Ulster Bank introducing transaction charges

TallGlass

Alpha Centauri wrote: »

Looking at EBS Money Manager too

Are there any pitfalls to watch out for with EBS? less functionality etc?

Seems to be no contact less with the card, phones won't have the contact less features either in that case. Really would need to be supplemented with Revolut card or similar. I'm happy with that to be honest, if this is what a free account is then I am okay with it and will use the Revolut for the fancy stuff.

Ten Pin

EBS cards don't have contactless functionality. Other than that it's probably a good option.

Going to try and close the PTSB current account and open their no-fee basic current account. The main reason to stay with PTSB is that direct debits have always worked correctly and they allow DDs to be suspended or blocked if necessary through online banking.

If they refuse opening the basic account, will just go to EBS.

Credit Union is also an option for direct debits although not sure if they are as efficient as the pillar banks for DDs.

Alpha Centauri

I just read about the "no Contactless" drawback, not a huge deal as I have revolut, but I do like the contactless on my debit card. i'm not 100% committed to my revolut. I'm not sure the EBS Banking App is any good either.

also considering the PTSB Explore account, €4 a month and no other charges for standard transactions

Ten Pin

also considering the PTSB Explore account, €4 a month and no other charges for standard transactions

There's a free account in PTSB, the only drawback, AFAIK, is max 20k lodgement per annum and no chequebook.
https://www.permanenttsb.ie/everyday-banking/current-accounts/basic-payment-account/

Wheety

TallGlass wrote: »

Seems to be no contact less with the card, phones won't have the contact less features either in that case.

I was able to use my Ulsterbank card in Google Pay on my phone in shops even though the card didn't have contactless.

This was a couple of years ago. The physical card has since been replaced with one with contactless. It's more to do with whether your bank allows it.

TallGlass

PTSB doesn't seem to bad, plus you could get free with explore if you use the card regularly.

Are PTSB not doing something with there fees also? I thought there where some changes been made and some customers on here are off elsewhere?

Ten Pin

PTSB are charging fees from April on accounts that had been free with 1500 lodgement per month. From April they require a 2500 balance at all times to avoid fees. Explore account already had charges which can be avoided depending on usage.

catrionanic

EBS also doesn't have an online banking app. Just a hefty desktop site which isn't too user friendly.

AnthonyOD1987

catrionanic wrote: »

EBS also doesn't have an online banking app. Just a hefty desktop site which isn't too user friendly.

EBS might have no fee's but it really means you get what you pay for:

- no contactless debit card
- no app
- can't complete standing orders on the website (you create the SO, then have to phone a helpdesk with a notification number to get them to complete the setup)
- in the event you block your online banking over a weekend, have to wait until monday to actually speak to someone to unblock.

The account does the very basic.

It looks like KBC is the only genuine alternative? that, or N26 /Revolut?

TallGlass

So what's UBs angle here then?

Are they just trying to annoy all there customers, eventually pull out of daily banking, they seem to be investing a lot in there app. Won't be much use with no customers. Some set of balls on them I give them that, I should have done this years ago when they had that major IT outage, then I still stuck with them during that one and the second major outage, more fool me.

AnthonyOD1987

TallGlass wrote: »

So what's UBs angle here then?

Are they just trying to annoy all there customers, eventually pull out of daily banking, they seem to be investing a lot in there app. Won't be much use with no customers. Some set of balls on them I give them that, I should have done this years ago when they had that major IT outage, then I still stuck with them during that one and the second major outage, more fool me.

i would think they know that nearly all the rest of the competition charge some sort of fee's also, so hoping people might just not bother moving. If 20% of customers move, I'm sure the loss will be offset by the excessive charges heaped on the other 80%

Sono

Just opened an N26 account, anyone know if my salary could be paid into it?

Nigel Fairservice

AnthonyOD1987 wrote: »

i would think they know that nearly all the rest of the competition charge some sort of fee's also, so hoping people might just not bother moving. If 20% of customers move, I'm sure the loss will be offset by the excessive charges heaped on the other 80%

I would have thought no transaction charges would have been a selling point to attract more customers to Ulster Bank.

TallGlass

AnthonyOD1987 wrote: »

i would think they know that nearly all the rest of the competition charge some sort of fee's also, so hoping people might just not bother moving. If 20% of customers move, I'm sure the loss will be offset by the excessive charges heaped on the other 80%

True, I suppose. They would have thought this one out (hopefully!).

Wheety

Sono wrote: »

Just opened an N26 account, anyone know if my salary could be paid into it?

Should do. Just have to tell your employers your new IBAN. Be prepared for them to reject it at first though.

For me it seems the 2 options are KBC or N26. Don't know enough about the other online banks to recommend them.

N26 have no fees, if you use it correctly. KBC waive the fees if you deposit €2,500 a month. You don't have to keep the balance at that amount though.

AnthonyOD1987

Nigel Fairservice wrote: »

I would have thought no transaction charges would have been a selling point to attract more customers to Ulster Bank.

agreed 100% , you would have thought with PTSB announcing fee's from April 1st, would be good marketing to have zero (or close to zero) banking fees.

in fairness the 1cent for contactless, fair enough, but the debit card and automated transaction costs are a joke.

TallGlass

Nigel Fairservice wrote: »

I would have thought no transaction charges would have been a selling point to attract more customers to Ulster Bank.

Same here, I thought the 4€ charge was reasonable for what is on offer.

There email is a bit odd also.

Over the last few years we've seen changes in the way our customers bank with us. More and more customers are now using online and mobile applications for their day-to-day banking needs due to the speed, flexibility and convenience they offer. Given the greater range of services we now offer our customers, we've reviewed our Current Account fees and charges and are making some changes.

More people using online, so that's there excuse to lash everyone with charges?

More people using online would be more automation and selfservice for them and costs would be lower as they wouldn't need as many branches etc..

What is the 'greater range of services'? From what I can see, it's been contactless and Android/Apple pay as the main drivers, other stuff is just basic code adjustments on there software.

Do banks not have to answer to the regulator as to why it is they are changing there fee structures?

fritzelly

van_beano wrote: »

KBC do a regular savers account for 2.1% provided you transfer minimum €100 per month from a current account held with them. Maximum that can be held in the account can be €40k.

Damn never knew that and I bank with them. Better than transferring it to the CU

Friend uses UB, not happy at all. Stupid thing is he has over 3k in a savings account. Told him to transfer it all to the current account and avoid all charges - he is a bit of a stickler for going into the bank to do stuff tho and does not have online banking.

AnthonyOD1987

TallGlass wrote: »

Same here, I thought the 4€ charge was reasonable for what is on offer.

There email is a bit odd also.



More people using online, so that's there excuse to lash everyone with charges?

More people using online would be more automation and selfservice for them and costs would be lower as they wouldn't need as many branches etc..

What is the 'greater range of services'? From what I can see, it's been contactless and Android/Apple pay as the main drivers, other stuff is just basic code adjustments on there software.

Do banks not have to answer to the regulator as to why it is they are changing there fee structures?

Ya 4 eur a month, while excessive, i could live with, their app is pretty decent and does everything I need. Yes the whole "great range of services", its calling keeping up with customers needs.Its not as if their branches are full of staff in any case, they have cut branch staff back to a minimum as is. Surely the more people that use the app for banking, the more cost efficient it is for them.

Just got a mortgage with them and had a current account opened as part of it, looks like that account will be shut pretty soon.

van_beano

To be fair though, Ulster Bank have given us the guts of 2 months to get alternative banking set-up, plenty of time get DD’s sorted etc. I’d be like others here not wanting to give UB 1 cent more than I have to. KBC do Apple Pay aswell which is handy, they’re kinda like Ulster Bank when Ulster Bank were competitive!

I feel a tinge if sadness leaving UB now though after 32 years but they haven’t give me any choice, they will get more and more expensive as tine goes on. KBC May go the same way, will cross that bridge if it happens.

rodge123

van_beano wrote: »

KBC do a regular savers account for 2.1% provided you transfer minimum €100 per month from a current account held with them. Maximum that can be held in the account can be €40k.

Don’t see any mention of this on their site?
Only showing 1.35% when you have current account with them.
https://www.kbc.ie/our-products/savings-and-investments/regular-saver

TallGlass

There is literally no choice here. I ain't leaving 3 grand in a current account that could at any stage be taken advantage of by some thief.

These charges have the ability to rack up really quickly here.

I'm happy to pay 4€ and PTSB seem to be similar in set up to UB so might go with them just for the features. EBS, would still be viable with a Revolut card. I'm just not sure about how banks would favour the Revolut account when going for a mortgage or something.

My savings account is coming with me. So they lost that capital from me. I'll have to speak to someone on moving it, don't want it going badly.

van_beano

rodge123 wrote: »

Don’t see any mention of this on their site?
Only showing 1.35% when you have current account with them.
https://www.kbc.ie/our-products/savings-and-investments/regular-saver

They offer a bonus percentage that brings it up to 2.1%. Was speaking to one of their customer reps today who actually brought it up. I thought it was just .35% but he then mentioned the bonus they give if the funds come from a KBC current account.

Edit: I see what you mean on that link there, I wonder was the customer rep telling porkies? I’ll bring it up with them as I’ll no doubt be talking to them again soon during the set-up process. Nevertheless, whatever the percentage is it’s better than what UB were giving on the €3k in the regular current account.

Wheety

van_beano wrote: »

They offer a bonus percentage that brings it up to 2.1%. Was speaking to one of their customer reps today who actually brought it up. I thought it was just .35% but he then mentioned the bonus they give if the funds come from a KBC current account

You need to have the Extra Current Account. Have to deposit €2,500 a month. Don't need to keep that balance.

That gives you 1.75% bonus on the Extra Regular Saving Account. Also 0.2% off of your mortgage rate.

Other extras too:
https://www.kbc.ie/our-products/kbc-current-account/current-account/extra

Nigel Fairservice

Wheety wrote: »

Should do. Just have to tell your employers your new IBAN. Be prepared for them to reject it at first though.

For me it seems the 2 options are KBC or N26. Don't know enough about the other online banks to recommend them.

N26 have no fees, if you use it correctly. KBC waive the fees if you deposit €2,500 a month. You don't have to keep the balance at that amount though.

Does this mean you can transfer €2500 in and out of the KBC account each month from a savings account and avail of the fee waiver?

van_beano

Wheety wrote: »

You need to have the Extra Current Account. Have to deposit €2,500 a month. Don't need to keep that balance.

That gives you 1.75% bonus on the Extra Regular Saving Account. Also 0.2% off of your mortgage rate.

Other extras too:
https://www.kbc.ie/our-products/kbc-current-account/current-account/extra

It’s the Extra Current Account I’m getting so he must have been telling the truth. I also see in the T&C’s that they can pull that bonus rate at any time with 30 days notice

antodeco

Been paid my salary into my BOI account the last 20 years, whilst never using the Ulster bank account I had for the same time. Finally got sick of the charges from BOI and moved everything over last month to UB.

You can probably blame me in some divine way!

Wheety

Nigel Fairservice wrote: »

Does this mean you can transfer €2500 in and out of the KBC account each month from a savings account and avail of the fee waiver?

Yes. If you're taking advantage of the Extra Regular Saver Account, check the T&Cs about withdrawals. I think it's allowed but double check. If you mean a different saving account, go for it.

van_beano wrote: »

It’s the Extra Current Account I’m getting so he must have been telling the truth. I also see in the T&C’s that they can pull that bonus rate at any time with 30 days notice

Yep. It's been dropping consistently over the past few years. Think I was getting 3% in total in the beginning.

Ave Sodalis

This is absolutely ridiculous. Talk about screwing over your own customers. Are they trying to drive people away? Debit card fees are pretty standard but charging that much to transfer money between your own accounts within the bank? Also charging for refunds? My whole family (including extended family) are with UB, and it wouldn't surprise me if all of us left unless these charges are reversed.

sonyvision

Wheety wrote: »

Yes. If you're taking advantage of the Extra Regular Saver Account, check the T&Cs about withdrawals. I think it's allowed but double check. If you mean a different saving account, go for it.



Yep. It's been dropping consistently over the past few years. Think I was getting 3% in total in the beginning.

The 2.5k lodgement must come from an external account. Moving it between savings and current will not count (opening a KCB account) just been through the paperwork waiting for card to be issued. The 2.1% on the regular savings account is correct if funded by the extra current account. Your first transfer to this savings account can be up to 10,000. Each month after must be between 100-1000 to avail of the 2.1%.