Permanent TSB quarterly fees

sonofenoch

Got letter today saying their fees are going up from 3.81 to 18 euro from September :eek: wha???? how the fuk is a 500% increase justified in any business

The_Valeyard

sonofenoch wrote: »

Got letter today saying their fees are going up from 3.81 to 18 euro from September :eek: wha???? how the fuk is a 500% increase justified in any business

Well, that's a bit steep. I thought the whole selling point of there's was near free banking??

wonderwall900

The_Valeyard wrote: »

Well, that's a bit steep. I thought the whole selling point of there's was near free banking??

For new users only. I can see a lot of people closing their accounts with PTSB next week and moving their banking somewhere else.

What banks offer better deals?

dan_ep82

Mine has always been €12. The other half has no fee's yet I have more going in every month aswell.

wonderwall900

dan_ep82 wrote: »

Mine has always been €12. The other half has no fee's yet I have more going in every month aswell.

12 quarterly or annually? And who do you bank with? Thanks.

dan_ep82

wonderwall900 wrote: »

12 quarterly or annually? And who do you bank with? Thanks.

Quarterly and PTSB

thecornflake

dan_ep82 wrote: »

Quarterly and PTSB

I see, I see, very interesting, and your account details and PIN?

wonderwall900

dan_ep82 wrote: »

Mine has always been €12. The other half has no fee's yet I have more going in every month aswell.

Why is it €18 for some and €12 for others?

dan_ep82

thecornflake wrote: »

I see, I see, very interesting, and your account details and PIN?

The number pad is broke on my keyboard, can I get your address and when you'll be at home and I'll bring them over?

dan_ep82

wonderwall900 wrote: »

Why is it €18 for some and €12 for others?

Mine has always been €12

Mine is going up to €18 aswell, for the last few years at least I've paid the €12 fee.

Raging_Ninja

Am with AIB and don't pay fees because I keep more than a certain amount in the account. More precisely, they do charge the fees, but then refund it.

Jay D

I've free banking for life with PTSB. Was all the rage back in the noughties.

namloc1980

wonderwall900 wrote: »

For new users only. I can see a lot of people closing their accounts with PTSB next week and moving their banking somewhere else.

What banks offer better deals?

That won't happen anyway. In general the numbers if people who switch accounts is very very low c.1% per year. Majority grumble about fees but don't switch. Same with utility bills, only 10-15% of the market switches to get the best deals. The majority never switch provider and seem happy to pay higher bills. Bit weird but inertia is a powerful force.

The_Valeyard

namloc1980 wrote: »

That won't happen anyway. In general the numbers if people who switch accounts is very very low c.1% per year. Majority grumble about fees but don't switch. Same with utility bills, only 10-15% of the market switches to get the best deals. The majority never switch provider and seem happy to pay higher bills. Bit weird but inertia is a powerful force.

I think this is slowly beginning to change though. I know of a lot more people who change electric and gas providers each year for a better deal. Same with tv and broadband. Hopefully this will trickle down and people start switching banks.

the beer revolu

wonderwall900 wrote: »

For new users only. I can see a lot of people closing their accounts with PTSB next week and moving their banking somewhere else.

What banks offer better deals?

Back in the late 90s AIB informed me that I would no longer have free banking.
I moved to TSB where I've had free banking ever since!
Keep expecting them to take it away, though.

Ursus Horribilis

I hope they make it less torturous. I switched to PTSB a few years ago for the free fees. The amount of paperwork was insane for starters. I've memories of filling out a mountain of forms and having to dig out utility bills etc. PTSB had (has?) a system whereby you'd be assigned a switching buddy. Someone employed by them who'd take your paperwork, set up your account and move all the direct debits across to the new one. That was a con job if ever there was one.

Buffman

No fees with EBS, no silly terms and conditions about minimium account balance or minimium deposit per month into the account.

Zelda247

Me too... I am closing the account.

Harry Palmr

Just looking at my last quarterly paper bill (old school) the total charges were 17 euro and a few cents which at the end of the statement it says

Exemptions/Discount
Reason - Customer Exempt

Changes due 0.00

So is that "free banking"

cantdecide

I remember being told that in order to receive the free fees, I needed to have a certain minimum amount of activity in or out of the account each month. Working full time for close to minimum wage put me just below the threshold... what a wonderful world we live in!

Buffman

cantdecide wrote: »

I needed to have a certain minimum amount of activity in or out of the account each month. Working full time for close to minimum wage put me just below the threshold... what a wonderful world we live in!

The trick to get around that stupid rule is to transfer money in and out until you reach the level required. For example if the limit is €1500, transfer the same €100 out and in 15 times in the 1 month to get free banking.

ted1

sonofenoch wrote: »

Got letter today saying their fees are going up from 3.81 to 18 euro from September :eek: wha???? how the fuk is a 500% increase justified in any business

Why did you not move to their free banking option ?

howiya

namloc1980 wrote: »

That won't happen anyway. In general the numbers if people who switch accounts is very very low c.1% per year. Majority grumble about fees but don't switch. Same with utility bills, only 10-15% of the market switches to get the best deals. The majority never switch provider and seem happy to pay higher bills. Bit weird but inertia is a powerful force.

This. I had a complaint with PTSB some years ago (2014/5) but only getting around to taking my business away from them now even though I'm not affected by this fee change

Achasanai

I set up my account with them recently, and wasn't told anything about free fees. I read some bits online, and it suggested that they were available, but you 'have to ask'. I did so, and they told me there was no way around the fees.

Switching wasn't actually much of a hassle, you just have to be aware of your direct debits, and then notify your HR dept for your wages. If the fees go up again from what I'm paying, I'll seriously consider switching (again).

I would say that they're a hell of a lot better than BoI. Their fees weren't set, so you could get stung, depending on your usage. I also had a bit of money in a savings account, and was never notified that it was an old account, and that I could get a better return if I switched to one of their 'newer' savings account (I was only told this when I closed my account).

I believe if €1500 or more is deposited into your account per month you will pay no fee wth a PTSB current account.

Achasanai

cisk wrote: »

I believe if €1500 or more is deposited into your account per month you will pay no fee wth a PTSB current account.

I have more than that coming in, and have been told there's no way around the fees. I will do more research on it, though.

Widdershins

I have no fees (maybe just for the first year, I can't remember) with AIB.

It says 6 euro was charged but then ''fees refunded''

janja

I closed mine 10 mins after getting the letter yesterday, have free banking with AIB anyway.

bee06

cisk wrote: »

I believe if €1500 or more is deposited into your account per month you will pay no fee wth a PTSB current account.

That was an "old" version of the current account. They changed it about 6-9 months ago to an account with fees but you could also earn certain rewards. Any new customers were but on this new account but those on the previous version kept their no fees with the 1500 Euro deposit version (which I have). Haven't got a notification of the fees yet but will switch to KBC if I do.

Stevek101

I've been advised that all fee waivers will still exist. So the only thing that is changing is the fee that you didn't pay. It'll now to match the current explore account (€4pm).

Joshua J

sonofenoch wrote: »

Got letter today saying their fees are going up from 3.81 to 18 euro from September :eek: wha???? how the fuk is a 500% increase justified in any business

Capitalism mate. Who's gonna stop them anyway?. The banking regulator?. lmao

Fanny Wank

Joshua J wrote: »

sonofenoch wrote: »

Got letter today saying their fees are going up from 3.81 to 18 euro from September :eek: wha???? how the fuk is a 500% increase justified in any business

Capitalism mate. Who's gonna stop them anyway?. The banking regulator?. lmao

Why would the CBI involve themselves on what current account fees a bank charges?

For the record 3.81 going to 18 is an increase of 372%

Plenty of other banks and ways to avoid fees

00sully

Got notification myself and the Mrs switching to kbc. Nice excuse to switch to a bank where I can use android pay too :pac:

mishkashubaly

Do PTSB definitely have to notify you of this change by writing or when you login to open 24? I've fee frees since I joined them back in the 2000's and will definitely be leaving if I'm hit with this charge.

sonofenoch

cantdecide wrote: »

I remember being told that in order to receive the free fees, I needed to have a certain minimum amount of activity in or out of the account each month. Working full time for close to minimum wage put me just below the threshold... what a wonderful world we live in!

In the letter it states 'the fee is not charged if you complete 10 or less ATM transactions in the quarter'

10 or less withdrawals in 3 months, how is that possible

Harry Palmr

sonofenoch wrote: »

In the letter it states 'the fee is not charged if you complete 10 or less ATM transactions in the quarter'

10 or less withdrawals in 3 months, how is that possible

Use your debit card for small stuff and take out say 100 euro a go for you need plenty of cash (which you shouldn't really in this day and age)?

Annasopra

wonderwall900 wrote: »

What banks offer better deals?

https://www.bonkers.ie/compare-current-accounts/