PTSB making it harder to dodge quarterly fees

Bob24 · 01-04-2019 1:06pm

loki7777 wrote: »

Will they replace the old one - i got my card week ago:)
Maybe they will update online website as well.

I’d say at least initially they will only replace cards as they are expiring.

Replacing all of them as a Big Bang would create an additional cost to them and also require some logistics planning. In my experience in these situations banks (at least Irish ones) prioritise cost savings and simplicity for them over immediate customer satisfaction.

Delta2113 · 01-04-2019 3:36pm

_Godot_ wrote: »

Just got a letter from EBS saying that any card I receive after 17 June 2019 will have contactless. Pretty awesome for anyone thinking of switching.

- EBS Money Manager Account is a no brainer!

loki7777 · 04-04-2019 11:39am

Just off the phone with ptsb - now I have to send a letter(complaint) to the bank requesting refund of the fees - as I assume now all closed accounts are gone from the system - couldn't sort it out over the phone.
Cheque for the first complaint arrived today by post.

advertsfox · 04-04-2019 4:34pm

Already had 2 x Explore accounts for day to day usage - the 3rd one was only for debits / bills so we converted it yesterday in 5 minutes.

Have got the fuel card ordered (already use Circle K card for fuel so will save there) and then for Sky debit next. Still the best choice for me.

CommShepard · 04-04-2019 9:49pm

Delta2113 wrote: »

- EBS Money Manager Account is a no brainer!

I was stupid enough to switch to EBS and now I'm stuck

1) I wanted to top up my credit card it - the online banking did not allow me to enter my 16 digit credit card number as reference

2) dropped into a branch to make the transfer, they said they couldn't help me, I would not be able to transfer in the branch, online only. ****. I withdraw cash and walked to AIB and lodge the money into my credit card

3) setting up a beneficiary online : you have to call them and it will take a business day to set up.

ESB is ****. Even for free.

loki7777 · 04-04-2019 9:57pm

Adding new payee takes about 4h - i added 6 at once. But yes - they are in the same place as PTSB/BOI were 7-9 years ago when it goes about it - good that you can call and don't have to wait for the code to add one.

JTMan · 05-04-2019 8:40am

loki7777 wrote: »

Adding new payee takes about 4h - i added 6 at once.

:eek: Another example of Stone Age banking by EBS. Not worth it even if it is free, there are plenty of better free options.

Delta2113 · 05-04-2019 10:11am

JTMan wrote: »

:eek: Another example of Stone Age banking by EBS. Not worth it even if it is free, there are plenty of better free options.

EBS Money Manager is the only FREE Irish option Current Account without any conditions but yes it has it's issues.

Some off these issues can be sorted with using this account in association with Revolut,N26 and even Transferwise Borderless Account.

Pay for nothing in Banking unless absolutely necessary.

Bob24 · 05-04-2019 10:33am

Delta2113 wrote: »

EBS Money Manager is the only FREE Irish option Current Account without any conditions but yes it has it's issues.

Tbh the sole reason it’s free is that the service is lacking compared to pretty much any other option on the market, and virtually no one would use them if there was a fee (even PTSB and BOI look like modern and cutting edge banks compared to EBS, which is not a compliment). Personally I wouldn’t bother with them.

I would either use N26 if I didn’t need cash service and an Irish IBAN, use a free account with another bank if I meet the criteria (between basic banking offers, free fees based on minimum lodgements, student accounts, senior citizen accounts, free current accounts for mortgage holders, etc ... many people qualify one way or another), or otherwise I would pay a few euros per month to get a proper banking service which doesn’t require workarounds and is not 10 years behind in terms of remote banking and electronic payments.

loki7777 · 05-04-2019 10:45am

Yes, but most of the ppl here weren't happy with any fees so that's why we were switching from PTSB - if i would like to keep 2,5k in my account all the time i would stay with them - but i don't want to and i don't want to pay anything at all for banking services.
That's why i set 6 payee that i will use from time to time and one standing order plus few direct debits and that was it. I'm not a fan of contacless(i know it is coming to ebs shortly) payments and don't need any virtual wallets etc. so ebs account is fine for me - it's not perfect in anyway - takes some time to sort everything out but i could do it.
I also took revoult for easy(one time) money transfers and i am happy now with my bank setup.
And if you want to add some fuel to the fire they didn't transfer any of my DD,SO,Payee when i was switching with them and ask for it - but it happens with many banks.

So yes ebs is simple, 10 years behind BOI/PTSB but it suits some people. I wouldn't meet the explorer account conditions to have it free - i rarely use my card, don't have account with Sky/Airtricity and have fuel card with circlek anyway.

CommShepard · 05-04-2019 3:16pm

loki7777 wrote: »

Adding new payee takes about 4h - i added 6 at once. But yes - they are in the same place as PTSB/BOI were 7-9 years ago when it goes about it - good that you can call and don't have to wait for the code to add one.

I'm still not able to transfer money to my credit card (AIB) as the 16 digit creditcard no. does not fit.

loki7777 · 05-04-2019 3:38pm

Won't help you with that as i don't have CC.

Ten Pin · 05-04-2019 3:48pm

I'm still not able to transfer money to my credit card (AIB) as the 16 digit creditcard no. does not fit.

EBS online has an option for "payee" or "bill" in beneficiaries.
Within bills there's an "AIB Visa" option with a space for 16 characters. However it doesn't show the relevant IBAN which is a bit pointless (unless it's shown before confirming it).

I kept a savings account open in PTSB for situations like this, can still pay bills from Open24

radonicus · 06-04-2019 2:01pm

I assume the full quarterly fees are charged no matter if you close the account today or at the end of June (as in they are not applied pro rata)?

Ten Pin · 06-04-2019 2:14pm

Yes, one day is the same as full quarter, unless a balance of 2500 is maintained every day throughout the quarter. But even then they may try and charge the fee at closing. The only remedy was to close the account before 1 April and empty the account beforehand.

loki7777 · 06-04-2019 5:04pm

It wasn't remedy at all - they charged us as well(we closed in last week of March) - on statement they call it service charge. I got my money back and my partner just sent them a letter with complaint.
They wouldn't close the account for us without lodging €18 on each account.

Eggs For Dinner · 09-04-2019 7:32am

Swapped over to Explore yesterday. Dropped in without appointment, dealt with straight away. 3 signatures and a lot of chat about Brexit and out the door in 15 minutes

kelzer · 10-04-2019 2:23pm

I switched to the Explore account today. Easy and fast process. The bank official said that the cashback was 10% on all card transactions no matter the value. I had heard that it was all card transactions over €3. Which is correct?

km79 · 10-04-2019 4:59pm

kelzer wrote: »

I switched to the Explore account today. Easy and fast process. The bank official said that the cashback was 10% on all card transactions no matter the value. I had heard that it was all card transactions over €3. Which is correct?

10 cent not 10 %

Bojill · 12-04-2019 1:49pm

kelzer wrote: »

I switched to the Explore account today. Easy and fast process. The bank official said that the cashback was 10% on all card transactions no matter the value. I had heard that it was all card transactions over €3. Which is correct?

Neither, 10c per transaction (any value) up to a max of 5 euro per month cashback.

13-04-2019 2:40pm

10% on all card transactions would be a 2nd income

kenmc · 25-04-2019 1:08pm

Just closed my current account in ptsb, emptied it to savings this morning, popped into local branch (dundrum d14), asked to close it, no issues at all, no questions asked, no fees demanded, just took a copy of my passport. Couldn't have been simpler really.

N26 and EBS for now, with revolut for day2day.

Stevek101 · 22-05-2019 6:44pm

The fee is going from €4 to €6 per month from 1 August. Unavoidable fee now €12 per year.

sonyvision · 22-05-2019 6:49pm

And the cashback will stay capped at 5 euro!... making a visit on 31st july to close my account

uck51js9zml2yt · 22-05-2019 6:51pm

Bojill wrote: »

Neither, 10c per transaction (any value) up to a max of 5 euro per month cashback.

Seems to be a fiver per card if a joint account.

km79 · 22-05-2019 7:03pm

Well that’s ANNOYING

JTMan · 22-05-2019 7:21pm

Confirmation of the fee increase to 72 euros per year here.

JTMan · 22-05-2019 8:24pm

Meanwhile KBC have reduced the monthly deposit requirement to 2,000 EUR per month from 1 July 2019 to get free banking with the KBC Extra Current account.

Ten Pin · 22-05-2019 8:27pm

Details of Explore account charge increase
https://www.permanenttsb.ie/about-us/notices/2019/may/changes-to-explore-fee-for-maintaining-the-account/

Gael23 · 22-05-2019 8:29pm

JTMan wrote: »

Meanwhile KBC have reduced the monthly deposit requirement to 2,000 EUR per month from 1 July 2019 to get free banking with the KBC Extra Current account.

Where did you get that? Still €2500 on their website

JTMan · 23-05-2019 7:03am

Gael23 wrote: »

Where did you get that? Still €2500 on their website

https://www.kbc.ie/news-and-press/latest-news-and-press-releases/kbc-bank-ireland-plc,-financial-results-for-q1-(4)

uck51js9zml2yt · 23-05-2019 9:06am

JTMan wrote: »

https://www.kbc.ie/news-and-press/latest-news-and-press-releases/kbc-bank-ireland-plc,-financial-results-for-q1-(4)

Is it just the cynic in me that says, they get all the ptsb customers and then introduce charges?

veryangryman · 23-05-2019 10:25am

Liv Square Punch wrote: »

Is it just the cynic in me that says, they get all the ptsb customers and then introduce charges?

And if they do, people will move again. Once you know how to move, ye hesitate less

Gael23 · 23-05-2019 10:26am

Liv Square Punch wrote: »

Is it just the cynic in me that says, they get all the ptsb customers and then introduce charges?

That’s why I’m slow to move. I do have my savings with them but not current account

veryangryman · 23-05-2019 10:39am

AFAIK i have the current account now moved PTSB to KBC. The current account in PTSB has vanished and the balance (minus €18 quarterly fee) has been sent to KBC.

So my Mortgage comes out today. I look at Mortgage account and the money has been sent. However, the KBC current still shows no money gone, not even in pending.

Anyone used KBC before, is this normal and sorts itself out in a few days?

F1ngers · 23-05-2019 3:01pm

veryangryman wrote: »

AFAIK i have the current account now moved PTSB to KBC. The current account in PTSB has vanished and the balance (minus €18 quarterly fee) has been sent to KBC.

So my Mortgage comes out today. I look at Mortgage account and the money has been sent. However, the KBC current still shows no money gone, not even in pending.

Anyone used KBC before, is this normal and sorts itself out in a few days?

There is a KBC forum on boards, ask them.

ILikeBoats · 25-05-2019 9:02am

Can someone explain PTSB's logic please?

Right, let's introduce fees, annoy everybody and lose a decent chunk of our customers... Couple of months later... Right let's increase that fee just to pi55 the remainder off further, see if we can lose even more customers?

Elessar · 25-05-2019 10:03am

I'm still on the old PSTB current account that is now getting fees of €18/quarter. That's €72/year. I see the Explore account which was cheaper will now be €6/month which is €72 year.

Is there any reason at all to switch accounts in PTSB now?

Rock Steady Edy · 25-05-2019 10:05am

ILikeBoats wrote: »

Can someone explain PTSB's logic please?

Increase profits. They are clearly on a mission.

https://www.rte.ie/news/business/2019/0227/1033111-permanent-tsb-results/

I don't know what the stats are from other banks that have introduced bank charges in previous years (eg Ulster Bank), but lets say 80% stay and 20% don't. So that's 80% who pay higher fees and 20% who leave. They don't really care whether you stay or go, it's just a numbers game. They'll be able to estimate how many will stay and how many will go even just from the recent removal of free banking in Q1.

This thread probably contains a higher number of motivated switchers than the general population because you're annoyed enough about it to seek it.

We moved to the Explorer account a couple of months ago because the cashback essentially cancels out the charges. But this might be the straw that breaks the camal's back, as we already have a KBC current account in conjunction with our mortgage, so really just a matter of switching a few DDs.

I see that the letter says "If you do not wish to accept the change you may close the account or switch providers without a charge", so I'll be keeping that letter safe after hearing about the experiences of others who closed their accounts previously.

Eggs For Dinner · 25-05-2019 10:50am

Elessar wrote: »

I'm still on the old PSTB current account that is now getting fees of €18/quarter. That's €72/year. I see the Explore account which was cheaper will now be €6/month which is €72 year.

Is there any reason at all to switch accounts in PTSB now?

You can earn up to €5 per month cashback for using your debit card etc at 10c a transaction

Bob24 · 25-05-2019 6:24pm

Rock Steady Edy wrote: »

They don't really care whether you stay or go, it's just a numbers game. They'll be able to estimate how many will stay and how many will go even just from the recent removal of free banking in Q1.

People leaving might also take their savings with them though (and PTSB needs deposits), and they are less likely to bring mortgage/investment/insurance business in the future (i.e. current accounts are never going to be a huge source for profit but are a good way to maintain a relationship with customers in order to sell them other products).

They must have looked as the figures as you mentioned and decided it made sense, but I have to say I am skeptical as I doubt it will be a great money maker from them and it will be a large loss of business oportunities.

AulWan · 25-05-2019 7:00pm

I moved from UB to a PTSB evolve account in March, when I first heard of UB's new transaction fees. I chose PTSB over KBC as I need to be able to lodge cash.

So far, I am happy enough with PTSB. My rewards at the end of the month have covered the €4 flat fee. If I had any complaints, its that they are a bit slower to process things, but I can live with that. I just pay things a day earlier. I just yesterday got the letter to say their flat fee was increasing to €6 a month, which I can also live with considering my first fee notification from UB for just one month was almost €20 (and I only used it while switching stuff over to PTSB).

If UB had opted to increase their flat rate €4 fee to €6 or even slightly higher, I would have stayed. But it was the per transaction fee, and particularly the fees on transactions done via app, that pushed me to leave.

Tar.Aldarion · 29-05-2019 11:59am

That is so funny that people switched to the explorer account instead of moving bank then PTSB jacked up the price on that too! Hello more customers going to KBC.

loki7777 · 29-05-2019 12:00pm

Tar.Aldarion wrote: »

That is so funny that people switched to the explorer account instead of moving bank then PTSB jacked up the price on that too! Hello more customers going to KBC.

I think EBS:)

Delta2113 · 29-05-2019 12:23pm

Tar.Aldarion wrote: »

That is so funny that people switched to the explorer account instead of moving bank then PTSB jacked up the price on that too! Hello more customers going to KBC.

I'm glad I didn't switch to Explore Account. I've still FREE banking but yes must keep balance at €2,500 min.

ct5amr2ig1nfhp · 29-05-2019 2:08pm

I believe in voting with my feet, so we switched away from PTSB to KBC. Had a few issues but eventually got them resolved.

I would not be surprised if KBC change their free banking rules again soon, making it harder to avoid charges. Look at their latest financial results - profits are down 75% on this time last year.

Tar.Aldarion wrote: »

That is so funny that people switched to the explorer account instead of moving bank then PTSB jacked up the price on that too! Hello more customers going to KBC.

Ten Pin · 30-05-2019 3:35pm

And the reason for all these fee hikes is a Central Bank fine

https://jrnl.ie/4661541

In other words the customers pay for someone else's "mistakes"

beggars_bush · 30-05-2019 3:52pm

I'll be moving to AIB

its much less hassle, and luckily I'll be able to keep the balance needed.

No KBC branch within 40 minutes drive
and could you rely on EBS?

shanec1928 · 30-05-2019 5:21pm

loki7777 wrote: »

I think EBS:)

Ebs have the most stupid sign up systems. Have to go in and submit Id first then wait for that to be approved before being able to sign up.

loki7777 · 30-05-2019 6:09pm

Yes they do.

PTSB making it harder to dodge quarterly fees

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