# Bank of Ireland wanted €3 to change a €500 note "cash exchange charge".



## mercman (2 Oct 2010)

My daughter went to the Bank of Ireland the other day to change a €500 note. The cashier said no problem but would have to charge a €3 fee for doing so. Has anybody else experienced such an attitude ? Bear in mind the note came from the Bank of Ireland in the first instance.


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## pudds (2 Oct 2010)

If it was her local bank I would be *disgusted* otherwise it doesn't surprise me.


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## bluemac (2 Oct 2010)

I got charge €80 for taking £4000 sterling out of my Bank of Ireland Sterling account. and they never told me.. called they said read the T&C


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## dontaskme (2 Oct 2010)

AIB told me to read the back of the statement for terms and conditions. I get e-statements online and there is no way to turn them over!!!


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## pudds (2 Oct 2010)

dontaskme said:


> AIB told me to read the back of the statement for terms and conditions. I get e-statements online and there is no way to turn them over!!!



maybe they think we all view our statments on ipad4's in book form


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## gel (2 Oct 2010)

...if they are providing a service why can't they charge for it? Seems this thread is just another bank bashing thread.


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## gipimann (2 Oct 2010)

But the service was just to change a larger euro note for smaller ones - would you expect to be charged if you went into a bank to ask for change of a €50 note?  Why should it be different for a €500 note?


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## pudds (2 Oct 2010)

gel said:


> ...if they are providing a service why can't they charge for it? Seems this thread is just another bank bashing thread.





huh.....they should be trying to stoke up goodwill when providing the simplist of service especially after bringing this country to its knees and now being funded by the same people they are continuing to rip off.


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## z107 (2 Oct 2010)

> huh.....they should be trying to stoke up goodwill when providing the simplist of service especially after bringing this country to its knees and now being funded by the same people they are continuing to rip off.


They don't need to stoke up goodwill.
The government has created an environment where they can't fail. Therefore, they don't need goodwill, customer service and all that competitive stuff.


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## Frank (3 Oct 2010)

In fairness very easy for the little girls parents to deposit the 500 into there account then withdraw same from ATM.

Don't get me wrong I would be slating the bank for trying to takee candy from a baby but good grief.

As for Gel are you seanie fitz in disguise??????


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## Brendan Burgess (3 Oct 2010)

gipimann said:


> But the service was just to change a larger euro note for smaller ones - would you expect to be charged if you went into a bank to ask for change of a €50 note?  Why should it be different for a €500 note?



I understand that €500 notes are not in general circulation, so they may well be treated differently. For example, they may be sent back to one of the countries where they are in wider circulation. 

I understand that some countries have banned them because they are used extensively in crime. See [broken link removed]for example

Mercman said: 



> Bear in mind the note came from the Bank of Ireland in the first instance.



Did she specifically ask for a €500? It's a while since I used these notes. When I last asked for them a few years ago, I had to order them. 

Brendan


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## mercman (3 Oct 2010)

Brendan Burgess said:


> Did she specifically ask for a €500? It's a while since I used these notes.
> Brendan



No actually she did not -- I did, about three weeks ago. Gave them to my wife and whilst I was away on business last week, she required change. The quickest way to get change (she thought) and for ease sake was to drop the daughter outside the Bank instead of having to search for parking.

The €500 note is standard legal tender in Europe and to charge for changing same in a Bank where same were handed out in the first instance is a bit rich in my opinion.


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## Time (3 Oct 2010)

Agreed.


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## BazFitz (3 Oct 2010)

It defies belief.  Surely for security and logistical purposes the bank would prefer to have one €500 note rather than (say) ten €50 notes?


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## Brendan Burgess (3 Oct 2010)

Hi mercman

Can we be quite clear.

You ordered €500 notes from your bank?

You subsequently returned one of them?

I don't think that banks routinely keep these notes. For example, we don't print them in Ireland. 

I think it's perfectly valid for the bank to make a charge for this.

Brendan


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## mercman (3 Oct 2010)

Brendan Burgess said:


> I think it's perfectly valid for the bank to make a charge for this.Brendan



Well every man to his own opinion, Pity they don't advise customers when they are handing them out. Even playing field and all that.


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## ajapale (3 Oct 2010)

Is this charge advertised?

Is is a fixed charge or just some arbitrary charge?

Could you lodge the note and then withdraw smaller amounts?


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## mercman (3 Oct 2010)

Answers : No not posted in Branch

I would say an Arbitrary charge

And regarding lodging and withdrawing frankly I have better things to do with my time than to be lodging an amount of cash and then withdrawing the same amount.


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## nlgbbbblth (8 Oct 2010)

Banks have a "cash exchanged" charge in their fees brochure.

They're not obliged to levy it though - discretion and cop on should be used.


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## ajapale (8 Oct 2010)

Thanks nlgbbbblth,

I googled "cash exchange charge" and got this interesting hit from England.

Complaint over Lloyds TSB cash exchange charge | FinancialAdvice.co.uk 



> A Merseyside teacher has criticised Lloyds TSB for what he sees as its  excessive handling fees.
> 
> Arthur Williams used a branch of the bank in  West Kirby, in order to convert two £20 notes and a £10 into a new  £50.This note was then to be used as a Christmas gift for his  15-year-old niece.
> 
> ...


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## Marietta (8 Oct 2010)

Well that was rather mean of Lloyds TSB


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## Geraldine2 (9 Oct 2010)

mercman said:


> My daughter went to the Bank of Ireland the other day to change a €500 note. The cashier said no problem but would have to charge a €3 fee for doing so. Has anybody else experienced such an attitude ? Bear in mind the note came from the Bank of Ireland in the first instance.


 
I wonder if it is legal?


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## SlurrySlump (9 Oct 2010)

I remember my 10 year old son brought a $1 bill to the Bank of Ireland in Stillorgan that he got as a present and was charged at the time a fee of 25p to cash the note.


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## nlgbbbblth (9 Oct 2010)

SlurrySlump said:


> I remember my 10 year old son brought a $1 bill to the Bank of Ireland in Stillorgan that he got as a present and was charged at the time a fee of 25p to cash the note.




?

foreign exchange transaction. I'll bet the commission was 1% with a 25p minimum.

Technically entitled to charge but should exercise some discretion.


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## xanadu1 (10 Oct 2010)

Geraldine2 said:


> I wonder if it is legal?



Can't see why not. Ithe central bank would probably do it for free, but i don't see why a consumer bank should be expected to go out of their way to deal with this rare note which they probably never normally touch without compensation.


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