BOI Change Free Banking Conditions

Greta said:
You can get free banking if you maintain 3000 euro in your account at all times.

If you don't qualify for free banking, you'll be charged at least 11.90 per quarter - for the first 90 transactions, even if the actual number of your transactions is going to be much smaller. At least that's how I understand it. And yes, I agree, it's a rip off in cases when only a few transactions are made (or none).
Click to expand...

There is still an option for Pay as you go which is 28c per tx (and has been 28c per tx for a long time contrary to popular misconception). If you have only a few transactions then this is the cheaper option. You just need to tell your bank that you are taking this option. If you are alrady on it no need to change anything.

To answer another question ...yes Phone top ups do count as online transactions.

There is so much media frenzy about this and so much false information. Yes I am a staff member of BoI and we have Senior Citizens coming into the office wanting to close their a/c's because of what they hear on Joe Duffy etc. As Golden Years customers they do not pay Fees. Neither do students. Anyone who has never used 365 Online/Phone will not have any changes whatsoever. If you're already a 365 user you will easily know how to circumvent these charges. It may mean making a few more transfers, topping up your phone or whatever, but it's not rocket science!
 
Perplexed said:
There is still an option for Pay as you go which is 28c per tx (and has been 28c per tx for a long time contrary to popular misconception). If you have only a few transactions then this is the cheaper option. You just need to tell your bank that you are taking this option. If you are alrady on it no need to change anything.
Click to expand...

I thought that anyone who doesn't qualify for free banking has to pay for the first 90 transactions per quarter, even if they don't make nearly as much, and that it's only for those transactions over 90 that 28c per transaction applies. At least that's how I understood BOI's new rules.

On the other side, if, as you say, it's easy to circumvent these charges and they don't apply to a lot of people (pensioners, students etc), then why is BOI introducing them??? Just to generate bad publicity for itself?:)
 
There are two options for Fee structures and these are on the a/c opening form.

1. Pay as you go which is 28c per transaction
2. Set fee of approx €11.90 per quarter which gives you up to 90 tx for the 3 months.

I don't want to get into an arguement. I just wanted to clarify a few things as a lot of people are being upset by false information.

I don't agree with a lot of things bankers have done in the past few years but at the end of the day it's a business and I think all businesses charge for providing services. ATM's and other facilities cost money to supply. The choice is entirely yours as to whether you want these services or not.
Obviously people who use the Self Service options of 365 Online/Phone cost less to service and quite rightly deserve a discount for doing so.
 
Just move to Ulster Bank or NIB - personally i will play merry go round and waist more ink on statements they have to send me out. I can see plenty of 1 cent transactions happening.
 
Perplexed said:
Obviously people who use the Self Service options of 365 Online/Phone cost less to service and quite rightly deserve a discount for doing so.
Click to expand...

Direct debits cost even less to service but people are being forced to do unnecessary online/phone transactions just to circumvent the new system.

It's the second attempt of BOI to charge for transactions, though the first time, as far as I remember, there was no way to get free banking. Then BOI changed it's policy - why? Presumably because charging everyone wasn't worth it.

I hope customers will leave them in droves now, then they might realise a thing or two.

Unfortunately it's difficult for me to leave them as I leave outside Ireland, not sure whether I can open any current account without travelling to Ireland. But if I lived in Ireland, I certainly would.
 
theresa1 said:
Just move to Ulster Bank or NIB - personally i will play merry go round and waist more ink on statements they have to send me out. I can see plenty of 1 cent transactions happening.
Click to expand...

I have already been doing 1 cent transactions, in order to get interest on current account. Though it's very little anyway, but still, why not:)
 
PaddyBloggit said:
1 cent transactions ... how? online? and from current to savings and back?

How often? etc.
Click to expand...



- Online (phone calls would make it cost more) - just do nine 1 cent debit transactions in each quarter if necessary to get FREE banking. I also have a BOI savings a/c so i could just bounce 9 cent back and forward.

Plenty of ways (Silly yes but who's fault is that?) to avoid the charges.

Dont forget to lodge €3,000 also in to a/c but then you can move it on,spend it or whatever.
 
Re. the €3k .... does it have to be a lump sum or can it be totalled over the quarter?

Am I reading right? .... a debit transaction is just moving money from one account to the next and back?
 
Totalled over the quarter.


A debit payment is money going out from your a/c - you have to do at least 9 and they exclude direct debits and standing orders. You could do 9 cent payments one after the other or once a week for example as long as you do 9 in the quarter.
 
Thanks for that Theresa but the 9 cents out .... does moving it from a current account to a savings account count? or do they have to be external payments?
 
PaddyBloggit said:
Re. the €3k .... does it have to be a lump sum or can it be totalled over the quarter?
Click to expand...
As mentioned, it's accumulative over the quarter.

There's also no limit on withdrawals made during that time, so in theory, you could achieve the €3000 deposit requirement (and the nine online transactions) with only 1c in your account (and enough cheek to say "Can I withdraw my 1c. Now can I re-lodge it please. Now can you do that for me another 299,999 times please" - that's an extreme example, but it illustrates the point).
 
just thought I would mention this,
Called into local BOI this morning to lodge and double checked with the cashier that todays lodgement would go towards the €3k needed over the quarter,
his reply was ''oh no, you've got it wrong you have to have €3k in creditand lodge the €3k over the quarter'',
I asked him '' are you sure?''
him ''yes'', me ''are you sure?'' him ''yes, check with customer services on the way out'', me ''okay , I will''. Queued for customer service, I asked the same questions again and her reply was the same..me ''have you got it in writing for me to just double check'', her ''yes, here you are, page 7....oh hang on a minute!'' me, ''oh right it is €3k in credit OR lodge €3k and make 9 online or telephone payments'', her, ''yeah, is that all you wanted cos there a big queue now!''
mmmmm the mind boggles.
 
rebecca1999 said:
j ''have you got it in writing for me to just double check'', her ''yes, here you are, page 7....oh hang on a minute!'' me, ''oh right it is €3k in credit OR lodge €3k and make 9 online or telephone payments'', her, ''yeah, is that all you wanted cos there a big queue now!''
mmmmm the mind boggles.
Click to expand...

God,dont these people havent even the remotest clue about their own Banks T&Cs,I know its just rolling out but there are thousands of customers who know this information inside out,if they are as ignorant at branch level imagine how bad they are at senior management...no wonder we are where we are.
 
just wanted to check something, I made 9 transactions in the amount of 1 euro to my husband's account this morning and he is going to send 9 euros back the same way. Is that us both covered for this quarter then?
 
sandrat said:
just wanted to check something, I made 9 transactions in the amount of 1 euro to my husband's account this morning and he is going to send 9 euros back the same way. Is that us both covered for this quarter then?
Click to expand...



If you used 365 online and/or 365 phone and both with BOI Current a/c's then yes. You also need to lodge at least €3,000 in total during the quarter.
 
Last edited:
You must log in or register to reply here.
Back
Top