BOI Change Free Banking Conditions

[Satanta]

''yes, here you are, page 7....oh hang on a minute!''

That's shocking.

I'd have imagined that staff would have been extremely familiar with the in's and out's of it in order to field the various questions they'll get hit with. If it was a single member of staff, you could potentially understand a mistake, but two members in the same branch making such a fundamental error... terrible.

It goes even further beyond a joke when the very service that is now directly tied into their billing structure won't even work. Trying to activate a new beneficiary account and the system is failing to issue an activation code to my mobile (something I have done numerous times in the past - phone number correctly validated etc. etc.).

 

[sandrat]

If you used 365 online and/or 365 phone and both with BOI Current a/c's then yes. You also need to lodge at least €3,000 in total during the quarter.

Wages going in electronically counts for this doesn't it?

 

[Time]

It does.

 

[gnubbit]

Sandra yes - the 3000 requirement is separate to the requirement for 9 Banking 365 transactions. So I guess for most people it will be an electronic transfer of salary.


Does anyone know what the dates for each quarter are?

For those that were given wrong information by bank employees - sadly I am not surprised. I was given wrong information relating to one of my accounts by several employees in different sections of the bank, one of them quite senior. It's only when you ask for something in writing that they seemed to check it out more carefully.

 

[sandrat]

quote from bank of Ireland customer notification

​

　
"Account transaction fees are currently calculated quarterly, with each fee quarter ending on the weekend closest to 21st February, 21st May, 21st August, 21st November"

 

[Time]

They wouldn't make it simple would they?

 

[gnubbit]

quote from bank of Ireland customer notification
　
"Account transaction fees are currently calculated quarterly, with each fee quarter ending on the weekend closest to 21st February, 21st May, 21st August, 21st November"

Thank you, will have to set reminders to do all the silly messing around required to get free banking from BOI.

 

[PaddyBloggit]

If charges came into effect yesterday and the first quarter ends today are people without the x number of transactions etc. caught this time?

 

[pator]

Just for those that are not changing bank these are the dates for charging quaters:

Fee Calculation
Period
(Dates are inclusive)
22 Feb – 21 May 10
24 May – 20 Aug 10
23 Aug – 19 Nov 10
22 Nov – 18 Feb 11
21 Feb – 20 May 11​

Source - [broken link removed] ​

ie need to do the nine transactions within those dates each quater​

 

[sandrat]

If charges came into effect yesterday and the first quarter ends today are people without the x number of transactions etc. caught this time?

First quarter ended at the weekend nearest to 21st February so 21st February was 1st day of the 2nd quarter

 

[Lightning]

Just for those that are not changing bank these are the dates for charging quaters:

Fee Calculation
Period
(Dates are inclusive)
22 Feb – 21 May 10
24 May – 20 Aug 10
23 Aug – 19 Nov 10
22 Nov – 18 Feb 11
21 Feb – 20 May 11​

Source - [broken link removed] ​

ie need to do the nine transactions within those dates each quater​

Thanks. I bet a lot of people think it is a calendar quarter. I will update the best buys.

 

[theresa1]

Article in The Irish Mail on Sunday entitled "Crafty customers figure a way to beat BoI's new charges".
Basically moving money from current a/c to savings a/c and back again and breaking up your credit card payment nine times as advised by a BOI agent.

The Regulator needs to intervene to stop this nonsense that customers will now be engaged in to avoid fees.

 

[Time]

The Regulator needs to intervene to stop this nonsense that customers will now be engaged in to avoid fees.

Why?

 

[theresa1]

Just to be clear I'm against the bank and not the people playing 'pass the transaction around'.
I for one will now receive statements with more transactions that I would not normally do. It may not be much more ink in my own case but it all adds up.

 

[Time]

Fair enough. I see where you are coming from.

 

[theresa1]

http://personalbanking.bankofireland.com/credit-cards/pay-and-manage-cards-online/

- Incorrect information still on website about old 3 payment policy to qualify for FREE banking.

 

[Greta]

I know. The correct info is there too, but it's very hard to find.

There is also nothing on their bank statements, just the info about 3 payments needing to qualify for (miserly) credit interest.

Looks to me like they are keeping very quiet about it, counting on people not finding out. Though when the fees do start appearing on people's bank statements, surely people will notice then?

 

[pator]

Just for those that are not changing bank these are the dates for charging quaters:

Fee Calculation
Period
(Dates are inclusive)
22 Feb – 21 May 10
24 May – 20 Aug 10
23 Aug – 19 Nov 10
22 Nov – 18 Feb 11
21 Feb – 20 May 11​

Source - [broken link removed] ​

ie need to do the nine transactions within those dates each quater​

Just a quick reminder to anyone with B of I that you need to get the nine transactions done (and have lodged 3k over the period) by the end of next week as the first billing period ends on the 21st.
Or indeed if you already have at least nine done and normally wouldn't have too many hold off untill the 24th for anymore to save yourself having to do small transactions to meet the nine in the next quarter (I just had to do 3 x €1 lodgements to the credit card)

 

[marksa]

this whole 9 transactions... etc is a load of bs. People working out how to avoid it by doing switching in and out of the account. All that will happen is that BoI will do like what AIB did recently on credit interest on current accounts - where AIB sent out a letter saying that in order to simplify the structure of all of their credit interest permutations on current accounts they were going to make all of them interest free! So in a similar situation, BoI could say - to heck with this - let's just make everyone pay a quarterly fee, or pay as you go... its inevitable in some form as they need to improve income given the dire state of their franchise at present.

 

[pator]

this whole 9 transactions... etc is a load of bs. People working out how to avoid it by doing switching in and out of the account. .

I dont thing it is the thing you suggested - I was merely trying to help people that wanted to avoid the charges. The rationale of this site was, I thought, best use of money so if people choose legally and above board to try to avoid charges then surely that is their decision. Particularly when cash is tight I cant see anything wrong with trying to help people.
In simply terms do/should we not always seek out the best deal possible for our individual circumstances.

All that will happen is that BoI will do like what AIB did recently on credit interest on current accounts - where AIB sent out a letter saying that in order to simplify the structure of all of their credit interest permutations on current accounts they were going to make all of them interest free!.

To me interest on current accounts and charges for using a current account are two completlely different things. The B of I rate on current accounts is 0.25% up to 1,500 so if people are looking for good rates then the excellent best buys in the deposit section is available for people to choose a savings account that suits them. This is about charges. I dont think you are comparing like with like

So in a similar situation, BoI could say - to heck with this - let's just make everyone pay a quarterly fee, or pay as you go... its inevitable in some form as they need to improve income given the dire state of their franchise at present.

Yes indeed, in theory they could do absolutely anything, if my memory is correct from college days once we give them our money it becomes their money so yes they could do anything.
For the moment at least there is still competition in the market which makes it much more difficult to do as you suggested. You may of course have inside information that B of I are planning someit like you suggest.

There is always a level of inertia so B of I will, I suspect, make money out of this move and I was simply trying to help people on this forum - who had expressed a wish not to pay charges for current accounts in credit - by reminding then that the first deadline for the charging period is approaching.

Obviously if anybody wants to pay the charges that is up to them self, as you say they (Bank) need money so was just trying to make sure that people had the info to make an informed decision.

If people agree with your argument that the bank needs the money and we should not try avoid the charges then that is indeed very noble and once people have all the info then we are both happy.