Permanent TSB

bk

Gibson Shrilling Selenium wrote: »

@bk, I would hardly call it out of touch if the majority of banks (in Ireland) do it the 'old fashioned' way. I would presume they do not see the feature(s) you mentioned (login via touch ID and uploading of docs) as something their customers are very interested in.

Well Revolut, AIB, KBC and Ulster bank don't do that.

I'm not sure about BoI, but it seems that PTSB are in the minority on this.

Gibson Shrilling Selenium wrote: »

Get the basics right, keep it stable and available!! - that's all I'm interested in.

Fair enough, but I suspect they may loose lots of customers to more innovative banks. This stuff really isn't that hard.

Gibson Shrilling Selenium wrote: »

Excluding the login feature you mentioned, why do you recommend the KBC and Revolut apps? I'm not knocking your opinion, just wondering why you're recommending them over others. What additional features are in their apps?

- Notifications of all transactions.

This is really amazing on Revolut, I put my card in ATM machine and before the money comes out of the account, I get a notification on my phone of the withdrawal with the amount and ATM location on it! Same for card purchases.

This is great from a security perspective, I'd know very quickly if someone was misusing my card and could immediately block it.

- Ability to immediately block/unblock your card from within the app, great for security in conjunction with the above point.

- Ability to block the use of magstrip, contactless payments, online payments and ATM withdrawals, right their in the app. Again great for making your card safer.

- Ability to block your card being used in foreign countries when you aren't there. This uses the GPS of your phone to know what country you are currently in. Again great for improving security.

- Set monthly spending limits on a card, handy for budgeting.

- Virtual Credit Card for use on online purchasing. Use a separate virtual card for each website, allows you to easily delete the card if the site uses it in a dodgy manner, again improve security.

- Ability to quickly and easily transfer money between other revolut users (pay a bill, etc.)

- You can even have the app automatically split the bill for you with other revolut users and it handles it all for you.

- Detailed list of all transactions you made, with nice easy to understand titles, likes Boots Ilac Center, Starbucks Ilac Center, Dunnes Ilac Center, making it easy ot know which transactino was which. They even have nice logos next to each of them!

- Ability to export all transactions as a PDF or Excel spreadsheet.

- Categorize your spending by type (Entertainment, Grocery's ,etc.) Merchant or Country. Brilliant for keeping track of what you are spending where.

All of this in Revolut and that is without even mentioning the fantastic exchange rates!

Once you use REvolut, you realise how seriously good their tech is and how far behind all the other banks are. Revolut gives you mind blowing level of control of your card and money.

ct5amr2ig1nfhp

While most of those features sound great, and I will look at them myself, I would disagree that banks will lose 'lots' of customers to more innovative banks. Only ~0.1 % switched banks in 2016 - that's about 5,000 people (of just over 5million customers). 2015 had similar figures.

Bob24

Gibson Shrilling Selenium wrote: »

While most of those features sound great, and I will look at them myself, I would disagree that banks will lose 'lots' of customers to more innovative banks. Only ~0.1 % switched banks in 2016 - that's about 5,000 people (of just over 5million customers). 2015 had similar figures.

I overall agree in terms of hard yearly numbers, but I would say most switcher are younger demographics and potential customers bank could be missing in the long term if they don't catch-up (but I think eventually they will).

ct5amr2ig1nfhp

I cannot find any further stats on the central bank website. I would suspect you're correct on a younger demographic but I would assume it was down to bank charges. Anyone that I know that has switched banks in recent years was due to banking charges, not features of their banking app.

Bob24 wrote: »

I overall agree in terms of hard yearly numbers, but I would say most switcher are younger demographics and potential customers bank could be missing in the long term if they don't catch-up (but I think eventually they will).

Bob24

Yes agree fees would probably be the top factor for switchers at this stage (and PTSB are actually not doing great on that front either, although they used to have a very good option and many customers are probably still on that one). But I think inovative features - which were not a consideration at all a few years ago when all banks only had basic online banking - are also slowly becoming a relevant decision factor (not just the apps but also things like support for Apple Pay or Android Pay which don't seem to come to all banks at the same pace - I have Apple Pay with a French current account for which there are maintenance fees and would find it annoying if I had to give it up).

SHOVELLER

Home for a few weeks so decide to go to my branch on Grafton Street to find it almost demolished! Zero notification to account holders as to when it will reopen or where to go meantime.

delta_bravo

SHOVELLER wrote: »

Home for a few weeks so decide to go to my branch on Grafton Street to find it almost demolished! Zero notification to account holders as to when it will reopen or where to go meantime.

Well I suppose you could go to the branch thats 250 metres away on Stephens Green

Sarn

delta_bravo wrote: »

Well I suppose you could go to the branch thats 250 metres away on Stephens Green

Even closer, about 150 metres. When I originally opened my account they said it was the same branch, but split, although that doesn’t seem to be the case anymore.

JTMan

SHOVELLER wrote: »

Home for a few weeks so decide to go to my branch on Grafton Street to find it almost demolished! Zero notification to account holders as to when it will reopen or where to go meantime.

Apparently finished late in August 2018 ... https://www.oppermann.ie/fitout-works-commences-on-ptsb-70-grafton-street-dublin-2/#.W2C1c9Izq00

Earleybird

delta_bravo wrote: »

Well I suppose you could go to the branch thats 250 metres away on Stephens Green

No way, I'm leaving the country again immediately. There's a taxi rank at the top of Grafton Street next to some bank of sorts. TAXI!!!

SHOVELLER

delta_bravo wrote: »

Well I suppose you could go to the branch thats 250 metres away on Stephens Green

Yeah I know that one. Point is zero communication.

ct5amr2ig1nfhp

I had expected PTSB to introduce mobile payments this year, Google Pay or Apple Pay etc and still nothing. Very disappointing neither are available. Is it due to some technical reason, or do they believe their customers have no interest in mobile payments?

Bob24

Gibson Shrilling Selenium wrote: »

I had expected PTSB to introduce mobile payments this year, Google Pay or Apple Pay etc and still nothing. Very disappointing neither are available. Is it due to some technical reason, or do they believe their customers have no interest in mobile payments?

I’d say they simply don’t want to spend money on the infrastructure to support it as they don’t see it as a must-have service. I’m fine with them and I can’t complain as I am getting free banking, but overall I see them as a budget bank and i wouldn’t stay if they were starting to charge me (the lack of mobile payments would be a reason). Other reasons for how I see them: even high profile branches look like they are in need for refurbishment, busy branches don’t have enough ATMs and yet they don’t maintain them greatly as one of them is always out of service when I go to O’Connel Street, I once had an appointment at the Grafton Street branch and he was struggling to get data from an old PC which was way past what its lifetime should have been in any company, etc.

Christine LaDuchesse

When we first moved to Ireland, we got an account at the nearest bank branch from where we lived, which was BOI then. After a quarter I got the first quarterly banking charges, 37 euro's they charged me for using their bank (and not ever for overdrawn!!)!! That is when I started looking for a bank that does not charge when you withdraw money or perform a transaction, cause I find it ridiculous that I would have to pay to be able to pay!! The bank should be happy storing my money, to their avail, as they make enough interest on it anyway!!

PTSB seemed the cheapest one, so we moved there, and since I have never paid any charges ever, apart from the government stamp duty fee for the cards which every bank is obliged to charge to their customers, I have never paid any DIRT, and I earn a little bit of interest on my savings. I am totally happy with their app as well.

1huge1

Christine LaDuchesse wrote: »

When we first moved to Ireland, we got an account at the nearest bank branch from where we lived, which was BOI then. After a quarter I got the first quarterly banking charges, 37 euro's they charged me for using their bank (and not ever for overdrawn!!)!! That is when I started looking for a bank that does not charge when you withdraw money or perform a transaction, cause I find it ridiculous that I would have to pay to be able to pay!! The bank should be happy storing my money, to their avail, as they make enough interest on it anyway!!

PTSB seemed the cheapest one, so we moved there, and since I have never paid any charges ever, apart from the government stamp duty fee for the cards which every bank is obliged to charge to their customers, I have never paid any DIRT, and I earn a little bit of interest on my savings. I am totally happy with their app as well.

Would it not be that you are getting charged DIRT but the interest you receive is net of it?

Christine LaDuchesse

1huge1 wrote: »

Would it not be that you are getting charged DIRT but the interest you receive is net of it?

I have never seen it stated on any bank statement to be honest.

Gooser14

1huge1 wrote:

Would it not be that you are getting charged DIRT but the interest you receive is net of it?

There are a couple of exemptions to paying DIRT - first time buyers & over 65 years old.

Sarn

Gooser14 wrote: »

There are a couple of exemptions to paying DIRT - first time buyers.

Incorrect. FTBs still have to pay DIRT. There was a scheme where some of the DIRT on savings put towards a mortgage could be reclaimed, but that ended in 2017.

JTMan

Gooser14 wrote: »

There are a couple of exemptions to paying DIRT - first time buyers & over 65 years old.

Not all over 65s are exempt. It depends on income level.

Christine LaDuchesse

Gooser14 wrote: »

There are a couple of exemptions to paying DIRT - first time buyers & over 65 years old.

Neither one applicable to me, and no mortgage here either as we are cash buyers. Maybe it is balanced, and we only get the net interest, I guess I do not pay too much attention to it. I was just stating that I was happy with PTSB, and also with their app.