Changing bank accounts (or not) to avail of free banking

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piggy

Guest
This may seem like a stupid question as I just haven't bothered to ring up about this yet, but...

...have many people here much experience in approaching their banks and asking for them to waive fees or they move to say NIB (no fees)?

If so...how'd it go?

I really don't like paying fees for everything, but would ideally like to stay with my own bank, where I've been for quite a long time.
 
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Elcato

Guest
I told AIB I would not pay their new fee structure when they anounced it last year and moved lock(ca), stock(sa) and barrel(ssia) away in protest. The only reaction I got was a very rude manager of my original opening branch when I was collecting the final cheque for my current account.
 
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piggy

Guest
The only reaction I got was a very rude manager of my original opening branch when I was collecting the final cheque for my current account

This is sort of what I'm expecting to be greeted with too...which is why I was hoping for some nice stories from people who'd successfully negotiated free banking by threatening to move. Like a lot of things (in banking) it's probably wishful thinking on my part.
 
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Guest

Guest
Not quite the same situation but I didn't get any joy when I attempted to negotiate with Anglo Irish Bank on deposit interest rates as I mentioned here:

p200.ezboard.com/faskabou...21&stop=34

On the other hand I have had previous successes with PTSB and EBS when negotiating a waiver on certain once off current account and mortgage charges.

No harm in asking though. The worst that can happens is that they say no and you just move anyway. I can't imagine too many banks negotiating on regular transaction charges though to be honest...

Isn't there supposed to be some new scheme to facilitate the easy transfer of accounts (and DDs etc.) from one bank to another or has it been adopted yet? Perhaps IFSRA can advise?
 
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piggy

Guest
No harm in asking though. The worst that can happens is that they say no and you just move anyway

True...and I will. It's sort of a strange question in some ways I think...more of an ultimatum really.

Perhaps IFSRA can advise?

I'll check that out.
 
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Guest

Guest
> It's sort of a strange question in some ways I think...more of an ultimatum really.

Even if they say no and you're bluffing they're unlikely to kick you out the door just for being a recalcitrant customer. There's nothing to lose and lots to gain (potentially). :)
 
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rainyday

Guest
I guess like all ultimatums in life (personal, business), don't threaten if you are not prepared to follow through. If you are really, really prepared to move your business to get free banking (as I did many years ago), then make the threat.

I understand the UK have a current account 'passport' that allows you to move account and have all direct debits, incoming payments, standing orders set up by the new provider within a specified number of days. Lets hope IFSRA are working on something similar here.
 
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piggy

Guest
don't threaten if you are not prepared to follow through

I agree...although like <blank> says I doubt they'll kick me out if I don't go. Standard fees is about 120 euros a year isn't it? That's money I could put to much better use.

If they refuse I'll go to someone like NIB. Who else offers free banking?

I'll update the post whenever I've talked to said snotty manager next week.
 
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Guest

Guest
I would not be reluctant to threaten even if I was bluffing when dealing with financial institutions. Ultimately it's business and not personal and (within the law!) whatever yields results is what counts. But that's just my personal view...

As far as I know IFSRA or somebody else discussed the "passport" idea and I thought that it was due to come into practice soon although I don't have any hard information about it at the moment.

In relation to the charges that apply with different current accounts you should check out the IFSRA survey:

www.ifsra.ie/frame_main.a...Fnav%2Easp

24/06/2004 &nbsp &nbsp &nbsp &nbsp Personal Current Account Cost Survey (97.56 KB PDF) Issue 2 / June 2004

www.ifsra.ie/data/cr_pub_...ue%202.pdf

Note that where transaction charges normally apply certain banks have waivers based on minimum average monthly cleared balances etc. I have NEVER paid ongoing transaction charges other than DD setups, stamp duties etc. since I first opened a bank account.
 
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cobalt

Guest
free banking

If they refuse I'll go to someone like NIB. Who else offers free banking?
Free banking - after a fashion - from NIB, PTSB & UB. See this thread for (links to) terms & conditions.
 
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Geoffreyod

Guest
moving to NIB

I moved to NIB as much to avoid queues out the door in my local AIB branch as for the free banking so didn't even see if they would waive their fees.
Queues in the local NIB are much much shorter and the staff are much more friendly.
 
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dolly

Guest
Changing bank

I didn't bother with any ultimatums - too many bad experiences with BoI (CA & CC). We also had a DA & CC with AIB but no real issues with them (tho in light of recent revelations, I wonder...). Mortgage was with NIB, so decided to consolidate the CA & DA to one a/c (Freebank) with NIB. Took great pleasure in going to BoI to close the a/c - at the time there was a very large balance in there (albeit temporarily) so I expected some kind of reaction - all I got was 'I s'pose it's cos of the charges is it?'....my reply 'among other things' only elicited an 'oh I see' - no interest in hearing about the litany of complaints I had. At AIB the teller smugly announced he couldn't do an electronic transfer cos he didn't have an NIB deposit slip...doing my best to look innocent I handed him my preprinted deposit book and asked if that would help....the teller beside him actually burst out laughing at his reaction.

My advice: overlap the two a/cs for a month or two if you can (funds permitting) to allow you time to cancel and reinstate your SOs & DDs. That's what I did - we switched one salary one month, then the other a month later. There were some teething problems, and I'm not saying NIB is perfect, but they're infinitely more pleasant than the crew in BoI (though that was the particular branch - it's notorious!)
 
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piggy

Guest
Re: Changing bank

Just to update. Rang my BOI branch today. Am in the process of opening a UFirst bank account with UB as they're who I'm taking my mortgage out with.
Told the girl that I was going to find it hard to justify having two bank accounts now and paying fees on both.
She said it was unlikely that they'd take my account charges away but said she'd chase it up with the Manager and he'd get back to me...probably via post.

I'll update again once I get the letter which reads...'Dear Mr...thank you for your custom over the years...goodbye now...'!
 
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