NIB to start charging for *all* their current accounts

byrnefm

Hi,

I received a letter from NIB yesterday which mentions that it "rewards you for your loyalty to our bank". In the same letter, they mention that they're "simplifying our range of products" which turns out to mean that they're getting rid of free banking. For the Easy package, the closest equivalent now is the Easy Plus, where they're going to charge you €18.75 / qtr! For it they give a slight reduction on variable rate mortgages but if you're on a fixed / tracker, you're out of luck. They also will have a €5 / qtr basic account but EVERY transaction to the account will be charged.

Doesn't seem to be much of a reward for "loyalty" to me!

Solair

I'm getting the impression that they don't want current accounts anymore.

dublin daz

Its basically An Post - no banking in branch. They now closed cheque lodgments and credit card cheque payments.

homer911

I'll wait for the letter, but it looks like I'm in search of a new bank..

I have a custody account with them as well, and a savings account, and my wife has a current account. I'm paying for a custody account already - that had been free previously!

Its ridiculous as bank's already make good money out of current accounts without charging - the money made on not paying interest versus borrowing from the ECB..

Not impressed, although could have seen this coming once they got out of cash and now cheque lodgements

homer911

Solair wrote: »

I'm getting the impression that they don't want current accounts anymore.

Makes me wonder if they want a branch network any more? Their new head of retail came from ACC Bank where he closed down most the branches there..

byrnefm

dublin daz wrote: »

Its basically An Post - no banking in branch. They now closed cheque lodgments and credit card cheque payments.

I know .. should it not be even cheaper for them now since they don't have to run many physical bank branches any more?

It's almost become a virtual bank at this stage...

JTMan

NIB clearly have a step-by-step wind down strategy.

1) Close some branches - Done.
2) Remove cash baking - Done.
3) Remove cheques - In progress.
4) Remove free current accounts - In progress.

Next obvious steps:

5) Close all branches. Go online only for retail customers.
6) Run down mortgage book over time, lesser need for deposits, exit Ireland in 5-10 years.

NIB have no longer term future in Ireland.

almalahide

Very Odd, Agree with Fungus, why don't they be honest about it and close like Halifax? If I was an NIB customer I would go anyway due to what they are offering now..

JTMan

almalahide wrote: »

Very Odd, Agree with Fungus, why don't they be honest about it and close like Halifax? If I was an NIB customer I would go anyway due to what they are offering now..

You can go with the sudden option like BoSI/Halifax or you can do it over time.

ACCBank, NIB and Leeds Building Society Ireland are all clearly in wind down mode over a period of years.

It is not always possible to do a sudden wind-down unless you have a rich parent to pay back deposit holders.

homer911

Fungus wrote: »

It is not always possible to do a sudden wind-down unless you have a rich parent to pay back deposit holders.

Its not always wise to do a sudden wind down unless you want to walk away from half your assets..

Leslie91

I got the same letter and have been fortunate to have enjoyed free banking with them for years.

Anybody know what options are out there to move?. Do any of the others have a better deal?.

JTMan

Leslie91 wrote: »

Anybody know what options are out there to move?. Do any of the others have a better deal?.

Best buys for current accounts here.

Currently Ulster Bank still offer free current accounts.

Anatom

Ulster are getting rid of free banking too, very shortly apparently. It was in the Sunday Times (and I think the Indo) a couple of weeks ago...

meemeep

I'm disgusted. I rang them because I couldn't believe my eyes - 25c per laser card transactions - I'd be skint!! I don't think I can close the current account as I pay my mortgage from it, and I've a nice tracker thank you. But I'll send back my laser card. We also bank with the AIB so I'll have to see if we can get transaction free banking with them somehow. NIB will lose my deposit accounts also now - I've been recommending them for years - NO MORE!

Loyalty doesn't exist, neither does rewarding savers. You seem to be better off if you owe loads of money in this country - you can negotiate, and get loans written off. But if you are a saver - thanks very much -we'll screw you even more.

I've just rung Ulster bank and they say they have no plans to introduce fees - their current account is free. See Here:
http://ulsterbank.ie/roi/personal/daily-banking/current-accounts/standard-accounts.ashx

So if I can't get free banking with AIB looks like we'll me moving to Ulster.

aw

I don't have a problem with the fees really, their other two current account options which you can switch to are good value.

Never really understood why banks offered free fees anyway.
If you want the service, you pay for it, that's fair enough.

However, the new cheque arrangment will be a disaster. Obviously they don't want cheques and are trying to stamp out their use (I do agree they are archaic) but you have to have an NIB lodgement book to use the post office...
So what do you do if you don't have the book, you might ask... Good question. Not alot you can do other than call their Customer Service number and wait 5 to 10 days for a damn lodgement book to then lodge your cheque.

dublin daz

aw wrote: »

I don't have a problem with the fees really, their other two current account options which you can switch to are good value.

Never really understood why banks offered free fees anyway.
If you want the service, you pay for it, that's fair enough.

However, the new cheque arrangment will be a disaster. Obviously they don't want cheques and are trying to stamp out their use (I do agree they are archaic) but you have to have an NIB lodgement book to use the post office...
So what do you do if you don't have the book, you might ask... Good question. Not alot you can do other than call their Customer Service number and wait 5 to 10 days for a damn lodgement book to then lodge your cheque.

You can also use your card to lodge and withdraw in the Post Office.

The other lowest fee-accont is €75.00 annually.

PS For cheque lodgments you need a lodgment bag from your local branch or call College Green contact centre.

aw

dublin daz wrote: »

You can also use your card to lodge and withdraw in the Post Office.

The other lowest fee-accont is €75.00 annually.

PS For cheque lodgments you need a lodgment bag from your local branch or call College Green contact centre.

You are right, forgot to mention that you can lodge cash using your Laser or Credit card.
You can't withdraw cash in the Post Office though, just through atms.

The €75 account is the one I have. Easy Plus it's called.

homer911

Still haven't got a letter...

dublin daz

aw wrote: »

You are right, forgot to mention that you can lodge cash using your Laser or Credit card.
You can't withdraw cash in the Post Office though, just through atms.

The €75 account is the one I have. Easy Plus it's called.

Thanks for the info. I didn't know you could lodge to the credit card.

I've the easy plus too and mastercard. I also had a custody acc but moved when they wouldn't waive the €40 - 75 was enough + 30 Gvt duty!

Cheers.

homer911

dublin daz wrote: »

I also had a custody acc but moved when they wouldn't waive the €40 - 75 was enough + 30 Gvt duty!

Can I ask who you moved your custody account to?

Skopzz

I just emptied my bank account and drained my savings account because I can access my cash anytime without having to pay any ATM levy or face a broken ATM. Wouldn't you rather have your cash safe than invest in a troubled bank?

datk

I haven't got my letter yet and I'm curious about how much work I have on my hands!!

I've got (for now) a "Free Bank" account, savings account, esaver account and credit card with NIB. I don't pay any fees on the savings accounts, does anyone know if you can keep savings accounts and credit cards going if you close the current account? Or do I have to look to change ALL of my banking arrangements?

JTMan

According to the Sunday Times, everybody, letter or no letter, is getting moved to fee paying accounts with NIB regardless of the old account type that you had.

dublin daz

homer911 wrote: »

Can I ask who you moved your custody account to?

Sorry hadn't see this. I moved to Goodbody - if you have AIB you can pretty much do what a NIB customer could do.

I didn't have that many share and have subsequently sold and closed the account. But if you have a good few you can get them transferred to a share certificate and there will be no admin fees - but they wont be tradable - well not as easy as if they were in some online account.

If I had of had more money involved I would have done the certificate option. But it was / is around £90 per line so depending on how many stocks you hold may be an option.

Say you have AIB and BOI shares that 2 x the cert fee (about 90 GBP).

dublin daz

Fungus wrote: »

According to the Sunday Times, everybody, letter or no letter, is getting moved to fee paying accounts with NIB regardless of the old account type that you had.

Everyone on a Danske plan - i.e. anyone who opened an account after April 2006.

The "freebank" remains free for as long as you keep it. If you convert to a new "Danske" plan you changed the T+C

meemeep

dublin daz wrote: »

Everyone on a Danske plan - i.e. anyone who opened an account after April 2006.

The "freebank" remains free for as long as you keep it. If you convert to a new "Danske" plan you changed the T+C

They didn't say that when I rang them. I've been with them for a lot longer than that, and ALL accounts are changing according to their help desk

Leslie91

meemeep wrote: »

They didn't say that when I rang them. I've been with them for a lot longer than that, and ALL accounts are changing according to their help desk

Same here. Been with them over 20 years right back to Northern Bank Ireland days and my account will no longer be free banking come May.

Seriously looking at the Ulster Bank now.

dublin daz

meemeep wrote: »

They didn't say that when I rang them. I've been with them for a lot longer than that, and ALL accounts are changing according to their help desk

Sorry the branch told me different, but I have easy plus anyway and pay for it now so I suppose i was just fobbed off.

Leslie91 wrote: »

Same here. Been with them over 20 years right back to Northern Bank Ireland days and my account will no longer be free banking come May.

Seriously looking at the Ulster Bank now.

Hold off with Ulster before checking if they are introducing charges. I seen on another message board they are looking at introducing them soon.

Just check that / ask before committing to a big switch over.

JTMan

dublin daz wrote: »

Hold off with Ulster before checking if they are introducing charges. I seen on another message board they are looking at introducing them soon.

Just check that / ask before committing to a big switch over.

Ulster won't tell you if they are about to introduce charges.

Even if they are about to introduce them, the new chargers might only apply for new customers. Maybe.

homer911

I still havent received a letter and my account terms still say my account is a "Freebank" account, even though this account type is no longer available per their website. It looks like I've escaped the charges as per this document: http://www.nationalirishbank.ie/PDF/Clear_and_simple_fees_and_charges.pdf

(Page 9)

datk

homer911 wrote: »

I still havent received a letter and my account terms still say my account is a "Freebank" account, even though this account type is no longer available per their website. It looks like I've escaped the charges as per this document: http://www.nationalirishbank.ie/PDF/Clear_and_simple_fees_and_charges.pdf

(Page 9)

I don't think we've escaped yet, I haven't received my letter either so I rang the bank last week and they said they're going through people in 'batches', I asked when all the letters would be out as May had been mentioned but was told that different people had different effective dates. I didn't give my name just in case they were going to decide to skip me!!!