New PTSB current account [was: PTSB €1500 a month? Should I open an account?]

cefh17 wrote: »

I started the account opening process over the weekend as well as opening a Number26 account to avoid the ridiculous BOI fees when my account switches over in February. What I'm wondering is, does the €1,500 amount have to be painted throughout the quarter each month to avoid the fees or once at least that amount has been lodged the full amount in theory can be transferred to a different bank?

Also, is it per calendar month or from date of the account opening that the monthly transfer is gauged?

Thanks in advance

In order to avoid the fees, the total for all lodgements to the account must be greater than or equal to 1500 in each calendar month. Here are some examples of how you can do this.

If your salary is greater than or equal to 1500 and it gets lodged once a month then you are fine, even if you spend it all the next day.

You could also lodge 1500 to the account and then remove it the same day if you like.

Lodge 500, withdraw it and lodge the same 500 again three times.

If you have a PSTB savings account you can move 1500 from it to your current account and then back again.

If you don't have much money at all you can get a friend or relative to transfer 1500 to your current account once a month and you can send it back to them the next day.

There is no requirement for the money to have come from outside or be new money.

"My letter says that I can reduce my maintenance fee by lodging my salary – how can I set this up?

Some of the accounts enable you to get a discount on your maintenance fee or avoid paying it for a period of time if you lodge your salary to the account. In order to set this up you will need to
1.Notify the bank that they want to seek the exemption i.e branch/Open 24; and
2.Lodge your salary to your account

All other waivers that may be applicable to your account are applied automatically."

Don't tell you what the Discount is!

Delta2113 wrote: »

https://www.permanenttsb.ie/about-us/notices/2017/july/changes-to-maintenance-fee/ - And so it begins but they don't tell you how much the maintenance fee will be.

The website is now updated. The maintenance fee is €18 per quarter and the euro transaction fees are zero.

JTMan wrote: »

The website is now updated. The maintenance fee is €18 per quarter and the euro transaction fees are zero.

Seems like the Explore account isn't changing. That account is €4 per month with 10c cashback with every use of your card up to a cap of €5. So essentially if you are an active user (+40 transactions a month) you have free banking.

This is the account I'm on and most months my fee works out at about €1 after the cash back has been applied. Definitely worth looking into.

Do we know exactly which type of accounts are affected by these new maintenance fees. I've got an account with free fees as long as you lodge minimum 1500 per month. Is that changing?

Unless i missed something (possible!), this link just says "If you are affected by this we will either have recently written to you, or will be writing to you in the coming weeks". So basically it doesn't really tell us anything about what type of accounts are affected ...

Delta2113 wrote: »

If like myself you have "permanent tsb Current Account" then according to the website you are effected - €18 every three months.

You might get a discount or avoid paying it for a certain period of time PTSB say but no details if you lodge your salary.

They couldn't have made the communicating of these new charges any worse -complete joke.

The account type listed in the app is "permanenttsb Current", so not exactly the same as yours. It is one of their account with free fees as long as you lodge 1500 per month.

Really unclear communication indeed!

DMcL1971 wrote: »

I also have the account called "permanenttsb Current". I rang Open24 and they gave me a phone number for account fee queries which is 1890 800 900. They also confirmed that the fee waiver for lodging 1500 will continue. So in future you will be charged 18 instead of 12 if you fail to lodge 1500.

Thanks, exactly what I wanted to know and it sounds good. Sounds like we're keeping our free banking then!

Finally got my letter - it's obvious they are trying to push everybody on to the Explore Account. They refer you to a table of maintenance fees at the end of the letter and then the sales talk and we are obliged to give you option to close account or switch providers.

The table would be clearer if it was numbered and not left on back of letter. They really don't want to highlight the fact once you keep doing the €1,500 per month it's still FREE.

Guess I'll have to highlight it then!

Bob24 wrote: »

Got the letter yesterday as well. Yes they do insist in the new fees even though for many people those will probably have no impact as the €1500 waiver is still there, so obvious they want customer to move away from this type of account without forcing them.

I don't blame them really. With interest rates so low and the prospect of negative interest rates, their margin to allow them to offer free banking is shrinking.

Oh I wouldn't worry about poor old PTSB (or any other bank) being able to offer free banking. Let's not forget that they only pay out about 0.2% interest to us on any money we deposit with them while charging us between 8 and 14% on all money they loan out to us.

That is how retail banking is supposed to work. A bank makes its profits from loaning out its depositors money at a high rate of interest. They can't loan out this money unless that have depositors. That means they need to attract depositors. They offer us incentives such as free banking and contactless payments and online banking in order to persuade us to put our money on deposit with them. They then lend that money out to other customers at an 8-14% profit.

With banking charges they are now charging you to give them money which they then use to make their profit.

brendan86 wrote: »

If I only had 250 going into my PTSB account weekly via bank transfer could I just withdraw 600 via cash machine and lodge the 600 before end of month and avail of free banking?

You could do sepa transfers too, doesn't have to be cash lodgements

alwald wrote: »

I am with PTSB for few years and I always availed of free banking due to the fact that my salary, which is higher than 1500 EUR, is lodged into my account each month.

I am currently unemployed and for the first time I won't receive any income into my bank account, however I have a saving account with PTSB, can I just transfer the money from one account to another (this is not a SEPA transfer) or should I withdraw the money and lodge it?

You can just transfer between accounts. Depending on which one you have the savings account might have a 1000 euros per month lodging limit though.

A cheque issue fee is being introduced.

A cheque book issue fee of €0.20 per cheque e.g. €8 for a cheque book of 40 cheques is also being introduced from 13 January 2018.

The cheque book issue fee will be charged when a cheque book is ordered. This fee is in addition to Government stamp duty of €0.50 per cheque e.g. total charge of €28 for a cheque book of 40 cheques.