Ulster Bank to drop fee-free banking (from July 2013)

murphaph

[Deleted User] wrote: »

Isn't pointless to transfer to PTSB? It'll probably become the norm eventually.

Not pointless. If everyone moved to PTSB the others would need to beat PTSB's offering to attract customers back.

unkel

murphaph wrote: »

Their CC is free. Just close your AIB current account. I did this.

Not that easy. UB do not necessarily want to take on unsecured personal debt held with another institution

I made the move myself from AIB (after 17 years) to UB this time last year. I kissed goodbye to my overdraft and credit card though

Alun

MugMugs wrote: »

When I worked in Holland cheques were unheard of.

They had Eurocheques, as did many other EU countries, right up until 2001. They were in decline well before that date though.

CiniO

I've never seen a cheque in my life (except from the movies), before I moved to Ireland 9 years ago. I'm 31 years old.

CiniO

So summarising.
If my wife will transfer 500 from her Ulster Bank account to my Ulsterbank account, I transfer it back, and we repeat the procedure 6 times every month, we are not going to pay any fees. Am I right here?

murphaph

unkel wrote: »

Not that easy. UB do not necessarily want to take on unsecured personal debt held with another institution

I made the move myself from AIB (after 17 years) to UB this time last year. I kissed goodbye to my overdraft and credit card though

Leave the loan and cc with AIB. Just close the current account. The loan can be serviced from a different bank.

unkel

CiniO wrote: »

So summarising.
If my wife will transfer 500 from her Ulster Bank account to my Ulsterbank account, I transfer it back, and we repeat the procedure 6 times every month, we are not going to pay any fees. Am I right here?

Yes.

BuffyBot

Deleted User wrote: »

Isn't pointless to transfer to PTSB? It'll probably become the norm eventually.

PTSB's new current account has a much less onerous threshold to achieve fee-free banking, so not nessecarily.

unkel

BuffyBot wrote: »

PTSB's new current account has a much less onerous threshold to achieve fee-free banking

For all the PAYE workers earning a net monthly salary of between €1,500 and €2,999.99, yes it has. They don't have to do anything to qualify for fee-free banking with PTSB, as opposed to fee-free banking with UB

For most other people out there, no it hasn't

Narmie

So let me get this straight...

I have two Ulster Bank Current Accounts I can access with online banking. One is mine, and one is the joint account I share with my partner.

If I log in to the online banking and move €3000 from the joint account into my own account, and then swap it back--I've met one of the waiver requirements for both accounts? Does the €3000 have to stay in any one account for any length of time--or because they're both Ulster Bank I can just log in once a month to move the money out, and then move it back and consider the fee avoided?

murphaph

Narmie wrote: »

So let me get this straight...

I have two Ulster Bank Current Accounts I can access with online banking. One is mine, and one is the joint account I share with my partner.

If I log in to the online banking and move €3000 from the joint account into my own account, and then swap it back--I've met one of the waiver requirements for both accounts? Does the €3000 have to stay in any one account for any length of time--or because they're both Ulster Bank I can just log in once a month to move the money out, and then move it back and consider the fee avoided?

It just has to clear. If you are transfering it online from one UB account to another it should clear instantly. There's no minimum time it has to sit in either account.

UB know that many people won't have the money to do this without it effecting their day to day lives. It's these folks who will pay these charges mostly.

PhilMcGee

I dont understand why anyone would pay a penny in charges to a bank if it can be avoided.
PTSB. Free with lower qualifying conditions. And its so easy to move these days.

This post says otherwise regarding the $3000. The last line says the $3000 cannot be in one transaction.

fussyonion

It says if you are 60 or over, this fee is waived.
So if someone was to add a 60-year-old to their account (to make it a joint account), would you bypass the fee that way?

PhilMcGee

CiniO wrote: »

So summarising.
If my wife will transfer 500 from her Ulster Bank account to my Ulsterbank account, I transfer it back, and we repeat the procedure 6 times every month, we are not going to pay any fees. Am I right here?

Seems like a lot of trouble

Go to PTSB and you only have to do it 3 times. And the banks get the message that people wont stand for it.

CaraMay

It's not a charity they are running and before anyone whinges about bailing out the banks, we didn't bail them out, the residents of the UK did.

You can be sure 99% of people on here pay more than €4 per month for booze or fags yet you don't want to pay for your money to be minded. Stick it under the mattress so.

CaraMay

pclive wrote: »

I just phoned them on 1800 303 069 and told them I will be closing my acount before the fees are introduced.

Going to move to Permanent TSB or KBC when they open a current account.

They will be delighted as accounts with f all money in them actually cost the bank money so a big win for them is for you to move. Don't think you are annoying them with a threat like that.

CaraMay

CaraMay wrote: »

You can be sure 99% of people on here pay more than €4 per month for booze or fags yet you don't want to pay for your money to be minded. Stick it under the mattress so.

I don't drink or smoke so could I get a waiver then!?!?

CaraMay

Deleted User wrote: »

I don't drink or smoke so could I get a waiver then!?!?

No you are in the 1%

In all seriousness, people pay for services all the time eg taxis, yet expect to say nothing to the banks

km79

CaraMay wrote: »

No you are in the 1%

In all seriousness, people pay for services all the time eg taxis, yet expect to say nothing to the banks

I pay for the banks out of every pay packet

CaraMay

km79 wrote: »

I pay for the banks out of every pay packet

Not Ulster bank unless you are in the UK and then the €4 fee won't bother you.

unkel

CaraMay wrote: »

It's not a charity they are running

It seems it is a charity. Did you see the Mercer report on banking remuneration? Their conclusion was that banking staff in Ireland are overpaid

Maybe the banks should look at cost cutting first, before they start thinking about raising charges / fees...

CaraMay

unkel wrote: »

It seems it is a charity. Did you see the Mercer report on banking remuneration? Their conclusion was that banking staff in Ireland are overpaid

Maybe the banks should look at cost cutting first, before they start thinking about raising charges / fees...

Well if you read the papers you would see that they have lost over 3000 staff out of 8000 in the last two years. That is cost cutting.

murphaph

CaraMay wrote: »

It's not a charity they are running and before anyone whinges about bailing out the banks, we didn't bail them out, the residents of the UK did.

You can be sure 99% of people on here pay more than €4 per month for booze or fags yet you don't want to pay for your money to be minded. Stick it under the mattress so.

Lol you'd swear the bank piled your money into their vault and locked the door. The banks need our deposits. They should pay us, not the other way round.

CaraMay

murphaph wrote: »

Lol you'd swear the bank piled your money into their vault and locked the door. The banks need our deposits. They should pay us, not the other way round.

They do pay... The are called deposit accounts.

A friend works there and is not on a big salary for a bank manager .- 50k ... I think that's low given the responsibility. No car, no overtime, no salary protection from next year, no staff loans and no increase or bonus for 3 years. Hardly lifestyles of the rich and famous.... They got rid and are getting rid of a lot of the higher salaries.

murphaph

CaraMay wrote: »

They do pay... The are called deposit accounts.

A friend works there and is not on a big salary for a bank manager .- 50k ... I think that's low given the responsibility.

My bank pays 0.2% on my current account and there are absolutely no fees, regardless of balance etc.

Bank managers these says have little discretion and with it little responsibility. They are not making the decisions they made 30 years ago.

CaraMay

murphaph wrote: »

My bank pays 0.2% on my current account and there are absolutely no fees, regardless of balance etc.

Bank managers these says have little discretion and with it little responsibility. They are not making the decisions they made 30 years ago.

Waffle. He doesnt have final approval but he has to put his name to the proposed loan. Anything that goes wrong then he gets it. Same difference as being able to approve it.

On top of that they have to deal with many aggressive clients. Not worth it for 50k IMHO

BuffyBot

..and, with that, can we drop the hand-bagging and go back on topic, please.

commited

Hi guys,
I just read the email from Ulsterbank informing me about the fee's that are to be introduced. I do not currently live in Ireland, but I like to leave some money there so that I can use a local account when I visit. I currently have 2 accounts set up with them:
- Current account (balance of €10)
- Special Interest Deposit (balance of €5000 currently earning 2.5%)
The accounts are linked and transfers are instant.
Am I right in thinking that I can set up a standing order between these two accounts and just transfer €3000 back and forth to avoid the €4/month charge?
All help/suggestions appreciated.

tomdublin

CaraMay wrote: »

They will be delighted as accounts with f all money in them actually cost the bank money so a big win for them is for you to move. Don't think you are annoying them with a threat like that.

You are wrong here, even current accounts with very little in them cost banks virtually nothing, which is why current account charges are pretty much unknown in almost every other industrialized country. What does cost banks is setting up and maintaining the current account infrastructure. But that's a fixed cost they incur regardless how how many customers they end up having. The marginal cost of taking on additional accounts is almost zero, at least if they are internet-based and involve no mailing out of paper statements. Irish banks charge because a lack of competition means they can.