Paying bank charges

sashafierce

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callaway92

sashafierce wrote: »

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There's your problem so.

sashafierce

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beechwood55

Look at other banks and see what they offer in terms of minimum amounts kept in the current account. And then if you find one that suits you better do the switch. AIB aren't going to care very much if you move or not.

tracey turnblad

I think he means changing bank is the only way to avoid and you stated you didnt want to

sashafierce

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tracey turnblad

sashafierce wrote: »

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You could still keep your savings account though surely and just move your current account?

sashafierce

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tracey turnblad

You can set up a standing order from your new current account or set it up as a payee to transfer money over.... I do it all the time..Im with PTSB

ted1

sashafierce wrote: »

Never for a second thought they'd care if I moved however I like their savings account so would like to avoid where possible changing back

You can keep the savings account, just move your current account.

JTMan

What AIB savings product are we talking about?

Some AIB deposit products require you to have the standing order originating from a "suitable AIB account" and do not allow the standing order from a third party bank.

To get around this, open a AIB Demand Account which has no fees. Set up a standing order (or manually wire) money from your third party current account to the AIB Demand Account and also set up a standing order from AIB Demand Account to your AIB savings account.

sashafierce

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beechwood55

sashafierce wrote: »

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If the closing balance on any single day goes below the minimum amount then you will be liable for charges for that quarter. This happened to us so now I am very vigilant about the balance. I check our accounts daily using online banking.

sashafierce

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The J Stands for Jay

You aren't just limited to Irish banks. I have 2 current accounts, one with a Dutch bank and one with a German bank. I haven't paid any charges yet (had one for over a year and the other about 6 weeks).

0gac3yjefb5sv7

sashafierce wrote: »

Does anyone know if you have the balance in your account to stop you paying fees and then go into the balance just for a day how do the fees work?

You have to have the 2.5k in your account through the whole year. If it goes below once then your charged.

HeidiHeidi

PTSB only require you to lodge a certain amount to your account per month, not maintain a minimum balance. I'm not sure of the amount, but most wages would easily cover it.

I haven't paid bank charges in about 20 years. Anyone who does is nuts, or has too much money IMO!

ct5amr2ig1nfhp

That account type is no longer available with PTSB. New savings are 4€ per month. But you can claw that back with "rewards".

Have a look at an EBS money manager account. Also their 3% savings account is most likely better than what you're getting with AIB.

HeidiHeidi wrote: »

PTSB only require you to lodge a certain amount to your account per month, not maintain a minimum balance. I'm not sure of the amount, but most wages would easily cover it.

I haven't paid bank charges in about 20 years. Anyone who does is nuts, or has too much money IMO!

HeidiHeidi

Kaelyn Tasteless Pearl wrote: »

That account type is no longer available with PTSB. New savings are 4€ per month. But you can claw that back with "rewards".

Have a look at an EBS money manager account. Also their 3% savings account is most likely better than what you're getting with AIB.

I stand corrected

Thought it might be too good to be true in this day and age, tbh.

sashafierce

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NUTLEY BOY

beechwood55 wrote: »

If the closing balance on any single day goes below the minimum amount then you will be liable for charges for that quarter. This happened to us so now I am very vigilant about the balance. I check our accounts daily using online banking.

If the dip below the minimum was small and for a short period only try asking them if they will overlook it on this one occasion. We did that last year for a temporary dip below the minimum and AIB agreed to waive the charges for that quarter.

beechwood55

NUTLEY BOY wrote: »

If the dip below the minimum was small and for a short period only try asking them if they will overlook it on this one occasion. We did that last year for a temporary dip below the minimum and AIB agreed to waive the charges for that quarter.

We asked, both in our local branch, and via the phone to Customer Service, and got a no from both. It was 90c below the 2,500 for one night.

ct5amr2ig1nfhp

fyi AIB own EBS, a lot of people don't seem to know that.

Put your 2,500 into an EBS account at 3%, you'll end up with €75 interest at the end of the year (~50 EUR after DIRT). That's €4/month into your hand with no other day to day* fees.

beechwood55

Our AIB bank charges would run to about €75 per quarter (very busy account) so to us it's better use of our €2,500 to keep it in the account at all times.

sashafierce

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The J Stands for Jay

sashafierce wrote: »

Thanks for that info on EBS, going to look into that. I feel a bit begrudging towards AIB making me keep 2500 in my account, might aswell hand it over to them!
I think what puts me off EBS/PTSB is not knowing anyone with them so having no one for recommendations

I've had a PTSB current account, and they were terrible.

0gac3yjefb5sv7

Kaelyn Tasteless Pearl wrote: »

fyi AIB own EBS, a lot of people don't seem to know that.

Put your 2,500 into an EBS account at 3%, you'll end up with €75 interest at the end of the year (~50 EUR after DIRT). That's €4/month into your hand with no other day to day* fees.

Could you please advise what account this is that has 3%?

ct5amr2ig1nfhp

Family savings account is 3% up to 1k/ month. You can also deposit 1k at opening. ( so up to 2k on the first month only)

Teen savings account and child savings account are 2%.

sashafierce

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oppenheimer1

HeidiHeidi wrote: »

PTSB only require you to lodge a certain amount to your account per month, not maintain a minimum balance. I'm not sure of the amount, but most wages would easily cover it.

I haven't paid bank charges in about 20 years. Anyone who does is nuts, or has too much money IMO!

That type of account with PTSB is gone now since they made a "breakthrough":rolleyes:

NUTLEY BOY

beechwood55 wrote: »

We asked, both in our local branch, and via the phone to Customer Service, and got a no from both. It was 90c below the 2,500 for one night.

That was utterly mean and miserable of AIB. What a poor way to conduct business :mad:

Have another go on the Talk to forum http://www.boards.ie/ttforum/1621

0gac3yjefb5sv7

Kaelyn Tasteless Pearl wrote: »

Family savings account is 3% up to 1k/ month. You can also deposit 1k at opening. ( so up to 2k on the first month only)

Teen savings account and child savings account are 2%.

Slightly annoying how you can't put in more than 1k initially. Wonder why this is.

Galadriel

PTSB are free if €1500 is lodged into your account every month, you don't have to keep it there just have that amount go in.

Toots

Galadriel wrote: »

PTSB are free if €1500 is lodged into your account every month, you don't have to keep it there just have that amount go in.

That product isn't available anymore, the new account is the Explore account where fees are a flat €4 per month, but you can earn money back by using your debit card, so if you work it properly, you can offset your fees against your rewards.

I'm on the old €1500 per month account, opened it in 2014 and have to say that so far I'm very impressed with PTSB - their online banking is great, you can actually deal with a person when you go into a branch (in fairness it's rare that I'd need to, but it's nice to have the option) and any dealings I've had with their customer service have always been very pleasant.

ct5amr2ig1nfhp

Only one account per person over 18, however you can be "named" on another persons account. i.e you could have your partner open an account and have your yourself named on the account. That would allow you double the amount you save. edit: to add, anyone over 18 can have an account and have one other named on the account.

Ok, you still cannot open the account with a larger initial deposit but you can feed the second account max 1k from the lump.

Pheonix10 wrote: »

Slightly annoying how you can't put in more than 1k initially. Wonder why this is.

Change to PTSB. It's quite easy.

Paying bank fees is nuts. I've always managed to avoid them thankfully.


EDIT, it's gone according to a few posts up

JTMan

Pheonix10 wrote: »

Slightly annoying how you can't put in more than 1k initially. Wonder why this is.

Most regular saver products have restrictions like this, regular saver products are not normally aimed at those who have a lump sum to deposit.

DANG333

Great article in the Journal.ie about bank charges. Seems AIB going to charge €0.20 for each contactless payment use on your Card starting Feb 24th.

Maintenance fees, contactless and ATM charges - here's how much you're paying your bank (via TheJournal.ie) - http://www.thejournal.ie/bank-charges-contactless-and-atm-3194785-Jan2017/

irishgeo

DANG333 wrote: »

Great article in the Journal.ie about bank charges. Seems AIB going to charge €0.20 for each contactless payment use on your Card starting Feb 24th.

Maintenance fees, contactless and ATM charges - here's how much you're paying your bank (via TheJournal.ie) - http://www.thejournal.ie/bank-charges-contactless-and-atm-3194785-Jan2017/

AIB have stated here http://touch.boards.ie/thread/2057694726/1/#post102316720 that they plan to extend the waiver on contactless charges.

ct5amr2ig1nfhp

Poorly written article. And why no mention of free banking for people under 18 or 60+, students or graduates? She's left a sizeable chunk of the population out.

"the days of free banking are long gone" and then a few lines later "Most banks do still offer ways to avoid those maintenance and transaction fees" and "Permanent TSB customers can actually make money as the bank"

No mention of building society alternatives such as EBS money manager.

:rolleyes:

dudara

Not a Consumer Issue - merged into the larger thread in Banking & Insurance & Pensions on bank charges

dudara

Delta2113

EBS Money Manager - my current best buy - FREE!

No overdraft, no cheque book, non contactless card (some prefer this), no mobile app but it's the way to go to avoid fee's.

ct5amr2ig1nfhp

A little off topic but I'm surprised cheques are still so widely used. Thought they would have gone the way of the dinosaurs by now.

The J Stands for Jay

Kaelyn Tasteless Pearl wrote: »

A little off topic but I'm surprised cheques are still so widely used. Thought they would have gone the way of the dinosaurs by now.

I can't think of any situation where I'd need to use a cheque. Doesn't stop some ridiculous companies trying to send them to me though...

JTMan

Delta2113 wrote: »

No overdraft, no cheque book, non contactless card (some prefer this), no mobile app but it's the way to go to avoid fee's.

The lack of an app, the poor online banking, the lack of contactless, the lack of Android Pay and the lack of other features, mean that most of best choosing the KBC Extra Current Account product and ensuing 2,500 EUR is deposited each month even if this means a few wires in and out.

sashafierce

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The J Stands for Jay

sashafierce wrote: »

What's PTSB's explore account like online? Decent?

I looked into it, but it worked out more expensive than staying with the current account I already use.

daheff

McGaggs wrote: »

I've had a PTSB current account, and they were terrible.

Gotta say i find their online account very good. At least it doesnt duplicate transactions at a certain time of day like BOI do (or did when I had them).

ct5amr2ig1nfhp

It costs 4 EUR a month however you can earn up to 5 EUR per month by using your card to pay for items. So you could actually earn a whopping 1 EUR per month. You get 10cent each time you use your card. The more you use your card the more likely you are to negate the 4 EUR monthly charge. More details here.

As banks go, I've been with most over the years. I've had problems with them all. PTSB's online banking is excellent, definitely the best of the lot IMHO. BOI online banking is dreadful (when if ever it's actually "online").

sashafierce wrote: »

What's PTSB's explore account like online? Decent?

TheChizler

Pheonix10 wrote: »

Slightly annoying how you can't put in more than 1k initially. Wonder why this is.

I've set this up. If you start with €1000 and deposit the same per month it works out at roughly (from memory) 1.6% interest over the year. 3% on a lump sum would be unheard of in a savings account so that's why they limit the initial principal.

I learned this the hard way by walking into EBS with all my savings thinking I had beat the system and they just looked at me blankly when I asked to put it all in.

sashafierce

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