This thread is more about "personal finances" than economy but please indulge me a little.
Consumer body criticises removal of free banking - The Irish Times - Tue, Sep 25, 2012
I have linked back to criticism that one of Ireland's two vampire squids received when it quietly brought in the gouging of it's customers. I am one of the customers of this economic parasite as well as keeping it alive with my taxes (not to mention the future taxes of my children).A spokeswoman for Bank of Ireland defended its decision not to issue news releases to the media about the bank charge changes or the mortgage interest rate increase and claimed that improvements to its online operation and the creation of banking apps for smartphones were costly and would have to be paid for by end users.
I received my first bank account charge notification yesterday and was very shocked at both the unit charge amounts (€0.28 per transaction) but also, and here's the rub, the account defaults to the "pay by transaction" instead of the €11.40 for 90 transactions bundle which you can choose. We have a busy household account with two VISA cards and all the direct debits + direct credits set up on it. It is fairly easy to rack up more than 90 transactions in a three month period.
I just wanted to warn my fellow p.iers that this might be coming down the tracks for them. There was absolutely no postal notification sent to me by the Bank, nothing on their on-line portal except through a labyrinthine trawl through links and, as outlined above, the media campaign was non-existent. Caveat emptor. You can ring Banking365 and they can set your fee structure going forward but unfortunately they cannot retrospectively apply it to your account and, regretfully, have to pocket the money they gouge from you.
I asked the CSR in Banking365 if they have a customer complaints procedure and she informed me that they did. Then there was silence and I had to ask, "well what IS the procedure because I want to make a customer complaint." Then I was politely informed that I could make my complaint to her verbally and she assured me she would pass it on but I would never hear from them again as it was bank policy never to reply to customer complaints.
In fairness to her she was genuinely embarrassed to tell me of this.
So I intend to make the ultimate customer complaint and take my business elsewhere and I urge all Irish people to start treating their bank like they treat their car insurance broker.