I had a BoI special bonus saver account which I closed today at the end of its 18 month term. I was charged euro 2.20 for the cashiers cheque.I asked could the funds be transferred to another Bank without charge and told not, they could only transfer them to another BoI account which I did not have. I asked could the bank not write me a cheque to pay me back my own money without charging me and was told no. Is this standard practise by all Banks when closing accounts? seems Ludicrous
charged to close account
- Thread starter shane55
- Start date
I think the charge is for the bankers cheque not to close the account, I had the same charge when I got the cheque for my car loan a couple of years ago, I thought it was a bit much, not the 2 euros, but having to pay them to start the loan in the first place,
The charge was for the bankers cheque, not to close the account, but in effect I was being charged to close the account as there was no other method of receiving the funds other than cashiers cheque. should BoI not just have written me a cheque like any other business that was making a payment would, all I was doing was having my own money transferred from them to me, why should I have to pay for that? whatever about having to pay for a cashiers cheque to transfer your own money to a third party, having to pay to have your own money given to you is complete extorsion
Diego Murphy
Registered User
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- 11
Transferring it to your current account from your special bonus savers account would be free. If you have online banking, you could then transfer it to any other irish bank account for free. That would probly have been the easiest way to get around the charge
I wanted to move a couple of grand a few years ago from one bank to another bank down the road. The first bank wanted to charge me for the draft. The cheek of them trying to charge me for taking my money out of my account, so for pure badness, I insisted in getting the money out of my account in cash. No charge. I walked to the other bank and lodged the money there (wouldn't be surprised if the CAB had a look at the transaction).
I'm sure that the time and energy that the bank and their staff spent getting the money and counting it was far higher than the couple of euros that it would have cost them to give me a cheque. Also, they were losing interest on the money as soon as (or sooner) it was given to me, while this would have been earning money for them until it was presented
at some later time for them to honour.
I don't have a problem paying for a draft made payable to a third party, but if I only want it made payable to myself then I do object.
Murt
I'm sure that the time and energy that the bank and their staff spent getting the money and counting it was far higher than the couple of euros that it would have cost them to give me a cheque. Also, they were losing interest on the money as soon as (or sooner) it was given to me, while this would have been earning money for them until it was presented
at some later time for them to honour.
I don't have a problem paying for a draft made payable to a third party, but if I only want it made payable to myself then I do object.
Murt
I didnt have any other accounts with BoI so they couldnt transfer it, they said they couldnt transfer it to any other account I had with another Bank either. i was also told that I couldnt have it in cash, cashiers cheque was the only option and Id have to pay for it. The terms and conditions of the account state there are no transaction fees for lodgements or withdrawals, I wrote a letter to the bank manager saying that as I had no other way of withdrawing the money, being charged for a cashiers cheque was in effect a withdrawal charge and hence a breach of the account terms and conditions. I asked for a refund and assurance that BoI would change their policy in relation to same. Hes away at the moment, Im waiting for his reply, if any
If you get no satisfaction from them then you could always take it to the [broken link removed] but for €2.20 it hardly seems worth it. Unless you value the principle of the matter much more than that?
No. I'm sure I'm not the only one who gets fed up with people criticising banks and other service providers for charging for the service provided.Couldn't resist eh?
Not trying to be smart but what do you expect???!!!, do you think banks and the such are set up by nice people who wouldnt dream of charging you a fee for their service! Of course they are going to charge- thats how they stay open to serve you!
As an ex banker who worked on the foreign exchange counter for many years I certainly would not have charged a child a fee of 25p to change one U.S. dollar bill. There are lots of nice people working in financial institutions who can show initiative in grey areas. Fees and charges can, and often are, waived.
Quite often the same money goes around and oftentimes comes back to the original bank. If a bank wishes to attract a customer back in the future they need to treat them properly.
G
Guest124
Guest
I'd like to hear how shane55 got on. So is everybody saying that we should not have FREE banking with our Current a/c's? The guy only wanted his money and yes I understand why he is annoyed over €2.20.
I might do that
No its not the 2.20, its the fact that the charge wasnt justified, I didnt need a cashiers cheque, I needed my money to be transferred to another account,cant see why BoI couldnt have done this electronically or paid me with an ordinary company cheque without charge, I havent heard back from the manager yet, hes on holidays apparently