Ulster Bank introducing transaction charges

Sabre0001

Getting there. Money withdrawn from Ulster Bank account with "To Close" as the transaction. But they're also charging €1.08 (To Close) and €4 (Last Period) fees for the privilege.

Cartman78

Sabre0001 wrote: »

Getting there. Money withdrawn from Ulster Bank account with "To Close" as the transaction. But they're also charging €1.08 (To Close) and €4 (Last Period) fees for the privilege.

Congrats....did you call into a branch to close the account?

Have both my accounts cleared out now (with €4 left in both)...planning on popping into nearest branch here to me to close them tomorrow

Sabre0001

Went through KBC's switching form. Once I got the updated signature in and rang KBC back they seem to have started trying to progress it again. All a very time consuming process though. Will be glad when it's done and dusted (especially with some of my money currently in limbo as it transfers over!)

Tim76

Anybody thinking of going down the Revolut route be warned that the government claim 12c in stamp duty from every atm transaction.

Granted most of your transactions will be cashless but it still amazes me how the whole system is set up to try and screw you.

This only applies in Ireland btw, if you are using your Revolut card for atm transactions abroad you won't be charged. Likewise tourists using atms here won't be charged - it's just another price to pay to be a resident of this fair isle.

Bobeagleburger

Tim76 wrote: »

Anybody thinking of going down the Revolut route be warned that the government claim 12c in stamp duty from every atm transaction.

Granted most of your transactions will be cashless but it still amazes me how the whole system is set up to try and screw you.

This only applies in Ireland btw, if you are using your Revolut card for atm transactions abroad you won't be charged. Likewise tourists using atms here won't be charged - it's just another price to pay to be a resident of this fair isle.

Up to a max of €5 per year. The same as any debit card.

Tim76

RoboKlopp wrote: »

Up to a max of €5 per year. The same as any debit card.

TBH, up until yesterday I had no idea I was paying a debit card tax

Bobeagleburger

Tim76 wrote: »

TBH, up until yesterday I had no idea I was paying a debit card tax

It's around for years.

If you only use a debit card for ATM's it's capped at €2.50 per year.
If you only use a debit card for non ATM transactions it's capped at €2.50 per year

The majority use their card for both and pay €5/year which I believe is taken in January.

Delta2113

I use my old BOI Savings a/c ATM card for cash withdrawals so I'll never pay more than €2.50.

I use my Revolut MasterCard (Google Pay on my smartphone), Revolut Visa, PTSB Visa (yes keep the minimum balance), Transferwise mastercard and Monese mastercard for FREE.

I also have a Fire debit card which I don't use because off fee's. Shop around people.

And finally yes I also use my curve card (Got free £5) and oh yes got €10 free from Monese with FREE delivery of my card.

miftha

RoboKlopp wrote: »

Up to a max of €5 per year. The same as any debit card.

Just get cash back and you have zero charges for banks/cards that allow it (just takes some advance planning when you know you need cash). Since the fixed €5/year was removed in favour of the new method I have not paid the government a red cent

My experience of UB: I was with UB years and got the note in February I think saying charges were coming, I was lucky enough to be able to keep the 3k every month so never paid them any charges, however I started the process the following week to move. I switched to KBC extra current account (all started online but needs 2.5k lodged per month) and walked into UB branch early April and had my account closed on the spot (they took my bank card from me), once I was sure my wages were successfully paid to KBC and some test €1 transfers as required. Got my 2.1% extra savings account (which I think is going to be reduced) also, better than anything else around for now at least so added bonus.

No issues with KBC thus far.

Interestingly I was never asked why I was closing my UB account (they knew) but was asked by KBC why I was opening with them (fees avoidance). I am pretty sure, even with the apathy for change in this country, they have lost a good deal of customers. Every one I know switched bar those over 65 with free banking.

Interesting banking system it has become where the richer or older your are, you get free banking, the poorer you are they hammer you with charges

Will they all go fee based, maybe, but I will continue to switch as required until left no option.

Cartman78

Yet more evidence that UB don't give a shyte about individual current account holders and are clearly (IMHO) trying to shaft any that stay on and focus on Mortgages and Business banking.

As avid readers of this thread will know, my own exit strategy is dragging on a bit.

Fully up and running now with KBC (mortgage, wages etc. gone through grand last week) so headed down to my nearest branch today at lunchtime.......only to find that the fupping place is closed for lunch 12:30-1:30 :mad::mad::mad:

Apparently this lunch time closure was introduced in September last year....the one hour of the day that most working people have a chance to call into the branch and they fupping close it :D:D:D

Anyway, dunno whether to laugh or cry at this stage...will pop down a bit earlier later in the week, couldn't be arsed writing to them at this stage tbh

van_beano

Cartman78 wrote: »

As avid readers of this thread will know, my own exit strategy is dragging on a bit.

Oh we’re fully aware ðŸ˜

padyjoe

I was about to open an account with EBS, it's not possible until the HQ confirms that I have no dirty stuff to wash clean. Face palm! :-(

Cartman78

**UPDATE**

I'm out...it's finally over :pac::pac::pac:

My boss took pity on me (or perhaps had heard enough of me whinging also) and said to pop back down again to the branch.

I had to lodge another €1.87 to cover off charges, the lady working there said the fees couldn't be waived but she did have the decency to look slightly embarrassed.

Like others have said, absolutely zero effort made to keep a customer, and no questions asked about why I was leaving so they're obviously not even bothered with customer analytics etc.

Anyway, apologies for all the moaning I've done here for the last few months, this whole thing really p1ssed me off probably more than it should have.

Thanks for all the advice and good luck to all with our shiny new accounts,

cm

van_beano

Proud of ya Cartman! Welcome aboard.

At least if/when KBC go down the fee charging route in the future you’ll be an expert on how to switch accounts properly!

Sono

Anyone know if UB will recognise cashback on a debit card transaction and charge me as if it was an atm withdrawal?

JTMan

Cashback is charged as part of a debit card transaction. No ATM fees with cashback.

miftha

KBC Bank has reported … for the three months to 31 March 2019 …
18,000 new customer accounts were opened during the period.

Interesting, wonder where a lot came from....

https://www.independent.ie/business/irish/kbc-reports-profit-of-14m-in-ireland-over-three-months-38117131.html

van_beano

miftha wrote: »

KBC Bank has reported … for the three months to 31 March 2019 …
18,000 new customer accounts were opened during the period.

Interesting, wonder where a lot came from....

https://www.independent.ie/business/irish/kbc-reports-profit-of-14m-in-ireland-over-three-months-38117131.html

I can vouch for 2 of those 18,000 accounts

Can we see UB's report of account closures in the same timeframe?

JohnB123456

Does anyone know how I can check when the charges will be taken from my account?
and how much they will be?
Some friends of mine got letters with these details last week but no letter for me

Tar.Aldarion

And for the people that switched to a different PTSB account (explorer account) to avoid going to KBC, their fees are now going up as well, by 50%. More people will switch due to that.

Collie D

JohnB123456 wrote: »

Does anyone know how I can check when the charges will be taken from my account?
and how much they will be?
Some friends of mine got letters with these details last week but no letter for me

Mine were taken on the 7th of this month. Presumably you’re aware of this now but I too didn’t receive any notification of the fees. They had said they would inform the amount due ten days prior to charging but I got nothing. I’ve a paperless account and both my credit card and current account statements are emailed to me so assumed the same.

Anybody actually get a notification of due charges? The second month of charges ended yesterday and will presumably be payable on the 7th of July (or 8th as 7th is a Sunday) so should be notified by end of next week by their own terms.

boomshakalaka

Followed tis thread for a while, was being lazy and thought "ahhh be grand, won't be that much in fees"

Got an email from UB this morning that my fees for the last month come to 12.50. :eek: Fupping joke so it is!! Imagine paying 150 euro a year for a current account!
I know UB brought in this rewards nonsense which tbh is completely unusable. Has anyone actually used it? On top of that they give me as good as nothing in interest on my regular savings account. I'd been thinking about leaving for a while but this 12.50 in fees is the final straw. I have to leave!

So to answer the question from poster above, yes I got an email and no it was not pretty.

I was (ignorantly, I will admit) under the impression that staying loyal to your bank is a good thing in terms of getting credit cards and loans of them, but that's not actually the case. (someone correct me if I'm wrong). I'm saving up for a mortgage and when the fees were announced I was closer to making that happen, but now that's not going to be the case so I genuinely see no reason to stay with them.

I have a Revolut card but have never actually used it, so I activated it today.

After reading this thread and many other bits and pieces online, I've decided to move to KBC. I'll be doing it manually because as my fees give away, I am an active users of my accounts and don't really have that "quiet" period (I also get paid twice a month from work) so I bet it's safer to just do it myself and not be stung for lack of access to money. I live a pretty much cash-free life.

Busy at work at the moment, so I won't be able to switch straight away, hence me activating the Revolut card for the time being.

Anyone have experience with credit card balance transfers to KBC? What about overdrafts?

I had a rep from KBC on chat earlier and they were very helpful, but would love to hear experiences.

Rep said best to call in to the Hub or phone to get the ball rolling on the lending products, could open accounts right there and then as well, but don't need to do that straight away.

She also said I could decide to keep my UB accounts open, she must have been joking though surely ....

Davy

boomshakalaka wrote: »

After reading this thread and many other bits and pieces online, I've decided to move to KBC.

You might not be aware but the Extra current account with KBC now requires you to lodge €2000 per month rather than €2500 previously.

Nigel Fairservice

Davy wrote: »

You might not be aware but the Extra current account with KBC now requires you to lodge €2000 per month rather than €2500 previously.

When was that announced Davy?

Davy

Nigel Fairservice wrote: »

When was that announced Davy?

I dont think it take effect till Wednesday 26th June for new customers.

It will apply to existing customers from August 26th.

boomshakalaka

Davy wrote: »

You might not be aware but the Extra current account with KBC now requires you to lodge €2000 per month rather than €2500 previously.

I wonder why? It makes me wonder why anyone would go for their "regular" current account, does that not have the same criteria. Either way, 2000 or 2500 euro, that's covered by my salary.

EDIT: Ok yea I see why, they're lowering the barrier for fee-free banking and basically trying to poach more customers from the likes of UB and PTSB

Found this article: https://www.independent.ie/business/irish/kbc-challenges-rivals-to-make-it-easier-for-current-account-customers-to-qualify-for-feefree-banking-38225554.html

adam88

Bit excessive. Having to pay to get your wages paid into your account. Defo using REVOLUT from now on in.

OU812

For those with fees over €12. Switch to a UFirst account.

Costs that per mo th, but you get 20% back on tickets through their ticketmaster portal. You can have your fees for the year refunded in a couple of gigs

Sono

I use my ulster bank account for wages purposes only pretty much, transfer a lump to N26 each pay day and it’s working out great, very easy to use and their app and notifications are great too.

van_beano

Sono wrote: »

I use my ulster bank account for wages purposes only pretty much, transfer a lump to N26 each pay day and it’s working out great, very easy to use and their app and notifications are great too.

You'd be better off getting your wages paid into a Credit Union account and then transferring it to N26. It would be cheaper.