EBS MoneyManager account

chasm

Does anyone here have an EBS moneymanager account. Wondering what they are like to deal with.

"You can get your first 5 withdrawals each month (either in-branch or at the ATM) without paying EBS fees if you do one or both of the following:

Lodge €1,500 to your account each month (either in one lump sum or as a series of smaller lodgements), and/or;
You keep a minimum balance of €500 in your account each month.

Note: Other charges may still apply. No credit interest is payable on this account."

I don't make many withdrawals via atm per month, but the debit card would be handy, i cannot find info on their site as to whether there is any charge for direct debits and standing orders though. Anyone have any info?

Delta2113

The following transactions are not currently subject to Fees or Charges however this may be subject to change from time to time:
Cash lodgement

Cheque lodgement (including EBS Cheques and non-EBS Cheques
Retail Terminal transaction (euro-denominated)
Cashback Transaction (euro-denominated)
Direct credit
Standing order (including setting up and amending)
Direct Debit (including setting up and amending)
Online Transfer
Telemandate (including setting up and amending): a mandate to permit the transfer of funds to a pre-designated third party bank account on an ad hoc basis either on-line or by telephone
Certificate of interest: a statement confirming the interest that was debited or credited to your Account in a given period


- In other words FREE!

alaimacerc

That sounds pretty good, and would suit my pattern of usage rather well. but I'm a bit concerned at the "subject to change from time to time". That's what's tripped me up over the AIB charges: changing them without direct notification, so that the transactions I'm making under one charging regime turn out to be ones I'm being charged extra for, when they end uo being "de-waivered".

BuffyBot

Any financial institution will have a similar disclaimer tbh.

alaimacerc

I'm less interested in their disclaimers than I am in their practices. To wit: if there's a drastic change in T&C such that activities that were previously getting one free banking are now costing one extra, will there be direct prior notification, in the form of a letter or an email. Rather than getting informed after one has already incurred two quarters' worth of such. If any of the banks are committing to do this, I'd be inclined to cut them a decent amount of slack otherwise.

BuffyBot

I can't think of any who do. Generally, the notice in publications is the standard.

alaimacerc

I'll be sure to report back if I get any comfort in that area, from asking around the various local branches.

Delta2113

Anybody else using this current account?

DMcL1971

I've been using it for about a year now with no problems and no fees.

From last week you are now able to do electronic transfers online instead of using telemandates which is a big help.

Myrddin

Delta2113 wrote: »

Anybody else using this current account?

I have one too, have had it years. Never had an issue with them & wouldn't incur much fees as I don't use it for withdrawals really, I pay into it & pay biills electronically with it.

Delta2113

Even if you didnt keep €500 balance you would only start to rack up charges if you kept using the debit atm card. Standind orders,direct debits,online etc wouldnt be charged.

Delta2113

If PTSB go ahead with changes to it's Current Account product for new customers this will be the product that people like myself, money websites etc. will recommend.

Delta2113

Delta2113 wrote: »

If PTSB go ahead with changes to it's Current Account product for new customers this will be the product that people like myself, money websites etc. will recommend.

- PTSB have not made any changes yet and some good news Number26 has arrived in Republic of Ireland.

EBS say they will update it's website - it's badly needed.

Delta2113

Still no sign of website update and no mention about Irish Government 12 cent ATM withdrawal tax.

Charles Babbage

It is worth noting that this card has one of the best rates for non Euro withdrawals, 1% rather than 2.25% often found. Useful if you visit non Euro locations on hols.

Delta2113

Not in the Revolut territory but worth a mention alright.

Non-euro transaction fees info:-

Non-euro card purchase: 1% of transaction value (minimum €0.30, maximum €6.00) plus the MasterCard exchange rate.
Non-euro cash withdrawal fee: 1% of the amount withdrawn (minimum €1.91, maximum €6.00) plus the MasterCard exchange rate.

Delta2113

This Current Account is now a totally FREE option.

http://www.ebs.ie/daily-banking/debit-card.html

coylemj

Delta2113 wrote: »

This Current Account is now a totally FREE option.

http://www.ebs.ie/daily-banking/debit-card.html

Not necessarily 'totally free' - there's still a limit of five ATM withdrawals per month for anyone trying to avoid current a/c fees and you need either to maintain a balance of at least €500 for the whole month OR lodge at least €1,500 each month - see s.65 in the link you posted. This has applied since I opened my MM a/c a few years ago.

Delta2113

Condition 65 of the previous terms
and conditions which set out how
customers could be exempt from (i)
Cash Withdrawal in EBS offices and
(ii) ATM withdrawal (euro -
denominated) fees has been
deleted as since 1st September 2016.

EBS are no longer charging
these fees in respect of this
account.

It's FREE!

Yggr of Asgard

The account is now free, see the changes in T&C which outline it:

http://www.ebs.ie/images/pdffiles/ebs-dac-details-changes-general-terms-and-conditions-ebs-moneymanager-account.pdf

coylemj

Thanks folks, got it now. The confusion in my case arose because on their website there are two links, one which claims to point to 'New Moneymanager terms and conditions' but which has the old Ts & Cs (including the limit of five free ATM withdrawals) and below it is a link to 'Details of Changes to the General Terms and Conditions for EBS MoneyManager Accounts' which points to the new charging structure.

Delta2113

"Annual Government Stamp Duty



Please be advised that the annual Government Stamp Duty charge applicable on your EBS Debit Card(s) for the year 2016 will be applied to your account on 26th January 2017.

The annual Government Stamp Duty cost will be charged at a rate of €0.12 per ATM transaction. Government Stamp Duty only applies to ATM transactions carried out within Ireland (excluding Northern Ireland). This charge is capped at €2.50 if you only use your debit card for ATM transactions and capped at €5 if you use your debit card for both purchases and ATM transactions.

To avoid incurring additional charges, it is important that there are adequate funds in your account to cover the duty on the date that it is required.

EBS d.a.c. is regulated by the Central Bank of Ireland.

Information correct as at 13.01.2017."