PTSB making it harder to dodge quarterly fees

veryangryman · 31-01-2019 9:18am #1

Got my letter today saying i need to keep 2500 in current account. This makes them closer coconut-wise to AIB, although at least there are no card payments/atm transaction fees still.

My question is... do Ulster Bank or KBC do better current account deals?

I know its €18, but i feel like this is the first step. A bank slowly uses less and less lube for customers who just take it.

homer911 · 31-01-2019 1:15pm

Ulster: https://digital.ulsterbank.ie/personal/current-accounts.html
KBC: https://www.kbc.ie/our-products/kbc-current-account

I'm not old enough for KBC's Current Account Plus, but they gave it to me anyway

billbond4 · 31-01-2019 2:16pm

I will be moving if I get the letter, ( or threat to move)
Fecking gougers

st205hunter · 31-01-2019 2:52pm

I got the letter today too so on now looking for options on who to move to.

Inviere · 31-01-2019 2:54pm

Got the letter there too, time to start looking around at alternatives.

Wheety · 31-01-2019 3:08pm

With the KBC extra account you only need to lodge €2,500 a month. Don't need to keep that balance. KBC also works with Apple Pay, Android Pay, Fitbit Pay and Garmin Pay.

st205hunter · 31-01-2019 3:33pm

Wheety wrote: »

With the KBC extra account you only need to lodge €2,500 a month. Don't need to keep that balance. KBC also works with Apple Pay, Android Pay, Fitbit Pay and Garmin Pay.

Saw that but not sure how i feel about kbc these times. But aside from that i get just under that a month after property tax
Ebs seem to offer transaction fee free banking too

AlmightyCushion · 31-01-2019 3:36pm

Wheety wrote: »

With the KBC extra account you only need to lodge €2,500 a month. Don't need to keep that balance. KBC also works with Apple Pay, Android Pay, Fitbit Pay and Garmin Pay.

It is also the sum of all lodgements to the account for a month. e.g. 5 x €500 lodgements will satisfy the requirements for free banking. So, if you don't have enough coming into the account you can just set up a savings account and transfer money between the 2 accounts until you have over €2500 lodged into the current account.

Icsics · 31-01-2019 4:10pm

So annoyed with TSB, I just lodged a complaint for all the good it'll do. €2500 to maintain for free banking is excessive & €18 if under is hard to stomach. Plus they've reduced the already meagre interest rate to .01%. I have a regular savers account, I will now close both.
So who offers free banking now?

Hurrache · 31-01-2019 4:14pm

Wheety wrote: »

With the KBC extra account you only need to lodge €2,500 a month. Don't need to keep that balance. KBC also works with Apple Pay, Android Pay, Fitbit Pay and Garmin Pay.

That's the most attractive account at the moment. They'll be losing 3 accounts from my house, mine, my wifes and the joint account, as much a pain in the arse it will be to change.

banie01 · 31-01-2019 4:31pm

Is there not scope for basic free banking on universal service obligation basis?
Whilst €2500 a month lodged to miss fees isn't a huge amount, what about pensioners, welfare recipients and people on less than 30k a year net?

It is really telling that the less actual cash one has access to, the more they pay to access it!

AlmightyCushion · 31-01-2019 4:39pm

banie01 wrote: »

Is there not scope for basic free banking on universal service obligation basis?
Whilst €2500 a month lodged to miss fees isn't a huge amount, what about pensioners, welfare recipients and people on less than 30k a year net?

It is really telling that the less actual cash one has access to, the more they pay to access it!

EBS and N26 have both got completely free banking. With KBC, even if you are on a very low wage you can still get free banking. €2500 has to be lodged into the account every month to maintain free banking but it doesn't have to be in one go. All lodgements into the account are added up and count towards the 2500 required for free banking. So you can just transfer in and out of the account over and over as much as you like until the total lodgements is over 2500.

banie01 · 31-01-2019 4:45pm

AlmightyCushion wrote: »

EBS and N26 have both got completely free banking. With KBC, even if you are on a very low wage you can still get free banking. €2500 has to be lodged into the account every month to maintain free banking but it doesn't have to be in one go. All lodgements into the account are added up and count towards the 2500 required for free banking. So you can just transfer in and out of the account over and over as much as you like until the total lodgements is over 2500.

I have N26 myself and use it quite a bit.
My main thrust however is that given the reliance on and the move towards SEPA and Epayments means that bank accounts are essential even for the poorest now days.
Aren't bank charges in this manner, basically a tax on poverty?

AlmightyCushion · 31-01-2019 4:49pm

banie01 wrote: »

I have N26 myself and use it quite a bit.
My main thrust however is that given the reliance on and the move towards SEPA and Epayments means that bank accounts are essential even for the poorest now days.
Aren't bank charges in this manner, basically a tax on poverty?

Only if they choose not to switch to a free banking alternative. There are 3 options for free banking in my post so it's not like there are no options. Kids, students, graduates and the elderly have many more options.

Keano · 31-01-2019 4:56pm

AlmightyCushion wrote: »

Only if they choose not to switch to a free banking alternative. There are 3 options for free banking in my post so it's not like there are no options. Kids, students, graduates and the elderly have many more options.

How's your experience been with KBC?

5star02707 · 31-01-2019 5:00pm

wait so does this mean we have to transfer atleast 2500 per month OR have atleast 2500 balance in your account per month?

Hurrache · 31-01-2019 5:00pm

A balance of €2,500 is how I read it.

AlmightyCushion · 31-01-2019 5:01pm

Keano wrote: »

How's your experience been with KBC?

Overall I prefer them to PTSB. Their app is missing somethings such as direct debits not showing up but overall their app is miles better than PTSB. Being able to use the fingerprint reader to log in is very handy.

AlmightyCushion · 31-01-2019 5:02pm

5star02707 wrote: »

wait so does this mean we have to transfer atleast 2500 per month OR have atleast 2500 balance in your account per month?

PTSB - You have to maintain a balance of at least 2500 in the account.
KBC - You have to transfer at least 2500 into the account.

5star02707 · 31-01-2019 5:03pm

AlmightyCushion wrote: »

PTSB - You have to maintain a balance of at least 2500 in the account.
KBC - You have to transfer at least 2500 into the account.

Thanks for clearing up

oLoonatic · 31-01-2019 5:04pm

Looks like they are set to lose alot of customers. I've already started looking into KBC EXTRA.

km79 · 31-01-2019 5:07pm

3 current accounts with them and a savings account
Will be moving them all
A quick google seems to show EBS as the best option
Not many EBS branches around though but we may also be looking at a mortgage with themselves or AIB next autumn too ......

SteelyDanJalapeno · 31-01-2019 5:07pm

I was in with TSB today, the Current explore account is 4 euro a month, but 10c bank on every card transaction made up to 5 euro per month, so you could actually make money on the explore.

I'm also with Sky, so getting 5% back from them too monthly.

AlmightyCushion · 31-01-2019 5:09pm

SteelyDanJalapeno wrote: »

I was in with TSB today, the Current explore account is 4 euro a month, but 10c bank on every card transaction made up to 5 euro per month, so you could actually make money on the explore.

You'd have to use your card 50 times a month though. That nearly twice every day. Would you use your card that often? I know, between my credit card and debit card, I don't.

Marlow · 31-01-2019 5:10pm

Revolut is also basically a current account these days, costs nothing and doesn't screw you on conversion rates (always Interbank fees).

Where I've been most impressed is, that lets say I transfer money from Permanent TSB before mid day (via SEPA), the money will be credited to my Revolut account at approx 4pm the same day.

The only question, that's not quite clear, is how that's going to look after Brexit with them being in the UK.

They charge for ATM withdrawels, but only a percentage based on what you withdraw up to the 5 EUR/year, that is the levy.

N26 charges the 5 EUR/year levy in one go. PTSB charge you 10 EUR/year for that same thing and call that debit card levy.

But the KBC account seems to be the best of the options above, if Revolut is not an option.

/M

31-01-2019 5:12pm

PTSB have an explore account where they charge €4 per month in fees, but you get back money every time you use your card to pay for anything...up to a max of a fiver per month. I've only ever missed the max three times in the last year and got €58.70 out of €60 (with €48 on charges), so a free tenner.

In case anyone is looking to chage: https://www.permanenttsb.ie/everyday-banking/current-accounts/current-account/explore-welcome-page/

*I just noticed you can register for a circle K fuel card with money of juice for the car as well. I'll be getting one of them.

killbillvol2 · 31-01-2019 5:14pm

I switched from PTSB to KBC last year as this was flagged then.

The KBC app is better but there are a couple of annoyances. The biggest one for me is that they still send statements by post to comply with something or other. It's not internet banking if they're posting paper statements every quarter.

SteelyDanJalapeno · 31-01-2019 5:14pm

AlmightyCushion wrote: »

You'd have to use your card 50 times a month though. That nearly twice every day. Would you use your card that often? I know, between my credit card and debit card, I don't.

I wouldnt be far off 40 times a month right now, and I'll easily make up the extra few transactions if it means I'm saving money

edit, I actually set up a joint account today, so with 2 cards using it, I'll easily go over 50 a month

31-01-2019 5:15pm

AlmightyCushion wrote: »

You'd have to use your card 50 times a month though. That nearly twice every day. Would you use your card that often? I know, between my credit card and debit card, I don't.

Not just in-store, but any online purchases as well. I'm convinced when i signed up as well that it was more than 10c per go, I thought it was 30c each time. I'll check tomorrow when the new month begins.

km79 · 31-01-2019 5:19pm

Deleted User wrote: »

PTSB have an explore account where they charge €4 per month in fees, but you get back money every time you use your card to pay for anything...up to a max of a fiver per month. I've only ever missed the max three times in the last year and got €58.70 out of €60 (with €48 on charges), so a free tenner.

In case anyone is looking to chage: https://www.permanenttsb.ie/everyday-banking/current-accounts/current-account/explore-welcome-page/

*I just noticed you can register for a circle K fuel card with money of juice for the car as well. I'll be getting one of them.

I’ll switch to taht in April so then prob move banks next autumn
Will I keep my same account numbers etc if I move to the explore one ?

n!ghtmancometh · 31-01-2019 5:26pm

How much of a pain is it to switch banks? Have to get onto to HR and change where wages go, switch direct debits and all that jazz.

I've had free banking since 2006 with ptsb and have a savings account and current so never switched banks before.

31-01-2019 5:28pm

km79 wrote: »

I’ll switch to taht in April so then prob move banks next autumn
Will I keep my same account numbers etc if I move to the explore one ?

Yep, zero change for me when i switched.

Hurrache · 31-01-2019 5:31pm

n!ghtmancometh wrote: »

I've had free banking since 2006 with ptsb and have a savings account and current so never switched banks before.

I go back to 1993 with them for free banking, over 25 years!

Scoondal · 31-01-2019 5:33pm

My wife got the letter. She will just transfer the money from her savings account as the interest after dirt tax will less than the quarterly fee.
Strangely, I have never been charged current account fees by PTSB. My balance is always close to zero. But perhaps they see me as a good customer according to their computer system or something.

The Undecided One · 31-01-2019 5:33pm

killbillvol2 wrote: »

I switched from PTSB to KBC last year as this was flagged then.

The KBC app is better but there are a couple of annoyances. The biggest one for me is that they still send statements by post to comply with something or other. It's not internet banking if they're posting paper statements every quarter.

PTSB are sending quarterly printed statements as well, at no charge. I find it's handy to keep the last 6-9 months to hand in case you need to apply for anything.

The Undecided One · 31-01-2019 5:35pm

n!ghtmancometh wrote: »

How much of a pain is it to switch banks? Have to get onto to HR and change where wages go, switch direct debits and all that jazz.

I've had free banking since 2006 with ptsb and have a savings account and current so never switched banks before.

When I switched from AIB to PTSB about 6-8 years ago it was very easy, I only had to inform HR of the new bank account number, all DD's were taken care of by the bank.

Hurrache · 31-01-2019 5:37pm

The Undecided One wrote: »

PTSB are sending quarterly printed statements as well, at no charge. I find it's handy to keep the last 6-9 months to hand in case you need to apply for anything.

You can download them in PDF form from the Open24 website anyway.

Bojill · 31-01-2019 5:38pm

For those who are using KBC, can you tell me how you get around the following:

Loss or damage to your debit card, how do you manage until you get a replacement card?
On the occasion you have a sum of cash you need to lodge to your account?

Hurrache · 31-01-2019 5:41pm

KBC have Android Pay if your phone is equipped with NFC.

cefh17 · 31-01-2019 5:43pm

New account opened with KBC, bye bye ptsb. Between that and N26 I refuse to pay bank fees for as long as possible

MayoSalmon · 31-01-2019 5:46pm

Left PTSB a month ago..gone to KBC. Was with PTSB for 10 years too.

_Kaiser_ · 31-01-2019 5:55pm

Will probably be getting this letter too. Feckers. Moved from AIB a few years back for the same reason.

Have the "virtual banks" (Revolut etc) issues where some utilities won't accept a non-Irish account since been resolved?

killbillvol2 · 31-01-2019 5:58pm

The Undecided One wrote: »

PTSB are sending quarterly printed statements as well, at no charge. I find it's handy to keep the last 6-9 months to hand in case you need to apply for anything.

I don't want a statement posted. You can opt out with PTSB.

dubrov · 31-01-2019 6:00pm

Can Revolut handle direct debits?

Also, how would you lodge a cheque?

banie01 · 31-01-2019 6:00pm

Just opened a KBC account there.
Same boat as others, moved to avoid the charges when AIB brought them in initially.
One thing I will miss is the personalised cards!(Although that is being phased out too)
Was one way of guaranteeing I always had a wedding photo with me

killbillvol2 · 31-01-2019 6:00pm

Bojill wrote: »

For those who are using KBC, can you tell me how you get around the following:

Loss or damage to your debit card, how do you manage until you get a replacement card?
On the occasion you have a sum of cash you need to lodge to your account?

That's another drawback. You can't lodge cash.

killbillvol2 · 31-01-2019 6:01pm

MayoSalmon wrote: »

Left PTSB a month ago..gone to KBC. Was with PTSB for 10 years too.

I was with them for nearly 40 years. They didn't even ask why I was closing the account!

cefh17 · 31-01-2019 6:13pm

_Kaiser_ wrote: »

Will probably be getting this letter too. Feckers. Moved from AIB a few years back for the same reason.

Have the "virtual banks" (Revolut etc) issues where some utilities won't accept a non-Irish account since been resolved?

Check out their individual threads but fwiw I have it working (n26) with energia and virgin media no bother

LillySV · 31-01-2019 6:41pm

Bye bye Ptsb... bad enough that they more or less pay no interest on savings while making money out of your money, now they enforcing you to have a lot more money so they can make even more money from ya! Yet they not paying back all that bail out money that the Irish taxpayer had to give them in 08!

AlmightyCushion · 31-01-2019 6:43pm

Bojill wrote: »

For those who are using KBC, can you tell me how you get around the following:

Loss or damage to your debit card, how do you manage until you get a replacement card?
On the occasion you have a sum of cash you need to lodge to your account?

I have a credit card as well, plus Revolut and an N26 account so I'm not short of backups. Saying that, it hasn't been an issue for me since opening my KBC account a few years back.

I still have my PTSB account so if I need to lodge cash I can use that. I don't know if my PTSB account is affected by this (it wasn't the last time). If it is I'll close it anyway. I don't really need to lodge cash or cheques, I can't remember the last time I done it.

Marlow · 31-01-2019 7:30pm

dubrov wrote: »

Can Revolut handle direct debits?

Should. I haven't had the need, so dunno. N26 definatly does.

dubrov wrote: »

Also, how would you lodge a cheque?

Credit union ? Or you can go into the issuing bank and get them to pay it out.

Who uses cheques anyhow anymore these days ? In over 4 decades, I've never had a cheque book. And I wouldn't trust a cheque either, because if there's no funds on the account, it just bounces.

/M

PTSB making it harder to dodge quarterly fees

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