and finding a cheaper account for the side business.
    JTMan wrote: »
    In this negative interest world it makes no sense for BoI to encourage people to leave large sums in their current account. Previously BoI would have made money from these excess sums, now it is costing them money.

    The days of getting out of current account fees due to high balances are over.

    KBC still do it.


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    #43
    downtheroad
    Registered Users Posts: 2,754 ✭✭✭downtheroad


    PTSB explore account. They charge €6 per month but give you back 10c every time you use your debit card or top up your Revolut, capped at €5. Every month I pay €1 for banking.

    It was €4 for a good while, so I was getting €1 per month from them, but it changed recently.


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    #44
    NIMAN
    Registered Users Posts: 32,987 ✭✭✭✭NIMAN


    adox wrote: »
    KBC Extra Current account. You’ve to put 2k a month in to keep it fee free.

    Could you clarify if you have to add 2k every month or can you just leave 2k+ in it and add a figure less than 2k per month to it?

    Is it the balance that is the issue or the actual amount being added that keeps it free from fees?


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    #45
    bcklschaps
    Registered Users Posts: 1,059 ✭✭✭bcklschaps


    JTMan wrote: »
    In this negative interest world it makes no sense for BoI to encourage people to leave large sums in their current account. Previously BoI would have made money from these excess sums, now it is costing them money.

    The days of getting out of current account fees due to high balances are over.

    Correct. BOI want to reduce the number of personal accounts, as they are not profitable. The younger more savvy account holders will move... BOI doesn't care about those anyway (they were the least profitable), older account holders and business accounts will not bother moving...and BOI can now make a few extra quid out of them.

    All banking is going online in the future anyway, soo the days of walking into a branch in your local town are numbered. What will survive will be a few regional branches where they will administer Mortgages and deal with business customers.


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    #46
    [Deleted User]
    Posts: 0 ✭ [Deleted User]


    NIMAN wrote: »
    Could you clarify if you have to add 2k every month or can you just leave 2k+ in it and add a figure less than 2k per month to it?

    Is it the balance that is the issue or the actual amount being added that keeps it free from fees?

    I think it’s 2.5k. You have to add it every month from what I remember, moving the same 2.5k in and out of a saving account would suffice though. It also doesn’t need to be 2.5k in one go.

    I don’t have a current account with them but they explained their current account when I was opening a credit card.


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    #47
    adox
    Registered Users Posts: 19,017 ✭✭✭✭adox


    NIMAN wrote: »
    Could you clarify if you have to add 2k every month or can you just leave 2k+ in it and add a figure less than 2k per month to it?

    Is it the balance that is the issue or the actual amount being added that keeps it free from fees?

    You have to add 2k every month, not like BOI where it just had to remain over a certain balance.

    You can take the money straight back out if you want, no minimum balance once 2k is lodged in total per month.


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    #48
    daheff
    Registered Users Posts: 5,834 ✭✭✭daheff


    adox wrote: »
    KBC Extra Current account. You’ve to put 2k a month in to keep it fee free.

    I wouldn't bother with them. I tried to set up an account last Sept. Found them rude, surely and misleading. Still waiting for an account opening confirmation from them.

    I didn't bother to followup because if they can't even be bothered to get me the account details I'd hate to see what happens if I have a problem with the account.


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    #49
    Hollybeg
    Registered Users Posts: 58 ✭✭Hollybeg


    I'm an old fogey... not old enough to get free banking yet but a fair few years to go. I'll be closing my account next week... I've been robbed enough with their lending rates over the years. BOI (and other banks) continually fail to realise that the current account per se is their "gateway" product to sell other products. If you have an account with a certain bank you're probably more likely to go with them for larger ticket products (mortgage etc).

    I recently opened a Revolut a/c ... mainly because my wife and kids all have one. What a revelation. As far as I can see when Revolut add the ability to process Direct Debits and do lending, the mainstream banks will be done when it comes to personal banking. Banks seem to think their products are "personal"... as far as I can see a loan is a loan where ever you go. Backwards move on their part. And even more backward when their business customers are more than likely to be personal customers also. Now you could say that people might save money but 6eur a month is some jump from 5eur a quarter... aside of any other fees this is how it will be framed.


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    #50
    Delta2113
    Registered Users Posts: 2,666 ✭✭✭Delta2113


    Revolut do Direct Debits.


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    #51
    Hollybeg
    Registered Users Posts: 58 ✭✭Hollybeg


    Delta2113 wrote: »
    Revolut do Direct Debits.

    Not in Ireland they don't.

    EDIT: I stand corrected... they don't advertise it very well
    https://blog.revolut.com/introducing-euro-direct-debits/


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    #52
    Delta2113
    Registered Users Posts: 2,666 ✭✭✭Delta2113


    https://www.revolut.com/en-IE/legal/terms - they do.


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    #53
    tuisginideach
    Registered Users Posts: 2,051 ✭✭✭tuisginideach


    Did you all get an email re fee changes from BOI? I didn’t get any such notification from them - with them 40+ years but need to look now at alternatives - Wonder will notification come next week ir have they missed me out in some way?


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    #54
    Delta2113
    Registered Users Posts: 2,666 ✭✭✭Delta2113


    @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.


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    #55
    Jim2007
    Moderators, Business & Finance Moderators Posts: 9,988 Mod ✭✭✭✭Jim2007


    GarIT wrote: »
    Typically banks use your money to make a profit. People see it as an exchange rather than a service they are paying for.

    Really, dig out a set of their accounts and demonstrate with actual facts, rather than here say.

    The reality is that banks have managed to turn themselves into a commodity industry and in a commodity industry you can't afford to give stuff a way for free.

    We're just waiting for the consolidation to start... and once that happens fees will starts fees will start climbing big time.


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    #56
    Hollybeg
    Registered Users Posts: 58 ✭✭Hollybeg


    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.

    I'll probably just top up directly from my business a/c... need to check with my accountant to see if that's going to cause bother or not (doubt it but best check).


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    #57
    Delta2113
    Registered Users Posts: 2,666 ✭✭✭Delta2113


    I'm still with PTSB for my Irish Pillar bank Current Account and get FREE banking once I keep a €2,500 balance at all times.

    I'm happy enough with that. Any change to that and I would move to EBS if I could not avoid fees with PTSB.


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    #58
    Delta2113
    Registered Users Posts: 2,666 ✭✭✭Delta2113


    I'm no accountant but mixing business a/c's with Personal will only cause you hassle.


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    #59
    Yyhhuuu
    Registered Users Posts: 798 ✭✭✭Yyhhuuu


    JTMan wrote: »
    I don't think so.

    AIB timing could not have been worse and it was a simpler price increase.

    BoI are increasing the price for some but not for all and have timed it better.

    Can't see BoI reversing course.

    Really, why would somebody pay high current a/c fees when some,albeit a few Banks, still offer free current accounts like EBS etc?
    Amazing how Some customers of BOI paid in excess of €72 before new fee structure? That's alot of fees. Amazing how tolerant the Irish are. As I said before all current accounts are free in the UK.

    Amazing how BOI & AIB s UK outlets don't charge current account fees but they do here. No competition in Ireland.

    The change at BOI means a fee increase of €52 for me. I'm no means unique btw.

    Sounds as if you endorse the changes and fee increases for many BOI customers.

    I suggest any sensible BOI customer facing a fee increase should indeed jump ship. Why wouldnt you?


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    #60
    Hollybeg
    Registered Users Posts: 58 ✭✭Hollybeg


    Delta2113 wrote: »
    I'm no accountant but mixing business a/c's with Personal will only cause you hassle.

    I know the story. I don't have any other accounts with Revolut. I could just transfer funds over by EFT either, top is just handier. Anyhow... BOI won't be extracting 6eur a month from me for diddly squat.


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    #61
    adox
    Registered Users Posts: 19,017 ✭✭✭✭adox


    daheff wrote: »
    I wouldn't bother with them. I tried to set up an account last Sept. Found them rude, surely and misleading. Still waiting for an account opening confirmation from them.

    I didn't bother to followup because if they can't even be bothered to get me the account details I'd hate to see what happens if I have a problem with the account.

    I have an account with them a couple of years without issue. Have rang the support a couple of times at most to reset pin and what not and they were grand.

    ****ty that you were treated like that though.


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