BOI revamping their current account charges
- Thread starter shweeney
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losttheplot
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Just received an email from AIB.
"Previously, we have waived these fees for customers who kept a minimum daily balance of €2,500 in their account throughout the fee quarter. However, from 28 November 2020, regardless of the minimum daily balance maintained throughout the fee quarter, we are going to start applying these fees which will be charged quarterly from 29 March 2021."
Looks like they're following BoI.
"Previously, we have waived these fees for customers who kept a minimum daily balance of €2,500 in their account throughout the fee quarter. However, from 28 November 2020, regardless of the minimum daily balance maintained throughout the fee quarter, we are going to start applying these fees which will be charged quarterly from 29 March 2021."
Looks like they're following BoI.
Nope, AIB aren't following. They originally announced this back at the start of March, but then delayed it because of Covid. Looks like they've done a U-turn in charging for contactless payments, but the rest of the changes are going through.
AIB to start charging 1 cent per contactless transactions - abandoned
Update: AIB has announced that it is not progressing with the planned changes Update 2: 23rd March. AIB has announced that it is not progressing any of the changes . You can ignore any letters you received from AIB. I got this email today which I find confusing - it's the first paragraph of...
www.askaboutmoney.com
losttheplot
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Must have missed that in March, March seems like a different life time now.
It does indeed.
Bachelor Boy
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Well said, agree completely. We're great in Ireland for giving out.I am a firm believer in the market forces, so if you are unhappy with the service you bring your service somewhere else. I have no major gripes with BOI, but I am not willing to pay 72 euro a year for their current account services based on how much I use it. So I will close within the week and that will be thatI am sure they wont cry over my departure, but I wont cry over their charges either.
I was thinking of moving with the new charges. Does anyone know what EBS money manager is like. I'm a bit old school and really can't be bothered with Apple/Google pay and Banking Apps. But I would like on-line banking because otherwise I'd never pay my bills. Does anyone know if EBS bank account has that and if I can use my bank card abroad. I considered KBC, but I feel not being able to lodge cash would be a pain. Not that I lodge cash very often, but still.
Any advice appreciated.
keving1989
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EBS online banking is like taking a time machine to the past in comparison to say n26/revolut/ kbc, however it still functions. I think they are quite competitive on their foreign currency conversion compared to other brick and mortar banks but its definitely best to load up a revolut / n26 card when going on holidays or buying in a non euro currency. How to transfer money using EBS online banking
Exchange rates for non-Euro EU/EEA currencies on Debit cards
Exchange rates for non-Euro EU/EEA currencies on Debit cards
gnf_ireland
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Up to about 2 years ago, I was kinda the same. I was more than happy to set up everything as a direct debit and let the bank do the work. I paid for most other stuff via cash (not helped by the fact my employer at the time had a cashless system in place and you had to top-up by cash only). Then I had a lightbulb moment and never looked back.
Since COVID I have spent about 30 euro in cash in total. Earlier this week I wanted to send my nephew some money for his communion and realised I had none, and neither did by wife. I had to explicitly go to the bank machine to get some (mainly because their parents did not have Revolut) !!
I use Apple Pay for all my small stuff (linked to a dedicated fintech card), and the rest is practically all contactless on by N26 account. We recently opened a Monese account for our joint account spending, and I can see us moving away from PTSB shortly for that too.
The only two times I have been in a bank branch in the last 3 years was when I was issued cheques - once on successful appeal of a parking ticket and the other the refund for car insurance due to COVID. And both times they sat for about 3 months before I done anything about them, as it was a hassle.
Can I suggest you try something like an N26 - to compliment your EBS Money Maker - and see how you get on !
So Bank of Ireland have increased their fees from 5 euro a quarter (with minimum credit balance) to 6 euro a month - an increase of 360%!
Where is the Central Bank in all of this? What specific role have the Central Bank in authorizing increased banking charges? What is their role in protecting the consumer?
Anybody know their way around the Central Bank? WHO is responsible and accountable for this?
Where is the Central Bank in all of this? What specific role have the Central Bank in authorizing increased banking charges? What is their role in protecting the consumer?
Anybody know their way around the Central Bank? WHO is responsible and accountable for this?
[broken link removed]
If you're loosing money on a service and have already determined that you would prefer to ditch non payers, why would you want to continue loosing money, it's not as if you want to keep the customer, in fact the opposite - they sooner you get them off the books the better for you.
PebbleBeach2020
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When do charges start? Like when is the last date to close yr account to avoid charges?
PebbleBeach2020
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Thank you for that info. I'm hoping to have it closed in the next 2-3 weeks.
NoRegretsCoyote
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Well deposits by Irish households in Irish banks have shot up this year.
Most people will not struggle to pay these charges.
Accepting an increased charge or increased cost for anything in life simply because you have savings and can afford to pay it isn’t really being financially savvy.