Ulster Bank to drop fee-free banking (from July 2013)

Gumbo

Heard it on the news this morning.
Stating that the charge will be €4 per month unless 3k is lodged per month.

One Source

fleet

Baxtards!

I'll switch so, on principal, as they're not hitting their UK customers with the same.

Who does that leave me with for the most hassle-free free banking?

fleet

Gumbo

fleet wrote: »

Baxtards!

I'll switch so, on principal, as they're not hitting their UK customers with the same.

Who does that leave me with for the most hassle-free free banking?

fleet

Only TSB i think.
Free transactions once you lodge €1500 per month. Will be swapping myself.

Gumbo

From AAM :

Waiver 1: (Ways to avoid fees)
Lodge 3,000 EUR into your account between the first and last business day of each calendar month.
OR
Waiver 2: (Ways to avoid fees)
Maintain a cleared balance of at least 3,000 EUR each and every single day.

Waiver 2 has a large opportunity cost attached.

Waiver 1 can be circumvented by wiring money into and out of the account during the month in excess of 3,000 EUR.

For some, you are best switching to PTSB.

_Kaiser_

Not surprised really after the mess last year and their poor response to it.

I was actually in the process of switching my a/c from AIB when things went pear-shaped so luckily I wasn't affected as there was no money going through the new account yet, but I was very interested in how they'd respond to it.

Unfortunately for many people switching isn't as easy as is made out as generally the new bank will only take on the current a/c.
But if (like me) you also have a loan, credit card, overdraft and maybe a mortgage, you'll be left dealing with the original bank for those.

Needless to say the a/c was closed again shortly thereafter.

€4 per month is still not as bad as AIB though who charge 20/30c per transaction now on top of a fee for not having €2500 in your a/c at all times

fifib

will it just apply to new accounts open from now on or will it be put onto existing accounts? I have a PTSB current account for some years and when they introduced the fees it did not effect my account but only new accounts opened since it was brought in

Scortho

Weren't fees meant to come in last year from ulster but they delayed them as part of the compensation from the hassle they caused to their customers.
In fairness at 4 quid a quarter they aren't the most expensive and it's pretty easy to avoid it, unlike aib and boi.

advertsfox

Great, so earn at least €50K a year or be damned - I joined them due to no fee's. TSB will be getting my business.

unclebill98

I think its a mistake to bring fee's in however i'd agree its the lowest I've seen. I'm sure PTSB will follow suit.

Private Joker

Could you not just withdraw a thousand euros and re lodge it three times?

Raminahobbin

Private Joker wrote: »

Could you not just withdraw a thousand euros and re lodge it three times?

That's my plan! Some carefully timed online transfers between my accounts :P

homer911

Scortho wrote: »

Weren't fees meant to come in last year from ulster but they delayed them as part of the compensation from the hassle they caused to their customers.
In fairness at 4 quid a quarter they aren't the most expensive and it's pretty easy to avoid it, unlike aib and boi.

Per month, not per quarter

murphaph

AFAIK all banks in the EU must fully implement SEPA (and essentially ditch national sorting systems) by February 2014.

Once this is in place people can look at banks outside Ireland for their day to day banking. Banks will have to accept an IBAN/BIC combination instead of account number/sort code and work with that.

Hopefully that's how it'll work out anyway.

GerardKeating

Scortho wrote: »

Weren't fees meant to come in last year from ulster but they delayed them as part of the compensation from the hassle they caused to their customers.
In fairness at 4 quid a quarter they aren't the most expensive and it's pretty easy to avoid it, unlike aib and boi.

€4 a month, not per quarter.

Scortho

homer911 wrote: »

Per month, not per quarter

Sorry misread that!
Right in that case bye bye ulster bank!

unkel

Raminahobbin wrote: »

That's my plan! Some carefully timed online transfers between my accounts :P

Exactly!

Transfers between personal Euro accounts within the Eurozone are free too.

Rabodirect.ie recently gave me a free €30 for setting up an account with them. I guess there will be transfers!

unkel

If only I could set up an automatic transfer of €0.10 every minute

In - out - in - out - shake it all about

handlemaster

I had a missed call from them the other day regarding setting up a current account. Nice to know they had my best interests are heart knowing this was coming in :mad:

WeleaseWoderick

Any idea whether this charge will be incurred on uFirst and uFirst Gold accounts too in addition to the current monthly charge?

BuffyBot

handlemaster wrote: »

I had a missed call from them the other day regarding setting up a current account. Nice to know they had my best interests are heart knowing this was coming in :mad:

Eh? *cocks head*

Banks are corporate entities. They only best interest they'll ever have is maximising revenue.

unclebill98

WeleaseWoderick wrote: »

Any idea whether this charge will be incurred on uFirst and uFirst Gold accounts too in addition to the current monthly charge?

Good question.

OU812

Just called them.

If you have a ufirst account you will not incur an additional charge.

It's €4 per month as opposed to €1 per week, i.e. €48 Vs. €52 per annum. Which will be collected quarterly.

There is no transaction charge planned at this time.

The €3,000 per month cannot be in one transaction unless there is a history of that happening.

Gott

Crap, just opened an acc with Ulster Bank as I might be moving North next year.

Maybe I should tell them I changed my mind ...

munchkin_utd

It looks like I'll be reactivating my Bank Of Ireland account which has been dormant now this ages which was on the cards anyhow now that one of the main advantages of Ulster Bank which was a branch in my town back in Cavan is now due to be shut after 110 odd years of operation.

Anyhow, the basic BOI model is "pay as you go" with no minimum threshold (yet!) so the more you use it the more you pay, and conversely for low transactions its cheap and for no transactions completely free.
Which to be honest is actually a great deal as the less you pester them and use their services the less you pay which is only logical.

unclebill98

Am i right in saying that some BOI/AIB customers have been charged more in a qtr than what UB are charging in the year?

chasm

Ulster bank have info up on this now.

http://www.ulsterbank.ie/roi/personal/daily-banking/current-accounts/useful-information/monthly-fees.ashx

I had been holding out to see whether it would be worth my while staying on once they announced last year that they would be introducing fees but as i receive 0% interest on my account as it is and it's a pain in the backside that the nearest branch is a 40 mile round trip - I'm out! Bye UB, you managed to keep me for almost 12 months!

munchkin_utd

unclebill98 wrote: »

Am i right in saying that some BOI/AIB customers have been charged more in a qtr than what UB are charging in the year?

If a financially illiterate person is not aware of their charges, debts, interest rates and other information relating to their affairs then of course its possible.
To be honest, if you dont look at your statements or circulars from the bank and know/see what charges you are incurring or about to incur then theres nobody to blame but yourself.

On the pay as you go model BOI charge 28c for each transaction OR as they say "If you have more than 40 transactions per quarter, the Flat Fee option of €11.40 for up to 90 transactions is the better one for you."
11.40 a quarter is less than Ulster Bank are going to charge.

Or in my case, I rarely ever make a transaction (cant remember the last transfer to be honest) so essentially I will have a free account with Bank of Ireland on the pay as you go model.

petersburg2002

I have a current account with both BOI and Ulster bank. BOI were charging me to lodge money and to pay the mortgage each month. So i'll just put the money into Ulster bank in future to get the free banking (by lodging 3000 a month).

JTMan

murphaph wrote: »

AFAIK all banks in the EU must fully implement SEPA (and essentially ditch national sorting systems) by February 2014.

Once this is in place people can look at banks outside Ireland for their day to day banking. Banks will have to accept an IBAN/BIC combination instead of account number/sort code and work with that.

Hopefully that's how it'll work out anyway.

SEPA will mean that you can pay your UPC/ESB/Utility direct debit bill from a non-Irish Eurozone bank account. This will mean it will be much easier to use a non-Irish current account from 1 February 2014.

However, it is not clear as to how many non-Irish banks will allow non-resident current accounts and also debit cards.

Hence, SEPA might mean much bigger current account choice. It also might not mean that! Time will tell.

americandriver

I was chatting with a representative on Ulster Bank's website. It was quite obviously tech support from a non English speaking country. I only wish it have been time-stamped. It was over 5 minutes between replies. My question didn't get answered at all. It's a bit long, but I thought you all would get a kick out of it. I replaced my name with "me" in the interest of privacy. Enjoy:

Thanglun: Hi, you're chatting with Thanglun. How may I help you?
"Me": hello I have questions about the new ulster bank fees
"Me": do they only apply to users in the republic of ireland?
"Me": also, do they apply to new current account customers or to all current account customers?
"Me": the 3000 lodgement requirement: does that mean that you could theoretically make 6 tranfers back and forth from two account throughout the month to make 3000 euros?
Thanglun: Hi "Me",
"Me": like 6 transfers of the same 500 euros?
Thanglun: Let me check this for you.
Thanglun: Thanks so much for waiting, I appreciate your patience.
Thanglun: "Me", thank you for being online.
Thanglun: The new monthly maintenance fee applies to the following personal current accounts.
Current Account
Standard Account
Dual Account
Facility Account
Current Plus Account

Thanglun: However, there is not fees for any transfer made online.
"Me": so you can for example move 500 euros back an forth between two accounts 6 times to avoid a monthly fee?
Thanglun: I am very sorry to hear that...
"Me": ?
Thanglun: Is that transaction done today?
"Me": no
"Me": I'm talking about a hypothetical situation
"Me": where if you only have 500 euros in your account and you move it 6 times, that equals a lodgement of 3000 euros
"Me": wouldn't that mean you'd have no monthly fee?
"Me": do you understand?
Thanglun: "Me", the fees is a fixed amount and this will not affect the number of transaction you have made.
"Me": I only have 500 euros in my current account. How do I avoid the monthly fee.
"Me": ?
Thanglun: Thanks so much for waiting, I appreciate your patience.
Thanglun: "Me", we have the scenarios that - A customer lodges €400 to their current account on 6 August 2013, €1,400 on 15 August 2013 and €1,300 on 21 August 2013. The monthly maintenance fee is not applied to their account because they met the conditions of Waiver 1. In other words, they lodged at least €3,000 between the first day and last business day of the calendar month.

Thanglun: Please click here for other scenarios
"Me": What if I have 500 euros, then transfer 500 euros to another account, then transfer 500 euros again...6 times...I'll have lodged 3000 euros total
"Me": ?
Thanglun: Sure, that is a good question.
Thanglun: Let me clarify this for you.
Thanglun: Thanks so much for waiting, I appreciate your patience.
Thanglun: "Me", I have clarified your query.
Thanglun: To get the waiver, you account will need get a credit of a total €3,000 though there may be any debit.
Thanglun: However, in the case you have 500 euros, then transfer 500 euros to another account, then transfer 500 euros again...6 times this does not count to lodged 3000 euros.
"Me": so if I have 3000 credit and 3000 debit because of transfers, then I have a lodgement of 3000?
"Me": or does it have to be 6000 credit and 3000 debit?
Thanglun: Please allow me a moment to check our resources.
"Me": 6 times 500= 3000
Thanglun: Thanks so much for waiting, I appreciate your patience.
Thanglun: To ensure the lodgement has cleared, customers should leave up to five business days for any lodgements to clear as, in order to meet the criteria for Waiver 1, the lodgement must be cleared by the last day of the month.
A business day means a day other than a Saturday, Sunday or Irish bank or public holiday where we are open for business. If you make lodgements on a non-business day (Saturday, Sunday, public or bank holiday), they will be recorded on your account on the next business day.

Thanglun: For Waiver 2, the charging cycle runs from the day after the third Friday of one calendar month to the third Friday of the following calendar month.
To ensure the lodgement has cleared, in order to reflect an up to date balance, customers should leave up to five business days for any lodgements to clear as, in order to meet the criteria for Waiver 2.
The lodgement must be cleared by the last day of the charging cycle
Thanglun: Where a customer does not meet Waiver 1 or Waiver 2, the monthly fee will be deducted from the account 21 days from the last day of the charging cycle.


"Me": but 6 lodgements of 500 euros equals 3000, right? but the debit would be 3000 also. Is that ok?
Thanglun: To meet this waiver, you need to maintain a minimum cleared balance of €3,000 in your current account for each charging cycle.
"Me": ok but for waiver 2 in my example, 6 lodgements of 500 euros equals 3000, right? but the debit would be 3000 also.
Thanglun: "Me", for further assistance on the waive fee the best way forward is to call our telephone banking.
Your adviser has concluded this chat.

zbluebirdz

Going to be quite annoying for people who are paid near the end of the month.

Quoting from UB's site:
"To ensure your lodgement has cleared, you should leave up to five business days for any lodgements to clear as, in order to meet the criteria for Waiver 1, the lodgement must be cleared by the last business day of the month."

If you're like me, who get paid on the 26th of the month, you'd could potentially be charged €4 for not having lodged 3,000+ by the last business day of the month*. This could mean in February, you'd be charged €4. Then there's a slight chance in April, June, September and November that you'd also be hit with another €4 ...

* (and where you don't keep >3,000 in the account).

petersburg2002

americandriver wrote: »

I was chatting with a representative on Ulster Bank's website. It was quite obviously tech support from a non English speaking country. I only wish it have been time-stamped. It was over 5 minutes between replies. My question didn't get answered at all. It's a bit long, but I thought you all would get a kick out of it. I replaced my name with "me" in the interest of privacy. Enjoy:

Thanglun: Hi, you're chatting with Thanglun. How may I help you?
"Me": hello I have questions about the new ulster bank fees
"Me": do they only apply to users in the republic of ireland?
"Me": also, do they apply to new current account customers or to all current account customers?
"Me": the 3000 lodgement requirement: does that mean that you could theoretically make 6 tranfers back and forth from two account throughout the month to make 3000 euros?
Thanglun: Hi "Me",
"Me": like 6 transfers of the same 500 euros?
Thanglun: Let me check this for you.
Thanglun: Thanks so much for waiting, I appreciate your patience.
Thanglun: "Me", thank you for being online.
Thanglun: The new monthly maintenance fee applies to the following personal current accounts.
Current Account
Standard Account
Dual Account
Facility Account
Current Plus Account

Thanglun: However, there is not fees for any transfer made online.
"Me": so you can for example move 500 euros back an forth between two accounts 6 times to avoid a monthly fee?
Thanglun: I am very sorry to hear that...
"Me": ?
Thanglun: Is that transaction done today?
"Me": no
"Me": I'm talking about a hypothetical situation
"Me": where if you only have 500 euros in your account and you move it 6 times, that equals a lodgement of 3000 euros
"Me": wouldn't that mean you'd have no monthly fee?
"Me": do you understand?
Thanglun: "Me", the fees is a fixed amount and this will not affect the number of transaction you have made.
"Me": I only have 500 euros in my current account. How do I avoid the monthly fee.
"Me": ?
Thanglun: Thanks so much for waiting, I appreciate your patience.
Thanglun: "Me", we have the scenarios that - A customer lodges €400 to their current account on 6 August 2013, €1,400 on 15 August 2013 and €1,300 on 21 August 2013. The monthly maintenance fee is not applied to their account because they met the conditions of Waiver 1. In other words, they lodged at least €3,000 between the first day and last business day of the calendar month.

Thanglun: Please click here for other scenarios
"Me": What if I have 500 euros, then transfer 500 euros to another account, then transfer 500 euros again...6 times...I'll have lodged 3000 euros total
"Me": ?
Thanglun: Sure, that is a good question.
Thanglun: Let me clarify this for you.
Thanglun: Thanks so much for waiting, I appreciate your patience.
Thanglun: "Me", I have clarified your query.
Thanglun: To get the waiver, you account will need get a credit of a total €3,000 though there may be any debit.
Thanglun: However, in the case you have 500 euros, then transfer 500 euros to another account, then transfer 500 euros again...6 times this does not count to lodged 3000 euros.
"Me": so if I have 3000 credit and 3000 debit because of transfers, then I have a lodgement of 3000?
"Me": or does it have to be 6000 credit and 3000 debit?
Thanglun: Please allow me a moment to check our resources.
"Me": 6 times 500= 3000
Thanglun: Thanks so much for waiting, I appreciate your patience.
Thanglun: To ensure the lodgement has cleared, customers should leave up to five business days for any lodgements to clear as, in order to meet the criteria for Waiver 1, the lodgement must be cleared by the last day of the month.
A business day means a day other than a Saturday, Sunday or Irish bank or public holiday where we are open for business. If you make lodgements on a non-business day (Saturday, Sunday, public or bank holiday), they will be recorded on your account on the next business day.

Thanglun: For Waiver 2, the charging cycle runs from the day after the third Friday of one calendar month to the third Friday of the following calendar month.
To ensure the lodgement has cleared, in order to reflect an up to date balance, customers should leave up to five business days for any lodgements to clear as, in order to meet the criteria for Waiver 2.
The lodgement must be cleared by the last day of the charging cycle
Thanglun: Where a customer does not meet Waiver 1 or Waiver 2, the monthly fee will be deducted from the account 21 days from the last day of the charging cycle.


"Me": but 6 lodgements of 500 euros equals 3000, right? but the debit would be 3000 also. Is that ok?
Thanglun: To meet this waiver, you need to maintain a minimum cleared balance of €3,000 in your current account for each charging cycle.
"Me": ok but for waiver 2 in my example, 6 lodgements of 500 euros equals 3000, right? but the debit would be 3000 also.
Thanglun: "Me", for further assistance on the waive fee the best way forward is to call our telephone banking.
Your adviser has concluded this chat.

In all fairness, the information made available on the Ulster bank website about the new fees (and how to avoid them) is both comprehensive and in plain English. So I won't be switching from them just yet.

murphaph

OU812 wrote: »

Just called them.
...
The €3,000 per month cannot be in one transaction unless there is a history of that happening.

This conflicts with this document. It says you can lodge 3k and take it out the following week and it will count.

Lanshane

murphaph wrote: »

This conflicts with this document. It says you can lodge 3k and take it out the following week and it will count.

Thanks for that Murphaph. It's good to know that as soon as the 3K has cleared, it can be withdrawn immediately. However, I do not have another account set up to do this online. What I do have is an Ulsterbank ESavings account. Would it be possible to transfer the 3K from my Ulsterbank ESavings A/C to my current A/C and then back to my Esavings! It all seems crazy and slightly juvenile but better in my pocket!

Failing that, what would be a good online only account that would allow me to transfer the 3K back and forth and maybe earn a small bit of interest too?

murphaph

Rabo have good OK internet features. I use the German rabo but I bet the interface is similar. I have transfered between my Rabo.de and ulster bank actually (both ways) and it works fine. I imagine it would be even faster with rabo.ie

handlemaster

BuffyBot wrote: »

Eh? *cocks head*

Banks are corporate entities. They only best interest they'll ever have is maximising revenue.

or should that be bonuses

Crann na Beatha

This post has been deleted.

KeithTS

The €4 isn't a huge fee compared to other banks, its probably a bit lower, the bad point is they want a higher balance maintained in your account in order to avoid paying the few than other banks want.

Get off to Dublin bus and sign up for a travel card, last time I got mine they asked for no proof that I was in college or anything, its €15 for the year and with that you can change the account over to a student account with no fees, once you sign up for the student account they won't take you off it until you tell them you're no longer a student too so its , in theory, a once of payment.

unclebill98

Phoenix wrote: »

How do these charges compare to other banks operating in the Irish market?

I looked into it as it impacts me. If you use your account a lot its by far the cheapest option. Now in saying that if you get paid a ton each mid month your fine with most banks as you meet the min lodgment amount.

If you don't use your account alot then the BOI model is cheaper as its paid per usage.

For me, 4 euro a month is fair enough.

JTMan

murphaph wrote: »

Rabo have good OK internet features. I use the German rabo but I bet the interface is similar. I have transfered between my Rabo.de and ulster bank actually (both ways) and it works fine. I imagine it would be even faster with rabo.ie

Rabo do not offer current accounts in Ireland, just savings accounts.

unkel

Fungus wrote: »

Rabo do not offer current accounts in Ireland, just savings accounts.

Doesn't matter. You can still transfer money between an Ulsterbank current account and a Rabodirect.ie savings account to the tune of a total of €3k per month and still qualify for free banking. Transfers cost zero between euro accounts anywhere in the Euro zone

murphaph

Fungus wrote: »

Rabo do not offer current accounts in Ireland, just savings accounts.

I know. What's your point though?

aindriu80

I am unemployed at the moment and do have some savings. The €4/month for me is a disappointment. I don't have any real option but to pay the €4 month. They screwed up their system a while back, had to give out compo and thats why we have to pay now.

Dr Silly Bollox MD

Guide to AIB charges

Personal current account customers who maintain a minimum daily credit statement balance of EUR2,500 in the account for each fee quarter can qualify for maintenance and transaction free banking.

http://www.aib.ie/personal/home/Fees-and-Charges

Trhiggy83

4 euro a month is still a better deal than aib as they charge you for every single transaction you make online or in the bank. I just checked my fee advice slip and they charge for everything, its ridiculous.

Does anyone know if it is possible to close your aib current account but still hold onto your other accounts (eg savings,credit card,etc)

unclebill98

Trhiggy83 wrote: »

4 euro a month is still a better deal than aib as they charge you for every single transaction you make online or in the bank. I just checked my fee advice slip and they charge for everything, its ridiculous.

Does anyone know if it is possible to close your aib current account but still hold onto your other accounts (eg savings,credit card,etc)

Yes it is.

CharlieZeroOne

bastards. i dont have 3 grand, so ill have no choice but to pay this F****** fee.

so they basically want to make money off us, they want our 3 grand so they can invest it, gain interest off it.

all you folk that have 3k in the bank, or make 3k a month, fair play to ye, nice for some. the rest of us suckers are going to get shafted again.

bastards. i actually feel like punching somebody.

pclive

I just phoned them on 1800 303 069 and told them I will be closing my acount before the fees are introduced.

Going to move to Permanent TSB or KBC when they open a current account.

That's a good point about switching money back and forth - I might do that

mp3ireland2

Any body know which "per transaction" bank is cheapest? I'm currently living in the uk but want to keep my Irish account for when I visit home or am buying online in euro's....prob 2 transactions a a month on average! I currently have 2 ulsterbank current accounts...kept one as a back up for when I lost my atm card I could transfer moeny to the other one online...was very handy when travelling for piece of mind! Also have a sterling account with them, no word of it happening yet with that....

unkel

bluewolf wrote: »

That's a good point about switching money back and forth - I might do that

Indeed. Once you've set up your accounts to transfer to, it should take no more than a few minutes do do the transfer online.

Sorry UB, you won't be getting a cent from me