PTSB making it harder to dodge quarterly fees

loki7777

BOI is looking for €3k on your current account - so most of them is the same or worst.

killbillvol2

Ursus Horribilis wrote: »

Apart from the paperwork involved in switching banks, the other pain in the neck is the direct debits. I think I only had one when I switched to PTSB but now I've a mortgage and quite a few of them. If you were to switch account types with PTSB, who'd have to chase up the direct debits? From my experience of moving to them, I wouldn't trust them as far as I'd throw them.

When I switched from PTSB to KBC I had six Direct Debits. PTSB are required to switch them over for you. They made a balls of four of the six, only two transferred correctly.

Ursus Horribilis

vicwatson wrote: »

Aren’t current accounts more prone to scamming? So the more that’s in it, the more that can be taken, and the more the bank can be liable for. Makes no sense leaving 2.5 k in a current account

Perhaps not that many people are scammed. There's also a possibility that the banks have some sort of insurance that covers them if their accounts are scammed. It's a lot of money to just leave in a current account though. There's feck all choice out there for consumers. There doesn't appear to be any new banks interested in starting up here either.

vicwatson

loki7777 wrote: »

BOI is looking for €3k on your current account - so most of them is the same or worst.

What’s the logic though? I could maybe understand if they said you need 2/3 k in a savings account with the bank but to have it in a current account doesn’t make sense

Ursus Horribilis

It does if you know many of your customers don't have the luxury of leaving €2-€3k idle in their bank accounts.

AngryLips

killbillvol2 wrote: »

When I switched from PTSB to KBC I had six Direct Debits. PTSB are required to switch them over for you. They made a balls of four of the six, only two transferred correctly.

Pretty sure the destination bank is responsible for DD transfers.


TBH, I haven't got any letter but I will probably stay with them if I can easily move to the Explore account. They have a good mobile app and they aren't cashless.

Ursus Horribilis

AngryLips wrote: »

Pretty sure the destination bank is responsible for DD transfers..

When I switched to PTSB (my only experience to date of switching banks) they claimed they'd take care of switching over my direct debits. That was the theory. In reality that never happened and I ended up having to set them all up manually. Switching banks isn't the breeze they try to make it out to be. It's grand if you're young and don't have a lot of direct debits. When you're paying a mortgage and all the other fun things that go along with home ownership, there are a hell of a lot more of these things attached to your bank account.

fennor72

Ursus Horribilis wrote:

Ugh. I switched to PTSB a few years ago to avoid bank charges and it was a nightmare. I'm not sure I can stomach moving again even though I'm not impressed with their new T&Cs.

Totally agree I also switched a couple of years ago and their switching team were absolute clowns, they did nothing and it cost
me a fortune to sort out the direct debits that had been refused from my old closed account. I'd love to leave them but that hassle again....

wonski

AngryLips wrote: »

Pretty sure the destination bank is responsible for DD transfers.


TBH, I haven't got any letter but I will probably stay with them if I can easily move to the Explore account. They have a good mobile app and they aren't cashless.

You will probably (100% in my experience) have to make an appointment to do that. It doesn't take long, though and all direct debits, standing orders etc are transferred automatically as the account number, debit card etc stay the same. It is just paperwork to go through and sind and of course few subtle offers of overdraft, credit card etc along the way.

I guess it is still easier than switching the bank completely, especially when your regular payments are spread over different days of the month.


As for their mobile app, it really is exactly as their mobile site. Nothing fancy. Other banks are either in par, or more often better than that bank to be honest.

bonjurkes

I just would like to know if we are supposed to keep this 2500 in our current account or any account is fine (like savings, deposit etc.) I don't think it's safe to keep that much money in current account especially when your debit card is linked at it.

I read that some people already moving to KBC but is it any better than PTSB? I have 2 criteria, lodging money to my account without waiting for branch to open (I hate PTSB for this) plus ability to get cash from any other ATM ideally without paying any extra fee as I don't see much KBC machine around where I live.

I was considering AIB but they have same condition to keep 2500 in your account, so I am kind of unsure now.

Diceicle wrote: »

Looking to leave PTSB following the letter I got today.
I'm considering N26. Anything to be aware of here? Is there anything I'm getting with PTSB current account thats not available with N26?
Wouldn't use the card all that much week to week anyway.

Biggest issue with N26 is, they don't have 2FA login. They only ask for your password and you are in. No security codes, no SMS, no PIN or similar 6 digit code. If someone gets your password they are in. On mobile app, there is FaceID login (and probably TouchID also for older iPhone models) which doesn't make things safe especially when someone gets their hands on your phone. We already suggested 2FA feature request but yet to hear about it.

AngryLips

wonski wrote: »

As for their mobile app, it really is exactly as their mobile site. Nothing fancy. Other banks are either in par, or more often better than that bank to be honest.

I've used pretty much all of the banking apps, and while the PTSB one doesn't do anything particularly fancy or exceptional, it does what it does really well in terms of design and ease of use. It definitely doesn't feel like a web wrapper.

deise08

Do they Still do switch accounts?
I have a current account and switch account with them..

CalamariFritti

Got the letter myself and thinking about it.

Not sure yet what to do. Of course changing accounts is hassle. €6 a month. But then I'm thinking they are providing a service I use. The expectation nowadays is that you can get it for free. But it is a service they provide and I ma using it regularly.

From what I see the only ones that are still free are the ones with no branches, IT only.

Still on the fence. But my initial reaction was no way, I'm out, now I'm not so sure.

jaffa20

Got the letter too and don't think i'll bother switching. It's annoying but i'll just keep 2.5k balance on account of savings to avoid fees.

dubrov

jaffa20 wrote:

Got the letter too and don't think i'll bother switching. It's annoying but i'll just keep 2.5k balance on account of savings to avoid fees.

You'll need to keep a good bit more than that to ensure you don't fall below 2.5k.

If you are below for a single day, you'll pay fees for the whole quarter

marvin80

Afaik if you have the KBC account with a minimum of 2500 going in every month, you get discounted mortgage rates

Gumbo

I've just opened an N26 account.
I used a fellow Boardsie's referral code so if anybody wants mine, send me a PM and we all share the wealth

Think we both get €15

AlmightyCushion

bonjurkes wrote: »

I read that some people already moving to KBC but is it any better than PTSB? I have 2 criteria, lodging money to my account without waiting for branch to open (I hate PTSB for this) plus ability to get cash from any other ATM ideally without paying any extra fee as I don't see much KBC machine around where I live.

You can't lodge cash with KBC but you can use any ATM to withdraw cash from with no fee.

AngryLips wrote: »

I've used pretty much all of the banking apps, and while the PTSB one doesn't do anything particularly fancy or exceptional, it does what it does really well in terms of design and ease of use. It definitely doesn't feel like a web wrapper.

I'd disagree there. Logging in to the app is a pain. You have to enter your password and 3 digits of your pin every time. If you have a long or complicated password (special characters, number, capitals etc.) it becomes even more annoying. With KBC, Revolut, N26 you can just use your fingerprint reader and be in, in no time.

Marlow

bonjurkes wrote: »

Biggest issue with N26 is, they don't have 2FA login. They only ask for your password and you are in. No security codes, no SMS, no PIN or similar 6 digit code. If someone gets your password they are in.

They don't have 2FA in the traditional sense. True. However, they have 2FA for payments.

If you make a payment, you additionally have to enter your pin and then confirm the payment on the mobile app.

So getting in is one thing. But getting your money out another.

/M

murpho999

I too will be switching.

I don't get why people are worried about the hassle of direct debits as KBC will do it for you.

Details contained here.

Ten Pin

just would like to know if we are supposed to keep this 2500 in our current account or any account is fine (like savings, deposit etc.) I don't think it's safe to keep that much money in current account especially when your debit card is linked at it.

For PTSB, has to be a minimum balance of 2500 in current account at all times to avoid fees (from April). If it drops a cent below that, it's 18e fee for full quarter. That's some rip off, at least if it was only 6e for that month you might just accept it.

The thing to watch is pending transactions that might drop your balance temporarily if not watching it.

Doesn't matter how much is in savings or any other account.

EBS seems the only bricks and mortar option, they don't have contactless though.

Marlow

Ten Pin wrote: »

EBS seems the only bricks and mortar option, they don't have contactless though.

I'd see that as an advantage ... matter of fact.

/M

_Kaiser_

murpho999 wrote: »

I too will be switching.

I don't get why people are worried about the hassle of direct debits as KBC will do it for you.

Details contained here.

Because in theory, PTSB are meant to switch it all too - certainly that was part of the sales pitch when I moved from AIB when they pulled the same stunt a few years back. Like others though, I ended up sorting out several myself.

I might call into the local branch later and see what's involved to move it to the Explore account. I have a credit card and overdraft with them and I prefer to keep everything in one place.

Hurrache

Ten Pin wrote: »

EBS seems the only bricks and mortar option, they don't have contactless though.

Contactless, or Android/Apple Pay?

Edit: Wow, I just googled. No contactless card. That's absolutely ridiculous. I never withdraw cash unless I'm going to a pub, so I won't be switching to EBS so.

Thanks for flagging that.

murpho999

_Kaiser_ wrote: »

Because in theory, PTSB are meant to switch it all too - certainly that was part of the sales pitch when I moved from AIB when they pulled the same stunt a few years back. Like others though, I ended up sorting out several myself.

I might call into the local branch later and see what's involved to move it to the Explore account. I have a credit card and overdraft with them and I prefer to keep everything in one place.

With everything online I don't really see the hassle with having stuff with different banks.

I will have a credit card, mortgage and a term loan with PTSB and switch current account to KBC.

Saving on fees and also they have Apple Pay which is big factor for me. Used it with Boon and it's a great feature but PTSB appear to have no plans to introduce it which is crazy.

_Kaiser_

Hurrache wrote: »

Contactless, or Android/Apple Pay?

Edit: Wow, I just googled. No contactless card. That's absolutely ridiculous. I never withdraw cash unless I'm going to a pub, so I won't be switching to EBS so.

Thanks for flagging that.

Surely that only means having to put in the PIN every time though?

A bit of an inconvenience I suppose, but it wouldn't be a deal-breaker for me if everything else looked good.

Jrop

PTSB reward account must have improved cos when I had it I got a measley 5 euro back in a year.

KBC seem to be the best option for me

marvin80

_Kaiser_ wrote: »

I might call into the local branch later and see what's involved to move it to the Explore account.

I'm going to do the same - if they can switch everything over hassle-free to the explorer account I'll go with that.
Otherwise I'll look at moving.

I'll have to try and remember any yearly direct debits I have - the likes of property tax is one I think and also change them if required.

They'll lose a lot of business I'd say - if the likes of KBC were clued in they'd offer TSB customers a reward like €100 if they switch over - they'd poach a lot of customers very quickly.

Hurrache

Marlow wrote: »

I'd see that as an advantage ... matter of fact.

/M

Can't see how. The fear of being skimmed is dramatically overplayed, plus when you're entering your pin each time, if you are worried about it, they'll then have your PIN.

Contactless is great.

murpho999

Hurrache wrote: »

Can't see how. The fear of being skimmed is dramatically overplayed, plus when you're entering your pin each time, if you are worried about it, they'll then have your PIN.

Contactless is great.

Just use Apple or Google pay depending on your phone.

Safer than wireless and no €30 limit.

You won't need your card at all.

Edit: Sorry you're talking about EBS. Thought it was KBC