PTSB moving to deposit only operations?

later12

I have always done my personal banking with PTSB and our business banks with Ulster. In light of the ongoing nature of the problems in Ulster Bank, I approached a PTSB branch this morning to ask about moving the remainder of our banking needs (i.e. business) to their branch.

The woman at the desk told me that PTSB do not offer business accounts. I was pretty surprised by this because I had discussed the possibility of switching to PTSB with staff some months ago, and had even been provided with the application form. She told me this is a new policy.

Having checked their website, it appears that PTSB do offer business deposit accounts, but like most businesses this is a really unsuitable package for us.

It seems there is a similar move to end other current account services on the personal banking side of PTSB's operations, since a number of current accounts are no longer offered either.

Is PTSB slowly moving to a deposit only operation? Does anyone else find this a little surprising in light of the fact that deposits could end up leaving them more vulnerable an institution than if they maintained personal and business operations?

BuffyBot

I can't recall PTSB ever offering a full business service in the line of the other banks.

Given that the TSB originated from a savings bank for individuals, I guess that's not massively surprising.

Stark

later12 wrote: »

It seems there is a similar move to end other current account services on the personal banking side of PTSB's operations, since a number of current accounts are no longer offered either.

Huh?

This would be interesting news to me since I've always done my banking with TSB. I know there were talks a while back after the Government takeover about moving all deposits to Bank of Ireland but that seems to have fallen by the wayside thankfully. They've put a lot of work into their online systems over the past few months as well, it's actually very usable now. Be a shame if all that was for nothing.

later12

BuffyBot wrote: »

I can't recall PTSB ever offering a full business service in the line of the other banks.

Given that the TSB originated from a savings bank for individuals, I guess that's not massively surprising.

Ulster Bank began as a bank for Belfast merchants. If it ever went back to that, I think it would be massively surprising.

I'm not sure of the exact details of the business packages that were on offer, but I know they offered standard business accounts which was the pretty basic sort of a/c we were looking at... no overdraft required, no loans outstanding with UB. None of these business current accounts are available anymore; deposits only.

Stark wrote: »

Huh?

This would be interesting news to me since I've always done my banking with TSB. I know there were talks a while back after the Government takeover about moving all deposits to Bank of Ireland but that seems to have fallen by the wayside thankfully. They've put a lot of work into their online systems over the past few months as well, it's actually very usable now. Be a shame if all that was for nothing.

Yes, I daresay they are only second to AIB in terms of current accounts in that they offer Visa Debit cards and a great, fast lodgement service.

From the leaflet I read, a number of their current account plans have been cancelled for new customers (switch current a/c, standard current a/c, loyalty current a/c, cashline a/c, merit a/c, etc.). There are still some new current a/c operations, but it's been scaled back, apparently.

greenman09

PTSB do offer business current accounts. all beit not as extensive as any of the big two, you dont get cards or anything for it. u were misinformed by the lady.
for personal accounts they offer the everyday account which can incur fees of 12e a qtr. whats been said here is news to me consider i work for them.....

later12

Are you sure you're not thinking of business deposit accounts?

I did second query her on this and she rang one of her superiors to confirm that they were taking no new business accounts, which I now take to be no new business current accounts (she didn't mention the deposit accounts, but they'd be no use to us or most SMEs). Didn't seem to be any more to it...

johnfitz69

I work for them to. We still do business accounts but probably will eventually move away from them. Our facilities for businesses are very limited. The branches do not have enough staff to facilitate business customers. There are no plans on moving away from personal current accounts.

later12

So the personal accounts listed above are still available? I can find the leaflet I have somewhere online if you like.

Maybe the switch away from business accounts is branch specific, I really find that hard to believe though.