BOI Change Free Banking Conditions
- Thread starter Lightning
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Nope. Same here.
Not yet either. Was reading the Consumer Protection and it states:
I doubt if releasing a statement to the media qualifies as advising affected consumers
PaddyBloggit
Registered User
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Yup .... very easy.
Write them a letter, giving account details, ask them to close it, sign it and you're done.
You'll get confirmation by post when they close it.
I had an account with UB in a far away county, never used, I wrote a letter and they closed it.
Cheers!
rebecca1999
Registered User
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hi, another question,
i never have 3k in the account, but i do lodge into the account every week, can someone just clarify for me. As long as i ensure 3k is lodged every quarter and I also make the required 365online payments (discussed this one earlier, and solved ) then I'm ''safe''.
Am I able to in theory lodge €300 today, withdraw €200 tomorrow via atm and then lodge the same €200 the next day, therefore showing a lodgement of €500, but in reality it is the same money.
Hope that makes sense
Thanks
i never have 3k in the account, but i do lodge into the account every week, can someone just clarify for me. As long as i ensure 3k is lodged every quarter and I also make the required 365online payments (discussed this one earlier, and solved ) then I'm ''safe''.
Am I able to in theory lodge €300 today, withdraw €200 tomorrow via atm and then lodge the same €200 the next day, therefore showing a lodgement of €500, but in reality it is the same money.
Hope that makes sense
Thanks
alaskaonline
Registered User
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according to Meteor who had a similar price/ condition change, this is sufficient. at the time I complained to them and they quoted some EU regulation...
I read the BOI change in several papers now and heard it on the radio so they did use several media points.
I talked to BOI yesterday and they said as long as € 3000 were in total in the account in the quarter (doesn't have to be in one go, can be spread and obviously withdrawn) and nine transactions were made, no one will be charged extra. Transfering money to your CC and Saving account does qualify as valid transactions. This rule only applies to current accounts by the way. I am using my current account continuously. It's a different matter with the saving account so I am glad the rule doesn't apply here.
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But are Meteor regulated by the Central Bank of Ireland? The CPC (which Financial Institutions must comply with) was produced by the Financial Regulator
alaskaonline
Registered User
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Of course not boaber. I was more so making the point that some companies think that media coverage is sufficient. I therefore wouldn't be surprised if Banks think similar. If they're in the right is a whole other matter and I wouldn't have enough knowledge about the Financial Regulator's policy to say otherwise.
Have to say, this is one of the most idiotic changes I've seen in a long time.
There's basically 3 lines this will take:
- Large number of customers leave
- Apathy/ignorance leads to a small financial gain from a small number of customers
- Huge administration burden from the large number of customers faffing about in order to avoid fees ("can I withdraw €500 please... and now lodge it back please... and can you do that twice more please" along with the €0.01 online transfers)
Hard to believe that the small profits achieved from a handful of customers will offset the increased costs they'll suffer, the loss of customers, the bad PR, the customer dissatisfaction, etc. etc..
There's basically 3 lines this will take:
- Large number of customers leave
- Apathy/ignorance leads to a small financial gain from a small number of customers
- Huge administration burden from the large number of customers faffing about in order to avoid fees ("can I withdraw €500 please... and now lodge it back please... and can you do that twice more please" along with the €0.01 online transfers)
Hard to believe that the small profits achieved from a handful of customers will offset the increased costs they'll suffer, the loss of customers, the bad PR, the customer dissatisfaction, etc. etc..
D
dahamsta
Guest
What's a "paper"?
I agree Satanta. I don't see how they can gain from this. I'm very angry as I've always conducted my accounts perfectly - I'm not the cause of the mess they're in.
I'm regularly in my branch or close by - I might start going in and lodging/withdrawing tiny amounts at the counter as a form of protest and to technically fulfill their new T&Cs. And if they change it again so I can't avail of the loophole, I'll move everything to Ulster Bank.
I'm regularly in my branch or close by - I might start going in and lodging/withdrawing tiny amounts at the counter as a form of protest and to technically fulfill their new T&Cs. And if they change it again so I can't avail of the loophole, I'll move everything to Ulster Bank.
No to both.
You have to make 9 debit payments from your current account using Banking 365 Phone and/or Online excluding direct debits and standing orders.
If you do make the 9 payments then your atm withdrawal and laser will be free (Government Duty will still be charged).
Well based on the amount of people on AAM trying to get around the new rules I'd say
- that very few customers will switch, plus it's tiresome and difficult, and statistically one is more likely to divorce than to change bank
- large financial gain from a lot of customers, the financially savvy one's will already have their ducks in a row
- people won't bother faffing about to avoid fees, it takes too much effort
Maybe it's time for one of the famous AAM survey's, how many of you were a BOI customer and how many of you have switched to a new bank after the recent rule change
I dont get that,why put yourself to inordinate trouble to make a statement that BOI nor counter staff will give a toss about,save yourself a lot of hastle and just make the move to Ulster Bank now,I have zero tolerance for Irish banks and less than zero loyalty to them.
Well it really wouldn't be putting myself to inordinate trouble as I'm there regularly anyway.
I suppose I was venting my frustration when I wrote that though, I'm not sure it's something I would actually do. The idea amused me at the time but I can be a fickle creature.
I would prefer to stay with BOI as I'm not confident the others are any better and it's more convenient for me to stay. Certainly none of the banks have MY interests at heart! I will probably wait to see where they plan to move Anglo and INBS deposits and make my decision then.