# BOI revamping their current account charges



## shweeney (21 Aug 2020)

you won't be able to avoid them by keeping your savings in your current account any more:









						Up to 40% of BoI customers face additional costs as bank revamps charges
					

BoI scraps multiple fees, introduces Google Pay and easy open accounts




					www.irishtimes.com


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## Coldwarrior (21 Aug 2020)

shweeney said:


> you won't be able to avoid them by keeping your savings in your current account any more:
> 
> 
> 
> ...



They are finally adding Google Pay support at least, but it doesn't justify the fee increase. Finally time to switch my current account, the KBC Extra account looks to be the best alternative fee wise (free if you lodge 2k a month), does anyone know how it's app and website compare to alternatives like Ulster Bank's?


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## Lightning (21 Aug 2020)

So:
- 40% increase in fees.
- Still same high FX fees for non-euro transactions.
- Still same high FX fees for non-euro ATM usage.
- Fees that cannot be avoided.
- But simpler pricing, Google Pay and better online account opening.

When you can get much more for free with Revolut, free with EBS and easy to obtain with KBC Extra, I can see many closing their BoI account.


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## adox (21 Aug 2020)

Google Pay is now live with them(finally!)

Ive been a customer for years with them but will be closing my accounts. Its absolutely not worth it for me. Their app is still terrible and there are much better options out there.

They always seem miles behind the curve.


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## adox (21 Aug 2020)

Coldwarrior said:


> They are finally adding Google Pay support at least, but it doesn't justify the fee increase. Finally time to switch my current account, the KBC Extra account looks to be the best alternative fee wise (free if you lodge 2k a month), does anyone know how it's app and website compare to alternatives like Ulster Bank's?



Their app is very good I find. I have the extra account along with a couple of savings accounts with them. Very easy to move money around etc.
Ive never used their website.


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## theresa1 (22 Aug 2020)

I left BOI for PTSB years ago when you could not avoid the €20 per year fee. Hopefully more people jump ship now. EBS and KBC options should be considered.

Combine EBS with Revolut or N26 or Monese or even get a Bunq Travel Card (€9.99 one time fee) and top it up and use that as everyday card which works with Google Pay/Apple Pay and is coded as a credit card (but works like a prepaid debit card).


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## tomdublin (22 Aug 2020)

Coldwarrior said:


> They are finally adding Google Pay support at least, but it doesn't justify the fee increase. Finally time to switch my current account, the KBC Extra account looks to be the best alternative fee wise (free if you lodge 2k a month), does anyone know how it's app and website compare to alternatives like Ulster Bank's?


KBC & Ulsterbank apps seem at roughly the same level - functional but not comparable to Revolut or N26 which are much sleeker and have more features.  KBC's app used to have quite a few bugs but they seem to have been ironed out for the most part.


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## shnaek (24 Aug 2020)

Going to have to move myself. Been with them since I was a child and my parents opened an account there for me, but this much of an increase is just an insult. I'll be looking into my options in the coming weeks.


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## leinster (25 Aug 2020)

Have been with BOI for over 40 yrs as have my parents. Am in the process of leaving them. The new app leaves a lot to be desired...


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## tax_moron (26 Aug 2020)

CiaranT said:


> So:
> - 40% increase in fees.
> - Still same high FX fees for non-euro transactions.
> - Still same high FX fees for non-euro ATM usage.
> ...



Yep, been with BOI for my whole banking life. I started using N26 for all my purchases to avoid fees related to using my debit card.

After this, I'm switching to KBC to get paid into and avoid all fees altogether. I still want to have an Irish bank account for when I go for mortgages etc. otherwise I'd just switch to using my N26 for everything.


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## imalwayshappy (28 Aug 2020)

100% agree


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## Jim2007 (29 Aug 2020)

CiaranT said:


> When you can get much more for free with Revolut, free with EBS and easy to obtain with KBC Extra, I can see many closing their BoI account.



I imagine that is the intention - get shot of the free loaders, loss makers and time wasters so you can concentrate on profitable customers that are likely to buy additional services, preferably investing products.  It’s not as if it’s a new idea and it does work.


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## Pmc365 (29 Aug 2020)

There were no 'freeloaders' at BOI. The minimum charge was €20 p.a. Its the customers who were able to keep €3 k resting in their a/c ( as I understand Fr.Ted said) who were good with their money and probably more likely to invest in more profitable BOI products like insurance and investments etc as they obviously had spare cash.


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## theresa1 (29 Aug 2020)

If i'm a freeloader for obtaining services for FREE from alternative Financial companies etc. rather than paying for them then that's fine.


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## tomdublin (30 Aug 2020)

Jim2007 said:


> I imagine that is the intention - get shot of the free loaders, loss makers and time wasters so you can concentrate on profitable customers that are likely to buy additional services, preferably investing products.  It’s not as if it’s a new idea and it does work.


I don't think that getting rid of customers is the intention.  The calculation is probably that people are too lethargic to switch banks no matter what the charges.  If they see an unexpectedly high number of customers leaving they will reverse the increase or start offering some "new" product with lower fees.  It's the usual thing of banks testing how much they can squeeze out of people.


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## losttheplot (30 Aug 2020)

With the ability to open accounts online, switching is much easier. Maybe they're expecting other banks to follow.


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## gnf_ireland (30 Aug 2020)

tomdublin said:


> I don't think that getting rid of customers is the intention. The calculation is probably that people are too lethargic to switch banks no matter what the charges. If they see an unexpectedly high number of customers leaving they will reverse the increase or start offering some "new" product with lower fees. It's the usual thing of banks testing how much they can squeeze out of people.


The question is whether they will have done considerable damage to the brand by the time the rollback on their position (which I do think they will).
I imagine a lot of people have multiple current accounts, especially if they have a mortgage with a bank other than their traditional primary bank. I would have considered BOI my primary bank to date and happy to pay the 20 euro pa to support the account. I also have an account with KBC as I need one to avail of a discount on my mortgage. Switching my primary banking to KBC is easy for me - probably take me 15 minutes in total to do it.  I will supplement this with one of the fintechs [probably N24 as its my preference right now, although I am waiting for Starling to start up in Ireland]. 

With younger customers likely to move to the the fintech's, and the older customers getting free banking anyway, I am not convinced by this strategy from BOI. I appreciate the likes of myself may not make BOI a lot of money, and they can get cheaper money from the ECB than my 3k I keep in my account, but they need to be aware that the apathy that stops people switching also means that if they do switch they are very unlikely to return.

I am a firm believer in the market forces, so if you are unhappy with the service you bring your service somewhere else. I have no major gripes with BOI, but I am not willing to pay 72 euro a year for their current account services based on how much I use it. So I will close within the week and that will be that  I am sure they wont cry over my departure, but I wont cry over their charges either.


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## gnf_ireland (30 Aug 2020)

losttheplot said:


> With the ability to open accounts online, switching is much easier. Maybe they're expecting other banks to follow.



Maybe they expect others to follow, but they will risk a major push towards the fintechs if they pursue the strategy. I tend to use fintechs for all my day to day spending currently (all the tap & go stuff and the apple pay stuff) and only use the traditional banks for payments for utilities and mortgage payment !


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## Olympian (31 Aug 2020)

Others seems to be following:

"People are facing higher charges as the Central Bank is considering a dozen applications from banks to increase the fees they impose on customers. "


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## tomdublin (31 Aug 2020)

Olympian said:


> Others seems to be following:
> 
> "People are facing higher charges as the Central Bank is considering a dozen applications from banks to increase the fees they impose on customers. "


As the younger demographic is going straight to the fintechs it paradoxically becomes even more attractive for Irish banks to ramp up fees for their remaining customers.  It drives their average customer profile towards more middle aged, less IT savy, less price sensitive and less value conscious.


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## gar32 (2 Sep 2020)

I am not happy with this increase but due to living in Germany I can not close the account. Does anyone know could I switch to another bank from here? Other then that If I just empty the account and leave it dormant would that stop the charges?


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## Lightning (2 Sep 2020)

You can remotely close the account from Germany. The whole process can now be done online without visiting a branch.


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## losttheplot (7 Sep 2020)

Just received an email from AIB.
"Previously, we have waived these fees for customers who kept a minimum daily balance of €2,500 in their account throughout the fee quarter. However, from 28 November 2020, regardless of the minimum daily balance maintained throughout the fee quarter, we are going to start applying these fees which will be charged quarterly from 29 March 2021."

Looks like they're following BoI.


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## RedOnion (7 Sep 2020)

losttheplot said:


> Looks like they're following BoI.


Nope, AIB aren't following. They originally announced this back at the start of March, but then delayed it because of Covid. Looks like they've done a U-turn in charging for contactless payments, but the rest of the changes are going through.




__





						AIB to start charging 1 cent per contactless transactions - abandoned
					

Update: AIB has announced that it is not progressing with the planned changes   Update 2:  23rd March.  AIB has announced that it is not progressing any of the changes . You can ignore any letters you received from AIB.  I got this email today which I find confusing - it's the first paragraph of...



					www.askaboutmoney.com


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## losttheplot (7 Sep 2020)

RedOnion said:


> Nope, AIB aren't following. They originally announced this back at the start of March, but then delayed it because of Covid. Looks like they've done a U-turn in charging for contactless payments, but the rest of the changes are going through.
> 
> 
> 
> ...


Must have missed that in March, March seems like a different life time now.


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## RedOnion (7 Sep 2020)

losttheplot said:


> March seems like a different life time now.


It does indeed.


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## Bachelor Boy (17 Sep 2020)

gnf_ireland said:


> I am a firm believer in the market forces, so if you are unhappy with the service you bring your service somewhere else. I have no major gripes with BOI, but I am not willing to pay 72 euro a year for their current account services based on how much I use it. So I will close within the week and that will be that  I am sure they wont cry over my departure, but I wont cry over their charges either.


Well said, agree completely.  We're great in Ireland for giving out. 

I was thinking of moving with the new charges.  Does anyone know what EBS money manager is like.  I'm a bit old school and  really can't be bothered with Apple/Google pay and Banking Apps.  But I would like on-line banking because otherwise I'd never pay my bills.  Does anyone know if EBS bank account has that and if I can use my bank card abroad.  I considered KBC, but I feel not being able to lodge cash would be a pain.  Not that I lodge cash very often, but still.   

Any advice appreciated.


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## keving1989 (17 Sep 2020)

EBS online banking is like taking a time machine to the past in comparison to say n26/revolut/ kbc, however it still functions. I think they are quite competitive on their foreign currency conversion compared to other brick and mortar banks but its definitely best to load up a revolut / n26 card when going on holidays or buying in a non euro currency. How to transfer money using EBS online banking
 Exchange rates for non-Euro EU/EEA currencies on Debit cards


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## techirl (19 Sep 2020)

currently I have the following 
 1 x current account with BOiI 
1 x current account AIB 
Wife has 1 x current account
we have 2 x joint accounts with AIB 

These charges are a diaster


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## gnf_ireland (20 Sep 2020)

Bachelor Boy said:


> Well said, agree completely.  We're great in Ireland for giving out.
> 
> I was thinking of moving with the new charges.  Does anyone know what EBS money manager is like.  I'm a bit old school and  really can't be bothered with Apple/Google pay and Banking Apps.  But I would like on-line banking because otherwise I'd never pay my bills.  Does anyone know if EBS bank account has that and if I can use my bank card abroad.  I considered KBC, but I feel not being able to lodge cash would be a pain.  Not that I lodge cash very often, but still.
> 
> Any advice appreciated.



Up to about 2 years ago, I was kinda the same. I was more than happy to set up everything as a direct debit and let the bank do the work. I paid for most other stuff via cash (not helped by the fact my employer at the time had a cashless system in place and you had to top-up by cash only). Then I had a lightbulb moment and never looked back.

Since COVID I have spent about 30 euro in cash in total. Earlier this week I wanted to send my nephew some money for his communion and realised I had none, and neither did by wife. I had to explicitly go to the bank machine to get some (mainly because their parents did not have Revolut) !!

I use Apple Pay for all my small stuff (linked to a dedicated fintech card), and the rest is practically all contactless on by N26 account. We recently opened a Monese account for our joint account spending, and I can see us moving away from PTSB shortly for that too. 

The only two times I have been in a bank branch in the last 3 years was when I was issued cheques - once on successful appeal of a parking ticket and the other the refund for car insurance due to COVID. And both times they sat for about 3 months before I done anything about them, as it was a hassle. 

Can I suggest you try something like an N26 - to compliment your EBS Money Maker - and see how you get on !


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## roker (9 Oct 2020)

the interest is so low and they're charging to hold our money, we may as well go back in time and put it under the mattress


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## homeboy (9 Oct 2020)

So Bank of Ireland have increased their fees from 5 euro a quarter (with minimum credit balance) to 6 euro a month - an increase of *360%!*

Where is the Central Bank in all of this?  What specific role have the Central Bank in authorizing increased banking charges? What is their role in *protecting the consumer?*

Anybody know their way around the Central Bank?  *WHO* is responsible and accountable for this?


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## Freelance (9 Oct 2020)

homeboy said:


> So Bank of Ireland have increased their fees from 5 euro a quarter (with minimum credit balance) to 6 euro a month - an increase of *360%!*
> 
> Where is the Central Bank in all of this?  What specific role have the Central Bank in authorizing increased banking charges? What is their role in *protecting the consumer?*
> 
> Anybody know their way around the Central Bank?  *WHO* is responsible and accountable for this?



[broken link removed]


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## homeboy (20 Oct 2020)

Would be excellent PR for Bank of Ireland to defer their increased current account charges seeing as they are due to commence in the middle of a nationwide lockdown.


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## Jim2007 (20 Oct 2020)

homeboy said:


> Would be excellent PR for Bank of Ireland to defer their increased current account charges seeing as they are due to commence in the middle of a nationwide lockdown.



If you're loosing money on a service and have already determined that you would prefer to ditch non payers, why would you want to continue loosing money, it's not as if you want to keep the customer, in fact the opposite - they sooner you get them off the books the better for you.


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## PebbleBeach2020 (20 Oct 2020)

When do charges start? Like when is the last date to close yr account to avoid charges?


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## Pmc365 (21 Oct 2020)

I think its 20th or 23rd  November 2020. The a /c must be closed by then


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## PebbleBeach2020 (21 Oct 2020)

Pmc365 said:


> I think its 20th or 23rd  November 2020. The a /c must be closed by then


Thank you for that info. I'm hoping to have it closed in the next 2-3 weeks.


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## NoRegretsCoyote (22 Oct 2020)

homeboy said:


> Would be excellent PR for Bank of Ireland to defer their increased current account charges seeing as they are due to commence in the middle of a nationwide lockdown.



Well deposits by Irish households in Irish banks have shot up this year.

Most people will not struggle to pay these charges.


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## PolkaDot (22 Oct 2020)

NoRegretsCoyote said:


> Well deposits by Irish households in Irish banks have shot up this year.
> 
> Most people will not struggle to pay these charges.



Accepting an increased charge or increased cost for anything in life simply because you have savings and can afford to pay it isn’t really being financially savvy.


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## NoRegretsCoyote (22 Oct 2020)

PolkaDot said:


> Accepting an increased charge or increased cost for anything in life simply because you have savings and can afford to pay it isn’t really being financially savvy.



Of course.

I am just saying that it is not likely that there is much pandemic-related inability to pay.


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## Cervelo (22 Oct 2020)

Well I don't know about anybody else but after forty plus years of being a BOI customer, they have lost me as a current account customer.
Moved to a PTSB explorer account and with 5% back on Sky, 2% back on Airtricity, 10 cent every time I use their debit card and 4 cent off a litre of petrol in Circle K basically means their 6 euro a month account fees are more than paid for, I might even start to make a few euros.
Thanks Bank of Ireland


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## PebbleBeach2020 (22 Oct 2020)

Cervelo said:


> Well I don't know about anybody else but after forty plus years of being a BOI customer, they have lost me as a current account customer.
> Moved to a PTSB explorer account and with 5% back on Sky, 2% back on Airtricity, 10 cent every time I use their debit card and 4 cent off a litre of petrol in Circle K basically means their 6 euro a month account fees are more than paid for, I might even start to make a few euros.
> Thanks Bank of Ireland



Same. Leaving BOI for PTSB.


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