Avoiding Bank Fees & Charges

Orebro wrote: »

This is a classic example of why the likes of AIB love you as a customer - as a country we seem to have some misplaced sense of loyalty to whatever bank we’ve been with for a long time. If everyone switched their banking providers for better deals then it would shake them all up to treat their customers better.

I closed BoI about 5 years ago because there is no way around the maintenance fees so it was not worth keeping. I'm not against switching. While I agree with what you said in general, however if I can keep it at no fees as I have explained (Seems my situation is the perfect condition with respect to AIB and what I proposed), then there is no loss from my end, just playing within the rules of the game.

As it is currently, I'm getting free banking from AIB (Mortgage with them), KBC (2K per month transfer) and PTSB (One of those older Current account 1/2/3/4 where you keep €2.5K at all times).


I have been burnt by KBC in the past when I applied mortgage with them back when I didn't have an account with them. They string me along for 3 months between not giving me update, coming to ask for more info, I had to constantly chase up. I think the lack of history with them play a big part in it. Which is one of the main reason to keep AIB.

Darc19 wrote: »

0,5% charge on deposits over €50k and probably move the figure lower soon.

No thanks.

Probably shouldnt have that much in a normal deposit account anyway?

Frozen Veg wrote: »

Some credit unions have current accounts for €4 per month.

Not bad if you're looking for an alternative to a bank.

And some of these are moving to offer debit cards too.

Much handier to link your EBS card to Curve to avail of Google & Apple Pay and free ATM withdrawals. No topping up involved, your Curve card functions as if it were your EBS card.

Does Curve definitely work with EBS cards? A couple of posts in Curve thread suggested the code didn't appear in the transaction list online, that was mid-2019, has it been rectified since?

Knowing EBS, there will be problems with online transactions when they implement SCA, Curve would hopefully be a workaround.

I'm going to close 1 of 2 CA's with B of I and open a CA with An Post.

All things equal I'll save €1 per month but then there's the 5% moneyback from all Lidl purchases over €25

Under EU law, banks must offer a free bank account (even if its very skimpy on services and have rigid rules to avoid fees).

For obvious reasons these are not widely advertised and some staff may not even know they exist if you ask...

Oh they know about it alright but are probably under management orders to feign ignorance of the product.

They will put up as many hurdles as possible to minimize the basic account obligation. EBS are the only ones making it widely available.


Bizarrely, neither An Post or Credit Unions are listed as offering a basic current account so that indicates they don't provide that option...both are listed under the fee accounts section...
https://www.ccpc.ie/consumers/money-tools/current-account-comparison/

Sheep Shagger wrote: »

Under EU law, banks must offer a free bank account (even if its very skimpy on services and have rigid rules to avoid fees).

For obvious reasons these are not widely advertised and some staff may not even know they exist if you ask...BOIs is here

https://personalbanking.bankofireland.com/bank/current-accounts/basic-bank-account/features-benefits/

A note on how to stay fee free...

Fees for maintaining the account may be charged after 12 months depending on turnover if the value of lodgements to your account exceeds a certain threshold. This threshold is equivalent to the national minimum hourly rate of pay (as declared from time to time in accordance with Section 11 of the National Minimum Wage Act 2000) multiplied by 2,080 (i.e. 40 hour week x 52 weeks of the year). If this is applicable to your account you will be notified 2 months in advance of this change. For more information on terms and condition for our Basic Bank Account, please view our Basic Bank Account brochure

Thanks for letting me know about this rule.

I assume this free bank account under EU Law does NOT refer to a current account. Aa far as I know only one bank offers a free current a/c without conditions attached, which is E.B.S. ( I.e. AIB must have mortgage with them. KBC must lodge minimum 2k per month).
€10.10 x 2080= € 21,008. If for example one had 2 savings accounts in the same bank, each with less than €21,008 lodged per year,
I assume there would be no fee charged?

Ten Pin wrote: »

AIUI it's very close to a current account. Although there are slight variations between banks, the main difference is the lodgement cap and there's no chequebook or overdraft facility. An ATM / debit card is provided, some offer contactless on the basic account, some don't. Direct debits and standing orders also work...it's a current account in all but name. The main criteria is that no other current account is held in any ROI bank.

Thanks for the information. In terms of lodgement cap would anyone know what this amount actually is?

How would they know if you had any other current account in the ROI. Do they ask when opening the account?
Does an N26 account constitute a current account in ROI?

Is BOI premier free for day to day? its not entirely clear from their website.

Sheep Shagger wrote: »

No - usual fees apply even for Premier customers.

Minimum income levels apy etc, I ditched my Premier debit card when I closed my account, switching to n26 and Revolut.

Stay away from the platinum credit card with €76 charge too, the insurance that comes free is rubbish.

I qualify income wise. Thats a shame though, i'll probably be stuck with them or AIB anyway when the time comes, i need to be able to lodge cash so thats KBC out unfortunately.

Thanks, I don't mean to deviate off a bargain alert so I'll try keep it within this framework.
As an existing current account holder where wages are paid direct into this account; direct debits and Bill's deducted from here, is it possible to to avail of this basic account?

shanec1928 wrote: »

they removed that last year I thought?


On the EBS account

Pros

Free banking

Cons

Stupid sign up system, will require two visits to the branch.
Website is awful with no features.
Multi factor authentication is the worst I’ve ever seen usually takes two goes to get into your account.
Limited opening hours in branch’s if you need to change address you have to go into the branch can’t be done online. This is extremely inconvenient if it’s a joint account.


I’d go with KBC if possible and that’s someone who has an account with both.

another con to add to the list which i have just found out. in order to cancel a direct debit you have to either call to branch or write them a letter. they wont do it over the phone.

grounderfill wrote: »

In terms of lodgement cap would anyone know what this amount actually is?

See here " the total amount of money paid into your account each year is no more than €19,240 (the national minimum wage)"

These accounts were intended for people who were outside the current banking system completely (e.g. elderly, financially marginalised, immigrants etc.) and who were in danger of becoming even more ostracised by not being able to use ATMs, purchase on line, avail of contactless payments etc. It is government mandated and was intended as an easy low threshold route into the mainstream world of bank account holding. For obvious reasons the banks didn't want their existing customers going anywhere near it and so the features set was kept to a minimum and entry/retention requirements were deliberately set to exclude the mainstream. In reality, apart from students and the unwaged these accounts are unlikely to suit the majority of existing bank customers.

The reason the government got involved was to give a low/no cost solution to those who couldn't avail of electronic payments etc and were acting as a drag on the move to digital payments (e.g. welfare).