PTSB making it harder to dodge quarterly fees

CommShepard

loki7777 wrote: »

Adding new payee takes about 4h - i added 6 at once. But yes - they are in the same place as PTSB/BOI were 7-9 years ago when it goes about it - good that you can call and don't have to wait for the code to add one.

I'm still not able to transfer money to my credit card (AIB) as the 16 digit creditcard no. does not fit.

loki7777

Won't help you with that as i don't have CC.

Ten Pin

I'm still not able to transfer money to my credit card (AIB) as the 16 digit creditcard no. does not fit.

EBS online has an option for "payee" or "bill" in beneficiaries.
Within bills there's an "AIB Visa" option with a space for 16 characters. However it doesn't show the relevant IBAN which is a bit pointless (unless it's shown before confirming it).

I kept a savings account open in PTSB for situations like this, can still pay bills from Open24

radonicus

I assume the full quarterly fees are charged no matter if you close the account today or at the end of June (as in they are not applied pro rata)?

Ten Pin

Yes, one day is the same as full quarter, unless a balance of 2500 is maintained every day throughout the quarter. But even then they may try and charge the fee at closing. The only remedy was to close the account before 1 April and empty the account beforehand.

loki7777

It wasn't remedy at all - they charged us as well(we closed in last week of March) - on statement they call it service charge. I got my money back and my partner just sent them a letter with complaint.
They wouldn't close the account for us without lodging €18 on each account.

Eggs For Dinner

Swapped over to Explore yesterday. Dropped in without appointment, dealt with straight away. 3 signatures and a lot of chat about Brexit and out the door in 15 minutes

kelzer

I switched to the Explore account today. Easy and fast process. The bank official said that the cashback was 10% on all card transactions no matter the value. I had heard that it was all card transactions over €3. Which is correct?

km79

kelzer wrote: »

I switched to the Explore account today. Easy and fast process. The bank official said that the cashback was 10% on all card transactions no matter the value. I had heard that it was all card transactions over €3. Which is correct?

10 cent not 10 %

Bojill

kelzer wrote: »

I switched to the Explore account today. Easy and fast process. The bank official said that the cashback was 10% on all card transactions no matter the value. I had heard that it was all card transactions over €3. Which is correct?

Neither, 10c per transaction (any value) up to a max of 5 euro per month cashback.

Bobeagleburger

10% on all card transactions would be a 2nd income

kenmc

Just closed my current account in ptsb, emptied it to savings this morning, popped into local branch (dundrum d14), asked to close it, no issues at all, no questions asked, no fees demanded, just took a copy of my passport. Couldn't have been simpler really.

N26 and EBS for now, with revolut for day2day.

Stevek101

The fee is going from €4 to €6 per month from 1 August. Unavoidable fee now €12 per year.

sonyvision

And the cashback will stay capped at 5 euro!... making a visit on 31st july to close my account

uck51js9zml2yt

Bojill wrote: »

Neither, 10c per transaction (any value) up to a max of 5 euro per month cashback.

Seems to be a fiver per card if a joint account.

km79

Well that’s ANNOYING

JTMan

Confirmation of the fee increase to 72 euros per year here.

JTMan

Meanwhile KBC have reduced the monthly deposit requirement to 2,000 EUR per month from 1 July 2019 to get free banking with the KBC Extra Current account.

Ten Pin

Details of Explore account charge increase
https://www.permanenttsb.ie/about-us/notices/2019/may/changes-to-explore-fee-for-maintaining-the-account/

Gael23

JTMan wrote: »

Meanwhile KBC have reduced the monthly deposit requirement to 2,000 EUR per month from 1 July 2019 to get free banking with the KBC Extra Current account.

Where did you get that? Still €2500 on their website

JTMan

Gael23 wrote: »

Where did you get that? Still €2500 on their website

https://www.kbc.ie/news-and-press/latest-news-and-press-releases/kbc-bank-ireland-plc,-financial-results-for-q1-(4)

uck51js9zml2yt

JTMan wrote: »

https://www.kbc.ie/news-and-press/latest-news-and-press-releases/kbc-bank-ireland-plc,-financial-results-for-q1-(4)

Is it just the cynic in me that says, they get all the ptsb customers and then introduce charges?

veryangryman

Liv Square Punch wrote: »

Is it just the cynic in me that says, they get all the ptsb customers and then introduce charges?

And if they do, people will move again. Once you know how to move, ye hesitate less

Gael23

Liv Square Punch wrote: »

Is it just the cynic in me that says, they get all the ptsb customers and then introduce charges?

That’s why I’m slow to move. I do have my savings with them but not current account

veryangryman

AFAIK i have the current account now moved PTSB to KBC. The current account in PTSB has vanished and the balance (minus €18 quarterly fee) has been sent to KBC.

So my Mortgage comes out today. I look at Mortgage account and the money has been sent. However, the KBC current still shows no money gone, not even in pending.

Anyone used KBC before, is this normal and sorts itself out in a few days?

F1ngers

veryangryman wrote: »

AFAIK i have the current account now moved PTSB to KBC. The current account in PTSB has vanished and the balance (minus €18 quarterly fee) has been sent to KBC.

So my Mortgage comes out today. I look at Mortgage account and the money has been sent. However, the KBC current still shows no money gone, not even in pending.

Anyone used KBC before, is this normal and sorts itself out in a few days?

There is a KBC forum on boards, ask them.

ILikeBoats

Can someone explain PTSB's logic please?

Right, let's introduce fees, annoy everybody and lose a decent chunk of our customers... Couple of months later... Right let's increase that fee just to pi55 the remainder off further, see if we can lose even more customers?

Elessar

I'm still on the old PSTB current account that is now getting fees of €18/quarter. That's €72/year. I see the Explore account which was cheaper will now be €6/month which is €72 year.

Is there any reason at all to switch accounts in PTSB now?

Rock Steady Edy

ILikeBoats wrote: »

Can someone explain PTSB's logic please?

Increase profits. They are clearly on a mission.

https://www.rte.ie/news/business/2019/0227/1033111-permanent-tsb-results/

I don't know what the stats are from other banks that have introduced bank charges in previous years (eg Ulster Bank), but lets say 80% stay and 20% don't. So that's 80% who pay higher fees and 20% who leave. They don't really care whether you stay or go, it's just a numbers game. They'll be able to estimate how many will stay and how many will go even just from the recent removal of free banking in Q1.

This thread probably contains a higher number of motivated switchers than the general population because you're annoyed enough about it to seek it.

We moved to the Explorer account a couple of months ago because the cashback essentially cancels out the charges. But this might be the straw that breaks the camal's back, as we already have a KBC current account in conjunction with our mortgage, so really just a matter of switching a few DDs.

I see that the letter says "If you do not wish to accept the change you may close the account or switch providers without a charge", so I'll be keeping that letter safe after hearing about the experiences of others who closed their accounts previously.

Eggs For Dinner

Elessar wrote: »

I'm still on the old PSTB current account that is now getting fees of €18/quarter. That's €72/year. I see the Explore account which was cheaper will now be €6/month which is €72 year.

Is there any reason at all to switch accounts in PTSB now?

You can earn up to €5 per month cashback for using your debit card etc at 10c a transaction