Bank of Ireland has changed their rules on current account charges from November 23rd this year.
Some people will be hit with a 360% increase in charges.
BOI Fees Prior to Nov 22nd
Previously, BOI customers who maintained a balance of at least €3000 in their current account for the whole quarter could avoid any transaction fees in that quarter. Those customers would just get charged €5 a quarter admin fee.
BOI says that about 10% of current account customers kept a balance high enough to just be charged this €5 quarterly fee.
Any customer whose balance dipped below €3000 in a quarter was also charged transaction fees plus the €5 quarterly admin fee.
BOI transaction fees Prior to Nov 22nd
ATM withdrawals 25c
Machine Lodgements 25c
Debit Card Transaction 10c
Internet/Phone Transaction 10c
Over the Counter Transaction 60c
Cheque Processing Fee (per cheque) 60c
New Bank of Ireland Charges From November 23rd 2020
From November 23rd 2020 – Bank of Ireland will charge current account holders a flat rate charge of €6 per month. ( €72 a year). There will be no additional fees for day to day transactions.
They will not charge the fee for the month in which an account is opened or closed.
Anyone who keeps €3000 or more in their BOI account will see fees rise from €20 a year to €72 a year – an increase of 360% .
Customers with low numbers of transactions will also see an increase in fees. About 30% of customers will be affected and BOI said that for these customers the average annual increase will be €36. So that’s a 100% increase.
About 60% of customers will end up paying the same or less fees under the new charging method.
Charges no Longer Quarterly
Charges will no longer be applied quarterly. Beginning 23 November 2020, the new BOI €6 monthly fee will be charged to accounts on the last business day of each calendar month. The first €6 fee to cover the month of December 2020 will be charged on the 31st December 2020.
But – the 31st December 2020 is also the date that BOI customers will be charged for current account transaction fees for the last time. The fees charged on 31st December will cover the period 24 August to 22 November 2020. So most BOI customers will see two lots of charges on Dec 31st.
How to Avoid Bank of Ireland Fees
BOI customers could reduce their banking fees by switching to a cheaper bank account such as N26 or EBS.
See more details on our comparison of current account fees in Ireland