# BoI to change fee structure - No Longer Possible to Get Free Banking



## Yakuza (13 Jun 2013)

BoI are changing their fee structure in August, details here.
It looks like no more flat-fee option, just a quarterly charge and a charge per transction.

I have two accounts with them, a joint one with the missus (on their PAYG structure) and my main account (that I pay the bills with, get paid into etc) on the flat fee structure. Going on the last quarter (a typical one, our usage doesn't change much from quarter to quarter), in both cases we end up paying more in fees under the new regime (over double in the case of the flat fee - 90 txns (which I hit most quarters) goes from €11.40 to €23).

Another way to gouge a few more euro out of the public...


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## Janet (13 Jun 2013)

Thanks for the heads-up.  I was planning on building up the 3,000 balance to avoid transaction charges but there's really no advantage to doing that if I still get saddled with the new 5 euro maintenance charge anyway.


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## Yakuza (13 Jun 2013)

Unless you have hundreds of transaction charges a quarter, leaving €3000 in an account to avoid fees isn't the best way to go - you could get €60 (minus DIRT) if you left it on deposit in RaboBank which would more or less offset four quarterly fees.  That, and the security concerns of leaving money in there on a permanent basis which could be skimmed would be two reasons I never considered that.


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## Yakuza (13 Jun 2013)

I did a little mucking around on Excel - the only customers who benefit from this are those playing the flat fee and doing less than 32 transactions a quarter (and they should have been on the PAYG system) or those on the PAYG scheme and doing 63 or more transactions a quarter (and they should have been on the flat fee scheme).

Basically, no-one who is on the current fee scheme appropriate to their needs will benefit from this, only those who were on the wrong scheme will benefit (and only in the sense that they won't be getting as much gouged out of them in fees as they were before - the bank has already coined it in from these people who don't proactively manage their transaction fees)


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## Janet (13 Jun 2013)

Can't have a rabo account as I'm not resident in Ireland - had to give it up.  The interest lost on having that money in savings was not so much more than I would have saved on fees but with another 20 euro on top......  I do have a BoI savings account and I believe I can get an ATM card for that, which is probably what I'll end up doing.  I lose the convenience of being able to use the BoI ATM/visa debit card in eurozone countries to take out money without any charges (my German ATM card can be used in eurozone countries but there's a minimum 4.50 charge per withdrawal) so I'll just have to be a bit more organised when travelling and that's that.  The other few things that I use my Irish account for should all be possible from the savings account.


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## murphaph (13 Jun 2013)

This is quite annoying. I just opened a BoI account BECAUSE of their 28c per transaction fee structure as the account was just meant to receive one lodgement and make one direct debit per month. That would have cost me €6.72 a year and would have been the cheapest option available as UB introduce fees soon. So now I will pay €24.80. Not impressed that they didn't mention this just last month.


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## Lightning (14 Jun 2013)

murphaph said:


> Not impressed that they didn't mention this just last month.



BoI have given 2 months notice of the change. That's all they are required to do.


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## Lightning (14 Jun 2013)

Sad that it is no longer possible to get free banking, for most people, in BoI. 

No doubt other banks will follow BoI's lead and cut free banking via waivers. 

For now, I hope BoI customers switch to PTSB before the fees come into play.


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## d15ude (14 Jun 2013)

sorry can't hang around, off to *Permanent TSB![broken link removed]*


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## murphaph (14 Jun 2013)

I'm moving all my remaining DDs to my free German accounts as soon as the SEPA deadline comes around next February. Then that'll be it for me and Irish banks.


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## ardmacha (14 Jun 2013)

It is possible to change to PTSB, but who knows what fees they'll charge in 6 months time? If someone said change to us and your fees are fixed for 3 years, they'd get market share.


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## theresa1 (14 Jun 2013)

ardmacha said:


> It is possible to change to PTSB, but who knows what fees they'll charge in 6 months time? If someone said change to us and your fees are fixed for 3 years, they'd get market share.




- That attitude is what BOI are banking on - dont fall for it - switch and you can review in 6 months time. I get your point but people must switch.

Everybody should move to PTSB or EBS - yes - everybody. Forget about AIB, Ulster,Danske and BOI.


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## Lightning (15 Jun 2013)

ardmacha said:


> It is possible to change to PTSB, but who knows what fees they'll charge in 6 months time? If someone said change to us and your fees are fixed for 3 years, they'd get market share.



Yeah but the new PTSB current account package is a medium term ploy. I would guess that it will be still around in 6 months time. 

The reality is that the more people who switch to PTSB, the less likely PTSB are to follow suit. 

The other point of note is that PTSB normally launch a new product name when they change fees. At least, that is the way PTSB have acted in the past. Hence, if you switch now, you might get to stay on the current PTSB product, even if they apply fees to new customers at a future date.


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## Ning (16 Jun 2013)

Does it apply to the current quarter if the current quarter ends after the 19th August? Why are they required to give notice only 2 months before when quarters are 3-month long?


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## theresa1 (16 Jun 2013)

Current quarter ends 16th August 2013 so get out of BOI current account before then.


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## Ning (16 Jun 2013)

theresa1 said:


> Current quarter ends 16th August 2013 so get out of BOI current account before then.



Feeling a bit stuck - I'm pretty sure they're going to make pay the fees for the current account for the quarter if I close it, even if I had >3000 till the closure


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## BazzaDP (16 Jun 2013)

It should also be noted that the €5 quarterly fee is AS WELL AS 20c per transaction fee. So it may still be worth your while having €3000 in your current account if you want to avoid the per transaction fee. This means you current account would "only" cost you €20 per year plus lost interest on that €3000 (up to €60) so about €80 a year.

Yes you could potentially earn €60 interest after DIRT on that €3000 but then you would pay per transaction. €60 would give you 300 20c transactions per year - or less than one a day. As I'm stuck with BOI at the mo, I would still rather keep the €3,000 in my current account and not have to worry about fees or take out large amounts of cash each time.


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## Janet (16 Jun 2013)

I've been looking into the various accounts listed in the best buys post (thanks for maintaining that CiaranT by the way, really well laid out and informative).  The EBS money manager account looks like it'd be most suitable for my needs, only snag is that they list being resident in Ireland as one of the requirements.  Might call in to see them anyway next time I'm back and see how strict that requirement is.  The BoI current account is going, one way or another.


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## murphaph (16 Jun 2013)

BazzaDP said:


> It should also be noted that the €5 quarterly fee is AS WELL AS 20c per transaction fee. So it may still be worth your while having €3000 in your current account if you want to avoid the per transaction fee. This means you current account would "only" cost you €20 per year plus lost interest on that €3000 (up to €60) so about €80 a year.
> 
> Yes you could potentially earn €60 interest after DIRT on that €3000 but then you would pay per transaction. €60 would give you 300 20c transactions per year - or less than one a day. As I'm stuck with BOI at the mo, I would still rather keep the €3,000 in my current account and not have to worry about fees or take out large amounts of cash each time.


Why are you stuck with them?


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## murphaph (16 Jun 2013)

Janet said:


> I've been looking into the various accounts listed in the best buys post (thanks for maintaining that CiaranT by the way, really well laid out and informative).  The EBS money manager account looks like it'd be most suitable for my needs, only snag is that they list being resident in Ireland as one of the requirements.  Might call in to see them anyway next time I'm back and see how strict that requirement is.  The BoI current account is going, one way or another.


Janet from February you'll be able to just use your German account for anything you need in Ireland. ;-)


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## Janet (17 Jun 2013)

murphaph said:


> Janet from February you'll be able to just use your German account for anything you need in Ireland. ;-)



Like topping up my Irish mobile?  Only a small thing and there are other solutions but it's just one of those small handy things I've been able to do with banking365.  And the fees for withdrawing money from non-CashGroup ATMs are still a factor, too (okay, me being a bit better organised in general will take care of that but then there's still eurozone travel to consider).


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## pscannell04 (17 Jun 2013)

Bank of Ireland introducing a €5 quarterly maintenance fee, enabling them  to continue offering you the best banking experience some joke ,,​


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## breathe (17 Jun 2013)

Just as a point of information, I spent over an hour today trying to find out how to close my BOI account. After ringing my branch which of course brings you through to a call centre in Dublin, I was informed that to close an account you need to drop into the Branch or write to the branch informing them of the closure.


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## Time (17 Jun 2013)

At least they allow you to simply write in to close. 

They could insist on an exit interview to try and coerce you into staying.


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## Nutso (18 Jun 2013)

breathe said:


> Just as a point of information, I spent over an hour today trying to find out how to close my BOI account. After ringing my branch which of course brings you through to a call centre in Dublin, I was informed that to close an account you need to drop into the Branch or write to the branch informing them of the closure.



Can you still close your account through the "switching" process they introduced a few years ago?  When I set up my PTSB account, I set it up in branch and provided details of my old account.  They contacted BOI and all DD's, SO's etc were transferred over and my BOI account automatically closed.


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## theresa1 (18 Jun 2013)

Yes you can use the switching process with new bank/ building society.


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## breathe (18 Jun 2013)

Nutso

Yes you can go through the 'switching process'  I just had an account elsewhere already so no need to open a new account. It has just involved redirecting direct debits and payments.


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## Clohass (18 Jun 2013)

For anyone who is fortunate enough to be able to leave 3k balance in their current account it appears that you have to leave that in your account up until the 16th August. That is the end of the Account Qtr and dropping below the min 3k will mean that fees will be incurred for the current Qtr.

That is the info I got from my Branch this afternoon, other posters may ber able to concur or advise if they got conflicting info..


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## murphaph (18 Jun 2013)

Janet said:


> Like topping up my Irish mobile?  Only a small thing and there are other solutions but it's just one of those small handy things I've been able to do with banking365.  And the fees for withdrawing money from non-CashGroup ATMs are still a factor, too (okay, me being a bit better organised in general will take care of that but then there's still eurozone travel to consider).


3 letters: DKB ;-) 
Free ATM withdrawals worldwide at any ATM displaying the visa sign (almost all of them). I don't have to look for cash group machines any more.

DKB will even refund private ATM charges that are added to your withdrawal if you keep the slip and send it in to them. You sometimes come across those machines in the united states.


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## alaskaonline (19 Jun 2013)

That is right, the 3k applies to a full quarter so if you have 3k on your current account for 2 months, 3 weeks and six days, they charge you full transaction fees.
I still feel gobsmacked. I received the notification text on Monday. Statements like "Our new pricing structure helps us to simplify your banking experience whilst allowing us to continue introducing enhancements such as contactless payments, launch new online services, refurbish branches and maintain over 1,200 ATM's across the country. We hope these changes make it simpler for you to stay on top of your finances." makes me 

I mean, robbing people by taking more money, how does that make it simpler for us customers to stay on top of our finances??? And with their million or so customers, they're in for a lovely new Income for the 5€ quarterly fee alone. The branch refurbishments are more than questionable too! It's BOI themselves who stated that the majority of customers use 365online. So there is Mary doing all the banking business herself, every bit of it, no BOI staff or branch required and there is BOI saying to make it more pleasant for her, they will charge her for her work. Brilliant! 

Can anyone explain that contactless payment scheme to me? I have DD set up for every bill....


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## AgathaC (19 Jun 2013)

AFAIK contactless payment refers to payments with a card whereby you don't have to enter a PIN, in order to pay for goods. I remember reading something about it, and initially, the limit for which contactless payment could be used was low, as I assume it is more open to fraud. I was in Marks&Spencer some months ago, and the person at the till told me I could make a contactless payment, it was a small amount, as far as I remember. I don't know if the limit has increased since then, or not. HTH.


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## Time (19 Jun 2013)

The limit is 15 euro for contactless payments.


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## BazzaDP (21 Jun 2013)

Clohass said:


> For anyone who is fortunate enough to be able to leave 3k balance in their current account it appears that you have to leave that in your account up until the 16th August. That is the end of the Account Qtr and dropping below the min 3k will mean that fees will be incurred for the current Qtr.
> 
> That is the info I got from my Branch this afternoon, other posters may ber able to concur or advise if they got conflicting info..



Seems to agree with page 7 of their fees and charges (not allowed to post links as I'm new but do a Google for "boi schedule of fees and charges" and it currently is the top post).

Only thing to be wary of is that this is inclusive. If I were you I wouldn't move your money until the 17th (well actually the 19th since 17th is a Saturday).


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## breathe (22 Jun 2013)

Clohass said:


> For anyone who is fortunate enough to be able to leave 3k balance in their current account it appears that you have to leave that in your account up until the 16th August. That is the end of the Account Qtr and dropping below the min 3k will mean that fees will be incurred for the current Qtr.
> 
> That is the info I got from my Branch this afternoon, other posters may ber able to concur or advise if they got conflicting info..



Clohass that is not the information I got in my Branch. Firstly, the staff member I dealt with could not have been anymore helpful. I went into the branch with my letter and a member staff spoke with me in terms of what to do closing down the account in terms of direct debits, etc.

We agreed that I would transfer the balance in my account online on the day I wished to close the account and the staff member will then close the account on that day. I will, however, get back to them to confirm this in terms of the fees.


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## sebadoh (22 Jun 2013)

They are going to start charging 20c for every contactless transaction from August 20, so you are facing pretty high charges for small transactions so people really should think about using this card function after charges are brought in.


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## Janet (22 Jun 2013)

sebadoh said:


> They are going to start charging 20c for every contactless transaction from August 20, so you are facing pretty high charges for small transactions so people really should think about using this card function after charges are brought in.



August 2014 I thought, so not for another year.


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## belpat (25 Jun 2013)

I was reading up on the fees at PTSB and am a bit confused. Am I reading correctly that they charge a setup fee of 5 euros per standing order and direct debit even when you qualify for the 'free' banking?


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## PolkaDot (25 Jun 2013)

What happens if you withdraw all your money from a BOI current account but leave it open. Will you just built up a negative balance over time?


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## DrMoriarty (25 Jun 2013)

Yes. The fees will depend on whether "your" overdraft is authorised or not.


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## breathe (2 Jul 2013)

Clohass said:


> For anyone who is fortunate enough to be able to leave 3k balance in their current account it appears that you have to leave that in your account up until the 16th August. That is the end of the Account Qtr and dropping below the min 3k will mean that fees will be incurred for the current Qtr.
> 
> That is the info I got from my Branch this afternoon, other posters may ber able to concur or advise if they got conflicting info..




Just an update to say BOI account closed and I did not incur fees for the quarter.


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## Ardent (3 Jul 2013)

I'm a BOI customer going on 20 years now. Lately I'm seeing "Notified Fees" every quarter for 40+ EUR. 

Rang PTSB ealier today about switching to them. Going to be a major pain in the ass moving but it's the principle of the thing. I refuse to be gouged by BOI.


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## RSMike (17 Jul 2013)

*BOI may be overcharging current account fees*

Word of warning to everyone, check the BOI fee statement at the back of your current account statement.

I have a current account with them that has no ATM or Debit card, however I noticed on a fee statement over a year ago that they were charging me for 5 ATM/DEBIT CARD transactions.

I called them, they could not explain it and promised to credit the amount. Because the charge was so small, I never checked they actually did it and forgot completely about it since.

Then again this latest statement I noticed they did it again, I checked back on other statements since I first noticed it and they have continued to do it, and I can't find the refund that they promised either.

I am calling them again today for an explanation. Is there someone I can/should report this to, it could be a systemic overcharging issue by BOI?


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## pator (18 Jul 2013)

Ardent said:


> Going to be a major pain in the ass moving but it's the principle of the thing.



Having to pay more taxes is a pain in the ass,  getting older is a pain in the ass, 

Moving bank is a just small bit of admin     - that will save you money


(As mentioned loads of times on this site the banks rely on our "_inertia_";   though they probably just call us lazy!! )


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## AgathaC (20 Jul 2013)

RSMike said:


> Word of warning to everyone, check the BOI fee statement at the back of your current account statement.
> 
> I have a current account with them that has no ATM or Debit card, however I noticed on a fee statement over a year ago that they were charging me for 5 ATM/DEBIT CARD transactions.
> 
> ...


I would be interested to see what explanation they come up with for this. I can't understand how they can charge for card transactions, if you do not even have a card.


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## theresa1 (11 Aug 2013)

Anybody see the BOI ad in The Irish Mail on Sunday today? Laughable.


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## PolkaDot (12 Aug 2013)

theresa1 said:


> Anybody see the BOI ad in The Irish Mail on Sunday today? Laughable.



Care to tell us why??


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## TarfHead (12 Aug 2013)

theresa1 said:


> Anybody see the BOI ad in The Irish Mail on Sunday today? Laughable.


 
I agree, the Irish Mail on Sunday is laughable


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## theresa1 (12 Aug 2013)

PolkaDot said:


> Care to tell us why??





It said about how easy it is to switch banks and that you should shop around. I cant see many switching to BOI.


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## Delboy (12 Aug 2013)

I'd leave BoI but will PTSB not just introduce fees next year or so thereby making a move more hassle than it's worth?


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## theresa1 (13 Aug 2013)

Delboy said:


> I'd leave BoI but will PTSB not just introduce fees next year or so thereby making a move more hassle than it's worth?




No one can predict the future - make the move and next year if necessary make a move again. Dont just stay with BOI because what might happen or not happen in the future.


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## Lightning (13 Aug 2013)

theresa1 said:


> Anybody see the BOI ad in The Irish Mail on Sunday today? Laughable.



Agreed. The advertisement campaign does not even offer one reason that someone should consider BoI. 

Poor add. Almost as bad as the misleading Special Term deposit product BoI advertisements.


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## Lightning (13 Aug 2013)

theresa1 said:


> No one can predict the future - make the move and next year if necessary make a move again. Dont just stay with BOI because what might happen or not happen in the future.



Agreed again. I personally think that the PTSB 'free banking' product is a medium term proposition and is unlikely to disappear soon.


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## theresa1 (13 Aug 2013)

The same ad was carried in the Sunday Times. National Consumer Agency would have been proud of the wording.


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## theresa1 (18 Aug 2013)

Similar pointless ad from BOI in Mail on Sunday today.


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## JohnJay (18 Aug 2013)

I ordered a new Visa Debit card 2 weeks ago as my old one was faulty. They sent me a new one with plus an €8.00 charge for the pleasure....
I havent activated or used it, and its going back to them. I signed up with PTSB this week and will transfer everything over to them. Ive also payed off a BOI loan early and closed my savings account. Ive been a BOI customer for over 25 years, but their new charges are driving me away.


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## AgathaC (18 Aug 2013)

CiaranT said:


> Agreed. The advertisement campaign does not even offer one reason that someone should consider BoI.
> 
> Poor add. Almost as bad as the misleading Special Term deposit product BoI advertisements.



Agreed. I don't know what the point of that ad is.


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## Sarn (19 Aug 2013)

BOI account closed today after 19 years. I was hit with the new €5 maintenance fee on closing as this is the start of the new quarter. I overlooked breathe's post and so thought I'd be hit with a full quarter of fees if I did it last week. Either way, I'll see if I can get it back as they are waiving the fee for accounts not used during a quarter. It all depends on your interpretation of account use.


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## mrsmcc (31 Aug 2013)

Crazy!!! These new fees are nuts! we're going from paying nothing to almost 300 quid a year!!! But if we want to change banks what would we do with our mortgage?


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## Knuttell (23 Sep 2013)

Delboy said:


> I'd leave BoI but will PTSB not just introduce fees next year or so thereby making a move more hassle than it's worth?



PTSB generally leave these legacy accounts alone,I have 3 such accounts_ (free banking for life) _  going back a few years and have never paid a cent in charges.


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## David_Dublin (23 Sep 2013)

We're going to move our current accounts and all associated DDs from BOI to ptsb to avail of free banking. Any suggestions re how to make this as painless as possible much appreciated, I have heard less than encouraging comments about the quality of service of the Switch Centre


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## murphaph (23 Sep 2013)

Personally I would rather switch the DDs over myself and manually feed the account until I was sure everything was ok, then switch salary and after first successful salary payment to new account, close old one.


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## David_Dublin (23 Sep 2013)

Thanks for that, makes sense alright, we dont have many DDs, would prefer to take control of it myself.


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## JohnJay (23 Sep 2013)

my switch is complete. No major issues.
The first guy that contacted me in PTSB was a bit of a muppet, but the rest who have contacted me since were fine. 
I cancelled some of my old DD's and standing orders a few weeks before the switch and then let the banks transfer the rest. It all went smoothly, but did take about 10 days to complete. 
PTSB's online banking is not as "smooth" as BOI's but still does everything that I need. I even opened an online savings account with them this week that only took a few mins to open and has an AER much better than the Rabo account that I am currently using.


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## theresa1 (26 Sep 2013)

Do they automatically give you the 1% credit interest or do you have to register with the open24 like you had to do before with PTSB as far as i Know? In the account maintenance section they have a tab for apply for credit interest but maybe this is just for old PTSB current accounts?


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## theresa1 (15 Dec 2013)

3 separate ads from BOI in the Irish Mail on Sunday today - a full page ad for BOI Current Account - the others for Credit Card and Savings.

They try to make a 'big deal' out of the fact that you can ring them and they will immediately give you your new BOI Current Account Number over the phone.

PTSB are obviously 'hurting' them and PTSB have a big ad to try and lure Danske Bank Customers.


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## murphaph (17 Dec 2013)

I honestly thought BoI were trying to get out of current accounts with all the new fees. If not, then they have made some spectacular business mistakes. I'll be leaving them as well in February (switching everything over to free German accounts once SEPA deadline comes)


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## Lightning (22 Dec 2013)

murphaph said:


> I honestly thought BoI were trying to get out of current accounts with all the new fees.



BoI are not trying to get out of the current account market. They are simply trying to make their current account products more profitable via ever increasing fees which in turn is dependent on the level of consumer inertia.


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