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So... I'm curious... Who DID actually switch banks?

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    #62
    fartyarse
    Registered Users Posts: 387 ✭✭fartyarse


    vicwatson wrote: »
    Switched from BOI to PTSB after 45 years as a customer of BOI, enough is more than enough


    Jeepers! Big change!

    I wonder will BOI make any efforts to try get you back...


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    #63
    keith_d99
    Registered Users Posts: 1,930 ✭✭✭keith_d99


    quaalude wrote: »
    I left AIB last year, (20 years a customer) for Ulster Bank.
    I upgraded my Ulster Bank account to a uFirst account to take advantage of the free iPhone insurance it offers, so I pay a tenner a month for my account.

    Did the same myself .... bar the hassle of switching DDs and the rude Ulster Bank call centre staff - it was worth it!
    2012paddy2012 wrote: »
    120 a year ! Fair play

    - Was paying €13 a month iphone insurance.
    - Free travel insurance
    - And have been refunded €400 ticketmaster charges (you get 25% back into your account automatically)
    jonnny68 wrote: »
    Ulster Bank customer myself and just rang them to query the fees and the customer service representative i spoke to mentioned this uFirst, actually done a very good job of selling it to me as I was and still might switch to PTSB but with all these benefits for a tenner a month I'm considering staying especially the mobile insurance for my HTC One but I'm wondering what are the catches as there have to be some before I make a final decision?

    There are no catches that I can see - I checked the T+Cs of the mobile insurance and and it looks fine. The insurance is underwritten by Aviva


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    #64
    Sgt Pepper 64
    Registered Users Posts: 9,627 ✭✭✭Sgt Pepper 64


    Changed yesterday from BOI to Perm TSB. very straightforward


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    #65
    smemon
    Registered Users Posts: 3,467 ✭✭✭smemon


    does anyone know why Credit Union don't issue debit cards & do online banking? if they did, i'd switch everything to the credit union...


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    #66
    The_Morrigan
    Registered Users Posts: 9,368 ✭✭✭The_Morrigan


    smemon wrote: »
    does anyone know why Credit Union don't issue debit cards & do online banking? if they did, i'd switch everything to the credit union...

    They probably don't have the capital to undertake such a scheme.


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    #67
    spurious
    Moderators, Category Moderators, Education Moderators Posts: 27,196 CMod ✭✭✭✭spurious


    Just completed the switch to PTSB from Bank of Ireland today. Opened my first Bank of Ireland account 43 years ago.


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    #68
    FaganJr
    Registered Users Posts: 581 ✭✭✭FaganJr


    spurious wrote: »
    Just completed the switch to PTSB from Bank of Ireland today. Opened my first Bank of Ireland account 43 years ago.

    How long did it take from Sending off the forms to getting an active account??


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    #69
    The_Morrigan
    Registered Users Posts: 9,368 ✭✭✭The_Morrigan


    FaganJr wrote: »
    How long did it take from Sending off the forms to getting an active account??

    I had an account available to me immediately, you just pick a date in the future to allow for your first wage to hit the new account and then no trouble with any debits. Its just timing.
    My visa debit arrived within a week.


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    #70
    realgirl
    Closed Accounts Posts: 212 ✭✭realgirl


    Closing my BOI account next week after 17 years, opened a Money manager account with EBS instead.


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    #71
    Delta2113
    Registered Users Posts: 2,707 ✭✭✭Delta2113


    realgirl wrote: »
    Closing my BOI account next week after 17 years, opened a Money manager account with EBS instead.


    - Did you just call in to office or get form's posted out? Be interested in the process.


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    #72
    realgirl
    Closed Accounts Posts: 212 ✭✭realgirl


    Delta2113 wrote: »
    - Did you just call in to office or get form's posted out? Be interested in the process.

    I called into an EBS branch where I already have an account so it was very easy to open a new one. I didn't "switch" officially so not sure what the process is for that. I had dwindled the use of my BOI account down over the past year so had no DDs, SOs etc to switch over. Sorry that info probably isn't much help to you!


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    #73
    spurious
    Moderators, Category Moderators, Education Moderators Posts: 27,196 CMod ✭✭✭✭spurious


    FaganJr wrote: »
    How long did it take from Sending off the forms to getting an active account??

    I did the switch in the branch and had an active account within minutes that I then used online banking to switch some money into.


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    #74
    Jim2007
    Moderators, Business & Finance Moderators Posts: 10,278 Mod ✭✭✭✭Jim2007


    I've heard so much about how the banks mistreated customers and so on on this forum that I have to ask?

    Do you seriously believe that PTSB will not introduce fees in the near future? Pretty much every bank in Europe charges for it's services unless you are willing to have around 5K on average on deposit with them, so I don't see how PTSB can be expected to continue to give away it's services over the long run...

    I fully expect to hear one of these days that due the high costs blah blah, PTSB is going to have to charge fees as well...


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    #75
    Bowlardo
    Registered Users Posts: 2,390 ✭✭✭Bowlardo


    Jim2007 wrote: »
    I've heard so much about how the banks mistreated customers and so on on this forum that I have to ask?

    Do you seriously believe that PTSB will not introduce fees in the near future? Pretty much every bank in Europe charges for it's services unless you are willing to have around 5K on average on deposit with them, so I don't see how PTSB can be expected to continue to give away it's services over the long run...

    I fully expect to hear one of these days that due the high costs blah blah, PTSB is going to have to charge fees as well...

    Maybe they will but I would be certain that it will less than there other *****!


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    #76
    Jim2007
    Moderators, Business & Finance Moderators Posts: 10,278 Mod ✭✭✭✭Jim2007


    Bowlardo wrote: »
    Maybe they will but I would be certain that it will less than there other *****!

    How so?


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    #77
    rovoagho
    Banned (with Prison Access) Posts: 1,151 ✭✭✭rovoagho


    I'm all set to move again when PTSB raise their fees.

    http://en.m.wikipedia.org/wiki/First_they_came...

    But hey, you stay where you are and tell us how stupid we all are, huh?

    Godwin?


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    #78
    Jim2007
    Moderators, Business & Finance Moderators Posts: 10,278 Mod ✭✭✭✭Jim2007


    rovoagho wrote: »
    I'm all set to move again when PTSB raise their fees.

    And you'll be moving to where then?


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    #79
    murphaph
    Registered Users Posts: 19,020 ✭✭✭✭murphaph


    Jim2007 wrote: »
    And you'll be moving to where then?
    The cheapest option. If every customer moved to the cheapest then no bank would charge transaction fees.

    Anyway, SEPA is coming properly from February. A current account in any SEPA eurozone country will then be able to service direct debits and card payments etc. In the entire zone.

    It's only a matter of time before continental online only banks like DKB.de (my main bank) start to look to expand.


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    #80
    Yggr of Asgard
    Registered Users Posts: 5,224 ✭✭✭Yggr of Asgard


    Jim2007 wrote: »
    I've heard so much about how the banks mistreated customers and so on on this forum that I have to ask?

    Do you seriously believe that PTSB will not introduce fees in the near future? Pretty much every bank in Europe charges for it's services unless you are willing to have around 5K on average on deposit with them, so I don't see how PTSB can be expected to continue to give away it's services over the long run...

    I fully expect to hear one of these days that due the high costs blah blah, PTSB is going to have to charge fees as well...

    I don't know who you bank with in Europe but you might consider switching.

    My bank does not charge me anything, in fact they even refund me ATM charges imposed by local banks outside euro zone. I got good quality online banking, a vpay card, a Visa charge card and a MasterCard credit card all for the silly price of 0€. And the fact that I even get ATM fees back when using my visa card makes it even sweeter. And there is no minimum balance required or minimum transactions, 0€ it is for years and I don't think any will come.

    Once SEPA comes in February I will make my European bank my main account because the only reason for me to still have PTSB account is direct debits and once Irish companies can debit European accounts that's it.

    Irish banks (and other companies) count on a simply fact, Irish people are just not willing to change who they use for services/utilities. When Halifax came and introduced their superior account (free banking plus visa debit) not enough people changed. When private health insurance came that was way cheaper than VHI people did not change, when cheaper gas providers came people still stayed at Board Gas. It is always only a very limited amount of people that are willing to change who they use even if that means that they have to pay hundreds of € for staying at their current providers.

    If my European bank introduced fees I would change within seconds because it's easy and I don't like paying for things that are free. But than again, I changed my gas provider to the cheapest option, I changed my electricity provider to the cheapest provide and my broadband is also value for money.


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    #81
    murphaph
    Registered Users Posts: 19,020 ✭✭✭✭murphaph


    dublin-texas wrote: »
    Once SEPA comes in February I will make my European bank my main account because the only reason for me to still have PTSB account is direct debits and once Irish companies can debit European accounts that's it.
    Me too. I've been steadily closing accounts in Ireland as fees have been introduced and now I just have one Irish account left that I use to take rent payments and service a mortgage. From February that'll be gone too.

    My bank here also refunds ATM charges from private ATMs (common in the states) and withdrawing money at any "standard" ATM is free (wordlwide!!). No transaction charges and they pay me (currently) 0.2% on account balances and 1.05% on Visa card positive balances (and they provide fraud protection for a Visa card in credit).

    Because they pay me a bit of interest, I am not compelled to move every penny to my savings accounts, whereas my remaining Irish account always has the bare minimum in it on principle.


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    #82
    Delta2113
    Registered Users Posts: 2,707 ✭✭✭Delta2113


    "Pretty much every bank in Europe charges for it's services unless you are willing to have around 5K on average on deposit with them"

    - Total nonsense.

    Just do abit of research on u.k. banks for example.


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    #83
    Delta2113
    Registered Users Posts: 2,707 ✭✭✭Delta2113


    Jim2007 wrote: »
    And you'll be moving to where then?



    You could move to EBS


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


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    #84
    Jim2007
    Moderators, Business & Finance Moderators Posts: 10,278 Mod ✭✭✭✭Jim2007


    Delta2113 wrote: »
    "Pretty much every bank in Europe charges for it's services unless you are willing to have around 5K on average on deposit with them"

    - Total nonsense.

    Just do abit of research on u.k. banks for example.

    Yes and look at the shape of there banks....


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    #85
    Jim2007
    Moderators, Business & Finance Moderators Posts: 10,278 Mod ✭✭✭✭Jim2007


    If McDonalds started giving away free Big Macs or the local pup started to give away free pints & shorts indefinitely we'd expect the business to fail, so why should a bank that does the same expect to survive?

    They're giving away their services, the credit card business is probably over extended, the investment business is shot to hell and they all have issues with their mortgage business... Where exactly are they going to earn the revenue to stay afloat?

    To my mind this is the same kind of thinking that gave us the loss making trackers, 100% mortgages and all the other Celtic Tiger era gimmicks we're now paying the price for...


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    #86
    JTMan
    Registered Users Posts: 5,540 ✭✭✭JTMan


    Jim2007 wrote: »
    If McDonalds started giving away free Big Macs or the local pup started to give away free pints & shorts indefinitely we'd expect the business to fail, so why should a bank that does the same expect to survive?

    Banks can make money from you by offering free day-to-day banking services. For example ...

    (1) Banks typically pay 0% interest on your current account but lend the money out at 4% - 15%. They have free use of your funds.

    (2) Non EUR transactions attract a multitude of FX fees. Banks make money when you use your card outside the Eurozone.

    (3) You are far more likely to purchase extra services with the bank that you have your current account with than with a bank that you do not have a relationship with. Mortgage sales go up. Loan sales go up. Insurance sales go up. Savings account sales go up.

    (4) Banks make huge money from retailers who pay for the fact that you used your card in store. Retailers pay huge card fee charges. You indirectly pay this through higher retail prices.


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    #87
    murphaph
    Registered Users Posts: 19,020 ✭✭✭✭murphaph


    Jim2007 wrote: »
    If McDonalds started giving away free Big Macs or the local pup started to give away free pints & shorts indefinitely we'd expect the business to fail, so why should a bank that does the same expect to survive?
    Banks make money from lending your money to others at higher rates of interest than they pay you. That's "traditional" banking anyway.
    Jim2007 wrote: »
    They're giving away their services, the credit card business is probably over extended, the investment business is shot to hell and they all have issues with their mortgage business... Where exactly are they going to earn the revenue to stay afloat?
    Who says rotten Irish banks NEED to stay afloat? I won't shed a tear if AIB especially goes down the tubes where they should have gone several times but for taxpayer bailouts.
    With the full introduction SEPA the whole "systemically important" BS no longer applies either. A company will be just as able to pay its employees through a continental bank as through an Irish one from February (at the latest).
    Jim2007 wrote: »
    To my mind this is the same kind of thinking that gave us the loss making trackers, 100% mortgages and all the other Celtic Tiger era gimmicks we're now paying the price for...
    German banks still offer trackers. The difference is that German banks never offered them at such low margins or to track the main refinancing rate of the ECB, rather EURIBOR. German banks even offer 100% mortgages to CERTAIN professions. It's all about exercising restraint.

    But there are at least 3 online only current account products here that are free of charges without any conditions and many high street banks offer either the same or free banking with easy to attain minimum lodgements.

    The Irish banks mostly don't deserve to survive. They are simply not very well run!


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    #88
    Mimikyu
    Registered Users Posts: 18,918 ✭✭✭✭Mimikyu


    This post has been deleted.


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    #89
    rovoagho
    Banned (with Prison Access) Posts: 1,151 ✭✭✭rovoagho


    I wondered to myself if Jim2007 was a banker in disguise until they asked how the banks would make money without fees, thereby demonstrating their complete ignorance - and I mean that in the literal sense of the word - of the basics of banking. But then it occurred to me -- do /any/ Irish bankers actually have a good-goddamned clue what they're doing? I mean don't get me wrong, they're experts in the field of ripping people - and entire countries - off, but actual banking? I don't think so.


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    #90
    Sheep Shagger
    Moderators, Business & Finance Moderators Posts: 6,373 Mod ✭✭✭✭Sheep Shagger


    rovoagho wrote: »
    I wondered to myself if Jim2007 was a banker in disguise until they asked how the banks would make money without fees, thereby demonstrating their complete ignorance - and I mean that in the literal sense of the word - of the basics of banking. But then it occurred to me -- do /any/ Irish bankers actually have a good-goddamned clue what they're doing? I mean don't get me wrong, they're experts in the field of ripping people - and entire countries - off, but actual banking? I don't think so.

    Hate to break it to you but the vast majority of retail bank staff had nothing to do with the property crash.

    People often forget there were Joe Soap retail investors demanding big profits so that they received their fat dividend cheques, the only way BOI/AIB/Permo could do this was to begin lending money like it was confetti.


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    #91
    rovoagho
    Banned (with Prison Access) Posts: 1,151 ✭✭✭rovoagho


    Yeah, you're breaking it to me. Way to condescend.

    Retail bank staff aren't bankers any more than checkout assistants are shopkeepers. The banks got rid of all the bankers in the eighties and nineties. They're now assistants, receptionists, and most annoyingly, Girls That Wander Around The Lobby Annoying The Vast Queues When They Should Be Behind A Counter Actually Serving People. Not that I blame them for that, it's just what they're told to do by the "bankers".

    Jesus, most branches don't even have proper managers these days because the "bankers" were so incredibly greedy and shortsighted they changed their titles so they could pay them less. At one point BOI had - could still have, I left them years ago - roving guys that managed more than one branch, and they wouldn't call them managers either.

    I actually got a shock the other day when I got a letter from my new bank, PTSB, signed by a branch manager. I thought they were extinct.


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