Bank of Ireland banking fees

Just spoke with Bank of Ireland in relation to my banking fees which are costing about €50 per quarter. She queried my account and said I was on a "pay as you go system" instead of a fixed system! Confused, I asked to to explain, and she said that a fixed fee of €11.40 per quarter will cover 90 transactions on my account and after that a fee of 28 cent per transaction will apply. Incidentially the "pay as you go system" costs you 28 cent per transaction anyway.

When I asked why this wasn't advertised she said that both options are discussed when you open your account and that other than that its not advertised. I know we never had this discussion when we opened our account but she just brushed it off and said she would change us over now.

Really just wanted to let people know that this exists and it may be no harm to contact your local BOI to query your fees and see what they say.

Other than that I'm happy with BOI so not really complaining about the service as such, just the fact that this isn't advertised, as its a definite saving. I mean why would anybody not go the fixed route!

Because they don't undertake enough transactions to make it worth their while?

The option may not have been available when you opened your account, I don't know how long it has been available for, but I'm pretty sure it was included in the Financial Regulator's current account survey.

You can have free banking with BOI if you meet the reqmtts

- you have to do at least 3 365-online or 365 phone transactions (ie pay a bill, transfer money) per qtr
- and maintain a min balance of 500euro

and you have to register for offer

Joe

Why pay any fees when there are so many free banking offers available? See the AAM best buys forum and the IFSRA current account charges surveys for more. Also - many people get animated by banking charges even when they are actually losing much more in other areas (e.g. by not having their mortgage with the most competitive lender etc.).

ClubMan said:

Why pay any fees when there are so many free banking offers available?

Click to expand...

In my experience, for good service (to date).

I am considering calling AIB to see if they will waive fees for a loyal customer (I only have a credit card with them, no mortgage or car loan), and may not follow up on a threat to leave if my demands are not met! Anyway, that's another story.

But agreed, people get worked up about banking fees when uncompetitive loans etc. probably cost them more.

CCOVICH said:

In my experience, for good service (to date).

Click to expand...

Fair enough. But all things (in particular quality of service) being equal it surely makes sense to go with free banking than pay charges?

But agreed, people get worked up about banking fees when uncompetitive loans etc. probably cost them more.

Click to expand...

Yep!

ClubMan said:

Fair enough. But all things (in particular quality of service) being equal it surely makes sense to go with free banking than pay charges?
Yep!

Click to expand...

Of course, but I have heard enough bad stories (and seen them first hand!) to not take the chance unless I feel it is necessary.

I changed my BOI account over to the fixed fee plan a few weeks ago. This was a few months after getting the flyer in the post with a statement and telling myself that I should change, so I am reasonably sure they have advertised it to some degree.

In answer to Clubmans question - all things being equal people would be stupid to pay fees when they don't have to, but in the real world it is not possible to establish that all things are indeed equal. Even if you could quantify the value of a good realtionship with your existing branch staff you couldn't quantify the value of a relationship with a branch staff where you currently don't bank, so you can't establish that all things are equal. The world of banking is not always black and white.

I stay with BOI because I have had occasion in the past to benefit from their flexibility (and they have benefitted from my money in return) and I can't be sure that I would get the same with another bank. Maybe I would, maybe I wouldn't, but I am happy to pay a small fee to get a warm fuzzy feeling about my account facilities.

z

zag said:

In answer to Clubmans question

Click to expand...

Actually it was intended as a rhetorical question.

all things being equal people would be stupid to pay fees when they don't have to, but in the real world it is not possible to establish that all things are indeed equal. Even if you could quantify the value of a good realtionship with your existing branch staff you couldn't quantify the value of a relationship with a branch staff where you currently don't bank, so you can't establish that all things are equal. The world of banking is not always black and white.

Click to expand...

Do people generally establish a relationship with their bank staff in this day and age? I only ever visit my bank/branch if I have to lodge cheques (usually speed lodgement) or cash/coins (at the counter). I've been banking with the same bank/branch for about 20 years now and wouldn't know most of the staff from Adam and it makes no odds to me either. Would this anonymous approach to using what is a commodity service not be the rule rather than the exception these days?

but I am happy to pay a small fee to get a warm fuzzy feeling about my account facilities.

Click to expand...

I'd prefer to spend my money on things other than bank charges and to get my warm fuzzy feelings in places other than my bank branch but each to their own.

hjrdee said:

Really just wanted to let people know that this exists and it may be no harm to contact your local BOI to query your fees and see what they say.

Click to expand...

They introduced this about four or five years ago if I recall correctly - it was definitely pre-Euro and I think at the time it was £15 per quarter (up to X amount of transactions) or 22p per transaction. I'm sent leaflets from time to time from BoI outlining charges - don't think they try to hide them.

Thanks.....having read this thread I just rang up BoFI and applied for the free banking. The tricky part will be trying to keep a minimum of €500 on balance as my checking account tends to fluctuate all over the place. However, worst case, I revert back to my usual charges per quarter if I go below €500...I can't lose.

Just spoke with Bank of Ireland in relation to my banking fees which are costing about €50 per quarter. She queried my account and said I was on a "pay as you go system" instead of a fixed system! Confused, I asked to to explain, and she said that a fixed fee of €11.40 per quarter will cover 90 transactions on my account and after that a fee of 28 cent per transaction will apply. Incidentially the "pay as you go system" costs you 28 cent per transaction anyway.

When I asked why this wasn't advertised she said that both options are discussed when you open your account and that other than that its not advertised.

Click to expand...

I was in a BOI branch 5 minutes ago and both these option ie fixed fee or pay as you go, were clearly advertised on a poster , which was in three different locations in the branch.