PTSB making it harder to dodge quarterly fees

Bojill

judeboy101 wrote: »

Popped in to do the same today, they told me id still need to inform all my dd and employers of my new iban/bic. Told them I might as well switch to kbc if that's the case.

I've done it, nothing changes to your account/card etc.
So far I have 4.50eur in cash back from sky processing, and I have 1.70 from using my card, (all from online transactions revolut,ryanair,lotto etc)
I'm glad I didn't jump into the switch to KBC.

km79

Bojill wrote: »

I've done it, nothing changes to your account/card etc.
So far I have 4.50eur in cash back from sky processing, and I have 1.70 from using my card, (all from online transactions revolut,ryanair,lotto etc)
I'm glad I didn't jump into the switch to KBC.

So do we or do we not have to inform our employers and utilities to change DD?

wonski

km79 wrote: »

So do we or do we not have to inform our employers and utilities to change DD?

No. All direct debits, standing orders and everything else really is unchanged.

Rock Steady Edy

Received this letter a few days ago. Have been happy with PTSB since moving from Ulster Bank 4 years ago after a similar minimum balance was imposed.

Are the only options with PTSB then:
- to accept retaining a minimum balance of €2,500 to avail of free banking or
- to move to an Explore account where there is a smaller monthly charge but you might be able to mitigate it by earning 10c per item on qualifying transactions?

We have recently moved our mortgage to KBC so already have a current account set up with them but was only going to use it to fund the mortgage and carry on using the PTSB as a current account.

However, if the only options with PTSB are the above, then might as well make full use of KBC and simplify things.

Fann Linn

Rock Steady Edy wrote: »

Received this letter a few days ago. Have been happy with PTSB since moving from Ulster Bank 4 years ago after a similar minimum balance was imposed.

Are the only options with PTSB then:
- to accept retaining a minimum balance of €2,500 to avail of free banking or
- to move to an Explore account where there is a smaller monthly charge but you might be able to mitigate it by earning 10c per item on qualifying transactions?

We have recently moved our mortgage to KBC so already have a current account set up with them but was only going to use it to fund the mortgage and carry on using the PTSB as a current account.

However, if the only options with PTSB are the above, then might as well make full use of KBC and simplify things.

Use the PTSB Explore account and avoid the charges.

Inviere

km79 wrote: »

So do we or do we not have to inform our employers and utilities to change DD?

100% no. I done it during the week, as others have. Absolutely nothing changes, see my previous post a few posts back. If the staff member tells you otherwise, they’re wrong, ask them to ring head office and get clarification.

Rock Steady Edy

Fann Linn wrote: »

Use the PTSB Explore account and avoid the charges.

Thanks. I've had a look at the details. Of the 3 cashback partners they give we use Sky so that would return €2.50 of the monthly fee, conditional on us retaining Sky. Airtricity are consistently an expensive utility company for our needs (and we switch every year to the then best offer) so nothing there and we already have a Circle K card (so nothing new there either). I rarely use the PTSB debit card other than to withdraw cash and just put most things on the credit card (to earn rewards with another provider) and pay that off at the end of each month.

So while I accept that the net effect is that we might be either no worse off or only slightly so, it's just messier for sure. I might try it for a couple of months and do a full switch to KBC if it's not working out.

Bob24

Does anyone know the proper process to close a PTSB current account?

I’m pretty much ready to do it but couldn’t find how you are supposed to proceed on their website (for the savings account, there was an address clearly mentioned on the website to send a letter and it worked; I don’t know if I’m looking at the wrong place but I don’t see the same thing in the T&Cs for current accounts).

loki7777

Bob24 wrote: »

Does anyone know the proper process to close a PTSB current account?

I’m pretty much ready to do it but couldn’t find how you are supposed to proceed on their website (for the savings account, there was an address clearly mentioned on the website to send a letter and it worked; I don’t know if I’m looking at the wrong place but I don’t see the same thing in the T&Cs for current accounts).

Could you please provide link to that as i was thinking that it saving account is attached to current account then when closing CU you will close both of them.

Walter Knight

Fann Linn wrote: »

Use the PTSB Explore account and avoid the charges.

My bet seems to be on PTSB Basic Payment Account. https://www.permanenttsb.ie/everyday-banking/current-accounts/basic-payment-account/
I do not see even a requirement to keep any minimum amount of money in that account. But I would also be glad to hear any customer reviews :rolleyes:
"With the Basic Payment Account, the following facilities are available:

Visa Debit Card
Open24 Online and Telephone Banking

Mobile and App Banking
Cash and cheque lodgement
Cash withdrawal
Standing Orders and Direct Debits
Bill payments online and over the phone
Credit transfers
GoREWARDS"

Ten Pin

But I would also be glad to hear any customer reviews

Not sure there'll be many using that account because the banks don't want it to be widely known that free banking is available.

The max lodgement total per annum is 20k but that seems to be the only condition apart from having no other current account in an Irish bank.

Was planning to close current account in PTSB and open the basic account, also in PTSB. If they decline that, will go down the street to EBS and open a free account there. EBS don't seem to have the 20k limit imposed. EBS don't have contactless.

Walter Knight

Ten Pin wrote: »

Was planning to close current account in PTSB and open the basic account, also in PTSB. If they decline that, will go down the street

Same here.:rolleyes:
I would prefer to convert my recent PTSB current account into the basic account if it`s a viable scheme
Please let us know if you succeed

Bob24

loki7777 wrote: »

Could you please provide link to that as i was thinking that it saving account is attached to current account then when closing CU you will close both of them.

I had 4 different types of savings accounts with them. Sent a letter requesting to close them with all the IBAN numbers at the address listed here and they close then within a week: https://www.permanenttsb.ie/saving-and-investing/savings-accounts/online-instant-access/

Address is:

permanent tsb Deposit Services
56-59 St. Stephen's Green
Dublin 2

Maybe if all you have is an online regular saver account it will be closed automatically, but I am not sure.

Woshy

We also changed to the Explore Account and it was very easy.

No appointment -we popped in, showed our IDs, signed some forms and we were done. I’ve been using my cards as normal since the switch and have had direct debits come out of the account too.

It definitely was the least work of all the options. It took me ten minutes of my time and that’s it. As it’s a joint account that we both use our cards on, plus we have a sky direct debit we won’t pay many (if any) fees

ahbell

Voting with my feet and switched to KBC - sign up process was a doddle.

pmce4

Woshy wrote: »

We also changed to the Explore Account and it was very easy.

No appointment -we popped in, showed our IDs, signed some forms and we were done. I’ve been using my cards as normal since the switch and have had direct debits come out of the account too.

It definitely was the least work of all the options. It took me ten minutes of my time and that’s it. As it’s a joint account that we both use our cards on, plus we have a sky direct debit we won’t pay many (if any) fees

I better read my letter again, My impression is that if I do nothing I will be automatically moved over to the new account!! Better check if this is this explorer account.

ILikeBoats

Woshy wrote: »

We also changed to the Explore Account and it was very easy.

No appointment -we popped in, showed our IDs, signed some forms and we were done. I’ve been using my cards as normal since the switch and have had direct debits come out of the account too.

It definitely was the least work of all the options. It took me ten minutes of my time and that’s it. As it’s a joint account that we both use our cards on, plus we have a sky direct debit we won’t pay many (if any) fees

If it's a joint account, do both parties need to be present to switch it over do you know?

Bob24

pmce4 wrote: »

I better read my letter again, My impression is that if I do nothing I will be automatically moved over to the new account!! Better check if this is this explorer account.

If it is the same letter I got, you will be automatically moved to a new type of account, but not the explore one.

deise08

Lost my wallet at the weekend with my card in it... Will give me a reason to go in now to switch accounts while ordering a new card.

iniall

ILikeBoats wrote: »

If it's a joint account, do both parties need to be present to switch it over do you know?

Yes, I had to take the letter home, get my wife to co-sign it and then post it back to them.

Ten Pin

I better read my letter again, My impression is that if I do nothing I will be automatically moved over to the new account!! Better check if this is this explorer account.

If you do nothing, you'll be charged the full quarterly fee unless the account has 2500 balance at all times.

The J Stands for Jay

ahbell wrote: »

Voting with my feet and switched to KBC - sign up process was a doddle.

The government were trying to encourage people to switch by making it easier. Little did they know the way to make it happen was to start charging.

handlemaster

Ten Pin wrote: »

If you do nothing, you'll be charged the full quarterly fee unless the account has 2500 balance at all times.

yea its a little much to have sitting there with zero interest, but I guess there are no rewards for having savings now.

Icsics

handlemaster wrote: »

yea its a little much to have sitting there with zero interest, but I guess there are no rewards for having savings now.

Regular Saver in KBC is 2.1%

baktag

I have moved from PTSB to KBC

Moved 2 joint current accounts,savings account and a credit card.
the transition was fine, no major problems and I know have apple pay with KBC

pmce4

Bob24 wrote: »

If it is the same letter I got, you will be automatically moved to a new type of account, but not the explore one.

thanks for that I better get in so

Jmccoy1

Was with KBC myself, not much to complain about, however not being able to make the odd cash lodgement made me change back to PTSB.

Bobeagleburger

What's the easiest way to close a PTSB account?

From previous experience they don't make it too easy. Hopefully it has improved!

Bob24

RoboKlopp wrote: »

What's the easiest way to close a PTSB account?

From previous experience they don't make it too easy. Hopefully it has improved!

Asked them on Twitter and they said you either need to go to a branch in person with ID and a proof of address, or that you can post certified copies of those documents with a letter requesting the account closure.

That is for current accounts - savings accounts can be close simply with a letter.

Bobeagleburger

Bob24 wrote: »

Asked them on Twitter and they said you either need to go to a branch in person with ID and a proof of address, or that you can post certified copies of those documents with a letter requesting the account closure.

That is for current accounts - savings accounts can be close simply with a letter.

Cheers