PTSB making it harder to dodge quarterly fees

Bob24

Rock Steady Edy wrote: »

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.

People leaving might also take their savings with them though (and PTSB needs deposits), and they are less likely to bring mortgage/investment/insurance business in the future (i.e. current accounts are never going to be a huge source for profit but are a good way to maintain a relationship with customers in order to sell them other products).

They must have looked as the figures as you mentioned and decided it made sense, but I have to say I am skeptical as I doubt it will be a great money maker from them and it will be a large loss of business oportunities.

AulWan

I moved from UB to a PTSB evolve account in March, when I first heard of UB's new transaction fees. I chose PTSB over KBC as I need to be able to lodge cash.

So far, I am happy enough with PTSB. My rewards at the end of the month have covered the €4 flat fee. If I had any complaints, its that they are a bit slower to process things, but I can live with that. I just pay things a day earlier. I just yesterday got the letter to say their flat fee was increasing to €6 a month, which I can also live with considering my first fee notification from UB for just one month was almost €20 (and I only used it while switching stuff over to PTSB).

If UB had opted to increase their flat rate €4 fee to €6 or even slightly higher, I would have stayed. But it was the per transaction fee, and particularly the fees on transactions done via app, that pushed me to leave.

Tar.Aldarion

That is so funny that people switched to the explorer account instead of moving bank then PTSB jacked up the price on that too! Hello more customers going to KBC.

loki7777

Tar.Aldarion wrote: »

That is so funny that people switched to the explorer account instead of moving bank then PTSB jacked up the price on that too! Hello more customers going to KBC.

I think EBS:)

Delta2113

Tar.Aldarion wrote: »

That is so funny that people switched to the explorer account instead of moving bank then PTSB jacked up the price on that too! Hello more customers going to KBC.

I'm glad I didn't switch to Explore Account. I've still FREE banking but yes must keep balance at €2,500 min.

ct5amr2ig1nfhp

I believe in voting with my feet, so we switched away from PTSB to KBC. Had a few issues but eventually got them resolved.

I would not be surprised if KBC change their free banking rules again soon, making it harder to avoid charges. Look at their latest financial results - profits are down 75% on this time last year.

Tar.Aldarion wrote: »

That is so funny that people switched to the explorer account instead of moving bank then PTSB jacked up the price on that too! Hello more customers going to KBC.

Ten Pin

And the reason for all these fee hikes is a Central Bank fine

https://jrnl.ie/4661541

In other words the customers pay for someone else's "mistakes"

beggars_bush

I'll be moving to AIB

its much less hassle, and luckily I'll be able to keep the balance needed.

No KBC branch within 40 minutes drive
and could you rely on EBS?

shanec1928

loki7777 wrote: »

I think EBS:)

Ebs have the most stupid sign up systems. Have to go in and submit Id first then wait for that to be approved before being able to sign up.

loki7777

Yes they do.

cookie1977

I'm off to N26. I'll keep my wife's account with PTSB for now. I do like their online setup.

bonjurkes

beggars_bush wrote: »

I'll be moving to AIB

its much less hassle, and luckily I'll be able to keep the balance needed.

Yes but isn't it more expensive to use AIB? Pay quarterly fee, pay per transaction, each time you cash out money and use their machines to lodge cash etc.

FaganJr

Moved to N26 when this day light robbery was announced

Zero draw backs to the move, except some direct debits questioning
non national BIC, but all have accepted it, and processing no problem.

Savings in Credit Union, so happy days

Elessar

I'm also with N26 since they opened here a few years ago. Very happy with it.

The only reason I'm keeping my PTSB open is for the odd time I need to lodge cash. There doesn't seem to be any other option with no fees for this.

fjon

I have a "Switch Current Account" with them and still don't pay fees and never have.
I think I'm in an unusual situation though as I don't know if there are many people on this account. Wouldn't be surprised if they apply them at some stage in the future, but for now I'm sticking with it.

The high horse brigade

fjon wrote: »

I have a "Switch Current Account" with them and still don't pay fees and never have.
I think I'm in an unusual situation though as I don't know if there are many people on this account. Wouldn't be surprised if they apply them at some stage in the future, but for now I'm sticking with it.

Yeah I'm the same, no fees for us for the moment. The minute they suggest them I'll be changing

fjon

The high horse brigade wrote: »

Yeah I'm the same, no fees for us for the moment. The minute they suggest them I'll be changing

I was told by someone in the bank that these accounts are fee-free for life, and PTSB have been warned to stick to that. Fingers crossed!

FaganJr

Elessar wrote: »

I'm also with N26 since they opened here a few years ago. Very happy with it.

The only reason I'm keeping my PTSB open is for the odd time I need to lodge cash. There doesn't seem to be any other option with no fees for this.

Surely Credit Union don't charge for cash lodgements?

veryangryman

ILikeBoats wrote: »

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?

A new CEO with a distinct lack of imagination for how to make money I'd imagine.


Useless.

nice_guy80

fjon wrote: »

I was told by someone in the bank that these accounts are fee-free for life, and PTSB have been warned to stick to that. Fingers crossed!

I was told the opposite in a branch today

DaveNoCheese

fjon wrote: »

I was told by someone in the bank that these accounts are fee-free for life, and PTSB have been warned to stick to that. Fingers crossed!

Hopefully this is the case as I have two Switch Accounts, a savings account and an Online Instant Access account. I don't want the hassle of moving as I have found them reliable and the open24 app very useful but I will move to avoid fees if necessary.

jack in the box

The high horse brigade wrote: »

Yeah I'm the same, no fees for us for the moment. The minute they suggest them I'll be changing

They can't change it, otherwise it would have been done in April.

Xenji

fjon wrote: »

I have a "Switch Current Account" with them and still don't pay fees and never have.
I think I'm in an unusual situation though as I don't know if there are many people on this account. Wouldn't be surprised if they apply them at some stage in the future, but for now I'm sticking with it.

I have it as well and keep being told by staff how lucky I am to have it and never change it.

leeside11

fjon wrote: »

I have a "Switch Current Account" with them and still don't pay fees and never have.
I think I'm in an unusual situation though as I don't know if there are many people on this account. Wouldn't be surprised if they apply them at some stage in the future, but for now I'm sticking with it.

Having two Switch Current A/C's with PTSB, I called into my own branch and was told the Regulator has made it absolutely clear to them that Free Banking on these accounts means exactly that so no charges for the time being.

Ice Storm

Yes, the Switch account was sold as "free banking for life". They've tried to find a loophole to get out of this, but as they haven't done so up to now, it's unlikely to happen.

FaganJr

Ice Storm wrote:

Yes, the Switch account was sold as "free banking for life". They've tried to find a loophole to get out of this, but as they haven't done so up to now, it's unlikely to happen.

I think I had that account, but they are charging me, but I'm with N26 now. Can I recoup charges?

_Kaiser_

jack in the box wrote: »

They can't change it, otherwise it would have been done in April.

Hang on... am I reading the above right?

I switched to them from AIB about 3/4 years back and then got a letter a few months ago like everyone else telling me I'd need to maintain a ridiculous daily balance, or pay fees

I moved to their Explore account and have now received a letter telling me the fees are going up there too.

But, should I not have been charged on the original account in the first place??

FaganJr

_Kaiser_ wrote:

I switched to them from AIB about 3/4 years back and then got a letter a few months ago like everyone else telling me I'd need to maintain a ridiculous daily balance, or pay fees

These switching accounts, these were the ones where you had a switching buddy who done it all for you??

Sarn

There were different phases of switching accounts over the years. However, I must see if I can dig out the original correspondence. They were so good at getting the tracker mortgage offers right...

_Kaiser_

FaganJr wrote: »

These switching accounts, these were the ones where you had a switching buddy who done it all for you??

Yep.. was about 3/4 years ago and it wasn't seamless either.