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

Thraxen

I rang PTSB today and was told that with the new current account, if I transfer 1500 into my bank account each month then I won't have to pay fees. I asked if it needed to be a balance of 1500 or simply 1500 going in. They said that I could transfer in the money and take it right back out again and that would work.

Now has anyone else had any other replies to that question? I recorded the phone call so I can verify what they said. However these days different people to call, different answers you get.

I think I will be opening an account there, from what I can see they are stripes above BOI and AIB. I did look at ulster but the nearest place to me is an hour and a half away!

Has anyone had any trouble with PTSB?

JTMan

What you were told by phone is correct.

Thraxen

Fungus wrote: »

What you were told by phone is correct.

Hehe you can understand my doubts. I get told a lot in branch of BOI but I ask on here or on the phone and get entirely different answers. Seems like I will actually have free banking!!!

Thraxen

wow went into branch and was told that yeah €1500 needs to be lodged each month but my balance can stay at €4 for all they care as long as it goes in. One guy said (in hushed tones) that all I really had to do was even send money to a savings account and back into my current to make the €1500 count. Tis brilliant!!! My mother and I will simply send money to me and then back to her and it will count as the money so we both get free banking!!!

belcampprisoner

I read you have to have 3000 in your account


https://www.permanenttsb.ie/about-us/need-help/productsupport/bankingcharges/

Thraxen

belcampprisoner wrote: »

I read you have to have 3000 in your account


https://www.permanenttsb.ie/about-us/need-help/productsupport/bankingcharges/

Na hun that is the old one. April 2nd they will be updating their info. I asked directly if I need to have to have a balance and they said nope just needs to show it going in. I am just ringing them now and will ask again to make sure. I record all my phone calls so I can verify the information again.

Okay I rang the guy up (recorded call) now he said you just need 1500 to be lodged. If I had an overdraft with nagative €20 but I did lodge 1500 each month it would still count!!!!!

cooperguy

Ya, you definitely just need 1500 running through the account in a quarter. I opened an account with them recently. They are going against the trend set by the other banks and making it easier to get free banking with them to try and gain market share. There was a thing in the paper the other week about it

Thraxen

cooperguy wrote: »

Ya, you definitely just need 1500 running through the account in a month. I opened an account with them recently. They are going against the trend set by the other banks and making it easier to get free banking with them to try and gain market share. There was a thing in the paper the other week about it

I just love how on my thread they say:

You can also avail of everyday banking for less than 13cent a day by choosing our flat fee option of €11.40 per quarter for up to 90 transactions. Alternatively if you think you will have less than 40 transactions in a quarter then the very competitive flat fee pricing of 28c per transaction may be best for you.

13cent a day... that is a lot of freaking money. Plus think about when you get money in it costs you 28 cent... however when someone sends money that is another 28 cent charged to them. Therefore each transaction costs 56cent... Now are you kidding me that it costs that much for say online banking which is basically all computers and very rarely needs human input.

JTMan

Details of the new PTSB account are now live on the PTSB website.

https://www.permanenttsb.ie/whatweoffer/current-accounts/current-account/

wandatowell

Are PTSB happy to let current customers switch to the new "Switch" account?

Thraxen

wandatowell wrote: »

Are PTSB happy to let current customers switch to the new "Switch" account?

From what the guy on the phone said it was simply people got confused with all the stipulations about 18 transactions on the card and all that. So people thought it wasn't actually free. They seem to be automatically changing everyone account but I am not sure exactly.

I think this seems like the only way in which I can use my account without having to get prepay cards and all that.

Nervous Wreck

cooperguy wrote: »

Ya, you definitely just need 1500 running through the account in a quarter. I opened an account with them recently. They are going against the trend set by the other banks and making it easier to get free banking with them to try and gain market share. There was a thing in the paper the other week about it

It's per month, not quarter.

wandatowell wrote: »

Are PTSB happy to let current customers switch to the new "Switch" account?

Yeah, they're offering to upgrade all current accounts to the new one on request. Has to be done in the branch but still!

rubberdungeon

Roll back the clocks! In a move reminiscent of the good ole days when banks were actually competing for our business, Permanent TSB is planning to launch a brand new fee-free current account next week.

The new current account will be available for signup on Tuesday 2nd April. They haven’t made any formal announcements yet, but some of the details are out there already – so we checked in with Permo and got the full skinny.
The new account is pretty simple and it has just one main requirement.

Customers must lodge €1,500 per month to avoid fees in that month. The €1,500 does not have to be lodged in one lump sum, so this account will work for people who are paid monthly, bi-monthly, or weekly. It may also suit freelancers and people who are not paid regularly.

The best bit is that customers do not need to maintain a balance of €1,500. In fact there is no minimum balance requirement. Customers can lodge their €1,500 and run the balance down to zero on the same day and they will still meet the fee-free requirement for that month. There are no transaction requirements either – so customers don’t need to use their debit cards a certain amount of times or do online transactions every month.

Another good bit is that this account will available to existing Permanent TSB customers. Permo will not automatically switch existing customers over though. They must sign up for the new account.

Basically, Permo is after paycheques here. And they are hoping to attract those paycheques away from AIB and Bank of Ireland. It’s a tall order, but they say they are undeterred by traditionally low current account switching rates in Ireland. They are optimistic enough in fact, that they have hired a dedicated team to help customers with their switching queries, and even say that they can do most of the work over the phone.

The idea of changing current accounts can strike mortal fear into the typical Irish banking customer though. Concerns about salaries being paid, and whether standing orders will be made top the list of worries.

The thing is that switching current accounts is not actually that hard. The Central Bank has a switching code that the banks have to obey. It says that your old bank has got to help you switch and they have to share details of your direct debits, standing orders and so on with your new bank to make sure you don’t miss any payments. The whole process is supposed to be completed in just seven days.

I’m sure Permanent TSB (who have been keeping quiet about it until now) will be heavily promoting the switching code in the coming weeks. They may not have to try all that hard though, because people are sick of current account fees and the almost impossible requirements set by the banks to avoid them.
Right now AIB customers must maintain a balance of €2,500 at all times to avoid fees. Drop below that in any quarter and all fees apply. Bank of Ireland requires customers to maintain a balance of €3,000 at all times. And up until now Permanent TSB customers had to lodge at least €3,000 per month, use their Visa debit card 18 times, and make an online transaction.

Of course, these requirements have led to nearly everyone paying fees and a total windfall for the banks. An AIB customer, for example, who used to have free banking, can now expect to pay €100 in fees per year for making just one transaction per day.

Permanent TSB will not be alone in offering an account where it is easy to avoid fees though. Ulster Bank actually has a properly fee-free current account, but they have not seen a stampede of disgruntled customers beating a track to their doors to sign up. Could be that their difficulties last summer scared the punters away.

In fact, switching numbers are so low that only 0.16% of current accounts were switched at last count in 2011. There’s good money to be saved in switching though, so it’ll be interesting to see whether Permanent TSB can help us overcome our inertia and fear this year.





http://www.bonkers.ie/blog/permanent-tsb-to-launch-fee-free-current-account/

GerardKeating

Fungus wrote: »

What you were told by phone is correct.

Does/Can the €1,500 a month include your salary (if one got it paid to this account) ??

Nervous Wreck

GerardKeating wrote: »

Does/Can the €1,500 a month include your salary (if one got it paid to this account) ??

Yep. There are literally no restrictions/parameters other than lodge €1500 into your account every month so long as you don't go into an unauthorised overdraft or anything like that.

Thraxen

GerardKeating wrote: »

Does/Can the €1,500 a month include your salary (if one got it paid to this account) ??

Yep as the person above said it can be anything. I have phones calls recorded and one guy in branch said I could transfer 1500 from a savings and back into my current account and it counts! I am just gonna borrow 1000 of my mother, pay it in, then take it out after it clears. That counts with my salary to go over the 1500


I am worried that they may not be as good as we want them to be. I wonder how it can go wrong though? I mean if I lodge that amount it should be okay. I recorded two phone calls of them saying that so if they try to say different I can prove it and even their site gives all the info now: https://www.permanenttsb.ie/whatweoffer/current-accounts/current-account/

IsThisOneFree

I'm seriously considering switching to PTSB any day now as I'm sick of counting my AIB transactions to keep my fees down, only to be still annoyed when I see how much my fees are. Anyway, just curious if anybody has switched to PTSB yet ? I've read some bad reports of how they have treated their mortgage customers, which does make me a little wary, but it looks like they're trying to clean up their act ............

Steve O

PTSB are great to bank with, their open 24 service is 2nd to none. I've only had to ring the customer service number once in the last year and that was to get my bank account number. Everything else is done online.

Thraxen

IsThisOneFree wrote: »

I'm seriously considering switching to PTSB any day now as I'm sick of counting my AIB transactions to keep my fees down, only to be still annoyed when I see how much my fees are. Anyway, just curious if anybody has switched to PTSB yet ? I've read some bad reports of how they have treated their mortgage customers, which does make me a little wary, but it looks like they're trying to clean up their act ............

I haven't switched yet as I was in hospital the past few days. I will be switching in the coming 2 weeks though so when I do I will post a msg here. I do like their whole "switch buddy" program which means you deal with just one person. I think that alone is BRILLIANT!

IsThisOneFree

Thanks for the quick replies guys. I think I'll likely be switching within the next week too, so I'll post back also and let you know how it goes. Hope you're feeling better soon Thraxen

Thraxen

IsThisOneFree wrote: »

Thanks for the quick replies guys. I think I'll likely be switching within the next week too, so I'll post back also and let you know how it goes. Hope you're feeling better soon Thraxen

Thank you hun and I would really appreciate seeing how you got on. It makes me sick looking at each transaction I see going in and out of BOI. I refuse to stay with them any longer, it is ridiculous that they charge so much. An above that it is the lies. There seems to be no training that is standardised in BOI.

peckerhead

rubberdungeon wrote: »

Ulster Bank actually has a properly fee-free current account, but they have not seen a stampede of disgruntled customers beating a track to their doors to sign up. Could be that their difficulties last summer scared the punters away.

http://www.bonkers.ie/blog/permanent-tsb-to-launch-fee-free-current-account/

Or that they're only promising to keep it fee-free until July 2013?

I might open one of these just so's I'm ready to jump when the time comes.

wmpdd3

I applied online last night, you have to select a time for a call back, I chose between 11am and 1pm, I got a call at 11:30.

They asked if I wanted to get the application form posted out or call into the bank, so I asked for it to be posted.

I was told I'd need a copy of my drives and my passport and a copy of a bill in my name to my house dated in the last 3 months.

I opted to switch all my payments manually rather than a switch as I have cancelled most of them and they dont deal with credits only debits. Its the credits that are the hardest to sort.

Nervous Wreck

IsThisOneFree wrote: »

I'm seriously considering switching to PTSB any day now as I'm sick of counting my AIB transactions to keep my fees down, only to be still annoyed when I see how much my fees are. Anyway, just curious if anybody has switched to PTSB yet ? I've read some bad reports of how they have treated their mortgage customers, which does make me a little wary, but it looks like they're trying to clean up their act ............

I get paid into my AIB account and I've started doing one online transfer from my AIB account of my entire wage into my PTSB account just so I've only 1 transaction per month. Have to close my AIB account asap....

IsThisOneFree

Yea, I've been using my AIB credit card alot more (as there's no charge per transaction) and as I pay it off in full every month, it does save on fees. It's alot more difficult to track your spending I find though ..... if you have €150 in your wallet, you always know how much you have left. With using cards instead, it's more difficult to remember how much you spent.

Anyway, last night I bit the bullet and applie online too for a PTSB account - I requested a callback between 11.0 & 1.00 also .... it's now 1.30 and so far no phone call A bit disappointing to say the least. If they call me back before the end of today, I'll think nothing more of it. If not, I'll apply a second time, but if the same thing happens again then I'll reconsider whether PTSB is really for me

greenman09

Why not ring them and go in for an appt. You can have your account no straight away

IsThisOneFree

@greenman09, just giving my feedback on the process so far .........

If the Drumcondra branch is still open when I finish work on Monday I might call in

wmpdd3

I have the number that called me if you want it.

IsThisOneFree

Ooh yea, if you wouldn't mind PMing it to me wmpdd3, that'd be great
thanks !!

enviro

Made the move to switch to PTSB, call back booked for Monday. Bye bye fees

Thraxen

Just got my PTSB pack through the post Gonna take a look through it and see what it says!