permanent tsb letter

rude awakening

ok im just seeing if everyone else thinks the same.
few years back Permanent tsb asked me to sign up to a switch account. i.e.
No bank charges apply.
That was grand, had the a/c now for years.
Received a letter yesterday saying that no more unauthorised overdrafts can apply and if you have no funds standing orders and Direct debts can be returned.

If this is the case, have Permenent TSB mis sold us or is it just a case of hard luck.
And is this telling us that there is another Irish Bank in trouble?

Formal shorts

No bank charges apply for day to day banking. You still had to pay for unauthorised overdrafts and referral charges for items paid when funds were unavailable. Absolutely no suggestion of misselling whatsoever. What has changed is that instead of paying your regular payments and charging you referral fees,they will not pay them and charge you unpaid fees. None of this is new, merely clarification that they are going to be stricter about paying items when you don't have the money. And no, this isn't an indication of another irish bank in trouble...that indication would have been the financial and banking reports of the last two years

greenman09

Exactly as he said. The bank will not now pay chqs or debits if the funds are not available in an account. The onus is as it always was on the customer to keep their account in order.