Since August 19th there is no way to avoid being charged some account fees if you have a Bank of Ireland current account.
Prior to Aug 19th BOI customers could avoid current account fees if they kept at least €3000 in their account at all times. From August 19th 2013 all BOI customers are being charged a €5 “maintenance fee” every quarter – regardless of the balance on the account.
Transaction fees will also be charged on top of this €5 maintenance fee – but these can still be avoided if €3000 is kept in the account. Customers will no longer be able to opt to pay a flat rate of €11.40 a quarter to cover transactions – if your balance goes below €3000 in the quarter you will be charged for each transaction on top of the €5 maintenance fee.
The amounts of the BOI transaction charges from August 19th
All automated/electronic transactions will now be 20 cent each (reduced from 28 cent).
All branch/paper based transactions will now be charged at 40 cent each (increasing from 28c) .
A new “cheque issuing” fee of 20c per cheque will also be introduced in August – so that means writing a cheque will cost you €1.10 ( €0.20 cheque charge +€0.50 Government Stamp Duty + €0.40 transaction cost .)
Bank of Ireland only introduced the rule about keeping €3000 in the account in November 2012 .
See our summary of Bank Charges in Ireland here.