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

Yggr of Asgard

Plus remember that every time you use your nice PTSB Visa debit card at a shop PTSB is getting at least 0.0015€ + 0.15% of the transaction from the credit card processor. Every time you use your PTSB Visa Credit card they get at least 0.5% of the transaction.

Banks make money in loads of ways these days that allow them to offer free banking, it's all about getting the customer to never put foot into a branch, use online banking as much as possible for standard transactions, keep a reliable balance on it and use the debit card instead of cash so that they have a constant earner.

Once SEPA comes I'm sure more and more banks are going after Irish customer for their current account (in fact there are loads of banks out there that now offer their products already to people living in other EU countries).

The only challenge is going to be to open the accounts due to strict money laundering rules and the tax implications of it.

But I guess like with everything else only a small amount of Irish customers is going to swap as usual.

JTMan

dublin-texas wrote: »

(in fact there are loads of banks out there that now offer their products already to people living in other EU countries).

Can you name any European bank that offer retail banking services to Irish customers, other than high wealth customers, that do not have a local presence in Ireland? KeyTrade is the only one I can think of.

I realise that Hello Bank and others are now offering services in multiple European countries but Irish customers have yet to see the benefits of pan European retail banking competition. Maybe SEPA will change this but I am not confident that SEPA will have major competition implications as banks will still restrict account opening to residents of certain countries.

rovoagho

The OP didn't say Irish customers, they said other EU countries. They were suggesting that there's an active intra-EU market already, which makes it likely those banks will target Ireland when SEPA is activated. Our at least that's what I read into it. They were very specific in not mentioning Ireland in their post though.

Yggr of Asgard

rovoagho wrote: »

The OP didn't say Irish customers, they said other EU countries. They were suggesting that there's an active intra-EU market already, which makes it likely those banks will target Ireland when SEPA is activated. Our at least that's what I read into it. They were very specific in not mentioning Ireland in their post though.

That is correct, I'm saying there is loads of intra-EU selling already and I hope/think that once SEPA comes along those banks will also offer services to Irish Residents.

murphaph

Fungus wrote: »

Can you name any European bank that offer retail banking services to Irish customers, other than high wealth customers, that do not have a local presence in Ireland?

DKB does, but you need to speak German. It's just the start. SEPA is going to change things and if it doesn't the EU are working on the next phase which will prohibit banks from favouring local customers. The EU probably has far too many banks anyway.

Keano

Got my account number from PTSB this morning. Had a BOI account for the last 17 years.

Anyone I have told I was moving were like it's just too much hassle, yet they'll moan about their fees Q after Q.

If PTSB do introduce them...I'll simply look for the cheapest option!

howamidifferent

I moved from AIB after 30 years. Have my new PTSB debit card and online24 account. Will close my AIB account on Friday once I'm sure all direct debits and standing orders have been switched successfully. No loyalty, they are just a utility provider now.

rosco p coltrane

FizzleSticks wrote: »

This post has been deleted.

Make sure your local branch is not on the chopping board.

rovoagho

The wife's gone to Ulster Bank to draw down our savings accounts for temporary lodgement into our new PTSB current accounts, while our Nationwide savings accounts are set up. I've asked her to tell them that we'd be delighted to return just as soon as they return to free banking.

nice_guy80

i'm in the process of switching from BOI to PTSB


the hump came when I could no longer physically go into the bank and pay off my credit card directly from my current account, when I couldn't access my online banking

snowey07

Im mid switch from Ulster to PTSB... relatively no hassle, took about 30 minutes in branch. But the biggest pain is the 7 days of not being able to use a debit card. On the plus side im going to save lots by not buying stuff on card :-)

Xantia

I have moved from AIB to PTSB recently.
Still have an overdraft at AIB and this gives me an opportunity to pay it off bit by bit and then close that account.
Also have a loan with them which is being paid by standing order from PTSB.
2 other accounts with AIB due to be closed.
Was with them for over 20 years.
They were OK to deal with when there was a local manager but now everything has to be passed by head office.
What got me in the end was the constant fees that put some of the accounts into the red if you were not prepared and then you had the privilege of paying extra for that.
Now with PTSB, have 2 current accounts, Pay goes in to one, transfer all that is to be paid out in DD/SO etc. to another current account so what is left over then is for day to day spending.
So far so good and no surprises yet.
Online works fine but have not been able to open up a savings account yet.
I am using AceMoney free 2 account version to keep things up to date. The move from one bank to another has given me a fresh start so to speak and extra cash because I am not paying fees.

td2008

in the process of switching from boi to ptsb , not worth the hassle now tbf :mad:
Keep having to ring them up about stuff and on hold about 20 minutes each time, BOI were generally quick enough on the phone - probably spent whatever i would have saved on the phone

Irish banks

Bobeagleburger

td2008 wrote: »

in the process of switching from boi to ptsb , not worth the hassle now tbf :mad:
Keep having to ring them up about stuff and on hold about 20 minutes each time, BOI were generally quick enough on the phone - probably spent whatever i would have saved on the phone

Irish banks

I would say it would still be worth the hassle.

I've often being on hold with sky/upc/etc. These things happen. Worst thing people can do is say that its not worth the hassle. That's why they keep putting up fees, people keep paying them.

Jim2007

So back from the holidays and we're off:

Fungus wrote: »

(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.

Here is the thing, most current accounts clear down to almost zero each month which means that banks can not in fact use that money for long term lending and furthermore take look at how how ofter the banks have to go to the market or lender of last resort in order to maintain their liquidity radio.

If fact much of the banks current problems arise as a result of them trying to do exactly this - finance long term borrowing with short term borrowing! Trackers would have worked out fine as a product offering, if it was not for the fact that they are big financed out of short term deposits, resulting in higher borrow costs than was predicted, when the product was launched.

Fungus wrote: »

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

There is not so much of that business these days.

Fungus wrote: »

(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.

Well first of all banks are already over exposed to the property sector, so the last thing they need is further exposure on that side and giving further loan to people who have already over extended their credit capacity only leads to write offs. I'm not sure about the insurance sales, but I suspect that commission come of primarily of back of other products such as mortgages.

Fungus wrote: »

(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.

Well the few agreements I've seen, suggest the bulk of the processing fees go to the card companies with the banks expecting to benefit primarily from the credit facilities they extend. And between the credit squeeze and the switch to debit cards, this is not seen as a great business opportunities by the analysts...

nice_guy80

switch completed

will be interested to see how the new bank treat me.

feargale

nice_guy80 wrote: »

switch completed.
will be interested to see how the new bank treat me.

They will treat you ok if it suits them. If they think they can get away with fiddling you they will do it. They would be mad not to, because the politicians will do damnall about it. Why? Because over the years the banks have compromised politicians, journalists, guards and anybody who might be a threat to them, by giving them special terms. That didn't begin today or yesterday. And see what they got for it, bailouts going back to Bank of Maryland. And after all the exposures they still engage in irregularities, because none of them will ever go to jail. If any of the favoured people mess with them they will be outed. When have you seen a journalist do some investigative work against them? Years ago Haughey, when asked about corruption here, replied that there was no real corruption in Ireland on the scale, for instance, of Latin American countries. At least, in Mexico and Brazil they occasionally jail bankers and others for corruption.

spurious

More or less completely finished my switch to PTSB.

Have my cards, have my direct debits going out and salary going in to the new account - just waiting to be sure the last DD is sorted and I'll be going in to BOI to completely close the old accounts.

Poochie05

I'm in process of switching from BOI to PTSB. I was with BOI for 26 years.

feargale

I left AIB in disgust years ago, before any revealations about banks. Given all that has happened since the mind boggles that anyone has stayed with them.

Nervous Wreck

Finally got around to closing my aib account yesterday. Delighted!

Elessar

I'm still with Danske Bank (15 odd years now I'd say) and paying 80 odd a year but I'm waiting for KBC to reveal their current account next month before I make a decision.

Pablo Sanchez

As KBC only have two retail branches at present (Cork and Dublin), does anyone know how KBC will operate their current accounts? Will they operate a agreement with the Post office (for cash and paper transactions) as per Danske bank or will they operate strictly online without ability to lodge cash/get drafts etc?

Elessar

Pablo Sanchez wrote: »

As KBC only have two retail branches at present (Cork and Dublin), does anyone know how KBC will operate their current accounts? Will they operate a agreement with the Post office (for cash and paper transactions) as per Danske bank or will they operate strictly online without ability to lodge cash/get drafts etc?

Nobody knows until they announce the product. If it's free banking (which I think it will have to be to get any traction) I can see it being an online only bank.

Tbh, I don't think I've stepped foot in a post office branch for banking in months so it wouldn't bother me.

BuffyBot

Pablo Sanchez wrote: »

As KBC only have two retail branches at present (Cork and Dublin), does anyone know how KBC will operate their current accounts? Will they operate a agreement with the Post office (for cash and paper transactions) as per Danske bank or will they operate strictly online without ability to lodge cash/get drafts etc?

They're opening some more (Limerick etc), but Id imagine the bulk of the business will be carried out via other channels. There won't be a large scale retail opening in the style of Halifax etc.

topcatcbr

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?

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...

There is a huge difference.

A bank charges you for the privilege of investing your money in whatever they like and then charge you further when you wish to use some to pay people you owe.

They should be able to earn enough by investing your money without fees as nearly all transactions are now done electronically are cost next to nothing to service.

topcatcbr

BuffyBot wrote: »

They're opening some more (Limerick etc), but Id imagine the bulk of the business will be carried out via other channels. There won't be a large scale retail opening in the style of Halifax etc.

If their fees are tiny and online banking good I can see a lot moving as I hate paying the AIB for using my money.

If it continues we may go back to a cash system and bypass the banks like the 80s

Amik

Blog post titled: Where Is My Switch Buddy?

http://www.broadsheet.ie/2013/08/06/where-is-my-switch-buddy

L5

snowey07 wrote: »

Im mid switch from Ulster to PTSB... relatively no hassle, took about 30 minutes in branch. But the biggest pain is the 7 days of not being able to use a debit card. On the plus side im going to save lots by not buying stuff on card :-)

What do you mean 7 days of not being able to use a debit card? Can you not use it for the first 7 days of it or something?

pow wow

Closed all my UB accounts today for my move back to PTSB, best decision I've made in a long time.