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PTSB monthly fees and negative balance

  • 05-11-2020 9:47am
    #1
    heritz
    Registered Users, Registered Users 2 Posts: 34 ✭


    I have a PTSB current account that I will no longer use. This account is accumulating a negative balance due to the €6 monthly fee that they charge.

    Is there any issue with leaving that thing go negative forever or should I cancel the account?

    I just read on their website that to cancel the account you have to drop into my local branch, which is something I would like to avoid.


Comments

  • #2
    Jim2007
    Moderators, Business & Finance Moderators Posts: 10,606 Mod ✭✭✭✭Jim2007


    heritz wrote: »
    I have a PTSB current account that I will no longer use. This account is accumulating a negative balance due to the €6 monthly fee that they charge.

    Is there any issue with leaving that thing go negative forever or should I cancel the account?

    I just read on their website that to cancel the account you have to drop into my local branch, which is something I would like to avoid.


    There is probably no immediate issue, you can leave it until after the lockdown. But if it were ever to reach €500, the bank is required to reported on your credit report.


  • #3
    Lenar3556
    Registered Users, Registered Users 2 Posts: 1,712 ✭✭✭Lenar3556


    heritz wrote: »
    I have a PTSB current account that I will no longer use. This account is accumulating a negative balance due to the €6 monthly fee that they charge.

    Is there any issue with leaving that thing go negative forever or should I cancel the account?

    I just read on their website that to cancel the account you have to drop into my local branch, which is something I would like to avoid.

    You should take steps to close it. You will be responsible for the monthly fee regardless of whether you are actively using the account and they may come after you for it in the future.
    Why go there - get it closed.


  • #4
    heritz
    Registered Users, Registered Users 2 Posts: 34 ✭heritz


    Jim2007 wrote: »
    There is probably no immediate issue, you can leave it until after the lockdown. But if it were ever to reach €500, the bank is required to reported on your credit report.

    This is the sort of stuff I wanted to know. Better just close the account then. I'll ring them and try to get this sorted.

    Thanks!


  • #5
    Trish56
    Registered Users, Registered Users 2 Posts: 1,256 ✭✭✭Trish56


    Just post them a letter quoting your account number and ask them to close it and be sure to keep a copy as proof when they say they didn't receive it.

    heritz wrote: »
    I have a PTSB current account that I will no longer use. This account is accumulating a negative balance due to the €6 monthly fee that they charge.

    Is there any issue with leaving that thing go negative forever or should I cancel the account?

    I just read on their website that to cancel the account you have to drop into my local branch, which is something I would like to avoid.


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