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.