PTSB making it harder to dodge quarterly fees

Marlow

Hurrache wrote: »

No, it's not.

Just checked. Standard cards are Visa. Premium/Metal are still Mastercard.

/M

Hurrache

Marlow wrote: »

Just checked. Standard cards are Visa. Premium/Metal are still Mastercard.

/M

Which you have to pay a maintenance fee for, vast majority of people will be getting the visa.

BarryD2

Bob24 wrote: »

Agree. Got the letter as well yesterday evening and already made an appointment with AIB to open an account tomorrow (I qualify for free banking with them but hadn’t bothered until now as I was fine with PTSB). I was already on the verge of switching due to the lack of support for ApplePay so they are making the decision even easier. .

Whatever about TSB or PTSB, my experience with AIB is that they were always costly to deal with. Fees for this, that and everything under the sun. Nearly charge you for walking in the door!

km79

banie01 wrote: »

Just to add some more info.
After speaking to PTSB 24hr banking yesterday, I was informed that opening a new Explore account would require a new account set up and to complete the "switching" process even as an existing customer.

Happy to report that after calling into my branch today, that that info was wrong.
PTSB changed my account type to Explore immediately, with 3 signatures on a form and confirmed everything else regarding cards and DD stays as is.

Hope that helps.

Thanks for that
Would we not better waiting until april first though?

_Kaiser_

BarryD2 wrote: »

Whatever about TSB or PTSB, my experience with AIB is that they were always costly to deal with. Fees for this, that and everything under the sun. Nearly charge you for walking in the door!

I also found them increasingly inflexible with everything being passed to faceless/uncontactable back-office staff. There was usually no point even walking in the door!

Pixel Eater

I was just reading about this but according to the article it only applies to legacy accounts. So does that mean that those on newer accounts opened in the last few years (1,500 into your account each months to avoid fees) are uneffected?

AlmightyCushion

Pixel Eater wrote: »

I was just reading about this but according to the article it only applies to legacy accounts. So does that mean that those on newer accounts opened in the last few years (1,500 into your account each months to avoid fees) are uneffected?

That could still be considered a legacy account so you can't be sure. Best call them or wait for a letter.

jameshayes

I don't understand this fee? It doesn't say quarterly, yearly or per transaction!

bennyob

banie01 wrote: »

Just to add some more info.
After speaking to PTSB 24hr banking yesterday, I was informed that opening a new Explore account would require a new account set up and to complete the "switching" process even as an existing customer.

Happy to report that after calling into my branch today, that that info was wrong.
PTSB changed my account type to Explore immediately, with 3 signatures on a form and confirmed everything else regarding cards and DD stays as is.

Hope that helps.

That's a bit sneaky. As per consumer protection code, the bank should act in the best interest of it customers. If they are migrating their customers to an account with higher fees, I fail to see how that is in the consumers best interest.

pawrick

Got the letter yesterday, had moved to PTSB from BOI under a switcher offer. Glad i hadn't moved my other accounts to them also now.

Not a fan of the EBS online banking but between it and revolut it should be fine to cover all my needs.

km79

Pixel Eater wrote: »

I was just reading about this but according to the article it only applies to legacy accounts. So does that mean that those on newer accounts opened in the last few years (1,500 into your account each months to avoid fees) are uneffected?

I am a newer account and all 3 are affected

Gimme A Pound

The sense of entitlement really has peaked when people are complaining about being charged for a service.

AlmightyCushion

Alexandra Ashy User wrote: »

The sense of entitlement really has peaked when people are complaining about being charged for a service.

A service they had for free and others are providing for free. I don't see that as entitlement.

pleas advice

Alexandra Ashy User wrote: »

The sense of entitlement really has peaked when people are complaining about being charged for a service.

They get the interest off my money, they get the ability to loan out 9 times whats lodged, and charge interest on that, shur I could keep my money under the mattress, it'd be earning me as much, and costing me much less...

Stark

jameshayes wrote: »

I don't understand this fee? It doesn't say quarterly, yearly or per transaction!

Could well be per transaction. That's where banks like to screw you. I'll be withdrawing with my Revolut card just in case.

Bob24

Alexandra Ashy User wrote: »

The sense of entitlement really has peaked when people are complaining about being charged for a service.

Not entitlement, just completion and choice. Being honest most people who moved to PTSB in the past few years did so specifically because of free banking. Besides that the bank is ok but tends to lack behind in terms of tech (obvious exemple: no mobile payments), have less branches than AIB or BOI, and they are the Irish bank with the worst credit rating - hence probably not the most desirable bank on the Irish market.

And while people are indeed not entitled to free banking, PTSB is not entitled to its customers either. So I don’t see why there is an issue with folks saying that without free banking PTSB is not a good option for them anymore.

Bob24

BarryD2 wrote: »

Whatever about TSB or PTSB, my experience with AIB is that they were always costly to deal with. Fees for this, that and everything under the sun. Nearly charge you for walking in the door!

Oh yeah I agree their fee schedule is a bit of a joke ... wouldn’t go with them if I didn’t qualify for free banking.

Ten Pin

I was just reading about this but according to the article it only applies to legacy accounts. So does that mean that those on newer accounts opened in the last few years (1,500 into your account each months to avoid fees) are uneffected?

It applies to the "Permanent TSB Current Account" so check your statement for the account name. Legacy just means not available to be opened by new customers but they are most definitely targeting these for fees.

If it's the account with the free banking for 1500 lodgement then this change affects that account.

Icsics

On my way to KBC, luckily had an old savings account so was able to sort it out on the phone. Been excellent to deal with so far, opened a current & regular savers-good rate on this

Bob24

Darwin wrote: »

I really couldn't stomach switching again so will just move money from a savings account to the current account.

Check how much you are getting in interests for that money on your savings account. Even if you have an average rate and including taxes, it could well be more than what you would save on fees for keeping that cash on your joint account.

Just saying ...

Ten Pin

Anyone have one of these accounts with PTSB (or any other bank), max 20k total lodgement per annum

https://www.permanenttsb.ie/everyday-banking/current-accounts/basic-payment-account/

There's two conflicting statements in the fees section

With this account, you will not have to pay any maintenance or day-to day-transactions fees for 12 months from when you open the account.

...but further down...

There will be no maintenance or day-to-day transaction fees on your account for the first five years as long as the total amount of lodgements made to the account each year are below the National Hourly Minimum Wage of €9.80 per hour multiplied by 2,080 (the figure of 2,080 being based on working a 40 hour week for 52 weeks of the year) totalling currently €20,384 but is subject to change.

Some more info on Citizens information
http://www.citizensinformation.ie/en/money_and_tax/personal_finance/banking/standard_bank_account.html

Inviere

Alexandra Ashy User wrote: »

The sense of entitlement really has peaked when people are complaining about being charged for a service.

The CEO of PTSB earns half a million euro a year, piss off.

Tar.Aldarion

I have 3 accounts with PTSB, for nearly 30 years. Think I'll switch them all to KBC. The savings rates with PTSB have dropped as well and i just got a letter saying they are dropping further.

Hurrache

Alexandra Ashy User wrote: »

The sense of entitlement really has peaked when people are complaining about being charged for a service.

Do you think they just keep our money in boxes? They benefit from it too.

DaveyDave

Inviere wrote: »

The CEO of PTSB earns half a million euro a year, piss off.

A sales manager in another bank makes €400k. There's also a shocking lack of managerial skills. Staff leaving early as they please, coming in late, doing feck all work. Dumping work on other staff etc. People should probably understand how cushy it is to work in a bank before backing them up...

Marlow

Tar.Aldarion wrote: »

I have 3 accounts with PTSB, for nearly 30 years. Think I'll switch them all to KBC. The savings rates with PTSB have dropped as well and i just got a letter saying they are dropping further.

Check what account types they are.

I just went in to find out and my account is a "CS" type, which is completely free from charges apart from the levy and the currency exchange fees. It also isn't going to be affected or changed, I was told, so I just left it that. Have the account 15 years.

/M

ct5amr2ig1nfhp

What sort of problems and limits are you referring to? From reading the first pages of the KBC forum, it's not worse than AIB or BOI forums. Are you talking about transfer limits?

The KBC website cannot be offline as much as the BOI website. So there is already a win for KBC

BronsonTB wrote: »

Make sure you read the threads in the KBC forum so you are aware of issues before changing to them.

ie Mobile app limits.

Tazz T

Alexandra Ashy User wrote: »

The sense of entitlement really has peaked when people are complaining about being charged for a service.

As a customer I have a sense of entitlement about using whatever service I chose. Moving my account to N26 as we speak.

Marlow

Charging for a service is one thing. But a service is only so and so much worth.

And to be honest, the charge might be justifiable, if they still were providing the same service ... but they don't. They've cut down on branches, customer care and opening hours for the teller .... soooo ..

If you think the service is worth it, then sure. But there's better value to be got, then the customer votes with their wallet.

/M

judeboy101

Got the letter, my issue in switching is the hassle. When I moved to ptsb from boi it took ages and I had to contact virtually all my dd, employer etc to do the switching. Has it gotten any easier?