PTSB making it harder to dodge quarterly fees

spurious

I will have to switch as my pension is less than half their monthly lodging requirement.
I would love to know what they think they are charging for. Their branch service is unbelievably slow at any time of the day.

Bob24

spurious wrote: »

Their branch service is unbelievably slow at any time of the day.

In my experience it depends on the branch to be fair. The O’Connell Street one is bad and has been as you describe for me (long queue both for the ATMs and the in person service, and ATMs our if service on a regular basis), but I’ve been to the Baggot Street one a few times and it was much better.

The high horse brigade

It seems that PTSB Switch Current Account holders are unaffected so no changes or fees for us

Icsics

The high horse brigade wrote: »

It seems that PTSB Switch Current Account holders are unaffected so no changes or fees for us

Yet

JTMan

jameshayes wrote: »

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

The above is wrong. KBC do not have such a 4.50 EUR charge.

The high horse brigade

Icsics wrote: »

Yet

Yeah but it's perfect as it buys me time to see how Revolut progress and how Brexit affects them.

BabysCoffee

Not sure what to do about this. I'm currently considering taking 2500 from savings and leave it sit there or change bank. One thing for sure is that I'm not paying charges to PTSB.

The branch I go to has no counter service after 3pm. How this is considered service I don't know.

Hurrache

The high horse brigade wrote: »

It seems that PTSB Switch Current Account holders are unaffected so no changes or fees for us

It would explain why we only got letters for 1 account, the other 2 are Switch Current accounts.

Bobeagleburger

JTMan wrote: »

The above is wrong. KBC do not have such a 4.50 EUR charge.

Read the last bit. It's waived if 2500 is lodged monthly

Bobeagleburger

KBC have the best regular savings account on the market. If you have a current account with them you set it up with a click of a button on the their app.

cee_jay

Icsics wrote: »

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

Same, took 15 mins on the phone for my current account and savings account to be opened, there is a switching form I have received by email to complete and return for direct debits.

Ohmeha

RoboKlopp wrote: »

KBC have the best regular savings account on the market. If you have a current account with them you set it up with a click of a button on the their app.

Still best rate out there but KBC have reduced the rate on that account twice now in 3 months and would expect that to continue

Woshy

We got this letter today too and we’re really unimpressed. We have two current accounts with ptsb (one for direct debits and one for everyday spending), plus a savings account and two children’s accounts.

I like having most of our accounts in one place for budgeting etc but with the two current accounts it’ll cost us almost €150 a year. Fork that.

My husband likes the idea of something like Revolut or N62. We don’t have a credit card or an overdraft with ptsb so we don’t need that. I’m slightly wary though.

I’m just stressed st the idea of switching direct debits etc. We have a lot going out and coming in and I know some banks provide a switching service but I remember from switching to ptsb in the first place that they messed it up so I’d need to do the switching myself to be comfortable.

Not sure what to do but I’m sure as hell not paying those fees. I think after reading this thread switching to the explore account might be the best option. We use our cards a lot and have sky so the cash back will negate the fees

Bob24

Woshy wrote: »

I’m just stressed st the idea of switching direct debits etc. We have a lot going out and coming in and I know some banks provide a switching service but I remember from switching to ptsb in the first place that they messed it up so I’d need to do the switching myself to be comfortable.

Just opened a new account to replace PTSB and unlesss you have 10s of DDs, I wouldn’t worry too much about that.

I switched all my DDs in the afternoon and it took me under an hour. Internet and electricity were just a matter of entering the new IBAN on their websites, and some more institutional things (insurance) required a signed direct debit mandate but did accept electronic copies.

.G.

Always pisses me off that if you don't have much money, banks charge you to use their facilities yet those who can afford those charges get free banking. A small window into everything that's wrong with the world.

Bob24

superg wrote: »

Always pisses me off that if you don't have much money, banks charge you to use their facilities yet those who can afford those charges get free banking. A small window into everything that's wrong with the world.

Another way to look at it is that operating banking services costs money, and the only reason banks somestimes don’t charge for current accounts and associated services is that they know they will recoup that money and more though investments they make with the depositors’ money and other services they might sell to the current accounts holders.

This means someone who puts more money onto their account and has better means to purchase side services will make money for them whereas someone who has a very low balance most of the time and doesn’t purchase side services is costing them money.

So the conditions banks set for free banking are not anti-poor policies, they are just rational thresholds above which the bank thinks it will make money from an account in spite of offering free day to day banking.

Now people might think this is wrong, but from the bank’s perspective it is just a proper business strategy.

LillySV

Alexandra Ashy User wrote: »

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

Service? They make money from your money... that’s what a bank does... you call that a service!? Now they want to make more money from u!!!

Years ago people used to get interest... now they get charged !

mackeire

PTSB's Facebook page isn't helpful either. A few people have asked questions about the new charges but no one has got a straight answer from them.
Feckin bankers!

heroics

Why do you have to call into a branch to change to the explore account?

If they have all my details and they can change me to a different current account automatically why can they do the same to the explore account?

Also I’ve seen different answers to this. Does anyone know for definite if you get a new account number if you switch to the explore account?

alwald

Woshy wrote: »

We got this letter today too and we’re really unimpressed. We have two current accounts with ptsb (one for direct debits and one for everyday spending), plus a savings account and two children’s accounts.

I like having most of our accounts in one place for budgeting etc but with the two current accounts it’ll cost us almost €150 a year. Fork that.

My husband likes the idea of something like Revolut or N62. We don’t have a credit card or an overdraft with ptsb so we don’t need that. I’m slightly wary though.

I’m just stressed st the idea of switching direct debits etc. We have a lot going out and coming in and I know some banks provide a switching service but I remember from switching to ptsb in the first place that they messed it up so I’d need to do the switching myself to be comfortable.

Not sure what to do but I’m sure as hell not paying those fees. I think after reading this thread switching to the explore account might be the best option. We use our cards a lot and have sky so the cash back will negate the fees

You have 2 months to switch, pick an alternative bank and open the current accounts next week, start by informing your employer to send the next wages into the new account and then move your DD either this month or early next month, finally close the PTSB account and the job is done.

As per Revolut and N26 I would highly recommend opening an account with both of them as they are free and then decide if they are an option for the long term.

One thing for sure is that I won't keep my account nor my savings with PTSB and I will move elsewhere (KBC as they are free).

Good luck!

Bojill

heroics wrote: »

Why do you have to call into a branch to change to the explore account?

If they have all my details and they can change me to a different current account automatically why can they do the same to the explore account?

Also I’ve seen different answers to this. Does anyone know for definite if you get a new account number if you switch to the explore account?

Nothing changes, I switched on Thursday.

heroics

Bojill wrote: »

Nothing changes, I switched on Thursday.

Thanks for that.

vicwatson

Bojill wrote: »

Nothing changes, I switched on Thursday.

And you needed to go into a branch?

Delta2113

vicwatson wrote: »

And you needed to go into a branch?

- If you switch you might have to go into new bank or EBS but you wont have to go into PTSB if you switch rather than close current account.

baktag

Delta2113 wrote: »

- If you switch you might have to go into new bank or EBS but you wont have to go into PTSB if you switch rather than close current account.

I just came off the phone with PTSB, as i have one of the affected current accounts. I have to go into the branch with all the usual id's etc to change to the explorer account.
Im very tempted to just go with KBC.

daheff

baktag wrote: »

I just came off the phone with PTSB, as i have one of the affected current accounts. I have to go into the branch with all the usual id's etc to change to the explorer account.
Im very tempted to just go with KBC.

this is just a ploy to deter people from changing accounts.


but remember if you leave 2500 in the account you save 72 in fees annually. thats about 2.88%. You'd need to earn nearly 5.5% interest before tax to cover those fees. So if you have savings, better to leave them in your current account (if you dont get to move yet).


Personally, I'm going to look at moving. It all goes in swings & roundabouts. in a few years time another bank will start offering free banking to win customers.

howamidifferent

I have one of the PTSB accounts whereby as long as you lodged €1500 per month you got free banking.

I opened it to avoid paying over €70 per year in fees to AIB a few years back.

Now got a letter saying I must keep €2500 every day to keep free banking. Downloaded the KBC app, applied for the current account extra , sent in drivers licence and selfie and received all the documentation confirming the account creation already.

Have the IBAN and all, just need to wait for a card. I'll be filling in the switcher form and closing my PTSB account as soon as KBC get back to me.

PTSB can stick their fees! :mad: They are relying on peoples inertia to make a money grab.

Woshy

For those who have changed to the explore account. Did you have to make an appointment at the bank or did you just rock up? I’m going to go in with my husband and get it sorted. We have paperwork to drop into them anyway on an unrelated issue

Bob24

howamidifferent wrote: »

I have one of the PTSB accounts whereby as long as you lodged €1500 per month you got free banking.

I opened it to avoid paying over €70 per year in fees to AIB a few years back.

Now got a letter saying I must keep €2500 every day to keep free banking. Downloaded the KBC app, applied for the current account extra , sent in drivers licence and selfie and received all the documentation confirming the account creation already.

Have the IBAN and all, just need to wait for a card. I'll be filling in the switcher form and closing my PTSB account as soon as KBC get back to me.

PTSB can stick their fees! :mad: They are relying on peoples inertia to make a money grab.

Went to AIB on Saturday morning to open my free banking account there as well. These things seem to be much easier and quicker than they used to be. Have the IBAN, provisioned the account with funds, and all direct debits are moved already bar one pending processing of a paper mandate by the payee. Also transferred the balance of a few deposit accounts I had with PTSB elsewhere and sent them a letter to close all of them.

I think I’ll be in a position to close the current account and fully move away from them within a month (will just wait to make sure all DDs have transferred corectly, and all of them should be due for collection in the coming weeks).

Hopefully for them I am an isolated case, but in my case that letter probably lost them more business that the fees would have brought in (I might be special as I had considered leaving them before for other reasons and didn’t do it partly out of laziness, so this was the trigger).

Hardtochoose

howamidifferent wrote: »

I have one of the PTSB accounts whereby as long as you lodged €1500 per month you got free banking.

I opened it to avoid paying over €70 per year in fees to AIB a few years back.

Now got a letter saying I must keep €2500 every day to keep free banking. Downloaded the KBC app, applied for the current account extra , sent in drivers licence and selfie and received all the documentation confirming the account creation already.

Have the IBAN and all, just need to wait for a card. I'll be filling in the switcher form and closing my PTSB account as soon as KBC get back to me.

PTSB can stick their fees! :mad: They are relying on peoples inertia to make a money grab.

Keeping €2,500 in your current account is a huge security risk. If your card is skimmed or stolen with the PIN then they’ve access to €2,500 minimum. I keep the minimum necessary in my current acc