Ulster Bank introducing transaction charges

sodabread

Title should read Transaction charges

Moving in line with the rest of the market

https://www.independent.ie/business/personal-finance/ulster-bank-to-bring-in-transaction-charges-for-customers-37807132.html

Sabre0001

Moving closer to just loading up the Revolut card for the month and just using that. In which case I'd actually save money thanks to the drop in maintenance fee from €4 to €2.

aindriu80

I'm with Ulster bank and saw the article, 20c charge on all transactions is too much, I have to move. Is N26 a proper bank account? Can you move all (direct debits, standing orders, payments from work) over to it?

Corbally76

I just moved from PTSB to N26 myself. Yes, you can have all DDs, Standing orders and payments into account. You will have to move the DDs yourself though. I just used my N26 card in an AIB ATM today and my current balance showed up on my ATM receipt. I'm impressed so far!

Ten Pin

https://digital.ulsterbank.ie/personal/current-accounts/foundation-account.html

EBS Money Manager if the 20k limit is too low, although EBS don't have contactless.

http://www.citizensinformation.ie/en/money_and_tax/personal_finance/banking/standard_bank_account.html

Bob24

aindriu80 wrote: »

I'm with Ulster bank and saw the article, 20c charge on all transactions is too much, I have to move. Is N26 a proper bank account? Can you move all (direct debits, standing orders, payments from work) over to it?

I’ve been without personal account at an Irish bank for 2 years (N26 instead) and no problem with it.

While it is less and less of an issue and I have been fine, you could still come across an employer who doesn’t want to pay you to a non-Irish account or a business which is refusing direct debit mandates for non Irish accounts though ... doing those things is illegal but being illegal doesn’t mean you’ll be able to quickly bring offenders back to legality every time you encounter an issue.

Also N26 obviously doesn’t have in-branch services and you won’t be able to get a bank draft from them or to lodge cash to your account.

With that in mind I feel more comfortable knowing that I also have a joint account with an Irish bank in case I am stuck. But to be honest besides a cash deposit once in a while I never really need it.

ceekay74

I'm definitely moving myself. My monthly fees will go from 4 euro to about 9.60!

Bye bye ulster bank.

Wheety

I use a combination of N26 and Revolut. N26 as my main bank account, replacing Ulsterbank and using Revolut for my day to day spending. Like the saving vault in Revolut but Revolut is not yet a full bank account.

Will close my Ulsterbank accounts now. Current, saving and credit card.

Sono

Sabre0001 wrote: »

Moving closer to just loading up the Revolut card for the month and just using that. In which case I'd actually save money thanks to the drop in maintenance fee from €4 to €2.

Will be doing the same, very disappointed with these charges.

Wheety

Bob24 wrote: »

With that in mind I feel more comfortable knowing that I also have a joint account with an Irish bank in case I am stuck.

Exactly the same with me. I get paid into the joint account so don't have to worry about an employer not accepting it.

Take an 'allowance' weekly into my own account, which is now going to be N26.

Irish banks don't seem to realise that the EU have opened up the financial markets like this. Plenty of options out there now. Monzo and Starling are another 2.

Suppose they're still relying on people just not changing old habits.

Bob24

Wheety wrote: »

Irish banks don't seem to realise that the EU have opened up the financial markets like this. Plenty of options out there now. Monzo and Starling are another 2.

I guess for now it is not having a significant impact on them ... but I noticed at the canteen at work that while it was almost none 2-3 years ago I now see quite a few Revolut and N26 cards being used, expecually younger demographics. I suppose this will slowly bite Irish banks and they will have to react ... and not only on pricing but also on features (for example BOI not only is more expensive to use than N26, but also has a very inferior app and doesn't offer mobile payments).

manonboard

Wheety wrote: »

I use a combination of N26 and Revolut. N26 as my main bank account, replacing Ulsterbank and using Revolut for my day to day spending. Like the saving vault in Revolut but Revolut is not yet a full bank account.

Will close my Ulsterbank accounts now. Current, saving and credit card.

Could i ask why you see revolut as not a full bank account yet?

I just got my revolut and N26 cards this week, so im about to switch but havent picked which one to use as my salary account. Thanks!

aindriu80

Bob24 wrote: »

I’ve been without personal account at an Irish bank for 2 years (N26 instead) and no problem with it.
..

With that in mind I feel more comfortable knowing that I also have a joint account with an Irish bank in case I am stuck. But to be honest besides a cash deposit once in a while I never really need it.

Thanks for your feedback, I didn't think about keeping an Irish bank account but it's a better idea to keep Ulster Bank and only use it sparingly.

Bob24

aindriu80 wrote: »

Thanks for your feedback, I didn't think about keeping an Irish bank account but it's a better idea to keep Ulster Bank and only use it sparingly.

And btw I just realised I did not specifically answer your questions, but yes N26 is a full fledged bank account (they have a German banking licence meaning you have regulatory protection including the 100000 euros deposit protection, the account supports all standard European banking services, and as per SEPA regulations these services have to work anywhere in Europe). So besides a few (illegal) exceptions yes you can move direct debits, standing orders, and payments from work to that account.

Wheety

manonboard wrote: »

Could i ask why you see revolut as not a full bank account yet?

I just got my revolut and N26 cards this week, so im about to switch but havent picked which one to use as my salary account. Thanks!

The post before this explains it.

Revolut has applied and been awarded an EU bank licence but isn't fully set up yet.

I have both. N26 as my 'main' bank account and Revolut for my day to day spending, lunches, drinks etc.

N26 allow you to make 5 ATM withdrawals for free per month and Revolut allow you to take out €200 month for free. I think it's handy to have both. Although I don't withdraw much cash these days.

PHG

Is there any sign of N26 adding credit cards?

B-D-P--

Does N26 also do mortgages??

Bob24

B-D-P-- wrote: »

Does N26 also do mortgages??

No, and there is no chance for it to happen anytime soon. A fairly small and new German bank with no physical presence here and no Irish legal team won’t hand out checks of 100s of thousands of euros with an Irish property as a collateral, especially knowing how hard it is even for local banks to repossess when mortgages are not being paid.

Nigel Fairservice

Sabre0001 wrote: »

Moving closer to just loading up the Revolut card for the month and just using that. In which case I'd actually save money thanks to the drop in maintenance fee from €4 to €2.

When Ulster Bank go through with it this is what I'll be doing as well.

aindriu80

I see they put up some info:
https://digital.ulsterbank.ie/personal/current-accounts/current-account-fees.html

All payments into your bank will be 20 cents, rotten banks.

Liberal_irony

Just curious what banks people would recommend moving to?

Bummer1234

Liberal_irony wrote: »

Just curious what banks people would recommend moving to?

Just looking at KBC myself at the moment

KBC Extra Account – €6 a quarter charge (avoidable).
Any customers who don’t lodge at least €2500 a month at KBC will be charged the maintenance fee and also will be charged

30c for each ATM transaction and
30 cent per cheque lodged in the quarter.
No other transaction charges.

From money guide ireland

I could have went for EBS but its a little to basic for my type of banking.

ednwireland

Just seen this absolutely scum. Think ill be loading up an n26 card once a month and use that.
Had a big argument in branch when they refused to take a cheque over the counter.
Complained and got 25 euro back lol.

The staff went been friendly and helpful to downright rude.

One told me they are only interested in mortgages now.

advertsfox

How to piss off every customer is 5 easy steps:

Bummer1234

advertsfox wrote: »

How to piss off every customer is 5 easy steps:

And they will charge you 80c for you to tell them!

van_beano

I love the "Customer Scenarios" they give passed halfway on https://digital.ulsterbank.ie/personal/current-accounts/current-account-fees.html

Poor Marie isn't gonna be smiling so gleefully when she gets hit with those €14 per month charges. Imagine, getting charged 20 cent to transfer money from your current account to your savings account!

Sabre0001

van_beano wrote: »

I love the "Customer Scenarios" they give passed halfway on https://digital.ulsterbank.ie/personal/current-accounts/current-account-fees.html

Just read the Marie example as it's the one you mentioned. Have to love the "Marie could reduce her fees by:

· Taking cash back at point of sale from a participating retailer at €0.20 per transaction or using the ATM (€0.35 per transaction) rather than taking cash at the branch (€0.80 per transaction)."

Number of transactions in "In Branch/Counter" column: 0

van_beano

Didn't realise that there's another 4 scenarios after those three I mentioned.

I would love to hear what their true feelings on the charges are, I doubt they're real customers anyways. Anne at the end will be grand, she's paying €0 as she's over 66. Anne doesn't look like she's short of a few euros either.

Wheety

Transferred a couple of other regular transactions to N26 today.

Current regular transactions happening on Ulsterbank account = 0.

I'll still be charged €4 a month though just for having it. (Well €2 when these changes come in).

Just need to change my Dad's virgin media payments and the LPT for him too (both come out of my account) and then I can close it.

Supercell

Not happy at all about this, reading http://www.moneyguideireland.com/comparison-of-bank-charges-in-ireland.html and it seems we really are a rip-off republic. Especially with all the fiasco like antics with their computer systems over the last few years!!
The sooner more companies like N26 and Revolut come here the better. I'm fortunate enough that I have enough in a savings account earning basically nothing to cover the fees for now, but will be looking to move debits etc to somewhere else as UlsterBank have made it clear they are not interested in private customers.

van_beano

Supercell wrote: »

Not happy at all about this, reading http://www.moneyguideireland.com/comparison-of-bank-charges-in-ireland.html and it seems we really are a rip-off republic. Especially with all the fiasco like antics with their computer systems over the last few years!!
The sooner more companies like N26 and Revolut come here the better. I'm fortunate enough that I have enough in a savings account earning basically nothing to cover the fees for now, but will be looking to move debits etc to somewhere else as UlsterBank have made it clear they are not interested in private customers.

That's the thing, I have €3k sitting in my account doing absolutely nothing and now they'll be charging me the extra €2 per month for the privilege.

Off topic, I actually previously informed them of the stupidity of having such a high balance sitting in a front line account which could be open to fraud if bank cards get skimmed. They don't listen.

They don't listen to a lot of things that I contact them about, I'm probably on their blocked list now. 32 years I've been with them since they gave me the Henry Hippo money box. It's been a good run and we've been lucky enough with the "free" banking up until now.

Supercell

I have 3k funnily enough too , the rest is in shares and other investments, I just had it there as an emergency fund in an Ulsterbank savings account for the few cents interest it generated each year. From time to time its been handy to have the money available immediately when needed (transfer from one account instantly using the mobile app). Like yourself I've been with them donkeys years.
The card skimming thing is there but its a risk we will have to take to save hundreds a year in fees. Its a right PITA to switch accounts when the mortgage , electricity, phone etc etc etc is paid by direct debit. My investments had a laborious process of account verification that would have to be redone again, really annoyed by all this.
As I said I'm now planning on moving them one by one over time elsewhere as I have no doubt this is the first step, next year the 3k may become 4.5.6k or be removed altogether.
Have Rrevolut, time to start reading up on N26 etc as well

van_beano

It started off originally with them wanting just €3k lodged through the account within the month to avoid fees, then they discovered that the vast majority of people were just moving money between accounts to make up the €3k - like moving €1 x 3000 times between the accounts :rolleyes: That only lasted a few months before they went to the €3k clear balance, there must be a majority now who have this now and they're not making money. So here we are with the new incarnation and you're right, they'll move the goalpost again soon.

I have a Revolut account and love the App and real-time notifications of it being used, had used it in New York in November. Ulster Bank have a good App aswell but at the end of the day people are going to look for the cheapest, safest place to bank their money. How BOI and AIB have customers at all is beyond me from hearing some peoples quarterly fees. Will be giving N26 a read up aswell.

OU812

I wonder does it apply to people with a ufirst account?

ednwireland

Been with them 22 years but I'm in the process of getting an n26 account. Wonder how the anytime banking fee will work can't believe that banks charge for logging into a website.

Are revolut still registered outside the European and not covered by the banking guarantee ?

Wheety

ednwireland wrote: »

Been with them 22 years but I'm in the process of getting an n26 account. Wonder how the anytime banking fee will work can't believe that banks charge for logging into a website.

Are revolut still registered outside the European and not covered by the banking guarantee ?

Who charges for just logging in?

catrionanic

Does anyone know if you can get an n26 joint account?

Bob24

catrionanic wrote: »

Does anyone know if you can get an n26 joint account?

You can’t.

OU812

They're going to charge 20¢ for a debit card transaction and an additional 1¢ if you use contactless? Am I reading that right?

JTMan

OU812 wrote: »

They're going to charge 20¢ for a debit card transaction and an additional 1¢ if you use contactless? Am I reading that right?

1 cent for contactless
20 cent for debit cards

No 'additional' element.

Ten Pin

Link to fees from UB website
https://digital.ulsterbank.ie/personal/current-accounts/current-account-fees.html

Sono

Banks pushing us away from using them with these ridiculous charges, well I hope they lose thousands of customers and see what they are doing is wrong and realise it’s a mistake.

Disgraceful charges for customers. Shame on them.

Nigel Fairservice

I have my current and savings accounts with them. It's annoying that I'll be charged for moving my money from my current account into my savings account, Ulster Bank to Ulster Bank. I don't really want to park 3k in my current account. Twice in recent weeks my app never updated after moving money to my credit card. Both times I made the transaction again (thinking there was a problem after the first time I did it) and my account went into the red over it and I was charged irregular account fees over their IT problems. I'm interested in trying out Starling bank if they set up here in Ireland (hopefully it'll be soon). I can just use my credit union account for lodging cash or cheques and just transfer it electronically after to (Starling, N26 Revolut, whoever). In the meantime I'll use my Revolut to bypass as much of the fee as possible.

LandonRicketts

OU812 wrote: »

I wonder does it apply to people with a ufirst account?

From what I can make out from the site ufirst account holders are exempt from the new charges

ednwireland

Wheety wrote: »

Who charges for just logging in?

sorry my bad 20c for credit transfers etc through anytime I suspect that means 20c to move from my Ulster bank current to Ulster bank savings

Supercell

Opened a N26 account this morning, so far its been painless. Once I've familiarised myself with its ins and outs will start moving my direct debits over. My goal is to have everything moved over before the year is out or Ulsterbank decide to up the limits which is no doubt what they will do. Its a shame, I've always found the staff in my local branch very helpful and I do like the mobile app a lot, but c'est la vie.

Wheety

ednwireland wrote: »

sorry my bad 20c for credit transfers etc through anytime I suspect that means 20c to move from my Ulster bank current to Ulster bank savings

Yeah it's a bit silly. I have a current and a savings account and to be charged 20c for moving from one to the other is ridiculous. Both will be getting closed in a few weeks.

Still have a credit card with them but will look at alternatives for that too.

Sunrise_Sunset

LandonRicketts wrote: »

From what I can make out from the site ufirst account holders are exempt from the new charges

I have a Ufirst account and pay E10 a month for this. It's a joint account. I also have a personal account, a savings account, and my husband has a personal account. He just recently opened a Revolut account and is very happy with it, and has decided to close his personal Ulster account. After hearing this I think I'll do the same for my current account, and transfer my savings to the Credit Union.

Sunrise_Sunset

OU812 wrote: »

I wonder does it apply to people with a ufirst account?

I'd love to find this out. I already pay 10 euros per month for this account. A quick google search has produced no results on this.

Any links to the Ulster Bank website regarding this?

Wheety

The transaction fees are still waived if you maintain a balance of €3,000. still have to pay the €2 monthly fee though.

Sorry if this is known but seems like some here think transaction fees will apply.

Wheety

lililanny wrote: »

I'd love to find this out. I already pay 10 euros per month for this account. A quick google search has produced no results on this.

Any links to the Ulster Bank website regarding this?

Check your account type

Transaction and maintenance fees do not apply on Student, Adapt, ufirst*, ufirstgold*, Foundation and Private Accounts.

*No longer on sale

https://digital.ulsterbank.ie/personal/current-accounts/current-account-fees.html