Ulster Bank introducing transaction charges

fritzelly

Mousewar wrote: »

I mean, do Banks actually care about current accounts customers?.

Fixed that for you, I always thought UB was more a business bank that dipped its toes in the consumer market

TallGlass

Mousewar wrote: »

I wrote to BOI back in the day when they introduced charges and they replied in a similar vein. Sure what else can they say? They did it and they're still here, still rich.
I mean, do Banks actually care about current accounts? I can't imagine they make much money on them. Probably happy enough to offload some.

True. Then I was thinking, why previously where they offering money for you to switch your accounts to them (UB actually had an offer at the time I moved to them). I mean, me lodging money into the account each month and thus saving with them must have some effect on the bank. Or is it now a case that they know if it goes tits up, the government have there backs?

Thegalwayman

Very annoying at having to pay 20 cent to get get paid now. Ridculous. I'll have to stay as have loyalty rate for mortgage with them but will transfer 2k to revolut on pay day and just use that for transactions. Probably come in just under the current 4euro IF and its a big IF I stick to it

fritzelly

Can anyone clarify the law on SEPA payments, wasn't it made illegal to have charges levied on them?

JTMan

fritzelly wrote: »

Can anyone clarify the law on SEPA payments, wasn't it made illegal to have charges levied on them?

Illegal to have different charges to different SEPA countries. Not illegal to have a wire charge.

Mousewar

TallGlass wrote: »

True. Then I was thinking, why previously where they offering money for you to switch your accounts to them (UB actually had an offer at the time I moved to them). I mean, me lodging money into the account each month and thus saving with them must have some effect on the bank. Or is it now a case that they know if it goes tits up, the government have there backs?

I presume it was for the same reason that they target students for student accounts even though they surely make nothing on them. Get them in and they'll stay rather than switch. And even if the current accounts add little for the bank, they'll probably come to you first with their savings and their loan and mortgages which will make the bank money. The current accounts are the milk and newspapers in shops - they make little profit but get the customers in the door in the first place to buy other things.

Thegalwayman

I wonder if using N26 as main bank would be an issue when applying for a 2nd mortgage.

JTMan

Thegalwayman wrote: »

I wonder if using N26 as main bank would be an issue when applying for a 2nd mortgage.

It won't be.

Supercell

Got my N26 MasterCard Debit Card today, no looking back now, cya Ulster Bank/RBS you shower of thieves, hope your computer systems crash yet again (after I'm gone)!!

Bummer1234

Do you have to go into the branch and close your account or can you download a sheet and send it into them?

extra gravy

Supercell wrote: »

Got my N26 MasterCard Debit Card today, no looking back now, cya Ulster Bank/RBS you shower of thieves, hope your computer systems crash yet again (after I'm gone)!!

Got mine today too, the whole process was so smooth and quick. Now for the tedious task of switching everything over!

SorenLorensen

Quick question - my antique phone means that app based banks are no good to me, I am not in a position to deposit money every month but have been avoiding UB fees by leaving lump sum in my account.

Am I limited to EBS if I can't use apps??

JTMan

SorenLorensen wrote: »

Quick question - my antique phone means that app based banks are no good to me, I am not in a position to deposit money every month but have been avoiding UB fees by leaving lump sum in my account.

Am I limited to EBS if I can't use apps??

EBS would probably be most suitable for you if you don't want modern features like apps but there is no obligation to use the apps with the other banks with the exception of Revolut and to a large extent N26.

Bhangraman

Bummer1234 wrote: »

Do you have to go into the branch and close your account or can you download a sheet and send it into them?

They told me you can do both, go to a branch or mail your request.

Italix

Would Bunq be an option?
My partner is with Ulster Bank and she's looking for options.

fritzelly

Italix wrote: »

Would Bunq be an option?
My partner is with Ulster Bank and she's looking for options.

Don't see how when its 7.99 a month

Bummer1234

Bhangraman wrote: »

They told me you can do both, go to a branch or mail your request.

You didn’t get an mail address by any chance did you Bhangraman?

Supercell

Regarding switching direct debits, has anyone asked them for a switching pack?, from reading https://www.switchyourbank.ie/how-to-switch/ I got the impression that they are supposed to provide this. I have looked at the public website as well s the app but havent been able to find anything.

The Bishop Basher

Thegalwayman wrote: »

Very annoying at having to pay 20 cent to get get paid now. Ridculous. I'll have to stay as have loyalty rate for mortgage with them but will transfer 2k to revolut on pay day and just use that for transactions. Probably come in just under the current 4euro IF and its a big IF I stick to it

I’m in the same boat. I switched current account from AIB 2 years ago to avail of a better mortgage rate.

I feel shafted now.

I have my N26 account and card setup. I already had revolut. I’ll pay for one transfer in and one transfer out every month. I’ll use N26 for all my direct debts & standing orders and revolut for day to day buying.

I’m not giving them a cent more then I have to.

drdidlittle

Was onto their help line yesterday. Even if you had €3000 to put in account and leave it, there is no way to set the 3000 as fixed limit. So any drop below this and your hit.

Supercell

Update on using N26, I have my electricity and gas with Bord Gais and they only accept direct debits from Irish accounts, the German IBAN for N26 isnt accepted which is a pain for this reason alone I'll need to keep my Ulsterbank account open until the current contract is over. Will try calling customer care to see if they will take the N26 one. Hope this isnt a problem with my other direct debits.

JTMan

You need to fill out a paper form with Board Gais. More here https://www.askaboutmoney.com/threads/bord-gais-not-accepting-iban.208978/

Bhangraman

Bummer1234 wrote: »

Bhangraman wrote: »

They told me you can do both, go to a branch or mail your request.

You didn’t get an mail address by any chance did you Bhangraman?

By mail, I mean send by post. Best to ring them or check their website if interested. I went to a branch to do this myself.

Sunrise_Sunset

Any idea how long they'll take to close a current account once they receive your instruction to do so?
My LPT payment will be deducted on 21st March, and then I want to close the account before 1st April. Hoping this will be enough time.

basill

Mousewar wrote: »

I mean, do Banks actually care about current accounts? I can't imagine they make much money on them. Probably happy enough to offload some.

At a very simplistic level you leave money in your current account at zero or near zero percent. They lend your money out overnight at a variable rate to other banks in order for the other banks to ensure they meet whatever liquidity ratios they need by regulators. Depending on their own liquidity ratio and regulations they have to meet they might also lend out your deposit by way of a mortgage to a third party for example.



Fractional banking is the reality of what goes on. Hence if there is a run on a bank they WILL run out of cash as they are not required by law to keep 100% of your money on call. It is effectively lent out on mortgage, overnight deposits or invested elsewhere for example by the brokers or merchant banking divisions. Hence the importance of having a central bank guarantee although this value could be debatable in reality as if a big/high street bank was to go under then I would say its likely there would be others about to topple which could take the government with them.

Cartman78

So have many on here actually gone the whole hog and closed their Ulster Bank accounts???

After the initial fury last week, I had a slight wobble and thought maybe the charges weren't that bad but the annoyance has returned this week I have to say....why should I be charged for having my wages into my account, paying my mortgage etc.????

I know flat rate bank charges cover all of that anyway but seeing it split out like that is just a bridge too far I guess.

I set the ball rolling on opening a KBC Extra Account (along with the Savings account) today and my snazzy new Revolut accord arrived in the post as well.

dartboardio

Ill be leaving.

80c to ask a question in the bank too. The cheek!

They are the most old fashioned annoying bank also. I have had an account with them for 4 years and they gave me an appointment 2 weeks away just to switch my account to a different type of account even tho they should have done it when i turned 18.

AIB had it done in 5 mins.

TallGlass

No doubt about it with me. I'm on the move.

KBC, rang me today so should have all my stuff for KBC start of next week. Once I get my bearings I will start shutting down the UB account.

Just as a warning, I selected the KBC current extra but for some reason it defaulted to a normal current account. They fixed it up over the phone.

So far anyway it's been painless. Few forms and it's moving along now.

howdoyouknow

I've got my n26 card and got all set up over the weekend.

One thing to note is that because it's a European bank as opposed to an Irish Bank the first time you move funds they can't be moved using Ulster Bank app and you need to use their anytime banking website along with card reader to make an international transfer.

Once you do the first transfer on the website the option is then is your app to make further transfers as international payments to your n26 account.

Transfers takes one business day. I was confused initially as on the Ulster bank website it said 3-4 days but I've done 2 transfers now and it's been 1 business day for both transfers.

extra gravy

I've signed up with both KBC and N26. Will probably go with KBC as my main account for now. Would love to know how many customers UB are losing due to this.