# Are you required to have a bank acc?



## SDMXTWO (3 Aug 2016)

I am trying to cut back on everything and bank fees are a killer. With so many avenues available to move money around and pay for items internationally, are you required to have a bank account whether you like it or not ie:you must pay the bank money (_all in one go even if the funds are not there_). It seems that most items can be paid for / through the post office or credit union. Maybe someone knows a way around this. Thanks.


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## Protocol (3 Aug 2016)

Some banks offer free fees on current accounts.

Check out the Best Buys section on AAM.


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## SDMXTWO (3 Aug 2016)

I did have a search through that but did not find the answer. Is it compulsory so to have one?

PS: When I go to reply to a topic I get this:

*The following error occurred:*
You must wait at least 1139 seconds before performing this action.

*The following error occurred:*
You must wait at least 863 seconds before performing this action.


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## newirishman (3 Aug 2016)

I don't think it is a legal requirement to have a bank account. If you have a job then most companies would pay you into your bank account (sure there's cash payments in some places, or still cheques). Social Welfare is cash payments IIRC (you get it at the post office I think?).

I'd find it very difficult indeed to live without a bank (current) account. Practical things like having to put your cash somewhere save for example. Direct-debit payments for electricity and gas (as much cheaper than pre-paid or non-DD)
I mean, Ulsterbank (to pick a random example) charges 4 euro per month, one would save that by having a DD setup on utility bills alone - and there are of course free banking options as well. So for current account purposes I am not sure if you save money by not having one.

Savings accounts usually free, but you can't setup DD's etc. usually.

If your only motivation is to save on fees then I would think it is false economy to no have a current account.


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## Lightning (3 Aug 2016)

SDMXTWO said:


> I am trying to cut back on everything and bank fees are a killer. With so many avenues available to move money around and pay for items internationally, are you required to have a bank account whether you like it or not ie:you must pay the bank money (_all in one go even if the funds are not there_). It seems that most items can be paid for / through the post office or credit union. Maybe someone knows a way around this. Thanks.



The current account best buys are here. 
- EBS will give you a free current account provided you deposit at least 1,500 EUR per month and make no more than 5 ATM withdrawals. 
- KBC will give you a free current account provided you deposit at least 2,500 EUR per month. 

No legal requirement but life would be very difficult without a current account.


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## thedaddyman (4 Aug 2016)

It's not compulsory to have a bank account but it would be hard to manage without one. Credit Unions can offer many of the same facilities but with more limited access. Looking down the line, you'll struggle to get a credit card or loan without some sort of financial history and most employers now don't and won't pay via cheque or cash. Unless you are going persistently overdrawn and incurring additional fees, the cost of a bank account is minimal, at €4 a month  the UB example in another post works out at 13 cents a day


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## Steven Barrett (4 Aug 2016)

How much do you pay in bank fees?

I am quite happy to pay for banking. I rarely carry cash now, paying everything by laser. My money is secure, I can access it anytime I want. All the facilities a bank provide for current accounts comes at a cost. It has to be paid for. 


Steven
www.bluewaterfp.ie


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## Brendan Burgess (4 Aug 2016)

SDMXTWO said:


> I did have a search through that but did not find the answer. Is it compulsory so to have one?
> 
> PS: When I go to reply to a topic I get this:
> 
> ...



New users must wait 20 minutes before posting again. This prevents spammers from making multiple posts. Usually we get them within an hour or two and they have at most 4 or 5 posts up. 

Brendan


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## Brendan Burgess (4 Aug 2016)

SDMXTWO said:


> I am trying to cut back on everything and bank fees are a killer.



How much are they? They are only a killer if you are using them very badly, such as writing cheques or going overdrawn. 




> It seems that most items can be paid for / through the post office or credit union. .


Do they not charge for making payments? 

Do you need an ATM card or Debit card?  

You could just about get by without a credit card or debit card. But you wouldn't be able to buy online or take cash out of an ATM. 



> With so many avenues available to move money around and pay for items internationally


How would you pay for things internationally without a bank account?  Would you not have to pay fees?

How  do you get paid? You could open a savings account and have your salary paid into it.


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## SDMXTWO (4 Aug 2016)

Thank you all for the replies (_noted newbies 20sec wait_). It is more a question of is there a choice, and I think that it was the TV licence dept that was the only stumbling block to going bank acc free, when I was changing banks. I was told that when I terminated my original bank acc DD for TV, that I would be unable to register again for TV license unless I provided a bank account. ie you must have a bank account even if you chose not to have one. Sounds petty I know but servicing a bank account soley for the purpose of a TV license annoyed me. Thoughts?


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## so-crates (4 Aug 2016)

Who told you that?

According to their own website the following options are available:

Pay [URL='https://www.tvlicence.ie/Homepage.aspx']online

 using MasterCard or Visa
Cash/cheque or Debit Card at any Post Office
By Direct Debit
LoCall 1890 228528 using MasterCard or Visa
Post a cheque (crossed and made payable to An Post) to your local TV Licence Record's Office
TV licence stamps available at your local Post Office
Cash at selected Postpoint outlets
[/URL]


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## SDMXTWO (4 Aug 2016)

As far as I can recollect it was the TV licensing dept, in other words your many payment options require an initial bank account to commence.

I have just rang them and they said no you do not need a bank acc. My memory of some time back was very different. Anyway I am glad of it.


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## T McGibney (4 Aug 2016)

Not having a bank account is often seen as a risk factor for involvement in money laundering, tax evasion or other financial skullduggery. (Bertie Ahern's Tribunal claims that he had no bank account did him no favours.) Saving a few bob now in bank charges might be a false economy if it causes you any sort of hassle in the future.


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## Brendan Burgess (4 Aug 2016)

Great point Tommy.

Having a bank account would also stand to you when applying for a loan in the future.  I would doubt anyone would give you a mortgage or a loan  if you could not show 6 months' bank statements. 

Brendan


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## SDMXTWO (4 Aug 2016)

Yes I agree with all your points, a necessary evil. I am now cancelling my DD and will pay in cash at PO. Wish I had taped that telcon with the TV guy.


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## theresa1 (4 Aug 2016)

You also have the choice to maintain a €500 balance at all times and you still get the first 5 Euro denominated withdrawals FREE and everything else direct debits, standing orders etc. with EBS Money Manager.

They cant supply a Cheque Book.

[broken link removed]


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## Steven Barrett (4 Aug 2016)

Brendan Burgess said:


> Great point Tommy.
> 
> Having a bank account would also stand to you when applying for a loan in the future.  I would doubt anyone would give you a mortgage or a loan  if you could not show 6 months' bank statements.
> 
> Brendan



Not only that, if you don't show your salary going into a bank account on a regular basis, they won't give you a loan. 

Steven
www.bluewaterfp.ie


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## theresa1 (4 Aug 2016)

I still don't understand why people insist on paying bank charges when you can easily operate a current account for FREE. SBarrett - you should check out EBS, KBC and PTSB.

http://compare.consumerhelp.ie/CurrentAccount


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## Steven Barrett (4 Aug 2016)

I'm really not that bothered. My current account is with Bank of Ireland, has been for years. I don't think their fees are unreasonable. 

I also have out household account with ULB, who charge me €10 a month for their Ufirst account. I get two mobile phones insured for that tenner, so I consider that worth it.


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## theresa1 (4 Aug 2016)

I actually closed my BOI Current Account and moved to PTSB when they brought in a €20 per year fee which cant be avoided. I avoid all charges if possible. Actually still get my salary paid into a BOI savings account but I pay no fees and I can lodge cheques via outdoor ATM so it has it's uses.

Phone insurance is a waist of money if you ask me, anyway not to go off topic any further I think EBS Money Manager would be perfect for SDMXTWO.


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