PTSB removing Loyalty Current Account

Yggr of Asgard

PTSB has send out a letter informing Loyalty Current Account Customers that as of 25 March they are converting the account into PTSB Current Account 3 and are withdrawing several of the exemptions for the 18€ quarterly maintenance fee.

The only option now is to have a minimum cleared credit balance of 2500€ in the account every day.

They also introduce a 25€ overdraft fee and are lowering the credit interest to 0.01% (for balances up to 1500€).

LollipopJimmy

Yggr of Asgard wrote: »

PTSB has send out a letter informing Loyalty Current Account Customers that as of 25 March they are converting the account into PTSB Current Account 3 and are withdrawing several of the exemptions for the 18€ quarterly maintenance fee.

The only option now is to have a minimum cleared credit balance of 2500€ in the account every day.

They also introduce a 25€ overdraft fee and are lowering the credit interest to 0.01% (for balances up to 1500€).

That's me going to Ulster Bank so. No way I'm leaving 2.5k in my current account.

My UB account needs to have 1500 once a month and if it doesn't it's 12euro a 1/4

advertsfox

Yggr of Asgard wrote: »

PTSB has send out a letter informing Loyalty Current Account Customers that as of 25 March they are converting the account into PTSB Current Account 3 and are withdrawing several of the exemptions for the 18€ quarterly maintenance fee.

The only option now is to have a minimum cleared credit balance of 2500€ in the account every day.

They also introduce a 25€ overdraft fee and are lowering the credit interest to 0.01% (for balances up to 1500€).

They also have an Explore Cashback account, you get charged €4 per month but get 10c cashback on each transaction and earn up to €5 - so use it enough and it's free.

https://www.permanenttsb.ie/everyday-banking/current-accounts/current-account/

josephsoap

Yggr of Asgard wrote: »

PTSB has send out a letter informing Loyalty Current Account Customers that as of 25 March they are converting the account into PTSB Current Account 3 and are withdrawing several of the exemptions for the 18€ quarterly maintenance fee.

The only option now is to have a minimum cleared credit balance of 2500€ in the account every day.

They also introduce a 25€ overdraft fee and are lowering the credit interest to 0.01% (for balances up to 1500€).

Is this the account when you lodge 1500 per month there are no fees, that is now going on 25/3/19?

Delta2113

josephsoap wrote: »

Is this the account when you lodge 1500 per month there are no fees, that is now going on 25/3/19?

-No don't think so that's called "permanenttsb Current".

Yggr of Asgard

josephsoap wrote: »

Is this the account when you lodge 1500 per month there are no fees, that is now going on 25/3/19?

No, this is the Loyalty Current Account we are talking about. The one with you are refering to is the PERMANENT TSB CURRENT ACCOUNT .

It shows this on your bank statement and you also can see a loyality discount on the statement for the fee.

Right now a balance of 1000€ OR salary Lodgement OR borrowing/saving of 100000€ with PTSB are the conditions for this.

It has no overdraft fee and give 0.25% credit interest on funds up to 1500€ when you lodge 1500€ monthly for 10 out of 12 month in a year.

It was a nice free account but it's now gone and this new PTSB Current Account 3 they are offering is not woth the 18€ a quarter in my opinion.

JTMan

Just noticed ... this effects a lot more than just PTSB Loyalty Account holders.

See here.

Legacy current account products effected:
Cash Extra
Loyalty Account
Loyalty Current Account
Standard Current Account
Cashline
Merit Account
Connect
New ptsb Current Account (E4)
Everyday Current Account (credit facilities)(E1)
Everyday Current Account (No credit facilities)(E2)
Cashflow
Current Account
Current Account Plus

All the above product types become:
PTSB CURRENT ACCOUNT1 or
PTSB CURRENT ACCOUNT2 or
PTSB CURRENT ACCOUNT3 or
PTSB CURRENT ACCOUNT4

The key changes are as follows

The exemption criteria for avoiding the maintenance fee on the new accounts will be standardised to a minimum daily cleared balance of €2,500
An overdraft set up/renewal fee will be applicable to all of the new account types
Credit interest will be standardised on the new accounts to 0.01% gross on balances up to €1,500

It seems that PTSB Switch Current Account holders are unaffected.

worker bee

This seems ridiculous to me. It is as if PTSB wants to drive away customers.

I have worked in the service industry and we have all joked that the bar/restaurant would be so much nicer if we had no customers but we never actually meant it.

It seems like PTSB really does want to clear away all those pesky clients.

Also, I thought there was an interest in getting money moving in the economy but penalising customers for not keeping €5,000 in our case (a personal and a joint account) just sitting there seems counterproductive.

This also targets people who can't afford to leave €5,000 in accounts earning minimal interest at all times.

They didn't even offer info on other accounts they have - just said put up with it or move banks.

Yggr of Asgard

Wow it looks like they are cutting down on any account that offers free banking and make it 2500€ balance accross the board.

wonski

There is explore account available.

There is a monthly fee of 4 euro, but you earn 10c for transactions in the account, so as long as you use your card regularly it's free (5 euro limit means they might pay you to use it). There is only monthly lodgement requirement where balance does not need to be maintained.

worker bee

I have been a customer of PTSB for nearly 20 years now (on the ironically named Loyalty account). Get salary paid in and also had a mortgage with them.

I wrote to PTSB several times in recent years about their mortgage interest rates and they refused to drop them at all.

We have recently switched our mortgage to a new lender. So PTSB lost a performing mortgage by refusing to acknowledge customer loyalty at all.

Now they will lose more clients.

Ugh, the hassle of another switch though.

Any tips on which bank offers the simplest procedure and the simplest account?
I did actually quite like the PTSB open24 facility.

James Forde

Will be signing up to to the below:

https://www.kbc.ie/our-products/kbc-current-account/current-account/extra?gclid=Cj0KCQiAhKviBRCNARIsAAGZ7CftGNm6YACsiHQd6udJnmAH-xweWyJKusummqlrFPbCUHYG7O8MaVUaAqICEALw_wcB

JTMan

I don't see why people are talking about switching bank. As others have pointed out, switch product rather than switch bank. Switch product to the PTSB Explore Current Account.

Not everyone is effected. Unaffected accounts seem to be:
PRESTIGE HICA ACCOUNT,
Switch Current account
TUSA CURRENT ACCOUNT
Explore Current Account
Student Account
Teen Account
My Cash
Basic Payment Account
Some accounts held by those aged 60+
Some accounts held by those aged 66+

PTSB have a horrendously long list of legacy products.

Rows Grower

I remember having a chat with customer care rep one time and she told me always keep the Switch Current account I had as I couldn't ever be charged for using that account. The way she said it I thought it must of been in the terms and conditions when I signed.

JTMan

Yeah, the PTSB Switch Current Account was advertised as free banking for life. It is not in the T&C's that it is "for life" but it was advertised as being for life so one would assume that there will never be fees applied to PTSB Switch Current Account holders.

Tar.Aldarion

JTMan wrote: »

I don't see why people are talking about switching bank.

The only way to show them this is actually a move people care about is to stop being a customer with them imo. I've been with them for 30 years and will move if this applies to me.

JTMan

Firstly, take a step backwards and see if you are really effected by this. What is the name of the product that you have with PTSB?

Secondly, while admirable that one takes a stand on things, you are inflicting far more pain on yourself than the bank, by switching.

Again, you can switch to the PTSB Explore Account, and provided you make reasonable usage of your debit card, PTSB will pay you to have the account rather than visa versa. A simple call and this is sorted rather than putting yourself through the often-enormous-hassle of switching banks.

Tar.Aldarion

That's a valid thing to do, the easiest thing your ourselves is often best. It may affect me, I have a loyalty account so I presume I'll be the same as OP. I think they count on inertia or effort stopping people from switching when really it's not that big of a deal to open a bank account, I've opened a few in the last few years for saving and it was painless.

august12

JTMan wrote:

Yeah, the PTSB Switch Current Account was advertised as free banking for life. It is not in the T&C's that it is "for life" but it was advertised as being for life so one would assume that there will never be fees applied to PTSB Switch Current Account holders.

Luckily I have this, for once, I picked a good product all those years ago, they don't make a cent from me, not even from my credit card.

wonski

Agree with jt man. Explore your option before moving away as there are literally two banks that still offer free banking for average earners.

TSB is OK in terms of customer service imo, however switching to another type of account might require visit in the branch. They usually make appointments for that so you won't have to wait in the queue or anything and it is done in private room.

Moving direct debits, salaries, new card etc is a pain.

JTMan

august12 wrote: »

Luckily I have this, for once, I picked a good product all those years ago, they don't make a cent from me, not even from my credit card.

You have probably the best current account product every offered by PTSB but they do make money out of you. PTSB lend out the money in your current account. They pay you 0.25% up to 1,500 EUR and zero above, they then lend, some, of the money out at 3.00% or more. Also, they make chunky money on non-EUR transactions if you use your card for non-EUR payments.

wonski

Tar.Aldarion wrote: »

That's a valid thing to do, the easiest thing your ourselves is often best. It may affect me, I have a loyalty account so I presume I'll be the same as OP. I think they count on inertia or effort stopping people from switching when really it's not that big of a deal to open a bank account, I've opened a few in the last few years for saving and it was painless.

It was a valid thing to do where there was Halifax, Ulster etc all offering free banking.

Now you don't have these options. It's all good to vote with your feet when you have a choice, but not everyone does. The KBC product looks good, but with 1k extra to be lodged into the account compared to permanent tsb.

1hnr79jr65

I have just been onto open24.ie about this and logged a formal complaint with them.

Once i get a response i will escalate to the financial services ombudsman.

I have had account with TSB for approx 23 years and what they are pulling is absolute bull crap.

august12

Sour Lemonz wrote:

I have had account with TSB for approx 23 years and what they are pulling is absolute bull crap.

Good on you, as a country we are too complacent. If we don't complain, then nothing changes. I just received good news today on a different issue and am due a refund of a clamping fee,

august12

JTMan wrote:

Also, they make chunky money on non-EUR transactions if you use your card for non-EUR payments.

And that's the reason I have a Revolut card.

Yggr of Asgard

Sour Lemonz wrote: »

I have just been onto open24.ie about this and logged a formal complaint with them.

Once i get a response i will escalate to the financial services ombudsman.

I have had account with TSB for approx 23 years and what they are pulling is absolute bull crap.

I hope you let us know how you get on.

They have the right to change the T&C and end this, but I'm looking for the original T&C that I signed because I think when I orginally opened it they promised that the account was free as long as I keept it.

I will contact them and ask for the orginal T&C and see what options I have than.

1hnr79jr65

Yggr of Asgard wrote: »

I hope you let us know how you get on.

They have the right to change the T&C and end this, but I'm looking for the original T&C that I signed because I think when I orginally opened it they promised that the account was free as long as I keept it.

I will contact them and ask for the orginal T&C and see what options I have than.

Once i escalated to ombudsman my next step is a data access request for copy of original agreement i signed.

As i said to the guy in open24, TSB sold off thousands of "non performing loans" in their words late last year and this step with current accounts is another attempt to just increase the profitability of the bank. Needless to say this guy had nothing he could say to that.

When i threatened to pull my account, my partners account, our mortgage plus after discussion with immediate family and friends in same position, 19 other accounts (mix savings and mortgage) to give business to likes of KBC or EBS with their 3% cashback he was all apologetic and promised to have someone senior contact me (i will not be holding my breath for this) to discuss my concerns then waffled how this is in line with Euro Central Bank changes.

I will update once i hear more, yes they have right to change T's and C's but i also have right to take business from them as their new "offer" is nothing short of a slap in the face of a long time customer.

1hnr79jr65

august12 wrote: »

And that's the reason I have a Revolut card.

An Post bank and credit unions with their entry into mortgage market could become a good option now also.

wonski

Sour Lemonz wrote: »

An Post bank and credit unions with their entry into mortgage market could become a good option now also.

An post?

5 euro a month will allow you for 1 free transaction a month. Seriously? Why would that be an option?

An post is the worst account ever, even visiting their website give you an impression of some amateur reseller. You can't see it on mobile anyway

wonski

Sour Lemonz wrote: »

Once i escalated to ombudsman my next step is a data access request for copy of original agreement i signed.

As i said to the guy in open24, TSB sold off thousands of "non performing loans" in their words late last year and this step with current accounts is another attempt to just increase the profitability of the bank. Needless to say this guy had nothing he could say to that.

When i threatened to pull my account, my partners account, our mortgage plus after discussion with immediate family and friends in same position, 19 other accounts (mix savings and mortgage) to give business to likes of KBC or EBS with their 3% cashback he was all apologetic and promised to have someone senior contact me (i will not be holding my breath for this) to discuss my concerns then waffled how this is in line with Euro Central Bank changes.

I will update once i hear more, yes they have right to change T's and C's but i also have right to take business from them as their new "offer" is nothing short of a slap in the face of a long time customer.

Of course you do and the ombudsman won't even touch this case. There is no reason.

I think some posters go a little to ballistic there.

The bank needs to cut down the number of banking products they have. The best way to do it is to force remaining customers onto the more modern and up to date products.

Either switch the account to the existing free one, or move elsewhere and pay.

Ombudsman won't touch it and there is no reason to even mention it.

Yggr of Asgard

wonski wrote: »

The bank needs to cut down the number of banking products they have. The best way to do it is to force remaining customers onto the more modern and up to date products. .

There is no difference in the function of the accounts, why are bringing modern or up to date products into this discussion?

My loyality current account is no different than any other account (same visa card, same open24, same functions). The only difference is that I don't pay a maintenance fee. And I don't get the reward for using my card but technicaly there is no difference.

If the account on offer was more modern (like google pay, visa card notifications in app etc.) obviously that would be a more modern or up to date product.

This is simply a process to get everybody to pay for their bank accounts, nothing to do with offering a new more modern product.