BOI Change Free Banking Conditions

If you actually trust them to do so. They can and do mess it up sometimes leaving you with no money in either account.

You are best to do it yourself.
 
Time said:
If you actually trust them to do so. They can and do mess it up sometimes leaving you with no money in either account.

You are best to do it yourself.
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I have done it a couple of times and never had an issue. You are more likely to mess up doing it yourself because of the amount of DD's etc involved and it is an absolute pain contacting all the different companies. It shouldn't take any more than 7 days so do it during a quiet preiod of the month in relation to direct debits. That way you have time to spot and rectify any problems.
 
You shouldn't need to contact the companies, the bank should handle all DDs and SOs automatically. They screw up sometimes, but generally speaking the majority of stuff goes through ok.
 
Cheers lads, going to ring BOI and see whther they will refund most if not all the money they charged me, depending on the outcome I could be switching to Ulster bank. Really amazed BOI is will to mess around and potentially lose long term customers with silly fees like these, especially given the cureent climate
 
At the moment, I'm trying to decide between messing around with this 9 payments nonsense (I pay all my bills by DD usually), and switching bank.

To be honest, that carry on with the sneaky bonuses in BOI, together with this, will make me switch account.
 
This nine debits payment needs to be clarified - personally I believe it's internal and/ or external a/c's.
 
9 debit payments include:-

bill payment, mobile phone top-up,Domestic money transfer (personally i'm taking it's ok to go from my current a/c to my savings a/c both with BOI), International money transfer (careful on this as other charges likely)
 
Fatphrog said:
At the moment, I'm trying to decide between messing around with this 9 payments nonsense (I pay all my bills by DD usually), and switching bank.

To be honest, that carry on with the sneaky bonuses in BOI, together with this, will make me switch account.
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Even if you pay your bills by DD, you can still use online banking to pay bits off these bills, giving you your 9 transactions. Just means your DD's will be smaller as these extra credits will be recognised. Was talking to someone at Bord Gais. They said you can do this.
 
It says in my bill statement for my current account that internal transactions are not counted, I know the were before but now they aren't. Annoying!
 
'Maintain a minimum balance of 3,000 EUR for the entire quarter. '

There was a leaflet with my statement and I didn't see this written on there. Have they tightened this further?
 
Winifred said:
It says in my bill statement for my current account that internal transactions are not counted, I know the were before but now they aren't. Annoying!
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- I did not read this on any bill statements.

- You only need a minimum balance of €3,000 throughout the full fee quarter if you dont lodge at least €3,000 over the course of a fee quarter and make 9 debit payments (direct debits and standing orders dont count).

- Again internal transaction debit payments do count is my understanding.
 
pator said:
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​
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Just a reminder that the current fee quarter ends on Saturday next the 19th so probably need to make sure the nine transactions are completed in the next day or so (to be sure they go through by Saturday)

Next quarter starts on 22nd which is Tuesday so hold off doing transactions on Monday if you dont normally reach the nine.
 
Troy McClure said:
'Maintain a minimum balance of 3,000 EUR for the entire quarter. '

There was a leaflet with my statement and I didn't see this written on there. Have they tightened this further?
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See here - that's one option for avoiding transaction charges - the other being lodgement of €3K in the quarter and 9 online/phone debit transactions.

[broken link removed]
 
Thanks for the link clubman. How do you get around this? For number 1 below can you lodge 3000/9 9 times per quarter and send the money out to where it came from 9 times or less? I will be asking BOI this.

The reason is I have alot of Auto Payees setup in this account and do not want the hassle of moving this setup to another free banking bank as I am abroad. But I will if I have to :( This is the only reason I am with BOI. It's not like the service they offer is any good anyhow(particularily their internet banking)


  1. Lodging2 at least €3,000 to your Personal Current Account AND making 9 debit payments3 from that account using 365 phone and/or online over the course of a fee quarter4
    (This is the equivalent of a €1,000 net salary lodgement and 3 debit payments per month.)

    OR
  2. Maintaining a minimum balance5 of €3,000 in your Personal Current Account throughout the full fee quarter.
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Hattrick said:
Thanks for the link clubman. How do you get around this?
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Get around what? The rules are clear enough as far as I can see and there are two separate strategies for avoiding transaction charges. I'm not a BoI customer but have been helping a friend to meet the criteria for transaction free banking recently. I guess we'll know in a few weeks or so if it worked! The c. €30 that could be saved will help due to pressing financial circumstances.
 
pator said:
Just a reminder that the current fee quarter ends on Saturday next the 19th so probably need to make sure the nine transactions are completed in the next day or so (to be sure they go through by Saturday)

Next quarter starts on 22nd which is Tuesday so hold off doing transactions on Monday if you dont normally reach the nine.
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Note that the charges (fees and interest) are actually applied to the a/c a month later (section 7):

[broken link removed]
 
ClubMan said:
Note that the charges (fees and interest) are actually applied to the a/c a month later (section 7):

[broken link removed]
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Yip, thats how it works,
mine was just a reminder to do the transactions within the dates as a deadline was approaching.
 
pator said:
Yip, thats how it works,
mine was just a reminder to do the transactions within the dates as a deadline was approaching.
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Sorry - wasn't second guessing you. Just that I was checking for a friend if charges had been levied and realised that there was a difference between the dates when they calculated the charges and when they billed them.
 
Time to play the 9 transaction silly game again. If you haven't played yet the closing date for entries to this quarter's event is Feb 17th.
 
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