PTSB making it harder to dodge quarterly fees

Walter Knight · 22-02-2019 1:34am

Bob24 wrote: »

Actually the answer is in the link I provided I think: "You must not hold another payment/current account with a bank in the Republic of Ireland. If you already have a current account, and your bank has informed you that it will be closed, you are eligible, but you will need to bring proof of this with you when opening a new account."

The way I read it, unless you have no account or your bank has formally informed you that your existing account will be closed, you can't open a basic account. This seems to rule out conversions.

Me, and many of us have got the letters informing us that from March 25th2019 ( or another date) our existing accounts will be retired and the account types will be changed. I take it as a closure of my current account. That`s why so many are so “excited” here :^)
Thanks for your input anyway :^)
PS. As they want to convert it into the account type I do not like, I want this account to be converted into the Basic one. As simple as that.
In other words, If they want to tighten my belt, I won`t let them to do it on my neck. Is it fair enough? :^)

Bob24 · 22-02-2019 9:24am

Walter Knight wrote: »

Me, and many of us have got the letters informing us that from March 25th2019 ( or another date) our existing accounts will be retired and the account types will be changed. I take it as a closure of my current account. That`s why so many are so “excited” here :^)
Thanks for your input anyway :^)
PS. As they want to convert it into the account type I do not like, I want this account to be converted into the Basic one. As simple as that.
In other words, If they want to tighten my belt, I won`t let them to do it on my neck. Is it fair enough? :^)

I got the same letter. The bank is not informing us the account will be closed. It is informing us that a new fee structure will be applied to the account.

You can try to go to PTSB and ask them to convert it into a basic account, but I suspect their answer will be that as per the rules I referenced earlier, since you already hold a current account they have no obligation to facilitate a basic account for you. Now you could just reply to the clerk that in this case you want to close your account with immediate effect and open a basic account immediately afterwards. I don’t think they can say no to that and it might convince them to save the paperwork and simply convert your account instead.

Wheety · 22-02-2019 11:08am

Walter Knight wrote: »

PS. As they want to convert it into the account type I do not like, I want this account to be converted into the Basic one. As simple as that.
In other words, If they want to tighten my belt, I won`t let them to do it on my neck. Is it fair enough? :^)

Do you meet the criteria for a basic account? As already stated, you'd need to be getting less than €20k paid into it every year.

Actually Bob24, do you think you're allowed to close your own account and open a basic one? It doesn't sound like it.

You must not hold another payment/current account with a bank in the Republic of Ireland. If you already have a current account, and your bank has informed you that it will be closed, you are eligible, but you will need to bring proof of this with you when opening a new account.

If you could people could use N26 as their main 'landing' account and then transfer upto €370 a week into their basic account. My current 'allowance' is less than that as we use our KBC account to handle salary and mortgage, bills etc.

loki7777 · 22-02-2019 11:14am

So can you go and convert to basic account - or will you have to first close this account and open another? And is account with credit union counting as current/payment account?

Bob24 · 22-02-2019 11:23am

Wheety wrote: »

Actually Bob24, do you think you're allowed to close your own account and open a basic one? It doesn't sound like it.

I *think* once you have closed all your existing accounts in Ireland you do qualify for a basic one, as the rules only say that to qualify you need not to hold any other account (I.e. it doesn’t specifically say it’s a problem to have held an account in the past so my understanding is that it is only referring to the person’s current situation).

I believe the phrase you highlighted is meant as an exemption to allow someone who is being kicked out by their current bank to open a new basic account with a different bank and temporarily have 2 accounts as a transition period while the old account is being closed.

All this is just my own understanding of course.

Wheety · 22-02-2019 11:33am

I think you may be right. I won't be opening one anyway. My own situation is getting paid into KBC Extra Account (to take advantage of mortgage discount and savings bonus). Then I pay a certain amount to my N26, which has now become my main current account.

ct5amr2ig1nfhp · 22-02-2019 12:35pm

In case it hasn't been mentioned already, the new charges for PTSB have already been applied to customer accounts. I checked this morning in branch and there is 18 EUR already pending on my account for Q1 2019. I am in the process of closing my PTSB accounts.

The manager in branch is manually refunding customers the 18 EUR. I presumed the charges wouldn't start until the 1st April. Absolute chancers.

Ten Pin · 22-02-2019 1:15pm

In case it hasn't been mentioned already, the new charges for PTSB have already been applied to customer accounts. I checked this morning in branch and there is 18 EUR already pending on my account for Q1 2019. I am in the process of closing my PTSB accounts.

The manager in branch is manually refunding customers the 18 EUR. I presumed the charges wouldn't start until the 1st April. Absolute chancers.

Is it not always the case that the fee is pending until they check that the conditions that apply are satisfied at the end of the quarter (lodge 1500 per month).

Was there a pending transaction in Open24 or only on the banks internal system?

Bob24 · 22-02-2019 1:28pm

Gracelynn Ashy Alfalfa wrote: »

In case it hasn't been mentioned already, the new charges for PTSB have already been applied to customer accounts. I checked this morning in branch and there is 18 EUR already pending on my account for Q1 2019. I am in the process of closing my PTSB accounts.

The manager in branch is manually refunding customers the 18 EUR. I presumed the charges wouldn't start until the 1st April. Absolute chancers.

Similar story here.

I was just at the branch to close my account, and while the balance was 0 on the app before entering the branch, the closing balance in the document I was asked to sign was -18. The clerk told me it’s a service fee which was added and they would get their manager to wave it.

For reference I have transferred 1500 to the account each month including this month, but I guess technically it’s not a full quarter so it is a grey area.

Ten Pin · 22-02-2019 1:56pm

...just at the branch to close my account

Have you still got online access to any other PTSB accounts?

Bob24 · 22-02-2019 2:07pm

Ten Pin wrote: »

Have you still got online access to any other PTSB accounts?

Nope, I closed the other accounts earlier this month and since I left the branch the App doesn’t let me login anymore.

Walter Knight · 22-02-2019 2:15pm

..."You must not hold another payment/current account with a bank in the Republic of Ireland. If you already have a current account, and your bank has informed you that it will be closed, you are eligible, but you will need to bring proof of this with you when opening a new accoun"... Hm... It realy sounds like:" We do not need your money... honey" :^) Meanwhile, EBS has the same type of a Basic account, the name of which is “ MoneyManager Account”. And their conditions sound much more welcoming, i.e. :” If you like the look of our MoneyManger account but already have a bank account in place, we can help you switch your account to EBS. The process is smooth and hassle free in line with the Central Bank of Ireland's Switching Code and we'll make sure that any direct debits or standing orders you may have coming out of your current bank account are seamlessly switched to your new EBS MoneyManager account.” Thus, If my bank will insist on conversion into their “ship” instead of the “ship” of my choice :^), I`ll simply go to EBS. :^)

Bob24 · 22-02-2019 2:25pm

Walter Knight wrote: »

Thus, If my bank will insist on conversion into their “ship” instead of the “ship” of my choice :^), I`ll simply go to EBS. :^)

Yep that’s the idea of competition and to be honest I don’t think PTSB did itself a favour by issuing those letters.

But on the other hand in the same way they are not entitled to your custom and you are free to leave if you are not happy with their terms, you are not entitled to them continuously offering terms you are happy with either - and they are free to decide they prefer losing you as a customer to maintaining those terms.

So basically the only thing to do is to ask them if they are happy to convert your account terms to the ones you would like, and leave if you are not happy with their answer and have identified an offering you like better elsewhere.

Walter Knight · 22-02-2019 3:08pm

Bob24 wrote: »

So basically the only thing to do is to ask them if they are happy to convert your account terms to the ones you would like, and leave if you are not happy with their answer and have identified an offering you like better elsewhere.

But let`s keep in mind a "human factor". What is not allowed by one manager, may be welcomed by another, if conditions are so blur. As if I get Basic account, I won`t have any other, thus I meet the criteria after getting it, and not meet before

, or close it, meet it, and get it, wich is less confy, thus makes less sense than convertion :eek:

Bojill · 22-02-2019 9:37pm

Have to say, happy with the switch to the explore account.
4.50 back from Sky and full 5 euro from transactions.

Beric Dondarrion · 25-02-2019 10:41am

Moved my account to KBC because of this change in policy by PTSB. Got hit with an €18 quarterly fee on the remaining funds that were transferred in to the new account.

Was told by PTSB that if you close an a current account mid quarter you are liable for fees regardless of whether or not you meet the criteria that ordinarily prevents you being charged.

Not happy about this and was never told about this by any of the customer service reps I spoke to when the original letter arrived in the post. :mad:

Bob24 · 25-02-2019 10:50am

Beric Dondarrion wrote: »

Moved my account to KBC because of this change in policy by PTSB. Got hit with an €18 quarterly fee on the remaining funds that were transferred in to the new account.

Was told by PTSB that if you close an a current account mid quarter you are liable for fees regardless of whether or not you meet the criteria that ordinarily prevents you being charged.

Not happy about this and was never told about this by any of the customer service reps I spoke to when the original letter arrived in the post. :mad:

I don’t regret completely emptying my account before closing it. Would have been the same for me otherwise, and no one ever mentioned it either (I just saw the -18 euros balance on the closing balance I had to sign off and asked, but otherwise they wouldn’t have said anything).

Also I would argue that if they are saying that closing the account mid-quarter doesn’t make you qualify for free fees, it is strange to then charge you for the FULL quarter - at the very least they should prorate the charge to the time the account was actually open during that quarter.

Beric Dondarrion · 25-02-2019 10:55am

Bob24 wrote: »

I don’t regret completely emptying my account before closing it. Would have been the same for me otherwise, and no one ever mentioned it either (I just saw the -18 euros balance on the closing balance I had to sign off and asked, but otherwise they wouldn’t have said anything).

Also I would argue that if they are saying that closing the account mid-quarter doesn’t make you qualify for free fees, it is strange to then charge you for the FULL quarter.

They might be on a sticky wicket with this due to them not telling customers about this. I spoke at length with a manager this morning and basically said that not once was this mentioned to me when I rang to say I'd be closing my account. No mention in the letter received either.

Will see what happens.....

ct5amr2ig1nfhp · 25-02-2019 11:01am

The manager in my local branch was refunding all customers that closed their accounts. There was confusion about the letter stating 1st April apparently. :rolleyes:

Contact your local branch manager and demand a refund of the 18 EUR.

I would also send them a tweet for others to see. Public backlash can do wonders.

Beric Dondarrion wrote: »

Moved my account to KBC because of this change in policy by PTSB. Got hit with an €18 quarterly fee on the remaining funds that were transferred in to the new account.

Was told by PTSB that if you close an a current account mid quarter you are liable for fees regardless of whether or not you meet the criteria that ordinarily prevents you being charged.

Not happy about this and was never told about this by any of the customer service reps I spoke to when the original letter arrived in the post. :mad:

BillieBob101 · 25-02-2019 4:48pm

Beric Dondarrion wrote: »

Moved my account to KBC because of this change in policy by PTSB. Got hit with an €18 quarterly fee on the remaining funds that were transferred in to the new account.

Was told by PTSB that if you close an a current account mid quarter you are liable for fees regardless of whether or not you meet the criteria that ordinarily prevents you being charged.

Not happy about this and was never told about this by any of the customer service reps I spoke to when the original letter arrived in the post. :mad:

I think I will also be completely emptying my account before I close it in that case. Does anyone know if there are any other charges, e.g. stamp duty on a debit card? Trying to figure out if I need to leave a small amount in the account to cover anything like this.

Bob24 · 25-02-2019 5:02pm

BillieBob101 wrote: »

I think I will also be completely emptying my account before I close it in that case. Does anyone know if there are any other charges, e.g. stamp duty on a debit card? Trying to figure out if I need to leave a small amount in the account to cover anything like this.

There was no other charge beyond the 18 euros when I closed mine.

Didn’t think about stamp duty but actually now that you mention it I probably made a withdrawal or 2 since they last collected it. Doesn’t seem like they tried to charge me for it though.

Ten Pin · 25-02-2019 5:51pm

PTSB haven't a leg to stand on regarding taking 18euro fees before April but the only way to stop it is to empty the account before closing. Consider emptying savings account too (for anyone that has one) in case they try and dip into that.

They must have decided to impose fees for first quarter and then discovered they hadn't notified anyone and now they're chancing their arm hoping some mightn't notice it.

BillieBob101 · 25-02-2019 9:54pm

Bob24 wrote: »

There was no other charge beyond the 18 euros when I closed mine.

Didn’t think about stamp duty but actually now that you mention it I probably made a withdrawal or 2 since they last collected it. Doesn’t seem like they tried to charge me for it though.

Actually, looked into the stamp duty thing - looks like it is only charged for debit cards that are active on 31 Dec. If you close an account before then, there is no stamp duty due. So I will make sure to empty the account before closing it!

Rock Steady Edy · 25-02-2019 10:12pm

It's completely out of order to charge €18 as a result of them changing their T&Cs with effect from date which is well into the future. They did not mention in the letter that you would be charged fees if you closed your account.

If there's a correspondence address on the letter, I would write a polite letter and ask for it back.

Bobeagleburger · 25-02-2019 10:18pm

They can't charge fees before April if you are meeting the monthly terms.

Bob24 · 25-02-2019 10:35pm

RoboKlopp wrote: »

They can't charge fees before April if you are meeting the monthly terms.

I think the argument is that to qualify for free fees you need to lodge 1500 per month for a full quarter (and Jan-Feb is just two months).

But yeah it’s definitly poor form which is why the seem to reverse the fee for most people.

Bobeagleburger · 25-02-2019 10:51pm

Bob24 wrote: »

I think the argument is that to qualify for free fees you need to lodge 1500 per month for a full quarter (and Jan-Feb is just two months).

But yeah it’s definitly poor form which is why the seem to reverse the fee for most people.

Poor form.

So, lodging 1500 on March 1st it is

km79 · 26-02-2019 12:07am

RoboKlopp wrote: »

Poor form.

So, lodging 1500 on March 1st it is

That's why I've waited
That and I didn't want pay fees for the other account when I didn't really have to switch until April

cefh17 · 26-02-2019 3:10pm

Beric Dondarrion wrote: »

Moved my account to KBC because of this change in policy by PTSB. Got hit with an €18 quarterly fee on the remaining funds that were transferred in to the new account.

Was told by PTSB that if you close an a current account mid quarter you are liable for fees regardless of whether or not you meet the criteria that ordinarily prevents you being charged.

Not happy about this and was never told about this by any of the customer service reps I spoke to when the original letter arrived in the post. :mad:

Told the same today, mentioned I'd satisfied the logdment conditions for both January and February and won't be paying it. Have the account zeroed out so good luck taking it from nothing.

Ten Pin · 26-02-2019 6:03pm

For anyone stung for 18e, you should lodge a complaint, based on the following paragraph on the Account Comparison table on the last page of the notification letter...

Your quarterly statement will detail your fees and charges, pre-notifying you fourteen business days before your account is charged

The charging quarter dates are 1st Jan/Apr/Jul/Oct so they should have listed any charges in the quarterly statement and given 14 business days advance notice before debiting the account. If they're saying it's a quarterly fee then where's the quarterly statement.

PTSB making it harder to dodge quarterly fees

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