Bank of Ireland wanted €3 to change a €500 note "cash exchange charge".

M

mercman

Guest
My daughter went to the Bank of Ireland the other day to change a €500 note. The cashier said no problem but would have to charge a €3 fee for doing so. Has anybody else experienced such an attitude ? Bear in mind the note came from the Bank of Ireland in the first instance.
 
If it was her local bank I would be disgusted otherwise it doesn't surprise me.
 
I got charge €80 for taking £4000 sterling out of my Bank of Ireland Sterling account. and they never told me.. called they said read the T&C
 
AIB told me to read the back of the statement for terms and conditions. I get e-statements online and there is no way to turn them over!!!
 
dontaskme said:
AIB told me to read the back of the statement for terms and conditions. I get e-statements online and there is no way to turn them over!!!
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maybe they think we all view our statments on ipad4's in book form :D
 
...if they are providing a service why can't they charge for it? Seems this thread is just another bank bashing thread.
 
But the service was just to change a larger euro note for smaller ones - would you expect to be charged if you went into a bank to ask for change of a €50 note? Why should it be different for a €500 note?
 
gel said:
...if they are providing a service why can't they charge for it? Seems this thread is just another bank bashing thread.
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huh.....they should be trying to stoke up goodwill when providing the simplist of service especially after bringing this country to its knees and now being funded by the same people they are continuing to rip off. :mad:
 
huh.....they should be trying to stoke up goodwill when providing the simplist of service especially after bringing this country to its knees and now being funded by the same people they are continuing to rip off.
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They don't need to stoke up goodwill.
The government has created an environment where they can't fail. Therefore, they don't need goodwill, customer service and all that competitive stuff.
 
In fairness very easy for the little girls parents to deposit the 500 into there account then withdraw same from ATM.

Don't get me wrong I would be slating the bank for trying to takee candy from a baby but good grief.

As for Gel are you seanie fitz in disguise??????
 
gipimann said:
But the service was just to change a larger euro note for smaller ones - would you expect to be charged if you went into a bank to ask for change of a €50 note? Why should it be different for a €500 note?
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I understand that €500 notes are not in general circulation, so they may well be treated differently. For example, they may be sent back to one of the countries where they are in wider circulation.

I understand that some countries have banned them because they are used extensively in crime. See [broken link removed]for example

Mercman said:

Bear in mind the note came from the Bank of Ireland in the first instance.
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Did she specifically ask for a €500? It's a while since I used these notes. When I last asked for them a few years ago, I had to order them.

Brendan
 
Brendan Burgess said:
Did she specifically ask for a €500? It's a while since I used these notes.
Brendan
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No actually she did not -- I did, about three weeks ago. Gave them to my wife and whilst I was away on business last week, she required change. The quickest way to get change (she thought) and for ease sake was to drop the daughter outside the Bank instead of having to search for parking.

The €500 note is standard legal tender in Europe and to charge for changing same in a Bank where same were handed out in the first instance is a bit rich in my opinion.
 
It defies belief. Surely for security and logistical purposes the bank would prefer to have one €500 note rather than (say) ten €50 notes?
 
Hi mercman

Can we be quite clear.

You ordered €500 notes from your bank?

You subsequently returned one of them?

I don't think that banks routinely keep these notes. For example, we don't print them in Ireland.

I think it's perfectly valid for the bank to make a charge for this.

Brendan
 
Is this charge advertised?

Is is a fixed charge or just some arbitrary charge?

Could you lodge the note and then withdraw smaller amounts?
 
Answers : No not posted in Branch

I would say an Arbitrary charge

And regarding lodging and withdrawing frankly I have better things to do with my time than to be lodging an amount of cash and then withdrawing the same amount.
 
Banks have a "cash exchanged" charge in their fees brochure.

They're not obliged to levy it though - discretion and cop on should be used.
 
Thanks nlgbbbblth,

I googled "cash exchange charge" and got this interesting hit from England.

Complaint over Lloyds TSB cash exchange charge | FinancialAdvice.co.uk

A Merseyside teacher has criticised Lloyds TSB for what he sees as its excessive handling fees.

Arthur Williams used a branch of the bank in West Kirby, in order to convert two £20 notes and a £10 into a new £50.This note was then to be used as a Christmas gift for his 15-year-old niece.

However, the bank informed him that there would be a handling fee of £5 for the conversion - which the teacher refused to pay.

Mr Williams said: "I couldn't believe what I was hearing. I was absolutely stunned."It's a simple exchange of notes, how can they get away with charging £5 for a straight swap. There was no way I was going to pay the extra, it was ludicrous.

I left the bank immediately."Responding, a spokesperson for Lloyds TSB said: "Because the gentleman was not a customer we had to apply the standard administration charge for money changing." Any Lloyds TSB customer can of course change money at our branches free of charge."
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