Avoiding Bank Fees & Charges

Nigel Fairservice · 28-02-2021 9:25pm

Dudda wrote: »

The only real reason I need a non virtual account is the very rare time I get a cheque. Use Revolut for everything. Got one cheque from VHI recently when like other health insurance companies they gave people back money due to covid and lack of claims. Only one I can think of in the last year.

Do you have to accept a cheque? A lot of shops don't so can you refuse and ask companies to lodge to your account or is it not worth the hassle?

You can request a bank transfer from VHI. I got my VHI refund into my account.

beggars_bush · 01-03-2021 12:09am

Dudda wrote: »

The only real reason I need a non virtual account is the very rare time I get a cheque. Use Revolut for everything. Got one cheque from VHI recently when like other health insurance companies they gave people back money due to covid and lack of claims. Only one I can think of in the last year.

Do you have to accept a cheque? A lot of shops don't so can you refuse and ask companies to lodge to your account or is it not worth the hassle?

Open a credit union a/c. No fees

pogsick · 01-03-2021 3:14am

beggars_bush wrote: »

Open a credit union a/c. No fees

First south CU in Cork have started charging fees so I assume other CUs are following suit if they haven’t already

loyatemu · 01-03-2021 11:41am

Dudda wrote: »

The only real reason I need a non virtual account is the very rare time I get a cheque. Use Revolut for everything. Got one cheque from VHI recently when like other health insurance companies they gave people back money due to covid and lack of claims. Only one I can think of in the last year.

Do you have to accept a cheque? A lot of shops don't so can you refuse and ask companies to lodge to your account or is it not worth the hassle?

as others have previously mentioned, a savings account is generally free and you can lodge cheques to it (though without a debit card you may not be able to use the lodgement machines).

inel · 01-03-2021 12:00pm

So if you cancel your current account with BOI, can you keep your savings account open without the need to pay the new fees? Do you keep the web access to the account?
What happens with the monthly direct debit to the savings account?
Does anybody know?

loyatemu · 01-03-2021 12:10pm

inel wrote: »

So if you cancel your current account with BOI, can you keep your savings account open without the need to pay the new fees? Do you keep the web access to the account?
What happens with the monthly direct debit to the savings account?
Does anybody know?

don't know about BOI, but I previously had a deposit/savings account with AIB when I had no current account. Web access was still available but as I had no devit card I couldn't use a card reader and had a "code card" for certain features. I'm not sure if that's still available.

The DD comes from the current account, so just transfer it when you move the current.

Ten Pin · 01-03-2021 12:24pm

So if you cancel your current account with BOI, can you keep your savings account open without the need to pay the new fees? Do you keep the web access to the account?

Web access still available available for savings account but it's practically useless, it may allow online transfers in/out of the account. AFAIK fees only apply to current accounts so if you closed it and retain the savings account, there aren't any fees or charges.

What happens with the monthly direct debit to the savings account?

Do you mean standing order for lodging into the savings account?

inel · 01-03-2021 2:19pm

Ten Pin wrote: »

Do you mean standing order for lodging into the savings account?

Yes, sorry, I basically meant that. It currently seems to be set up as a direct debit from the BOI current account to the savings one.

Sheep Shagger · 01-03-2021 2:27pm

inel wrote: »

Yes, sorry, I basically meant that. It currently seems to be set up as a direct debit from the BOI current account to the savings one.

What is your savings account at BOi called as not all will accept direct debits. If the account that funds that savings account is closed nothing will happen.

Banking 365 continues as normal even for just a savings account

NinjaTruncs · 01-03-2021 3:42pm

inel wrote: »

So if you cancel your current account with BOI, can you keep your savings account open without the need to pay the new fees? Do you keep the web access to the account?
What happens with the monthly direct debit to the savings account?
Does anybody know?

I have a savings account with BOI, I don't have a current account.

I have 365 access to the savings account and have a regular standing order going into the account.

No fees to-date.

caycro · 01-03-2021 4:46pm

NinjaTruncs wrote: »

I have a savings account with BOI, I don't have a current account.

I have 365 access to the savings account and have a regular standing order going into the account.

No fees to-date.

I have the same....but then I opened it in 1977 😬

Buffman · 01-03-2021 5:11pm

inel wrote: »

So if you cancel your current account with BOI, can you keep your savings account open without the need to pay the new fees?

Yes

inel wrote: »

Do you keep the web access to the account?

Yes

inel wrote: »

What happens with the monthly direct debit to the savings account?

It will go with current account and your savings will just stay the same. (assuming it's CA feeding your SA)

FYI you can manually pay into and out of the savings account with normal bank transfer, and also have a savings account ATM card that will only work in BOI ATMs. (It's basically an old fashioned bank card with no chip.)

Hibernicis · 01-03-2021 9:38pm

inel wrote: »

Yes, sorry, I basically meant that. It currently seems to be set up as a direct debit from the BOI current account to the savings one.

Something odd there. What type of saving account do you have, is it a BOI goal saver or a BOI monthly saver ?

inel · 02-03-2021 1:26am

Sheep Shagger wrote: »

What is your savings account at BOi called as not all will accept direct debits. If the account that funds that savings account is closed nothing will happen.

Banking 365 continues as normal even for just a savings account

Hibernicis wrote: »

Something odd there. What type of saving account do you have, is it a BOI goal saver or a BOI monthly saver ?

It is a Goalsaver account. Direct debit is paid from the current account to this one.

Ten Pin · 02-03-2021 12:59pm

I managed to get it set up anyway. Can't remember if I had any issues at the time as it was a few years ago.

I don't foresee SCA being a problem as it's not an issue with any of the other cards I have on Curve that have already implemented SCA.

Edit: It might have been that EBS cut off the last character of the code. I seem to recall having that issue adding one card but don't remember which one. I know that I contacted Curve customer support, giving them the portion of the code I had, and they gave me the missing last character.

It's more to do with the app compatibility, the EBS SCA app doesn't work on Android <6. The login app works on Android >4, their FAQs indicate that they only support card SCA via the app.

Is Curve a way around that? ie will Curve transaction SCA suffice or will EBS SCA also be needed when using Curve with EBS card (after initial verification)?

darconio · 16-04-2021 9:55am

Heads up in case you are planning a switch to KBC (like I did FFS):

https://www.irishtimes.com/business/financial-services/kbc-plots-irish-exit-with-loans-sale-to-bank-of-ireland-1.4539135

dulpit · 16-04-2021 10:36am

darconio wrote: »

Heads up in case you are planning a switch to KBC (like I did FFS):

https://www.irishtimes.com/business/financial-services/kbc-plots-irish-exit-with-loans-sale-to-bank-of-ireland-1.4539135

So from this it would appear options are:

EBS, which by all accounts is a terrible choice with online offerings/etc
N26 or Revolut (but obvious caveats of no branch network/etc)
Pay AIB, Bank of Ireland or PTSB

That's it, right?

jdon72 · 16-04-2021 11:16am

dulpit wrote: »

So from this it would appear options are:
EBS, which by all accounts is a terrible choice with online offerings/etc

N26 or Revolut (but obvious caveats of no branch network/etc)

Pay AIB, Bank of Ireland or PTSB

That's it, right?

I'm currently using Revolut with a free credit union account for any money deposits / withdrawals I need

An Post is another option, however they're a lot less appealing after deciding to get rid of their cashback.

Nigel Fairservice · 16-04-2021 11:19am

dulpit wrote: »

So from this it would appear options are:
EBS, which by all accounts is a terrible choice with online offerings/etc

N26 or Revolut (but obvious caveats of no branch network/etc)

Pay AIB, Bank of Ireland or PTSB

That's it, right?

Some credit unions are now offering current accounts as well. I think my local credit union current account is €2 a month.

The J Stands for Jay · 16-04-2021 11:23am

dulpit wrote: »

So from this it would appear options are:
EBS, which by all accounts is a terrible choice with online offerings/etc

N26 or Revolut (but obvious caveats of no branch network/etc)

Pay AIB, Bank of Ireland or PTSB

That's it, right?

I have a joint account with KBC. I'm not aware of any of the online banks that offer joint accounts.

EBS are out, as the lack of functionality makes them unsuitable.

BoI, from thread here, complaints on Twitter and newspaper articles, are a shambles and I'll not be going there.

Previously had a joint account with PTSB, and they would screw things up every so often, and the solution always had them asking me to call into a branch. Not going back to that.

Looks like we're stuck with AIB.

JTMan · 16-04-2021 11:27am

dulpit wrote: »

So from this it would appear options are:
EBS, which by all accounts is a terrible choice with online offerings/etc

N26 or Revolut (but obvious caveats of no branch network/etc)

Pay AIB, Bank of Ireland or PTSB

That's it, right?

Options are:
1. Free account if you are under 18, student, graduate, over 60/66.
2. Free account with EBS but no app, no mobile payments, no online direct debit etc.
3. Free account with Revolut or N26 or Monese but no cash/branch service.
4. Pay PTSB 6 EUR per month and get 5 EUR per month cashback via debit card usage or more if you have Sky.
5. Combo EBS (for rare branch needs) with Revolut or N26 or Monese. i.e. Use Revolut, N26 and Monese for 99% of your banking needs and EBS only if you are stuck. I think this is the best option.

xckjoo · 16-04-2021 11:37am

JTMan wrote: »

Options are:
1. Free account if you are under 18, student, graduate, over 60/66.
2. Free account with EBS but no app, no mobile payments, no online direct debit etc.
3. Free account with Revolut or N26 or Monese but no cash/branch service.
4. Pay PTSB 6 EUR per month and get 5 EUR per month cashback via debit card usage or more if you have Sky.
5. Combo EBS (for rare branch needs) with Revolut or N26 or Monese. i.e. Use Revolut, N26 and Monese for 99% of your banking needs and EBS only if you are stuck. I think this is the best option.

Good summary. Just what I needed.

I'm thinking of 5. but with my local Credit Union instead of EBS. Would the way to go be to get wages into the CU account and then transfer out to Revolut or N26 as required? There's no advantage to getting wages paid into my N26 account is there?

jdon72 · 16-04-2021 11:43am

xckjoo wrote: »

Good summary. Just what I needed.

I'm thinking of 5. but with my local Credit Union instead of EBS. Would the way to go be to get wages into the CU account and then transfer out to Revolut or N26 as required? There's no advantage to getting wages paid into my N26 account is there?

If your credit union account has an IBAN, you should be able to.

hold my beer · 16-04-2021 11:48am

McGaggs wrote: »

I have a joint account with KBC. I'm not aware of any of the online banks that offer joint accounts.

EBS are out, as the lack of functionality makes them unsuitable.

BoI, from thread here, complaints on Twitter and newspaper articles, are a shambles and I'll not be going there.

Previously had a joint account with PTSB, and they would screw things up every so often, and the solution always had them asking me to call into a branch. Not going back to that.

Looks like we're stuck with AIB.

BOI are far from a shambles, been with them 20 years and absolutely no issues.

jimmycrackcorm · 16-04-2021 11:52am

hold my beer wrote: »

BOI are far from a shambles, been with them 20 years and absolutely no issues.

They only finally added google pay support a few months ago. Hardly leading edge.

hold my beer · 16-04-2021 11:57am

jimmycrackcorm wrote: »

They only finally added google pay support a few months ago. Hardly leading edge.

Well that's completely different than being a shambles.

TempAc · 16-04-2021 12:04pm

xckjoo wrote: »

Good summary. Just what I needed.

I'm thinking of 5. but with my local Credit Union instead of EBS. Would the way to go be to get wages into the CU account and then transfer out to Revolut or N26 as required? There's no advantage to getting wages paid into my N26 account is there?

Or you could just have your wages paid to N26 and transfer to credit union where neccessary or if you mean if you need to make cash lodgements just make them to the credit union account and transfer them to N26.

Cameraman · 16-04-2021 12:16pm

hold my beer wrote: »

BOI are far from a shambles, been with them 20 years and absolutely no issues.

Ditto. They are may not be very innovative or cheap (charges, exchange rates etc) but I've found them solid on the basics.
They also have people you can talk to on the phone/twitter/branch (where there's still one). They are also regulated in this country.

xckjoo · 16-04-2021 1:22pm

TempAc wrote: »

Or you could just have your wages paid to N26 and transfer to credit union where neccessary or if you mean if you need to make cash lodgements just make them to the credit union account and transfer them to N26.

It's lodged straight into my account so that's not an issue. I guess I could skip the CU and just use N26, but I prefer the idea of my wages being lodged somewhere locally. I might use it as a savings and bills account and use N26 as a current.

I just need to figure out the credit card side of things. I don't think the CU or N26 offers them.

Black_Knight · 16-04-2021 1:53pm

Is there anything wrong with just going with/staying with KBC for now? It's not like tomorrow you'll be a BoI customer. It'll likely take a good year or 2 to transition. That's a year or 2 of no fees vs 1990s EBS bank account.

N26 isn't an option for myself as work don't pay into it.

* I literally opened a KBC account 2 days ago, and i've the switcher form ready to go.

findmenow · 16-04-2021 1:54pm

Cameraman wrote: »

They are also regulated in this country.

Not very reassuring given the history of regulation (of any industry) in Ireland. :-)

AlmightyCushion · 16-04-2021 1:58pm

Black_Knight wrote: »

Is there anything wrong with just going with/staying with KBC for now? It's not like tomorrow you'll be a BoI customer. It'll likely take a good year or 2 to transition. That's a year or 2 of no fees vs 1990s EBS bank account.

N26 isn't an option for myself as work don't pay into it.

* I literally opened a KBC account 2 days ago, and i've the switcher form ready to go.

It might even take more than a year or 2. Yeah, I'll be sticking with KBC while I can but keeping an eye on other options. At the moment though most of the other options aren't great. They all have some area where they fall down a bit whereas KBC worked for me for everything (only real disadvantage of KBC is lack of branches and no cash services in branches which never bothered me).

Sheep Shagger · 16-04-2021 2:00pm

xckjoo wrote: »

II just need to figure out the credit card side of things. I don't think the CU or N26 offers them.

Credit cards are supposed to be coming soon here with n26 and as credit unions try to get on day to day business they could have them soon too.

It's the only thing I have left with BOI, closed everything and moved it to n26 and Revolut last year. The few times I need to lodge cash or cheques I use a lodgement machine to my BOI Mastercard and it has no fees.

Black_Knight · 16-04-2021 2:00pm

AlmightyCushion wrote: »

It might even take more than a year or 2. Yeah, I'll be sticking with KBC while I can but keeping an eye on other options. At the moment though most of the other options aren't great. They all have some area where they fall down a bit whereas KBC worked for me for everything (only real disadvantage of KBC is lack of branches and no cash services in branches which never bothered me).

What's cash? Seriously, only for the trip to the recycling center every 2 weeks I wouldn't need cash.

May as well join KBC, it'll match up nicely with my Ulster Bank mortgage (fixed, so i'm unphased).

TheDriver · 16-04-2021 2:12pm

JTMan wrote: »

Options are:
1. Free account if you are under 18, student, graduate, over 60/66.
2. Free account with EBS but no app, no mobile payments, no online direct debit etc.
3. Free account with Revolut or N26 or Monese but no cash/branch service.
4. Pay PTSB 6 EUR per month and get 5 EUR per month cashback via debit card usage or more if you have Sky.
5. Combo EBS (for rare branch needs) with Revolut or N26 or Monese. i.e. Use Revolut, N26 and Monese for 99% of your banking needs and EBS only if you are stuck. I think this is the best option.

Are EBS that bad? What exactly are their limitations compared to an AIB account?

MisterAnarchy · 16-04-2021 2:31pm

dulpit wrote: »

[*]N26 or Revolut (but obvious caveats of no branch network/etc)

Revolut is not a bank.

No proper banking licence, no deposit guarantee, can freeze account on a whim.

N26 is a much better option.

Sheep Shagger · 16-04-2021 2:33pm

MisterAnarchy wrote: »

N26 is a much better option.

Agreed ( and I have both).

Not sure why Revolut seems to be the 'go to alternative....n26 doesn't get qs much as a push on boards, maybe as Revolut has been around longer.

Dodge · 16-04-2021 2:38pm

Sheep Shagger wrote: »

Agreed ( and I have both).

Not sure why Revolut seems to be the 'go to alternative....n26 doesn't get qs much as a push on boards, maybe as Revolut has been around longer.

There’s a massive n26 thread in the banking forum.

The main difference is that most people use revolut as a travel/internet spend card account. Very few people leave their main bank and use both

Most n26 users use it as a bank, but there’s obviously less of them

They’re completely separate products

Creamy Goodness · 16-04-2021 2:39pm

Sheep Shagger wrote: »

Agreed ( and I have both).

Not sure why Revolut seems to be the 'go to alternative....n26 doesn't get qs much as a push on boards, maybe as Revolut has been around longer.

Being able to hold different currency wallets is the main reason I use Revolut over n26. Also the fact that when I tried to cancel my Black n26 card they were arsey about it and when I looked into closing my account the terms stated that if I did so, I could no longer sign up for n26 for 10 years. 10 years is a long time and it was enough to sour my opinion of them and just leave a 0.00 balance with them.

The J Stands for Jay · 16-04-2021 2:39pm

Cameraman wrote: »

Ditto. They are may not be very innovative or cheap (charges, exchange rates etc) but I've found them solid on the basics.
They also have people you can talk to on the phone/twitter/branch (where there's still one). They are also regulated in this country.

I've been told that you can't rely on them to give you a correct account balance, especially at the weekends, transactions disappear and reappear, and they don't do SEPA instant. Doesn't sound like they have the basics covered.

If nothing goes wrong, you'd have no need to contact your bank.

There's people on here who would argue there no advantage to being regulated in Ireland.

The J Stands for Jay · 16-04-2021 2:47pm

Sheep Shagger wrote: »

Agreed ( and I have both).

Not sure why Revolut seems to be the 'go to alternative....n26 doesn't get qs much as a push on boards, maybe as Revolut has been around longer.

When did revolut become available in Ireland? I opened my N26 account in 2015, well before I signed up to revolut.

JTMan · 16-04-2021 2:59pm

TheDriver wrote: »

Are EBS that bad? What exactly are their limitations compared to an AIB account?

No app
No mobile payments (Google Pay, Apple Pay etc)
No online direct debit set up
Branch only account opening
Cannot receive payments in any currency except euro (For example, EBS will reject USD into your EUR account)
High FX fees for payments (versus Revolut, N26 and Monese)
Very basic service

TheDriver · 16-04-2021 3:02pm

JTMan wrote: »

No app
No mobile payments (Google Pay, Apple Pay etc)
No online direct debit set up
Branch only account opening
High FX fees (versus Revolut, N26 and Monese)
Very basic service

So good for paying salary into, DD for bills and debit card for the shops.
And then use a revolut for foreign/google

hold my beer · 16-04-2021 3:09pm

TheDriver wrote: »

So good for paying salary into, DD for bills and debit card for the shops.
And then use a revolut for foreign/google

This is exactly what I've been doing for years with BOI and Revolut.

bromley52 · 16-04-2021 3:32pm

Black_Knight wrote: »

Is there anything wrong with just going with/staying with KBC for now? It's not like tomorrow you'll be a BoI customer. It'll likely take a good year or 2 to transition. That's a year or 2 of no fees vs 1990s EBS bank account.

N26 isn't an option for myself as work don't pay into it.

* I literally opened a KBC account 2 days ago, and i've the switcher form ready to go.

Say with them. You will eventually start getting loads of correspondence explaining the process and what your options are.
If you have a mortgage with KBC it might be worth looking into the option of switching to another bank and getting some money/lower rate out of it.

enfant terrible · 16-04-2021 4:06pm

Am I right in saying you get free banking with AIB if you have a mortgage with them?

lau1247 · 16-04-2021 4:37pm

enfant terrible wrote: »

Am I right in saying you get free banking with AIB if you have a mortgage with them?

correct (From the AIB account you are using the direct debit to pay from).

Cameraman · 16-04-2021 4:38pm

findmenow wrote: »

Not very reassuring given the history of regulation (of any industry) in Ireland. :-)

It is indeed a bit of a mixed blessing :-)
However, I'd prefer to be in the position of getting a response from an Irish regulator than one in some faraway country, where different laws might apply.

feargantae · 16-04-2021 5:31pm

McGaggs wrote: »

I've been told that you can't rely on them to give you a correct account balance, especially at the weekends, transactions disappear and reappear, and they don't do SEPA instant. Doesn't sound like they have the basics covered.

If nothing goes wrong, you'd have no need to contact your bank.

There's people on here who would argue there no advantage to being regulated in Ireland.

None of the main Irish banks support SEPA Instant yet. It's just Revolut and N26

feargantae · 16-04-2021 5:34pm

McGaggs wrote: »

When did revolut become available in Ireland? I opened my N26 account in 2015, well before I signed up to revolut.

Both launched in 2015, Revolut was before N26 or Number26 as it was then.

Avoiding Bank Fees & Charges

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