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Avoiding Bank Fees & Charges

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  • Registered Users Posts: 1,065 ✭✭✭jakdublin


    J2CVC wrote: »
    Hard to beat the KBC offer. Yes you have to deposit 2k a month but even if you don't meet it with income you can transfer between it and Revolut to make it up. Free banking and the app is one of the best.


    EBS is a decent offering but the app and customer service lags behind. Do you still have to get them to post you a new code if you reset or change your phone?

    I’ve been with EBS over 20 years. I’ve found the in-branch customer service excellent, especially once you get to know the staff. It’s a personal service that’s sadly hard to find anywhere these days, especially in a bank. However, the online experience is like something from the ‘90s. There’s no app and that posting the code when you change phones is causing me serious problems. I’ve moved abroad and couldn’t get them to accept the change of address for about a year, or get them to stop sending out statements to my old address. I finally got the address changed but the post where I am is poor and they won’t send the security code by registered post. I like EBS but I wouldn’t depend on them exclusively.


  • Registered Users Posts: 6,229 ✭✭✭DaveyDave


    I'm with KBC. I don't deal with cash and lodging cheques just means a short drive to their Maynooth or Stephen's Green hubs which isn't an issue for how infrequent I do it. Highly recommended for anyone who can lodge €2,000 a month. Customer support is pretty good too.

    I use Google Pay a lot. Contactless for something that costs hundreds of euro or not needing to put a card in after 3 taps is great when dealing with person and joint accounts. Handy that you don't need to log into their website to setup a payee and can even scan an IBAN to add someone's account. Just wish you could download statements on the app.

    Banking should be easy. I couldn't transfer money from my savings account to someone with PTSB. Had to transfer to my current account then to the person's account. No fingerprint login or Google Pay support when I left them last year. Don't get me started on the constant logging out for "security" and always being down for maintenance. Their support is atrocious too, rude on the phone, took 3 trips back and forth to close a joint account because the person on the phone told me I could do it alone in person, then someone in branch said I needed a letter which then turned out it needed to be headed paper from them, then the person who eventually did it managed to somehow wipe all my girlfriend's personal direct debits...


  • Registered Users Posts: 16,524 ✭✭✭✭yabadabado


    I have a PTSB account that I do majority of my banking with and a BoI a/c that's opened years but isn't much more than a bit of a savings account .I use BoI a/c for a bill or two and a way of building up a few euro but having easy access to it.

    I would be lodging over 2k a month and probably only been into a bank about 3 times in the last 3 years.

    I was thinking I would close both of my accounts and open one with less fees .
    KBC my best bet?


  • Posts: 0 [Deleted User]


    yabadabado wrote: »
    I have a PTSB account that I do majority of my banking with and a BoI a/c that's opened years but isn't much more than a bit of a savings account .I use BoI a/c for a bill or two and a way of building up a few euro but having easy access to it.

    I would be lodging over 2k a month and probably only been into a bank about 3 times in the last 3 years.

    I was thinking I would close both of my accounts and open one with less fees .
    KBC my best bet?

    Check out which PTSB account you have. I have a PTSB switch account that has free banking for life, later they realised their big mistake and changed the terms and conditions to allow them introduce fees later, which they have since done. But on my switch account they can never charge fees. Their tech is pretty poor, the app is only okay and they haven't introduced Google pay yet but I'm using Curve to get that


  • Registered Users Posts: 2,835 ✭✭✭ari101


    +1 for KBC if you have 2k to lodge a month - this can be achieved by transferring in and out funds.
    They also do cash back on their credit mastercard, I think it's 1% (I get a few euro back on money I'd be spending anyway and I clear it each month).
    The extra regular savings rate was better than most on the market, but it's dropped a lot in the last year, not sure if anyone has a decent rate now though.

    I keep an N26 basic free account for fx spending to avoid translation fees.


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  • Registered Users Posts: 16,524 ✭✭✭✭yabadabado


    Check out which PTSB account you have. I have a PTSB switch account that has free banking for life, later they realised their big mistake and changed the terms and conditions to allow them introduce fees later, which they have since done. But on my switch account they can never charge fees. Their tech is pretty poor, the app is only okay and they haven't introduced Google pay yet but I'm using Curve to get that

    I don't see any fees on my account and it is a switch account , probably as well to stick with that and maybe just close BoI account.


  • Registered Users Posts: 1,373 ✭✭✭Indestructable


    KBC with a Credit Union account for cash/cheque is a winning and free combo.


  • Registered Users Posts: 2,138 ✭✭✭lau1247


    blackbox wrote: »
    According to their website you have to be over 66. Same for AIB.

    PTSB OAP account is for over 60's with free banking. Worth to use.

    West Dublin, ☀️ 7.83kWp ⚡5.66 kWp South West, ⚡2.18 kWp North East



  • Registered Users Posts: 2,138 ✭✭✭lau1247


    One that not many people think about but I'm thinking of doing it in a few years time (curious if people can pick any holes or flaws out of this plan?).

    As some may know, people with AIB get free banking as long as you have mortgage with them. Let's say you have a 30 years mortgage. The premise is that you made lots of overpayment and say you almost have it cleared off on year 15 (or whenever). You reduce principal and maintain the term the same.

    You can over pay until you owe say for example 5 euro and let the remainder run for the remaining 15 years (or whatever is left). Interest on the 5 euro mortgage is practically negligible over the remaining term.

    Essentially you have 'free' banking until you reach retirement age (for most people their mortgage terms goes up to retirement age). Then switch to OAP account.

    Well, do you think this will work?

    West Dublin, ☀️ 7.83kWp ⚡5.66 kWp South West, ⚡2.18 kWp North East



  • Registered Users Posts: 116 ✭✭mamaz


    Gumbo wrote: »
    I’m N26 for my day to day stuff since it opened.

    I use Revolut as my “fun account”, paying for Amazon, buying their stocks/crypto and for using when away the weekends when we used to be able to do that!

    I have an N26 account and I can't see for the life of me why I wouldn't use it for my day to day when I get out of my free Third Level account in a year or so. Once Apple Pay is accepted it doesn't bother me at all once I don't get charged to use my own money


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  • Registered Users Posts: 12,434 ✭✭✭✭TheDriver


    lau1247 wrote: »
    One that not many people think about but I'm thinking of doing it in a few years time (curious if people can pick any holes or flaws out of this plan?).

    As some may know, people with AIB get free banking as long as you have mortgage with them. Let's say you have a 30 years mortgage. The premise is that you made lots of overpayment and say you almost have it cleared off on year 15 (or whenever). You reduce principal and maintain the term the same.

    You can over pay until you owe say for example 5 euro and let the remainder run for the remaining 15 years (or whatever is left). Interest on the 5 euro mortgage is practically negligible over the remaining term.

    Essentially you have 'free' banking until you reach retirement age (for most people their mortgage terms goes up to retirement age). Then switch to OAP account.

    Well, do you think this will work?

    Great idea except the life assurance must still be paid which is probably more than the fees


  • Moderators, Business & Finance Moderators Posts: 6,292 Mod ✭✭✭✭Sheep Shagger


    TheDriver wrote: »
    Great idea except the life assurance must still be paid which is probably more than the fees

    You also can't get the deeds for your house from the bank until the mortgage is fully discharged/paid off.


  • Registered Users Posts: 2,138 ✭✭✭lau1247


    TheDriver wrote: »
    Great idea except the life assurance must still be paid which is probably more than the fees

    That is true, good thinking. That would be the caveat that I forgot.

    I'm on dual life level term mortgage protection (technically it is a form of life insurance, rather than mortgage protection I think). I intend to see it through the whole way anyway even after clearing mortgage normally, just due to the way the insurance work.

    From insurance side, there is payout for each death and the amount is the full initial mortgage amount on each payout. Monthly repayment for insurance is very small compared to the potential chances of death (about €31 euro). To me it is a no brainer as an extra form of cheap life insurance for the remainder of my mortgage term after mortgage is cleared. The insurance doesn't end until either I stop paying or the term finish.

    Maybe this would really only work for people with similar circumstances as mine.

    West Dublin, ☀️ 7.83kWp ⚡5.66 kWp South West, ⚡2.18 kWp North East



  • Registered Users Posts: 12,434 ✭✭✭✭TheDriver


    lau1247 wrote: »
    That is true, good thinking. That would be the caveat that I forgot.

    I'm on dual life level term mortgage protection (technically it is a form of life insurance, rather than mortgage protection I think). I intend to see it through the whole way anyway even after clearing mortgage normally, just due to the way the insurance work.

    From insurance side, there is payout for each death and the amount is the full initial mortgage amount on each payout. Monthly repayment for insurance is very small compared to the potential chances of death (about €31 euro). To me it is a no brainer as an extra form of cheap life insurance for the remainder of my mortgage term after mortgage is cleared. The insurance doesn't end until either I stop paying or the term finish.

    Maybe this would really only work for people with similar circumstances as mine.
    I didn't realise that, are you sure it's the initial amount? I thought it was just the remainder.


  • Registered Users Posts: 2,138 ✭✭✭lau1247


    TheDriver wrote: »
    I didn't realise that, are you sure it's the initial amount? I thought it was just the remainder.

    Yeah, level term makes the amount constant throughout the term of the insurance. (Remember it is technically a life insurance, which is not advertised in the mortgage protection section but essentially has the same feature that can be used for mortgage protection purpose)

    Most people just buy the most basic 'joint' (single payout for couple) 'reducing' term where the value of payout drop with the mortgage balance as it goes along. That is because it is the cheapest. Or they either was not aware of the existence of the option.

    In my case the joint reducing option quoted at the time was about €18 per month. Comparing to the non reducing one being about just €13 extra at €31, yet the potential value in return is so much more. It was worth it IMO

    West Dublin, ☀️ 7.83kWp ⚡5.66 kWp South West, ⚡2.18 kWp North East



  • Registered Users Posts: 2,138 ✭✭✭lau1247


    TheDriver wrote: »
    I didn't realise that, are you sure it's the initial amount? I thought it was just the remainder.

    Here is the reference from CCPC site

    https://www.ccpc.ie/consumers/money/insurance/mortgage-protection-insurance/
    wrote:
    Level Term policy: The amount you are insured for and the premium you pay remains level. This gives you the same amount of cover throughout the term of the mortgage. If you die before your mortgage is paid off, the insurance company will pay out the original insured amount. This will pay off the mortgage and any remaining balance will go to your estate.

    West Dublin, ☀️ 7.83kWp ⚡5.66 kWp South West, ⚡2.18 kWp North East



  • Registered Users Posts: 8,969 ✭✭✭CoBo55


    Anyone over the age of 50

    That's a ridiculous post to make and to make it worse you got two likes for it. Must be quiet over on Reddit...


  • Registered Users Posts: 798 ✭✭✭Yyhhuuu


    yabadabado wrote: »
    I have a PTSB account that I do majority of my banking with and a BoI a/c that's opened years but isn't much more than a bit of a savings account .I use BoI a/c for a bill or two and a way of building up a few euro but having easy access to it.

    I would be lodging over 2k a month and probably only been into a bank about 3 times in the last 3 years.

    I was thinking I would close both of my accounts and open one with less fees .
    KBC my best bet?

    Yes I would recommend KBC if you lodge > 2k per month. Their app is quite good. Their staff answering the phones are courteous and polished and helpful just like Bank of Ireland's staff who I dealt with. Obviously KBC alone isn't for you if you lodge cash.

    As regards PTSB, I personally would be reluctant to deal with them due to a bad experiences in branch and on the phone.

    EBS branches offer a personal service, with helpful teller staff. Free Current account AT PRESENT. No mobile App. If you're old fashioned and really dont use internet banking ( or are willing to put up with a mediocre internet banking service to say the least) then I would recommend E.B.S. as it's free at present and accepts cash and cheque lodgements.


  • Posts: 0 [Deleted User]


    I switched to KBC last year and did the whole €2k a month think for a months and then stopped, weirdly I haven't noticed any extra charges, I presume they save them until the end of the year or my account has slipped past their radar?


  • Moderators, Education Moderators, Technology & Internet Moderators Posts: 35,062 Mod ✭✭✭✭AlmightyCushion


    I switched to KBC last year and did the whole €2k a month think for a months and then stopped, weirdly I haven't noticed any extra charges, I presume they save them until the end of the year or my account has slipped past their radar?

    I think charges are meant to be per quarter in that case. I could be wrong though. I remember a few years ago I was pretty sure I didn't do the €2500 lodgement for a few months (it was 2500 back then). I didn't get charged for it either.


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  • Registered Users Posts: 10,612 ✭✭✭✭dulpit


    lau1247 wrote: »
    One that not many people think about but I'm thinking of doing it in a few years time (curious if people can pick any holes or flaws out of this plan?).

    As some may know, people with AIB get free banking as long as you have mortgage with them. Let's say you have a 30 years mortgage. The premise is that you made lots of overpayment and say you almost have it cleared off on year 15 (or whenever). You reduce principal and maintain the term the same.

    You can over pay until you owe say for example 5 euro and let the remainder run for the remaining 15 years (or whatever is left). Interest on the 5 euro mortgage is practically negligible over the remaining term.

    Essentially you have 'free' banking until you reach retirement age (for most people their mortgage terms goes up to retirement age). Then switch to OAP account.

    Well, do you think this will work?

    Or just switch to kbc and not worry about it?


  • Registered Users Posts: 512 ✭✭✭Frozen Veg


    Some credit unions have current accounts for €4 per month.

    Not bad if you're looking for an alternative to a bank.


  • Registered Users Posts: 2,880 ✭✭✭2012paddy2012


    What’s best credit card - no fees for tap or lodging money in from credit union - as a set up payee

    Ulster bank at mo - credit card only -
    Use free banking at credit union for bills etc

    Thks


  • Registered Users Posts: 3,817 ✭✭✭Darc19


    ted1 wrote: »
    Or use N26

    0,5% charge on deposits over €50k and probably move the figure lower soon.

    No thanks.


  • Registered Users Posts: 965 ✭✭✭gabbo is coming


    dulpit wrote: »
    Or just switch to kbc and not worry about it?

    Have you tried? Three months switching process and gave up. Questions were just insane. You can open a N26 account in 5 mins. KBC, 6 months of you're lucky


  • Registered Users Posts: 2,880 ✭✭✭2012paddy2012


    Have you tried? Three months switching process and gave up. Questions were just insane. You can open a N26 account in 5 mins. KBC, 6 months of you're lucky

    Is that n 26 the same as a credit card and does tap and allow credit by credit transfer -
    Anyone know of avant card - gives 30 euro as a welcome is that good


  • Registered Users Posts: 407 ✭✭Izy


    Switched to KBC 3 years ago from AIB mainly to reduce the mortgage interest rate. ( saved about 15k for the term of the mortgage )

    With a KBC current account you get an extra 0.2% of your mortgage interest rate too. And get €3000 for all your solicitor fees for switching.

    I had all my paperwork up to scratch so it was painless. All sorted within 10 days from submitting all the paperwork. Pick a right time in the month when you don’t have any DDs going out of your account and they’ll transfer automatically. ( I think the bank where you are closing your account have to notify whoever is taking the DDs from your account about the switch ) the only DD that was missed by AIB was their own for the mortgage.... took one phone call to sort so not a big deal.

    The app is very user friendly, security very good. Only issue I have is that they can’t put your mortgage account into the app...

    I haven’t used actual cash in a long time so it wasn’t a deal breaker for me.

    Saying that, a friend tried to switch to KBC to save on their mortgage and gave up on it after 3 months of back and forth with the bank.


  • Registered Users Posts: 2,138 ✭✭✭lau1247


    dulpit wrote: »
    Or just switch to kbc and not worry about it?

    Actually I have KBC account also.

    I think the whole AIB/Mortgage free banking thing (The method I was proposing) is suitable for a very very small subset people, nonetheless, hope it helps.

    For me I hope to keep the AIB one going as I have been banking with them since secondary school, they have been reliable for me and seems to be one of the most up to date technology wise between all the mainstream banks in Ireland (Along with KBC).

    West Dublin, ☀️ 7.83kWp ⚡5.66 kWp South West, ⚡2.18 kWp North East



  • Registered Users Posts: 1,235 ✭✭✭Orebro


    lau1247 wrote: »
    Actually I have KBC account also.

    I think the whole AIB/Mortgage free banking thing (The method I was proposing) is suitable for a very very small subset people, nonetheless, hope it helps.

    For me I hope to keep the AIB one going as I have been banking with them since secondary school, they have been reliable for me and seems to be one of the most up to date technology wise between all the mainstream banks in Ireland (Along with KBC).

    This is a classic example of why the likes of AIB love you as a customer - as a country we seem to have some misplaced sense of loyalty to whatever bank we’ve been with for a long time. We seem to think that the bank is our friend and will somehow sort us out when we need them - you being a customer since secondary school means nothing to them. If everyone switched their banking providers for better deals then it would shake them all up to treat their customers better.


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  • Registered Users Posts: 12,434 ✭✭✭✭TheDriver


    Is there a switching code? A reg customer would have a few DD/SO and a salary incoming, Do the banks change these, are they all the same?


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