Rip Off charged €48.50 by Bank of Ireland for a duplicate bank statement!

[ubiquitous]

if you treated your customers that way in other industries, u'd be out of business.

if you do work for your customers in other industries, without charging them for it, u'd be out of business.

 

[10to1]

Seems to me there's a few bank emplyees on this thread by their defence of the banks. The charge is outrageous. Yes we sign the terms and conditions but come on how many of us really expect to have to ask for a dup. statement. I would talk nicely to them first and then threaten to pull your business. I've found huge discretion being exercised even at the teller level. By the way - my aib mortgage was approved using internet statements

 

[Humpback]

Seems to me there's a few bank emplyees on this thread by their defence of the banks.

I probably appear to defend the banks, but I don't work for one. I'm merely pointing out the facts of the situation.

The charge is outrageous.

Don't disagree with you on that one. Surely our OP will now remember to keep their bank statements rather than throwing them out in future.

Yes we sign the terms and conditions but come on how many of us really expect to have to ask for a dup. statement.

Besides the point. If they'd read the T's& C's and thought, wow,that's expensive for a duplicate statement, maybe they'd have kept them from the beginning.

I would talk nicely to them first and then threaten to pull your business. I've found huge discretion being exercised even at the teller level.

Absolutely try this. And if you get a jobsworth on the day, hard luck. And if you get someone nice, even better. And if you get no joy either way, be prepared for the floods of tears once the bank hears you'll pull your business.

Speaking of pulling your business, if people really had the convictions of their morals (or is that vice versa ), Bank of Ireland, AIB and permanentTSB would have no customers left at all over the scandals in recent years.

 

[Theo]

if you do work for your customers in other industries, without charging them for it, u'd be out of business.

But you are conveniently ignoring the fact that the bank has already charged the customer in the first instance. Banks really need to be taught a lesson in the modern age - this is an era of competition and banks should feel privileged to have a customer's business, not the other way round.
Unfortunately, my experience has been that there is still a culture of arrogance evident in the 2 big Irish banks.

 

[CCOVICH]

So if you buy a paper in the morning in a newsagents, throw it away at lunchtime, but then decide you want it again in the evening, you can go back to the shop and demand another one for the same day without paying for it?

 

[10to1]

Re: Rip Off charged €48.50 by Bank of Ireland for a duplicate bank statement!

Ronan you're obviously more organised than most. Bank statements should be available online. This would dispense with any need to request printed duplicates at the branch. This is just what the industry calls added value and to date you're right obviously not enough of us are kicking up but I suspect that tide is turning.CCOVICH the paper argument is weak. If the paper was 48.50 that'd be another matter.

 

[DrMoriarty]

I have online banking for all my bank/building society accounts, and make full use of them. Interestingly, my humble EBS a/c allows me to generate 'tamper-proof' .pdf printouts of statements/interest earned on the savings a/c, right back to when I opened them — whereas my BoI a/c will only yield bockety old '12-point New Roman' sheets (with the right-hand side cut off, when you try to print them) for the previous 12 months. And my BoI Amex a/c still doesn't have any online facilities at all.

Just what are they paying all those 'IT Dept.' salaries for?

 

[CCOVICH]

CCOVICH the paper argument is weak. If the paper was 48.50 that'd be another matter.

It's not an argument. It's a comparison. Do people agree with the principle of paying for (official) duplicate statements, or just the cost? The cost is outlined in advance, as others have pointed out. How many pages did the OP get (I make it around 18 pages, based on €3.80 plus €2.50 per subsequent page). If they wanted 2 pages, would it still be a rip-off? Or what if they wanted 100?

I keep my statements, so it's not just RDJ that is 'more organised than most'.

Does anyone actually know what is invloved in getting duplicate statements? I know that originals are printed via an automatic run. Can they cost that time to the bank? Any kind of manual intervention is costly. For example, businesses are charged €12.70 (last time I looked) for an audit certificate. This is an audit requirement every year. So this kind of exercise is costly.

Do as others have suggested and take action-threaten to take your business elsewhere, or find another bank, if it works, fair play. One question-are these statements required for mortgage approval with another bank? If so, well your own bank doesn't really have much to gain from holding on to you as a customer, do they?

It would be useful if customers could generate duplicate statements via online banking, but I guess it's easier to forge documents in that way. A balance needs to be struck between convenience and security, in the interests of customers.

 

[RainyDay]

Seems to me there's a few bank emplyees on this thread by their defence of the banks.

I find it a bit offensive that you feel the need to cast aspersions of this nature. If you spent a bit more time on AAM, you would know that most of those 'defending the banks' (though I don't actually agree that it's a defence) most certainly are not bank employees.

As a bank customer, I'm glad that I'm not paying for the costs of branch staff to dig out statements for those lazy customers who can't be bothered to file their statements. I'm glad I'm not paying the IT costs to develop systems to print duplicate statements for those lazy customers who can't be bothered to file their statements.

 

[Humpback]

Ronan you're obviously more organised than most.

Hardly. What does it take to throw all correspondance into a box under a bed once you've looked at it when it arrives originally. I don't think it takes any organisation at all to keep all your statements.

Bank statements should be available online.

They are if you avail of online banking which I believe that most banks in Ireland are now providing.

This would dispense with any need to request printed duplicates at the branch. This is just what the industry calls added value

I think that part of the issue here is that though banks provide online statement printing facilities, many of them don't accept these later as proof of actual bank statements when applying for bank loans, credit cards and mortgages.

But you are conveniently ignoring the fact that the bank has already charged the customer in the first instance.

Yes. You're charged for your original bank statement which you receive in the post. You pay for this with your fees - it's your choice then to waste money by throwing it out necessitating the need for a duplicate somewhere down the road.

Banks really need to be taught a lesson in the modern age

Funniest comment I've seen here in a long time.

 

[markowitzman]

I think next weeks prime time exposee on bank charging will help in teaching the lesson Theo refers to. Yes it will be funny Ronan.

 

[Humpback]

I think next weeks prime time exposee on bank charging will help in teaching the lesson Theo refers to.

Like we've seen the garages allegedly involved in cartel pricing learn their lesson this week???? I think not!!!!

 

[markowitzman]

I think the competition authority are actively helping the motor industry as we speak in this regard! I am not anti-bank as they have been a huge help to me but it is not a level playing field I have found. The larger the account and the more price concious the client is the better the deal they get. I feel it should be charge everyone and waive no fees. At present it is charge you what we can and if you kick up we will waive. This engenders a lack of trust in the customer comapred to if the bank was upfront with it's charging structure FOR ALL.

 

[10to1]

Rainy Day but I simply can't understand why many contributors feel that a charge for duplicate statements is ok if it says so in the T's and C's. This seems ludicrous to me and leads me to believe that there is an element of bias in the contributions. 48.50 is totally unreasonable for a few sheets of paper. The time taken to retrieve the system electronically shouldn't be more than a minute and the paper and ink 1-2c a page. Banks looks for ways to exploit customers and I think we should question that. The fact that you and othes think it is ok because someone has misplaced their statement does little to force banks to change their policies. As I said in my earlier post AIB acceped my BOI internet banking records for mortgage purposes. Maybe they'd have insisted that an official copy be given if I ad my own acc with them so as they'd make the money. If we are to embrace online banking then the customer should be able to access all records necessary online not just some. Rainy day you say "As a bank customer, I'm glad that I'm not paying for the costs of branch staff to dig out statements for those lazy customers who can't be bothered to file their statements" and "I'm glad I'm not paying the IT costs to develop systems to print duplicate statements for those lazy customers who can't be bothered to file their statements" and yet in your opening paragraph you say you find it a "bit offensive" that I feel the need to "cast aspersions of this nature" on you. Your comments on the public as lazy customers is dissapointing coming from your position as a Moderator. It clearly demonstates a lack of tolerance for others who may have many reasons for misplacing a statement and just out of laziness as you choose to see it. I suggest a little more tolerance and less of the "lazy" stle comments would be more appropriate. Oh and banks don't have to dig very far these days for statements. The IT systems that you mention are in place for many years now. It's just a case of access or lack of and why.

 

[Vanilla]

I also can't see a rip off here. A bank is a business like any other. It has to cover its costs and make a profit. Indeed they are responsible to their shareholders to make that profit. And they are more upfront than many businesses would be in telling you well in advance of their charges. Clients asking for copy documents is part and parcel of a solicitors office too. Many solicitors charge a scrivenery fee to provide this copy. Its very basic, but necessary. Firstly someone has to take the request by telephone or in person. Then the document has to be located, photocopied, replaced where it was and then either posted or handed to the client. That costs money in both overheads and time. That money has to be accounted for. I just don't see a rip off here.

 

[MonsieurBond]

As a bank customer, I'm glad that I'm not paying for the costs of branch staff to dig out statements for those lazy customers who can't be bothered to file their statements. I'm glad I'm not paying the IT costs to develop systems to print duplicate statements for those lazy customers who can't be bothered to file their statements.

I must say that I agree with the original poster that €2.80 or whatever it is per sheet for a reprint statement is an unreasonably high cost.

The bank has this information; it is provided online. I myself have applied for a mortgate using reprinted statements from Internet banking.

I do not keep my statements as I bank online.

However, if I WAS required to produce original statements and not Internet copies to apply for a mortgage or whatever (and was not deterred by this request), I would be very aggrieved at a high cost to reprint the statement.

The bank HAS this info; they have an I.T. system in place to query it for their teller and back office staff; they have software which prints statements and have statement printers if special paper is required.

If the information is recent (i.e. within 6 months or so and not archived to data warehouse), I for one do not see why a large fee is being charged for the reprinting service.

I can understand the idea of charging something non-trivial so as to discourage rampant misuse of the system due to laziness, but, the high costs spoken of above do seem excessive to me.

I think the bottom line is that the banks are being squeezed on "high profile" fees such as current account and daily transaction fees, but feel happy to charge high amounts for the lower visibility fees that affect fewer people. The fact that those fewer people then get it in the neck is not of concern.

 

[MonsieurBond]

I also can't see a rip off here. A bank is a business like any other. It has to cover its costs and make a profit. Indeed they are responsible to their shareholders to make that profit. And they are more upfront than many businesses would be in telling you well in advance of their charges. Clients asking for copy documents is part and parcel of a solicitors office too. Many solicitors charge a scrivenery fee to provide this copy. Its very basic, but necessary. Firstly someone has to take the request by telephone or in person. Then the document has to be located, photocopied, replaced where it was and then either posted or handed to the client. That costs money in both overheads and time. That money has to be accounted for. I just don't see a rip off here.

I doubt the banks' statement access and printing interface is as 20th century as the above example. www.365Online.ie has a statement viewing option - you just enter the start and end date and can filter on transaction type. I don't see why the bank could not add a "request paper printout" of the same information at a nominal rate. I also don't see why the same interface can not be made available to online customer support staff.

 

[Vanilla]

Well that's put me in my place! 20th Century indeed! Unfortunately while original title deeds, agreements and contracts exist no solicitors office will become paperless.

But aren't you overlooking the cost of running the database, the cost of setting it up in the first place, the staff cost, the overheads for those staff and buildings....

 

[CCOVICH]

The fact that you and othes think it is ok because someone has misplaced their statement does little to force banks to change their policies.

'Misplacing' a statement and throwing it in the bin deliberately are not the same thing. I think anyone who has financial sense knows to keep bank statments, if only to ensure that they have backup in any disputes with the bank in the future. Online records are only available for the past few months on AIB online banking, so it pays to keep statements.

 

[BrixnMortar]

Well as the original poster, I've come back to find a LOT of chat on the subject. Just to clarify a few things. The bank teller did not advise me of ANY charges at the time of the request. It was 6 months worth of statements. I do file my statements but have drawn down 2 mortgages this year and am in the process of doing 2 more equity releases, so I have required a number of sets of statements over the past year, that in some cases are not returned. I think I receive statements on a quarterly basis and hence if you require up to date statements you have to pay, before obtaining the actual statement in the future. In the past two cases I was not informed and not charged for statements.

In any case, the bank offered 'as a gesture of goodwill' to refund half of the amount. I refused this offer as I did not think it was sufficient. This post however seems to have struck a chord with nearly 1,000 viewers, so someone in BOI has probably noticed. That can't be a bad thing can it?

Here's my gripe for what it's worth: Obviously banks need to charge for extra services. There is a direct and absorbed cost in providing duplicate statements. However, it is not €48.50. Its probably not even a tenth of that. Duplicate statements should be charged for, but subject to a maximum amount (say €12). Does that not seem fair? And in all cases, customers should be clearly informed prior to this. Clearly when I opened my bank account, I should have read the Ts and Cs, but I was 11 months old and needed somewhere to put a £5 postal order I received for my 1st birthday. As I couldn't read or walk, so prudent financial stewardship wasn't on my mind.


I will now be looking elsewhere for a new bank, as this is really the last straw. I feel unloved by my bank. Having said that I have lots of different loan, mortgage, savings accounts with lots of different banks and I have yet to find one bank that has any focus. Although possibly NIB has a better grip on putting customers first. Maybe I'll go to them - they've got free banking. So, so long inertia, and so long BOI! I wish everyone changed their banks more often - wouldn't we all get better deals then?!