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Ulster Bank 'Free Banking' - any small print?

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  • 22-03-2011 10:22pm
    #1
    FGR
    Registered Users Posts: 2,451 ✭✭✭


    unclebill98 wrote: »
    You keep your account number and cards. Nothing changes but the name on the account.

    There are no day to day banking fees on UB current accounts unlike some other banks. If you have an overdraft you will now be charged for using it. Apart from that there is no other change.

    Ask about the u1st account. It has interest free overdraft and other benefits that may suit you, however it come with a monthly fee but the savings may out way the charge.

    Following on from this post on the question about changing a student account to a current account in UB - are there any conditions that are subject to the 'free' banking?

    I'm with BOI at the moment and am somehow still within the terms of their free banking - but only just! I've been reading through the UB website and although they list their current account as free I cannot make head nor tails of the 'terms and conditions' that apply.

    Can anyone explain whether I'd be subject to fees if I just use the account for direct debits, standing orders and online banking? I don't want an overdraft (Too tempting to use!).

    Thanks in advance.


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    #2
    unclebill98
    Registered Users Posts: 3,816 ✭✭✭unclebill98


    Hi.

    It's free for day to day banking. If you want the following they will cost.

    Overdraft, bank draft, fx, fx draft, fx electronic transfer(can be done for 51c), chq book(50c gov stamp duty) etc...

    So no fees for standing orders, dd, ATM usage in Ireland, Internet banking, in branch same day payments via your visa debit card etc...

    You can avail of a u1st account for a monthly fee you get interest free overdraft(up to 500), mobile insurance, cheap concert tickets-hotel acc-flights plus a ton of other stuff.

    Oh an the handy Visa Debit Card.

    Did I miss anything?


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    #3
    jaceq
    Closed Accounts Posts: 138 ✭✭jaceq


    Bank drafts aren't free, but that's about it.


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    #4
    FGR
    Registered Users Posts: 2,451 ✭✭✭FGR


    Thanks for that lads. Seriously considering making the switch as it's still a while before BOI make the full move to Visa Debit.


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    #5
    Max Power1
    Closed Accounts Posts: 10,272 ✭✭✭✭Max Power1


    Hi
    Gonna bump this thread - just curios if UB still have free banking??!


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    #6
    unclebill98
    Registered Users Posts: 3,816 ✭✭✭unclebill98


    Yes. Same as above.


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    #7
    Marcusm
    Registered Users Posts: 10,242 ✭✭✭✭Marcusm


    With AIB. And BOI both starting to charge, I'd be very surprised if Ulster stayed fee free for long. It may result in them picking up lots of loss making customers at a time when they are not making much if any money at all.


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    #8
    chris85
    Registered Users Posts: 4,502 ✭✭✭chris85


    unclebill98 wrote: »
    Yes. Same as above.

    Its likely to be gone this Summer going by media reports.


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    #9
    Zadkiel
    Registered Users Posts: 687 ✭✭✭Zadkiel


    Marcusm wrote: »
    With AIB. And BOI both starting to charge, I'd be very surprised if Ulster stayed fee free for long. It may result in them picking up lots of loss making customers at a time when they are not making much if any money at all.

    Ulster intend to remain fee free. There's not really a loss making customer for a bank unless its debt right off. Just varying levels of profit. All credit balances are put into the market to earn interest and in current accounts there's no interest paid to the customer so its a win-win. Not to mention once a customers in the door they're more likely to do all their business with who holds their current account.


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    #10
    chris85
    Registered Users Posts: 4,502 ✭✭✭chris85


    Zadkiel wrote: »
    Ulster intend to remain fee free. There's not really a loss making customer for a bank unless its debt right off. Just varying levels of profit. All credit balances are put into the market to earn interest and in current accounts there's no interest paid to the customer so its a win-win. Not to mention once a customers in the door they're more likely to do all their business with who holds their current account.

    It is looking more likely they will not remain fee free and are currently completing a fee structure before announcing it.

    http://www.independent.ie/business/personal-finance/latest-news/end-of-free-banking-as-ulster-to-charge-for-account-3116133.html

    they are loss makers for the bank unless they can up sell credit facilities which they are unable to do due to stricter lending criteria to tighten things up and reduce the risk associated with lending


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    #11
    Max Power1
    Closed Accounts Posts: 10,272 ✭✭✭✭Max Power1


    Zadkiel wrote: »
    Ulster intend to remain fee free. There's not really a loss making customer for a bank unless its debt right off. Just varying levels of profit. All credit balances are put into the market to earn interest and in current accounts there's no interest paid to the customer so its a win-win. Not to mention once a customers in the door they're more likely to do all their business with who holds their current account.
    Well I hope so - looks like my free AIB banking is coming to an end, so I need to move somewhere :P


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    #12
    28064212
    Registered Users Posts: 10,568 ✭✭✭✭28064212


    chris85 wrote: »
    It is looking more likely they will not remain fee free and are currently completing a fee structure before announcing it.

    http://www.independent.ie/business/personal-finance/latest-news/end-of-free-banking-as-ulster-to-charge-for-account-3116133.html

    they are loss makers for the bank unless they can up sell credit facilities which they are unable to do due to stricter lending criteria to tighten things up and reduce the risk associated with lending
    That article's crap. Given it's:
    • the Independent
    • mentions no sources whatsoever
    • gets some basic facts wrong, like:
      1. you don't need to have €3000 in your BOI account to qualify for free fees and you certainly don't need to make 9 transactions on top of that
      2. they completely misinterpreted the Central Bank study on personal account charges)
    I would take the article with a large pinch of salt. Seems more likely they're just taking an "educated" guess (UB may as well introduce fees), rather than having any sources

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    #13
    Sir123
    Registered Users Posts: 311 ✭✭Sir123


    28064212 wrote: »
    That article's crap. Given it's:
    • the Independent
    • mentions no sources whatsoever
    • gets some basic facts wrong, like:
      1. you don't need to have €3000 in your BOI account to qualify for free fees and you certainly don't need to make 9 transactions on top of that
      2. they completely misinterpreted the Central Bank study on personal account charges)
    I would take the article with a large pinch of salt. Seems more likely they're just taking an "educated" guess (UB may as well introduce fees), rather than having any sources


    The independent should be sued for this.


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    #14
    warlikedave
    Registered Users Posts: 1,529 ✭✭✭warlikedave


    Just noticed this in passing.....

    RTE also mentioned the below line in regards to UB but it isnt detailed enough to be taken for granted
    The bank has put a stay on any introduction of fees for personal current account customers until July 2013.
    Article in question:

    http://www.rte.ie/news/2012/0831/ulster-bank-technology.html


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    #15
    JTMan
    Registered Users Posts: 5,540 ✭✭✭JTMan


    The RTE report is correct. Free banking is guaranteed until at least July 2013 with Ulster Bank as per the Ulster Bank website.


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    #16
    snubbleste
    Banned (with Prison Access) Posts: 31,117 ✭✭✭✭snubbleste


    UB stated they had planned to introduce fees by year end but have now deferred it till July 2013.


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    #17
    warlikedave
    Registered Users Posts: 1,529 ✭✭✭warlikedave


    snubbleste wrote: »
    UB stated they had planned to introduce fees by year end but have now deferred it till July 2013.

    :mad: I switched from Bank of Ireland only last year to avoid fee paying banking


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    #18
    BuffyBot
    Moderators, Motoring & Transport Moderators Posts: 24,924 Mod ✭✭✭✭BuffyBot


    To be fair I don't think any official announcement was made that they would be introducing fees, just a lot of speculation in light of what the other main banks were doing.


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    #19
    MB Lacey
    Registered Users Posts: 1,277 ✭✭✭MB Lacey


    I'm one of the lucky thousands who have enjoyed free banking with AIB until yesterday.
    Received my first Fees Statement yesterday telling me I was going to be charged €22 in fees for this quarter.
    My instant reaction was to change to Ulster bank, but having looked online and read this and a few other articles saying Ulster bank are going to start charging fees in the next few months, I'm wondering is there any point going through the hassle of changing from a bank a/c I've had for 15 years (with mortgage, loans, d/d's, s/o's etc) to just face fees again with Ulster bank?

    If all the banks charge fees, has anyone any knowledge of which bank charges the least fees?


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    #20
    BuffyBot
    Moderators, Motoring & Transport Moderators Posts: 24,924 Mod ✭✭✭✭BuffyBot


    Atthe end of the day, no one but you can make that decision.

    As above, they've already committed to not introducing anything until next year. And it may, or may not happen then. You need to figure out which package suits your profile best if and when you do come, as what works best for one might not work so well for someone else.


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    #21
    murphaph
    Registered Users Posts: 19,018 ✭✭✭✭murphaph


    BuffyBot wrote: »
    Atthe end of the day, no one but you can make that decision.

    As above, they've already committed to not introducing anything until next year. And it may, or may not happen then. You need to figure out which package suits your profile best if and when you do come, as what works best for one might not work so well for someone else.
    Sorry for reviving an older thread but I think UB will think very carefully about fees now that PTSB has introduced free banking (once at least €1500 pm gets lodged-easy enough for most to meet that criterion).

    I have an UB account (my only outstanding Irish bank account) and I'm keeping my fingers crossed that the keep it free or at worst only introduce per transaction based fees (I only have a few transactions a month, no debit card or ATM usage etc.)

    Switching current accounts in Ireland is relatively easy with the codes of practice there. Here in Germany it's a balls. You have to cancel and re-establish all your DDs and SOs yourself and watch everything like a hawk to make sure nothing goes awry.

    I'm changing current account here as well. My current bank is free for me as I meet their wages payment criteria but I want truly free banking so I'm moving and I thought it would be like home...but it's not unfortunately.


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