Permanent Tsb Deposit Accounts

zool1974

I'm with permanent tsb for a long time now. But not anymore. Just want to advise people before they open up one year fixed account with them. Be careful of the small print. I opened one up online, and after a year, I tried to take my money out, but they had automatically rolled it over for another year. And the penalty to close the account was almost 200 euro. I contacted their deposit services team, and asked them what had happened, and all they kept saying was that I ticked the box for the terms and conditions, which I did.
But when the account was at maturity, I checked the t&c section on their website and it said my account would become a current account after one year. But no, according to deposit services team, it's not that way if you sign up online. But nowhere in the website terms does it say that.
But it works out well for the bank, they pay you a pittance in interest and auto rollover, so they can charge you almost 200 and basically make money out of you. It used to be a good bank. I queried these facts with them and was basically told to go to the financial ombudsman as they didn't want to converse and explain anything about my comments.
Their customer service, as far as I'm concerned, has gone downhill fast, and they have lost my business, and probably a lot more people, if that's how they treat long time customers. I thought they might have been a bit nicer considering the whole country is paying for all the banks mistakes. Go figure

homer911

If you have a complaint with any bank, the first port of call is a formal complaint to the bank's complaints department.

zool1974

Yes I was told that by the financial ombudsman. I had talked to the dept who deal with deposit accounts. They said in a letter that there would be no more correspondence on their side. I have asked about their complaints dept, and still waiting on a reply. But bad service is bad service, so closing all my accounts is the way to go. Hopefully anyone else who has trouble with them will do the same. They would soon start treating their customers better, if they saw more and more leaving. From checking other forums, it seems the only time permanent tsb is recommended, is due to the fact that it's fee free banking if you deposit 1500 per month. If they change this, I'm sure they won't be as popular.

JTMan

There are multiple different ways for a bank to handle a term deposit maturity. One of the worst is very often, sadly banks role the term deposit for another term without a fresh new authorisation. PTSB are far from being alone with this practice. I think it should be banned. Fresh instructions should be mandatory with the default instruction being to move the money to an instant access account.

OP - I am surprised by your "I checked the t&c section on their website and it said my account would become a current account after one year" comment. I know the T&C's well and don't recall seeing this. Can you please hyperlink the reference to this on their website.

zool1974

Considering you reply to quite a lot of permanent tsb threads, I am guessing you have an interest, which is okay by me. I do not know how to do hyperlinks from my phone, but I can assure you it states that. Just go onto their site and search for 1 year fixed account and it will bring you to it, including all terms and conditions, and it clearly states what I said. I will go onto laptop later and sort out the link, if you still cannot find it.

omerin

I have one of these accounts which is less than 1 yr. As far as I know they contact you by post in advance of the 1 yr milestone giving you the both options. I think it is mentioned on their site. Maybe you missed the letter?

omerin

Update from their site -



•After 1 year, you can get your savings and interest, minus DIRT (if applicable).
•You can withdraw your money up to 14 calendar days after you open the account or 14 calendar days after the maturity date.
•You can make withdrawals by transferring your money to your Current Account or your Demand Deposit Account.
•If you don’t have either of these types of account you can make a withdrawal by writing to permanent tsb Deposit Services, 56 - 59 St. Stephen's Green, Dublin 2 and you will receive a cheque in the post.
•In exceptional circumstances a partial or full withdrawal may be made before the end of the term however an early withdrawal charge will apply. You can do this by contacting Deposit Services at the address above.
•On the maturity date you can transfer out the account balance with the exception of 1 cent. To close the account fully, you must forward written instructions to Deposit Services at the address above.
•At the end of the fixed term you will have the option to roll over into the same account again at the rate available at that time. If this account is no longer available, your account will roll over into a similar term product. Either way, we’ll write to you and give you plenty of notice.

zool1974

After 1 year, you can get your savings and interest, minus DIRT (Deposit Interest Retention Tax). You can access your money at any time should you need it, however an early withdrawal charge will apply.

If we don’t hear from you before your fixed term account matures it automatically converts to the Instant Access account for matured fixed term deposits until instructions are received from you. This will be at a variable interest rate which is currently 0.30% Gross/AER, You can find out more about our interest rates in any of our branches or online.


The above is taken from permanent tsb website for 1 year fixed term deposit account. This is also stated on their app. I have been told since that these terms and conditions do not apply if you set up the account online. But it does not state anywhere in the above that online set ups are excluded. Considering more and more people bank online, I think it a bit sly to openly show these terms and conditions on their website but yet you are ticking a box for totally different terms. Where most people will have a look at the various accounts on offer, and all the ins and outs, which I did, I read the above and was happy with the terms, so when asked to accept terms and conditions, I did accept, as I had read it on their site. Just don't want anyone else being caught out.

And I ain't trying to pick on permanent tsb, I was a happy customer for many years, this just left a bad taste in my mouth. I have already moved most of my money away from them, I am doing what consumers should do, let your money speak for you. I hope they either have one set of terms or make it more transparent. But they need to do something
And deposit services should realise that it's our money that has them in a job, so being pedantic and quoting that you ticked the box, and saying go to the ombudsman as we have finished talking with you, is not exactly customer friendly.
I wonder how many people out there have been treated badly by permanent tsb. It's not a great time for banks in the current predicament, so maybe some courtesy would bode them well and they might possibly hold onto their previously loyal customers.
Rant over

JTMan

The T&C's you have quoted are for some but not all of the PTSB products.

PTSB have multiple term deposit products.

In your OP, you said you opened a term deposit online. Was it the PTSB Online Term Deposit product? This product has different T&C's.

zool1974

JTMan wrote: »

The T&C's you have quoted are for some but not all of the PTSB products.

PTSB have multiple term deposit products.

In your OP, you said you opened a term deposit online. Was it the PTSB Online Term Deposit product? This product has different T&C's.

The terms I quoted are for the 1 year fixed term deposit account, which is the account I opened. Yes I did open it online. And I read the terms which it put up earlier. It said nowhere in the terms that online set up was excluded. So I read the exact terms and conditions for the account I opened. I was falsely mislead by their own terms and I am sure other people have been too.
Hopefully this will stop a few people being conned into a roll over contract like I was. The hidden terms are good for the bank, as they keep your money for an extra year, and if you want it back, you pay them a penalty.

I signed up for a 1 year fixed term deposit account, because I only wanted my money put away for one year. As you stated, they have lots of term deposit accounts, so if I wanted to do 2 or 3 years, I would have chose that instead.
In my opinion, permanent tsb totally mislead me with the terms and conditions on their own site, and it seems they were sly and underhanded with the way they promote their fixed term accounts. Great current account, as it's free, but never use their savings accounts.

There are plenty more banks and credit unions out there, that can give you good rates of return and not trick you.

JTMan

I think you are mixed up.

PTSB have lots of different term deposit products.

(1) One such product is called "Fixed Term Deposit Accounts".
This cannot be opened online.
The T&C's say that money is moved into an instant access account at maturity.

(2) One such product is called "Online Fixed Term Deposit Accounts".
This can be opened online.
The T&C's say that money is rolled into a new term at maturity.

Did you have product number 1? If so, how, because you say you opened it online.

Did you have product number 2? If so, PTSB have followed the T&C's.

zool1974

It's nice to see permanent tsb staff comb boards and social media to stick up for themselves. I can see there is no point explaining yet again that the terms on the website do not differentiate whether it is online account or not. I will let people make up their own minds. There are plenty of other options out there for deposits and savings, including national solidarity bonds, and online banks who give a good return on savings. If you are reading this, I am not anti permanent tsb, just not a happy customer with the tactics they use. But I will remain a customer for my current account, as it's free once criteria is right. But never again will I give them my savings. And I will never recommend them to anyone for savings or deposits. You reap what you sow.

P_1

zool1974 wrote: »

It's nice to see permanent tsb staff comb boards and social media to stick up for themselves. I can see there is no point explaining yet again that the terms on the website do not differentiate whether it is online account or not. I will let people make up their own minds. There are plenty of other options out there for deposits and savings, including national solidarity bonds, and online banks who give a good return on savings. If you are reading this, I am not anti permanent tsb, just not a happy customer with the tactics they use. But I will remain a customer for my current account, as it's free once criteria is right. But never again will I give them my savings. And I will never recommend them to anyone for savings or deposits. You reap what you sow.

Eh I would have thought that opening an account online means that it's an online account and opening an account in the bank means that it's not an online account would be a reasonably easy concept to grasp.

zool1974

Thanks for your input. I meant the terms and conditions did not differentiate for where or how you opened your account. But thank you for explaining that to the masses. Maybe you should read the rest of the thread and then give some input. It may be helpful then.

greenman09

zool1974 wrote: »

Thanks for your input. I meant the terms and conditions did not differentiate for where or how you opened your account. But thank you for explaining that to the masses. Maybe you should read the rest of the thread and then give some input. It may be helpful then.

I'm confused here. So you opened an online account. Yet you quote t&cs for a 1 year fixed term. Then t&cs for an online fixed term account From what you have written I haven't seen where it says it will change to a current account. There is a mix up here somewhere.
Did you receive notification before maturity. If so then this is your responsibility to amend the account. They usually send a letter after reinvestment also. In all you are given 28days to decide what is to be done with your funds. I looks clear enough from what you have posted.

Edit, I've re read the t&cs and the bank state that they will reinvest in an account of similar term if no instruction received. The bank is well covered by these. In short you don't really have a case against them

zool1974

I do admit I made a mistake. I looked up terms for a 1 year fixed term deposit account. I am not in banking of any sort. I am just a normal guy looking to put savings somewhere. I did not know that there was a difference due to how I opened the account. Permanent tsb are totally right with their terms, but I started this thread for the ordinary Joe soap, so he or she would not be caught out like I was. I read terms for the account I opened, I did not know that the terms were different, because it was an online account.
I don't understand why the terms are different because of this, but do accept it. I am just putting my own personal opinion on this, may it be right or wrong. I acknowledge that the replies, in the most part, have been helpful. But also guessing that you guys have a lot more experience with banking and savings. I am new to this, and felt hard done by. And since posting on Facebook too, have got replies with similar stories. I have passed on the info I got here. So just want to say thanks for the info provided, and I have learned a bit due to this.
Some of the replies I got were almost word for word what permanent tsb said, literally word for word. Maybe people should declare any interest they may have, while posting. Would make it a fairer discussion.
And just out of curiosity, jtMAN and greenMAN, are these user names given to you by perMANent tsb. Possibly, or maybe not. I see bank of Ireland have verified people on here to deal with threads, but have yet to see verified reps for permanent tsb. Are you guys undercover? We'll leave that one for the conspiracy theorists. Thanks again guys, if nothing else, I learned a bit about banking.

BuffyBot

zool, just because you get an answer you don't like, it doesn't mean you can be insulting to other posters. Cut it out.

zool1974

Apologies buffybot,
But I did actually thank posters for the info, and admitted I got it somewhat wrong. And did thank them for teaching me a bit about banking stuff. If it came across sarcastic, it was not. The thanks was meant sincerely.

JTMan

zool1974 wrote: »

I do admit I made a mistake.

No worries, we all make mistakes. I'm glad you figured it out.

Permo don't make life easy by having similar products with different T&C's. Also, Permo, like some other banks, in my opinion, don't act ethically by rolling locked term deposits at maturity date without a fresh instruction.

zool1974 wrote: »

And just out of curiosity, jtMAN and greenMAN, are these user names given to you by perMANent tsb. Possibly, or maybe not.

Ha! I don't work for PTSB.

zool1974

Alright thanks j t. I think next time I plan on putting savings somewhere, I'll ask you first.
Well, I do actually have money to put somewhere. Any ideas? Is the national solidarity bond any use? Or any other ideas? I've currently moved my money to rabo, but looking to either invest or deposit again. Or credit unions?