Switching current accounts

mobpd

Hi
The ability to 'easily' switch between current accounts is launched from next Monday 31st January and each bank should provide a switcher pack.
I am currently with AIB and as they charge excessive fees on every single transaction as well as quaterly charges - I feel now's the time to make a move elsewhere.

I am trying to research what other banks charging schemes are - and I note from a thread below that Permanent are abolishing their fees from Monday - it will be years before AIB follow suit I expect!

Perhaps people could post here where they know of other banks changing their current account charging to help decide which bank to switch to.
Thanks

RainyDay

Check out NIB's Freebank account

ROVER

Does anyone know when the Finance Bill will be passed that will stop the double charging of stamp duty on ATM Visa and Laser cards. As I feel its not worth while moving account until this is in place.
I entend moving from Ulster Bank to Permanent TSB

Tazz T

I heard it will be at least April until the procedures are in place. But I'm moving from NIB (crap service) to Perm TSB tomorrow anyway.

mobpd

ROVER wrote:

Does anyone know when the Finance Bill will be passed that will stop the double charging of stamp duty on ATM Visa and Laser cards. As I feel its not worth while moving account until this is in place.
I entend moving from Ulster Bank to Permanent TSB

the Finance bill was published today and it has provision for credit card double charge stamp duty to be eliminated when changing provider from 2 April 2005 but on all other cards from 1 Jan 2006

the bill still needs to be debated and then enacted

Tazz T

Well I went for the new fee-free Perm TSB account and switching was remarkably simple. Nothing to fill in. They just took my details and opened an account there and then. I then authorised a form to have my dd/standing orders moved from NIB. They are obliged to do this on the 16th.

Considering the straightforward transactions that they messed up for me over the last year, it'll be interesting to see if they can do that.

RainyDay

Hi Tazz - I'll be very interested to hear how you get on with this, to see whether the new Code of Practice actually works. Please do keep us informed.

ROVER

mobpd wrote:

the Finance bill was published today and it has provision for credit card double charge stamp duty to be eliminated when changing provider from 2 April 2005 but on all other cards from 1 Jan 2006

the bill still needs to be debated and then enacted

No point waiting until Jan 2006 to save Eur 20.00 stamp duty I am going to open a Perm TSB account on Monday

Tazz T

RainyDay wrote:

Hi Tazz - I'll be very interested to hear how you get on with this, to see whether the new Code of Practice actually works. Please do keep us informed.

Latest update: New card received from Perm TSB today. Less than a week - not bad.

vector

Tazz T wrote:

Latest update: New card received from Perm TSB today. Less than a week - not bad.

does a PTSB ATM card work at the ATMs of the other Irish banks, and if yes is there a disincentive fee over that of PTSB ATMs?

Tazz T

Works at most of them. If it displays the card it certainly will. There are no 'disincentive' fees I know off.

vector

eg If you were charged 50c every time you used a BOI machine and you were charged 0c everytime you used a PTSB machine than this 50c would be a disincentive fee, under the above terminology.

BuffyBot

I don't think any Irish banks charge in that way

Our man in Havana

How does it work if you went from PTSB to AIB? AIB don't seem to be offering this service.

My main fear is I would be left with no money during the changeover.

therecklessone

Bond-007 wrote:

How does it work if you went from PTSB to AIB? AIB don't seem to be offering this service.

My main fear is I would be left with no money during the changeover.

Switching Your Account to AIB

Tazz T

Update on my experience of switching accounts ('specially for RainyDay )

It all went very smoothfully. Permanent TSB were great about it. I didn't even have to fill anything in - they did that in the bank. I just signed it. They also called me at least twice during the process to check that I still wanted to process the move and to make sure I had money to be moved.

It's worth noting that the transfer date that you give the bank isn't the date that your money is actually moved. It takes around 3-4 working days to hit your new account (always amazed me how if you make a Laser payment, it's debited from your account on the next working day, yet interbank transfers, and in the case of NIB, interbranch transfers, seem to take days).

Permanent TSB then called to check my standing orders/DD. Cool! Very nice to deal with.

Things went wrong with NIB (yet again). I just got my statement. When they 'closed' my account, they transferred the money to Perm TSB, then charged me ATM tax when my account said zero, putting my account into the red. They then charged me transaction fees for being overdrawn. So it would appear my account isn't closed at all and I owe then 20-odd quid. I can't get rid of these ppl.

I won't be paying them. It's like a nasty child going 'you won't play with me' so I'm going to wreck your game'.

dahamsta

Probably goes without saying, however: You shouldn't pay them, however it would be a good idea to make sure it's sorted out. Banks can be very petty when they don't get their way.

adam

RainyDay

Thanks for the update.

Palm Tree

Hi There,
Just wanted to add my 2 cents worth to this thread. I too was serioulsy thinking of changing from AIB to PTSB recently because of the charges on Laser/ATM transactions, direct debits, standing orders, maintenance fees etc. However, before making any rash decisions, i organised a meeting with my bank, explained my dissatisfaction with all the charges and my account manager immediately cancelled all charges from my account and has given me free banking. Well worth while if you dont want to change banks!

Our man in Havana

I would like to warn everyone that the PTSB are very expensive. The "free" banking only lasts for the first year, and continues only if you keep 1000 euro in the account.

The fees are as expensive as other banks and their cheque policy is questionable.

mobpd

Bond-007 wrote:

I would like to warn everyone that the PTSB are very expensive. The "free" banking only lasts for the first year, and continues only if you keep 1000 euro in the account.

The fees are as expensive as other banks and their cheque policy is questionable.

How do you know this? I dont see anything in the T+C on the Perm TSB website refering to a year limit or 1000 euro.

What is bad about their cheque policy?

bounty

i changed from aib to ptsb too, like everyone else said - went fine

Bond-007 wrote:

I would like to warn everyone that the PTSB are very expensive. The "free" banking only lasts for the first year, and continues only if you keep 1000 euro in the account.

The fees are as expensive as other banks and their cheque policy is questionable.

i asked this question to 2 different staff, and there is no 1st year only clause

+ my wages cheque clears straight away

Our man in Havana

I asked in my branch about it. They confirmed free banking for 1 year only and after that only if 1000 euro is on deposit at all times.

All cheques are treated with the utmost suspiction, even cheques drawn on Government depts etc are treated as worthless paper.

irishpancake

Bond-007 wrote:

I asked in my branch about it. They confirmed free banking for 1 year only and after that only if 1000 euro is on deposit at all times.

i think you are either being misinformed, or being mischievious here.

there is no truth whatsoever in what you say above, the 1 year and €1000 is an invention.

T&C for the PTSB Switch Current Account are available on their web-site. Page 20 of the linked pdf file show all fees and charges, and there are some, but no fees for lodging, withdrawal (euro in euroland), Laser, S/O, DD, or quarterly fees.

General PTSB Current Account T&C


here is a brochure specifically for the new Current Account:

PTSB Switch Account Brochure