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Ulster bank sterling cheque fee's

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  • 11-08-2010 6:58pm
    #1
    terencemc
    Registered Users Posts: 531 ✭✭✭


    Here's my rant...
    I went into ulster bank in July and lodged a cheque from an English bank for £101. A month later when ulsterbank get their ass into gear and do the associated paper work it clears and appears in my account as €104.

    Now, I go into ulster bank and say that I'm no idiot and know the exchange rate. So after some rigmarole, i'm told there is a €10 and a €12.70 charge by ulster bank and the British bank. Charges that I was not made aware of when lodging the cheque.

    Has anyone else experienced these charges?


    T


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    #2
    jor el
    Closed Accounts Posts: 16,713 ✭✭✭✭jor el


    terencemc wrote: »
    Charges that I was not made aware of when lodging the cheque.

    Obviously there's going to be some charge when lodging a cheque from a foreign bank using a different currency. €22.70 sounds like a lot, but you shouldn't have assumed it would be 0.

    There's nothing you can do about it now anyway.


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    #3
    dudara
    Registered Users Posts: 33,518 ✭✭✭✭dudara


    Moved to Banking & Insurance & Pensions

    dudara


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    #4
    chris85
    Registered Users Posts: 4,502 ✭✭✭chris85


    Firstly ask them where these charges are outlined. If they are clear in the terms of their accounts then not much can do about it to be honest. It seems to be a bit high for me but they can really charge what they want as long as its clear and transparent for everyone to see.


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    #5
    terencemc
    Registered Users Posts: 531 ✭✭✭terencemc


    Well I got the €12.70 (the ulster bank fee) reimbursed.
    As for the €10, I emailed RBS and was told they didn't charge ulster bank anything so that's my next port of call.


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    #6
    almalahide
    Registered Users Posts: 69 ✭✭almalahide


    terencemc wrote: »
    Well I got the €12.70 (the ulster bank fee) reimbursed.
    As for the €10, I emailed RBS and was told they didn't charge ulster bank anything so that's my next port of call.

    Well RBS is Ulster banks parent so they probably would not have charged anything compared to a cheque from HSBC/Halifax etc.

    How did you get the ulster bank fee back?


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    #7
    terencemc
    Registered Users Posts: 531 ✭✭✭terencemc


    I rang them up and made a complaint...

    I got a letter this morning with the charges - apparently the €10 was a remitting bank charge.....


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    #8
    jor el
    Closed Accounts Posts: 16,713 ✭✭✭✭jor el


    terencemc wrote: »
    apparently the €10 was a remitting bank charge.....

    I had to google that one, and it looks like the remitting bank would be Ulster Bank too. How can they charge you €10 and €12.70 for the same thing? If they've refunded the €12.70, then they might want to keep the €10.


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    #9
    terencemc
    Registered Users Posts: 531 ✭✭✭terencemc


    They seem like a shower of chancers...


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    #10
    terencemc
    Registered Users Posts: 531 ✭✭✭terencemc


    Well they're refunding me €15 for the £10GBP charge so in furure if you're over charged...COMPLAIN


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    #11
    eimearcmh
    Closed Accounts Posts: 599 ✭✭✭eimearcmh


    terencemc wrote: »
    Here's my rant...
    I went into ulster bank in July and lodged a cheque from an English bank for £101. A month later when ulsterbank get their ass into gear and do the associated paper work it clears and appears in my account as €104.

    Now, I go into ulster bank and say that I'm no idiot and know the exchange rate. So after some rigmarole, i'm told there is a €10 and a €12.70 charge by ulster bank and the British bank. Charges that I was not made aware of when lodging the cheque.

    Has anyone else experienced these charges?


    T

    Unfortunately this doesn't suprise me. Branks and credit unions charge commission for handling foreign exchange transactions and this coupled with the current exchange rate and the charge from the foreign bank means that sometimes there isn't much between the stg and euro value.
    Its good though that you have the issue resolved and your getting the €15 back:)


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    #12
    ThatsNotMyName*
    Closed Accounts Posts: 9 ✭ThatsNotMyName*


    Aha, what happened was your cheque was sent on whats called a collection basis. Basically, if its not normal for your account (i.e you're not lodging foreign cheques every week) then the cheque is sent to the bank its drawn on and they guarentee the funds and then your account is credited. UB places a charge for sending it on collection and the recieving bank applies a charge for this aswell. Thats why it took a month for you to receive the funds and why you incurred the charges. They're perfectly in their rights to do this.
    BUT
    They should have advised you at the time you came to lodge it that they were going to send it 'on collection' and that there are charges involved and the time frame. Therefore giving you the option to go lodge it somewhere else or get the payment another way. And for that ridiclously small amount i cant understand why it woulda been sent. That should have been credited to your account straight away (unless it was not your account holding branch in which case it woulda have been lodged the next day) . The cheque then takes 6-8 weeks to clear. You may draw against the funds but if the cheque comes back and bounces, you need to pay the money back.

    Next time tell them they may refund you BOTH bank charges as you were not made aware they were going to send it 'on collection' in which case you would not have lodged it. Tell them you're pissed off no one called to tell you what was going to happen or even told you at the counter and you needed those funds and had to wait a month! They'l refund you no problem.


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