PTSB making it harder to dodge quarterly fees

murpho999

Hardtochoose wrote: »

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

Why do people always scare monger?

Why would your card and pin be stolen when they're never together?

Monkeyjoe

AlmightyCushion wrote: »

It's what I used to do and it worked no problem.

Same here, transfers from any account works.

One thing to note is KBC are cashless.... Found that out when needing cash for a Car. You can't get cash other than through ATMs which have the daily limits.

Luckily also had an account with Aib which meant I could pick up the cash from a branch.

ILikeBoats

Is this only hitting certain types of current account? Is there more than one?

Myself and OH both have our own current accounts and a joint account with them. We have only received the letter for the joint account?

Really don't want to have to move due to the sheer amount of direct debits etc set up on that account!

Marlow

ILikeBoats wrote: »

Is this only hitting certain types of current account? Is there more than one!

It's only some account types. I checked in the branch the other day. My account, that i have 15 years with them, is and stays fee free.

/M

Bob24

Monkeyjoe wrote: »

One thing to note is KBC are cashless.... Found that out when needing cash for a Car. You can't get cash other than through ATMs which have the daily limits.

Yes people should keep that in mind before moving to KBC only. The fact that they can’t take cash deposits is why I wouldn’t go solely with them (if it is a once off think you can always find a workaround, but if you do it regularity it can be one a nuisance).

thomasj

pmce4 wrote: »

I just recieved my revolut physical visa card

Revolut doesn't look a bad offer but worth noting there is a buffer limit of 200 per month on ATM transactions, after which theres a 2% charge.

Card transactions are free.

Delta2113

Revolut and EBS Money Manager - it's that simple -bye bye PTSB.

BabysCoffee

Originally I was thinking of staying with ptsb and leaving the 2,500 in the account.

However, now planning on changing to KBC. What account of theirs doesn't charge fees?

Also do KBC offer credit cards?

ct5amr2ig1nfhp

Here you go: www.kbc.ie

Extra Current Account and yes.

BabysCoffee wrote: »

Originally I was thinking of staying with ptsb and leaving the 2,500 in the account.

However, now planning on changing to KBC. What account of theirs doesn't charge fees?

Also do KBC offer credit cards?

Ten Pin

However, now planning on changing to KBC. What account of theirs doesn't charge fees?

All the banks charge fees unless you fulfill their (IMO) awkward conditions.

However there's a basic current account that is free EXCEPT for one main condition which is max annual lodgement of 20k. You must not have a current account with any other Irish bank but that's an easy condition to comply with.

KBCs version is the Basic Current Account. If you call them they might not mention it voluntarily.
https://www.kbc.ie/our-products/kbc-current-account/current-account/basic

Bob24

Ten Pin wrote: »

However there's a basic current account that is free EXCEPT for one main condition which is max annual lodgement of 20k.

Another condition is to have no other bank account in ireland I believe, which can be quite an annoyance especially combined to the yearly lodgement limit. If someone is going to lodge at least 2500 per month they should go forth Extra Current account as mentioned above, which will be free without the limitation of the basic banking service account.

BillieBob101

Gracelynn Ashy Alfalfa wrote: »

I know this may be better asked in the KBC forum but as a few of you appear to be switching to KBC, I thought I'd ask my question in this thread.

Do transfers between KBC current accounts count towards the 2,500 minimum monthly deposit requirement for free banking?

I contacted KBC twice today and got two different answers. One agent said yes, the second said no and insisted that it had to come from an 'external source'. I asked where it said that in the T&Cs but I have to wait for a call back.

Hi, just wondering if you got an answer to this? I was told the same by someone from kbc on the phone but I haven't been able to see it anywhere in the T&Cs. Quite annoying that it's not clear, one way or the other.

lashes34

I got a call back today about opening an account with KBC and asked this question. Was told the money has to come from external sources so I told them I was no longer interested. Might try the explore account.

BillieBob101

lashes34 wrote: »

I got a call back today about opening an account with KBC and asked this question. Was told the money has to come from external sources so I told them I was no longer interested. Might try the explore account.

I've pushed pause on switching myself based on this. I'm not sure yet what I'm going to do. I wouldn't mind if it was clearly stated, but I searched the T&Cs and I can't find it anywhere.

ct5amr2ig1nfhp

I rang again and asked the same question for a third time. The answer was that the funds must come from 'external sources'. I tried rephrasing the question a number of times to get a definitive answer but the agent just kept repeating the funds have to come from external sources'.

I asked where in T&Cs does it state that the funds have to come from external source but the agent was not able to give me an answer, other than refer to the fees and charges guide.

A couple of posters here have said they transferred between accounts and after reading the guide and the T&Cs, I would be happy that transferring funds between KBC accounts meets the requirement of a lodgement.

From the guide (here):

"An Extra Current Account customer will benefit from no fees for maintaining the account and/or Cash withdrawal [ATM] & Cheque lodgement processing fees so long as they lodge a minimum amount of €2,500 to the account each month. If you fail to lodge €2,500 to your Extra urrent Account in any given month you will be liable for all fees and charges applicable to a standard KBC Current Account as set out in this booklet for the whole of the quarter in which that month fell. You will continue to be liable for such fees and charges until such time as you recommence making the minimum lodgement of €2,500 a month. All other fees and charges as outlined in this booklet are applicable to the KBC Extra Current Account."


From their T&Cs (here):

"48.3.1 To be eligible for an Extra Current Account you must agree to lodge a minimum amount of €2,500 to your
Account each and every calendar month. Existing Current Accountholder(s) can apply to change their
Current Account to an Extra Current Account. An Extra Current Account can be opened in sole or joint names
with a maximum of two accountholders in respect of joint accounts. Only one Extra Current Account in your
sole name and one in your joint names is permitted per individual.
48.3.2 The holder of an Extra Current Account will benefit from no account maintenance and/or ATM Withdrawal &
Cheque Lodgement processing fees being charged to the Account so long as they continue to lodge €2,500
to the account each month. Other fees and charges may apply in accordance with our Fees and Charges
Booklet."

Continues into sections 48.3.4/5/6

Ten Pin

Ten Pin wrote: »

The account that EBS offer (Money Manager) is of the type that all the banks here are supposed to offer, PTSB included. If you're ringing PTSB, ask them can you close your existing current account and open the free current account where there are no hoops to jump through for free banking (just be aware that max annual total lodgement has to be under 20k, you could get salary into N26).
http://www.citizensinformation.ie/en/money_and_tax/personal_finance/banking/standard_bank_account.html

The only reason to stay with PTSB is that if you have savings account with them, it's easy to transfer money into the current account for a card or direct debit transaction and leave just a small balance the rest of the time.

Ebs money manager has no 20k lodgement limit.

AlmightyCushion

Gracelynn Ashy Alfalfa wrote: »

I rang again and asked the same question for a third time. The answer was that the funds must come from 'external sources'. I tried rephrasing the question a number of times to get a definitive answer but the agent just kept repeating the funds have to come from external sources'.

I asked where in T&Cs does it state that the funds have to come from external source but the agent was not able to give me an answer, other than refer to the fees and charges guide.

A couple of posters here have said they transferred between accounts and after reading the guide and the T&Cs, I would be happy that transferring funds between KBC accounts meets the requirement of a lodgement.

From the guide (here):

"An Extra Current Account customer will benefit from no fees for maintaining the account and/or Cash withdrawal [ATM] & Cheque lodgement processing fees so long as they lodge a minimum amount of €2,500 to the account each month. If you fail to lodge €2,500 to your Extra urrent Account in any given month you will be liable for all fees and charges applicable to a standard KBC Current Account as set out in this booklet for the whole of the quarter in which that month fell. You will continue to be liable for such fees and charges until such time as you recommence making the minimum lodgement of €2,500 a month. All other fees and charges as outlined in this booklet are applicable to the KBC Extra Current Account."


From their T&Cs (here):

"48.3.1 To be eligible for an Extra Current Account you must agree to lodge a minimum amount of €2,500 to your
Account each and every calendar month. Existing Current Accountholder(s) can apply to change their
Current Account to an Extra Current Account. An Extra Current Account can be opened in sole or joint names
with a maximum of two accountholders in respect of joint accounts. Only one Extra Current Account in your
sole name and one in your joint names is permitted per individual.
48.3.2 The holder of an Extra Current Account will benefit from no account maintenance and/or ATM Withdrawal &
Cheque Lodgement processing fees being charged to the Account so long as they continue to lodge €2,500
to the account each month. Other fees and charges may apply in accordance with our Fees and Charges
Booklet."

Continues into sections 48.3.4/5/6

I never had a problem moving money between my KBC savings account and current account to reach the limit. It's possible they've changed that though. You could always transfer out to Revolut or N26 and back again. That would count as an external source.

thomasj

George Lazy Shepherdess wrote: »

Ebs money manager has no 20k lodgement limit.

And it also gives you the option to switch bank on the form which doesn't sound like a basic account.

Corbally76

Just started the process of moving away from PTSB this week. Moving all my direct debits and salary to a cash account in a credit union. I filled in the direct debit mandates manually for mortgage etc and did gas / electricity online this afternoon ( didn't take too long). The credit union don't have any ATM cards so opened a free N26 current account to get their MasterCard debit card (5 free withdrawals a month) so I can access cash. I'll be all ready early next month to close my accounts with PTSB. I'll now have Google pay, no fx currency transaction fees when I go to the UK and USA!! Thank you PTSB for giving me the reason to leave!!

Inviere

Just back from switching my current account to the Explore account. Simple process, ID and proof of address, staff member does the rest. Everything stays the same (direct debits, account number, etc), so it's literally just an account type swap. In PTSB speak, it's an E4 account (current) changing to an E5 account (Explore). So fees will reduce from €72 to a maximum of €48 (you get cashback of max €5 per month for using the debit card with an Explore account, so will likely be less). I'm happy enough with that tbh, saving the headache of switching everything to a new account.

I was tempted to go with KBC, but being cashless, it's a bit of a headache for me.

Daith

Inviere wrote: »

Just back from switching my current account to the Explore account. Simple process, ID and proof of address, staff member does the rest. Everything stays the same (direct debits, account number, etc), so it's literally just an account type swap. In PTSB speak, it's an E4 account (current) changing to an E5 account (Explore). So fees will reduce from €72 to a maximum of €48 (you get cashback of max €5 per month for using the debit card with an Explore account, so will likely be less). I'm happy enough with that tbh, saving the headache of switching everything to a new account.

I was tempted to go with KBC, but being cashless, it's a bit of a headache for me.

Probably best option for me. I wouldn't mind KBC but like the idea of still having a local bank instead of a hub.

biebiebie

Inviere wrote: »

Just back from switching my current account to the Explore account. Simple process, ID and proof of address, staff member does the rest.

How many proof of address did you need?
What if I just bring in the letter itself, would that be enough do you think?
(I'll have my driver's license also for id)

Also did you just drop in unexpectedly? Or did you make an appointment?

TIA.

judeboy101

biebiebie wrote: »

How many proof of address did you need?
What if I just bring in the letter itself, would that be enough do you think?
(I'll have my driver's license also for id)

Also did you just drop in unexpectedly? Or did you make an appointment?

TIA.

Popped in to do the same today, they told me id still need to inform all my dd and employers of my new iban/bic. Told them I might as well switch to kbc if that's the case.

Inviere

biebiebie wrote: »

How many proof of address did you need?
What if I just bring in the letter itself, would that be enough do you think?
(I'll have my driver's license also for id)

Also did you just drop in unexpectedly? Or did you make an appointment?

TIA.

I brought in a bill with my name/address on it. Not sure if the letter will suffice. I didn't just drop in, I made an appointment over the phone (number on their website). If you phone up, ask them about the letter being valid as proof of address.

judeboy101 wrote: »

Popped in to do the same today, they told me id still need to inform all my dd and employers of my new iban/bic. Told them I might as well switch to kbc if that's the case.

The staff member you were dealing with was wrong, literally nothing about the account changes barring the account type. I made a withdrawal on my way out, with my existing card from the new type account. Open24 shows my account is now an Explore account too, with everything identical to how it was before I changed it over.

LillySV

judeboy101 wrote: »

Popped in to do the same today, they told me id still need to inform all my dd and employers of my new iban/bic. Told them I might as well switch to kbc if that's the case.

You should be changing to kbc... why award ptsb for showing such a lack of respect to their customers by staying with them.

I changed over with kbc last nite... great customer service... they will handle the transfer over and all related transactions so totally pain free process ... don’t have to worry about charges now and don’t have to pay for card or any of the nonsense ptsb are at. Was told that kbc will be reducing the minimum transfer movement of 2.5k per month back to 2k also

Daith

LillySV wrote: »

You should be changing to kbc... why award ptsb for showing such a lack of respect to their customers by staying with them.

Only issue would be the cashless service. If you need a bank draft you apply in writing, wait a few days, etc. Not a major issue but could impact someone people.

Icsics

LillySV wrote: »

You should be changing to kbc... why award ptsb for showing such a lack of respect to their customers by staying with them.

I changed over with kbc last nite... great customer service... they will handle the transfer over and all related transactions so totally pain free process ... don’t have to worry about charges now and don’t have to pay for card or any of the nonsense ptsb are at. Was told that kbc will be reducing the minimum transfer movement of 2.5k per month back to 2k also

I too found the KBC customer service excellent & the App is excellent

Bob24

Icsics wrote: »

I too found the KBC customer service excellent & the App is excellent

Yes KBC is definitely better with technology and remote banking (mobile payments, better app, more thinks you can do remotely via the app and the website).

I guess it is simply part of their business model to invest more in technology and remote services so that they can save big money with having less branches and offering less services directly at the branch compared to say PTSB, but nontheless it is nice to have.

mugsymugsy

Bob24 wrote: »

Yes KBC is definitely better with technology and remote banking (mobile payments, better app, more thinks you can do remotely via the app and the website).

I guess it is simply part of their business model to invest more in technology and remote services so that they can save big money with having less branches and offering less services directly at the branch compared to say PTSB, but nontheless it is nice to have.

I have a joint account and mortgage with KBC I agree to a certain point however they are frustrating and are slow or just wont implement things such as having your mortgage being able to be viewed electronically

Bob24

mugsymugsy wrote: »

I have a joint account and mortgage with KBC I agree to a certain point however they are frustrating and are slow or just wont implement things such as having your mortgage being able to be viewed electronically

Didn't know about the mortgage thing, that's not great indeed.

But I guess while not perfect pretty much everyone would agree that they are definitely much better than PTSB (or BOI) with those things (I am just starting with them but AIB also seems to be doing OK with tech besides their annoying card reader for some operations).