Ulster Bank Change Conditions for Free Banking

JTMan

50,000 most current accounts will be subject to fees from this September.

http://www.independent.ie/irish-news/news/50000-ulster-bank-customers-face-monthly-fees-for-first-time-30443612.html

Ulster Bank are imposting banking fees on everyone, except students, graduates and those over 60, that do not maintain at least 3,000 EUR in their account each and every day.

drdidlittle

Time to look at PTSB me thinks. Been with them for nearly 20 years. Every which way to screw the punter

murphaph

Yep, anyone with UB should now switch to PTSB, simple as that really. Same goes for anyone holding BoI or AIB accounts. There's no reason whatsoever to maintain a personal current account with a bank that has charges that can't be avoided when PTSB make it relatively easy to do so. If even 30% of customers were prepared to get off their arses and move then no bank would be charging 20 cent for an electronic transfer that involves no human interaction. They feed off people's inertia.

delta_bravo

Not surprised this was brought out. RBS are really looking to shrink the bank. Branch closures across the island. Its still the a huge burden for RBS to carry and this will serve to drive away custom.

JTMan

The main motivation behind this move is to increase revenues rather than loose customers.

RBS are looking for ways out of Ulster Bank. A private equity sale of part / all of Ulster Bank Republic of Ireland looks very likely.

cheekypup

It's a pity they screw their customers like this, been with them since I started my first job 20 years ago. My first few holidays, my first car were all loans through Ulster Bank, the staff were always so friendly, probably still are, I've only seen them recently when the computer glitches occured. You can't even ring your local branch anymore without getting through to a call centre. When they first introduced their charges last year, I recieved notification by post, email and also a message on the anytime banking, the first I heard of the new fee conditions was on Matt Cooper Show yesterday. I'm not sure the fees alone would have prompted me leave but zero customer service as well has. I feel like it's like the end of a relationship where i'm been given subtle hints to f@#k off and find somebody else. I have a date with PTSB next Tuesday.

Chris_5339762

Is this just ROI Ulster Bank or does it affect NI Ulster Bank as well?

JTMan

RoI only.

RBS are not charging fees to NI customers.

Crann na Beatha

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JTMan

Phoenix wrote: »

Were they not already charging customers four euro a month if they haddnt a minimum balance?

Ulster back RoI previously has two different waivers. One was around lodgements and the other was around minimum balances.

Ulster now just have one waiver. 3,000 EUR minimum balance each and every day that had opportunity cost attached to it.

Crann na Beatha

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JTMan

Exactly. Switching to Permo is the best option for most.

Crann na Beatha

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murphaph

Phoenix wrote: »

Problem with me is I live in Canada so don't know if I can switch

If you can read and understand German then you could try to open an account with DKB (my bank). No fees whatsoever, regardless of balance or lodgements (in fact they pay 0.2% interest on current accounts). They will take you if you have a decent job, but will probably reject you if not.

Your identity would have to be proven. They will accept another bank's stamp on the (English) form or if your bank won't do that, they'll accept a notary public/lawyer. Might be an option for you. They are fully SEPA compliant so it's no problem setting up direct debits to Irish accounts etc. if you need to and you use their VISA card to withdraw cash (for free...and their exchange rates are fair).

Crann na Beatha

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murphaph

Yes. In theory at least. They have a process for identification for non-residents but as I said, they favour German speakers or at least those who can understand German. They will not offer any customer service in English and don't promise to either.

The bank is a wholly owned subsidiary of the State Bank of Bavaria so deposits are guaranteed by the German Federal Government without limit (in contrast to the private "big" banks like Deutsche Bank, Commerzbank etc. where only 100k is guaranteed)

Crann na Beatha

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Giblet

Just switched this morning, glad to be shot of them to be honest.

asingrang

just the kick i need to get rid of them

Bhangraman

Permanent TSB it is for my day to day business. I refuse to have 3000€ sitting unworked in my current account to waive 4€ per month!

drdidlittle

Got the letter today. Kicking in the 19th September. How long before the 3,000 becomes even more

Rock Steady Edy

drdidlittle wrote: »

Got the letter today.

Same here. 3 weeks notice does not seem like adequate notice to me.

murphaph

Ditch them. PTSB will happily take your business.

mondeo

Do PTSB issue you with a visa debit card?

I think I'll get out of ulster bank after reading this.

drdidlittle

Bhangraman wrote: »

Permanent TSB it is for my day to day business. I refuse to have 3000€ sitting unworked in my current account to waive 4€ per month!

3000€ is a lot of money to be sitting in a current account that I only use for pass card. What about skimming and all that fraud. I only ever keep a couple of hundred euro in my pass card account

Delta2113

mondeo wrote: »

Do PTSB issue you with a visa debit card?

I think I'll get out of ulster bank after reading this.

They sure do - I moved from BOI to PTSB when BOI brought in charges - it made me so happy knowing that I'm not paying BOI.

Darwin

Wife switched from BOI to PTSB too when they introducted fees. Took me a little longer. I was an AIB customer for 25 years and AIB had assigned me a personal banking rep. who happened to call me earlier in the summer. The rep asked if they could do anything to assist with my day to day banking and I replied by asking for a waiver on the 2500 euro cap to get free banking. Needless to say I was wasting my breath...Switching is a little complicated for me, but it will be worth it and fingers crossed PTSB don't get in on the fees act now.

Rock Steady Edy

murphaph wrote: »

Ditch them. PTSB will happily take your business.

It's PTSB +1, Ulster Bank -1.

I'm a serial switch anyway having previously gone from NIB to Halifax (to think they used to pay €15 per month credit interest on a current account!) and back to NIB (when Halifax closed) and then to Ulster Bank when NIB introduced charges 2 years ago.

I rang the freephone helpline number on the Ulster Bank letter earlier today. Had to laugh when a recorded message said that due to an "Emergency" they could not take any calls. More disgruntled customers than they could deal with, more like.

Bye Bye Ulster Bank.

mondeo

Do PTSB charge for making online purchases with your debit card? Do they charge for making purchases instore with the debit card in general? I can't seem to find that info on their site.

JTMan

mondeo wrote: »

Do PTSB charge for making online purchases with your debit card? Do they charge for making purchases instore with the debit card in general? .

No. They don't charge for either of these two things.

Gael23

Im with PTSB and have been for a long time. I don't have an income of €1500 a month to get free fees so am thinking of leaving them because of that. The conditions of my savings account are that I can only make 2 withdrawals a year without penalty. So unless I change that account its costing me €50 a year to be with PTSB

JTMan

ryanf1 wrote: »

Im with PTSB and have been for a long time. I don't have an income of €1500 a month to get free fees so am thinking of leaving them because of that. The conditions of my savings account are that I can only make 2 withdrawals a year without penalty. So unless I change that account its costing me €50 a year to be with PTSB

Set up a second savings account.

PTSB Online Instant Access has no withdrawal conditions.

You can transfer multiple amounts back and forth until you adhere to the 1.5k condition.

I bet it will only be a matter of time before PTSB change the conditions and introduce some sort of fees in the future.

Right now they may be getting people to switch over from Ulster/BOI/AIB but some day they will decide right we managed to get enough people to switch now lets hit them with extra charges.

testicle

Does anyone else have something like the equivalent of a uFirst / uFirst Gold benefits account?

JTMan

Deleted User wrote: »

I bet it will only be a matter of time before PTSB change the conditions and introduce some sort of fees in the future.

PTSB are heavily advertising free banking as their key offering. PTSB are advertising banking fees as "sensless". It would be a major about face to turn around and start charging fees. Can't see them doing it anytime soon.

Also, PTSB have a history of only applying new T&C's to new account holders. Hence, PTSB might create a new current account product if they do apply fees. Meaning, the fees will not apply to existing account holders.

Conversely, PTSB may not exist, in its current form, in the years to come.

Etnies

was just coming on here to ask about this, I managed to avoid this fee till now, I have a current and a joint account so id end up paying 8 euro a month for the pleasure of banking with Ulster Bank, only problem I have is I have a loan with them.

Are PTSB the last bank left not to charge?

OldMrBrennan83

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JTMan

Etnies wrote: »

Are PTSB the last bank left not to charge?

All retail banks, except BoI, offer free banking, subject to waivers. PTSB have the easiest waiver criteria to meet.

JTMan

Patww79 wrote: »

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What 'horrendous' documents did PTSB request for a remote application?

OldMrBrennan83

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NewCorkLad

testicle wrote: »

Does anyone else have something like the equivalent of a uFirst / uFirst Gold benefits account?

I have the U first gold account and I'm hanginng on to it

ct5amr2ig1nfhp

As someone who's just gone through the process I can tell you it is not 'horrendous' at all.
I have moved banks a number of times in the last few years and PTSB are no different than any of the other banks, BOI, AIB, Ulster et al. They all require the same or similar documents.

Patww79 wrote: »

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JTMan

Patww79 wrote: »

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You are failing to provide the detail of your alleged 'horrendous documentation' experience. All banks require AML documentation and a few forms to complete. It is not out of the ordinary and a legal requirement.

I have opened many PTSB accounts without any issues.

OldMrBrennan83

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BuffyBot

..so why didn't you visit the branch. I'm sure the experience wouldn't have been much different

testicle

NewCorkLad wrote: »

I have the U first gold account and I'm hanginng on to it

Likewise!

JTMan

Just a reminder that the Ulster Bank charges have come into play this week.

Rock Steady Edy

Rock Steady Edy wrote: »

It's PTSB +1, Ulster Bank -1.

I'm a serial switch anyway having previously gone from NIB to Halifax (to think they used to pay €15 per month credit interest on a current account!) and back to NIB (when Halifax closed) and then to Ulster Bank when NIB introduced charges 2 years ago.

I rang the freephone helpline number on the Ulster Bank letter earlier today. Had to laugh when a recorded message said that due to an "Emergency" they could not take any calls. More disgruntled customers than they could deal with, more like.

Bye Bye Ulster Bank.

It's now 3 months since I switched, and I've been pleasantly surprised by PTSB.

Unlike my experience with Ulster Bank, PTSB
- have machines in branches where you can deposit cheques (rather than a wooden postbox)
- I don't get problems caused by duplicate direct debit listings on-line for the same payee
- I'm not being charged when my current account falls below €3k (and even get a couple of €s credit interest)

The switching process is far from foolproof - 3 or 4 of my direct debits failed to be properly transferred and required intervention, but it's hard to say whether the fault was the originating bank's for not telling them or the recipients for having inadequate administration processes (my guess is the latter given that it worked okay for the majority of payees).

All in all, I'm not sorry I left, and Ulster Bank's 3 weeks notice of the changes in T&C was pitiful.

Delta2113

http://group.ulsterbank.com/media/press-releases/republic-of-ireland/2015/12-03-31.ashx

From April 20th 2015, customers will, for the first time, be able to make cash deposits in any Post Office nationwide or avail of cheque acceptance in designated Post Offices. They will also be able to pay their Ulster Bank credit card bills using cash or debit card at any Post Office.