you won't be able to avoid them by keeping your savings in your current account any more:
Up to 40% of BoI customers face additional costs as bank revamps charges
BoI scraps multiple fees, introduces Google Pay and easy open accountswww.irishtimes.com
They are finally adding Google Pay support at least, but it doesn't justify the fee increase. Finally time to switch my current account, the KBC Extra account looks to be the best alternative fee wise (free if you lodge 2k a month), does anyone know how it's app and website compare to alternatives like Ulster Bank's?
KBC & Ulsterbank apps seem at roughly the same level - functional but not comparable to Revolut or N26 which are much sleeker and have more features. KBC's app used to have quite a few bugs but they seem to have been ironed out for the most part.They are finally adding Google Pay support at least, but it doesn't justify the fee increase. Finally time to switch my current account, the KBC Extra account looks to be the best alternative fee wise (free if you lodge 2k a month), does anyone know how it's app and website compare to alternatives like Ulster Bank's?
So:
- 40% increase in fees.
- Still same high FX fees for non-euro transactions.
- Still same high FX fees for non-euro ATM usage.
- Fees that cannot be avoided.
- But simpler pricing, Google Pay and better online account opening.
When you can get much more for free with Revolut, free with EBS and easy to obtain with KBC Extra, I can see many closing their BoI account.
When you can get much more for free with Revolut, free with EBS and easy to obtain with KBC Extra, I can see many closing their BoI account.
I don't think that getting rid of customers is the intention. The calculation is probably that people are too lethargic to switch banks no matter what the charges. If they see an unexpectedly high number of customers leaving they will reverse the increase or start offering some "new" product with lower fees. It's the usual thing of banks testing how much they can squeeze out of people.I imagine that is the intention - get shot of the free loaders, loss makers and time wasters so you can concentrate on profitable customers that are likely to buy additional services, preferably investing products. It’s not as if it’s a new idea and it does work.
The question is whether they will have done considerable damage to the brand by the time the rollback on their position (which I do think they will).I don't think that getting rid of customers is the intention. The calculation is probably that people are too lethargic to switch banks no matter what the charges. If they see an unexpectedly high number of customers leaving they will reverse the increase or start offering some "new" product with lower fees. It's the usual thing of banks testing how much they can squeeze out of people.
With the ability to open accounts online, switching is much easier. Maybe they're expecting other banks to follow.
As the younger demographic is going straight to the fintechs it paradoxically becomes even more attractive for Irish banks to ramp up fees for their remaining customers. It drives their average customer profile towards more middle aged, less IT savy, less price sensitive and less value conscious.Others seems to be following:
"People are facing higher charges as the Central Bank is considering a dozen applications from banks to increase the fees they impose on customers. "
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