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Ebs money manager account

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  • 31-03-2018 12:42pm
    #1
    Johnnywaters
    Closed Accounts Posts: 19 ✭


    Hi
    I'm thinking about switching to EBS Money Manager

    I'm concerned about the €5 debit balance fee as I'm currently with BOI and have problems with keeping track of the balance at weekends and they don't charge for going into debit occasionally.

    Does EBS have the same issues as BOI with transactions not being updated immediately at weekends and holidays?


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Comments

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    #2
    Bubbaclaus
    Registered Users Posts: 4,461 ✭✭✭Bubbaclaus


    No app, no contactless. I wouldn't go near that account.


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    #3
    vectorvictor
    Registered Users Posts: 745 ✭✭✭vectorvictor


    Bubbaclaus wrote: »
    No app, no contactless. I wouldn't go near that account.

    It's a good basic account as its free but is best paired with something like N26 giving benefits of branch and fintech banking options all at no cost


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    #4
    Doltanian
    Banned (with Prison Access) Posts: 1,201 ✭✭✭Doltanian


    Bubbaclaus wrote: »
    No app, no contactless. I wouldn't go near that account.

    The best foreign exchange rates by any Irish Bank and the only closest option is Revolut. And if contactless is so important you can use your EBS Mastercard Debit to transfer to Revolut for free and use the Revolut.


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    #5
    Johnnywaters
    Closed Accounts Posts: 19 ✭Johnnywaters


    Doltanian wrote: »
    The best foreign exchange rates by any Irish Bank and the only closest option is Revolut. And if contactless is so important you can use your EBS Mastercard Debit to transfer to Revolut for free and use the Revolut.

    Thanks, I have revolut and boi currently

    I'm wondering about the 5 euro charge ?


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    #6
    Doltanian
    Banned (with Prison Access) Posts: 1,201 ✭✭✭Doltanian


    The €5 debit balance is if your account goes into the red, it personally never happened me but if you spent more than your balance it goes red and they charge €5 and 6% above the EBS Mortgage rate according to their website. Just keep enough money in the account for spending and you'd be fine.

    I find it good for buying online and it offers far superior sterling rates to BOI which are capped at €6 max, this comes in very handy if you are buying something costing maybe €2-€3k. I moved to EBS because BOI kept ripping me off everytime I used a card outside the Eurozone and limiting me to €100 per ATM transaction every day (for "security purposes"). I remember drawing money out before and after midnight one time in Thailand and when I got home BOI had charged me over €110 in various fees and charges, I went into the BOI Bank Manager and demanded a refund, didn't get it so closed everything with them and moved to EBS.


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    #7
    Johnnywaters
    Closed Accounts Posts: 19 ✭Johnnywaters


    That's the prob with BOI

    They rip-off for everything


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    #8
    CocoSoft25
    Closed Accounts Posts: 21 ✭CocoSoft25


    Hey,

    Just wondering if people on this thread still happy with EBS? I adjust my standing orders each week and wondering if the online banking is good? Will be using Revoult for card transactions, so really just need an account for wages going in paying bills.


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    #9
    the-island-man
    Registered Users Posts: 497 ✭✭the-island-man


    I am not one of the original responders but I have an EBS Moneymanager account and I have to say overall the experience is very positive.

    Like a previous user I got pi**ed off with Bank of Ireland fees and no real thanks for loyalty.

    Just in relation to the contactless card. I got a letter recently from EBS saying that next time I renew my card it will be a contactless one so I guess this will be the standard card for any new account opened now.

    They also have a good regular savers account called family saving account which gives 1.75% in the first 12 months.

    The only two cons I have encountered which I am more than willing to live with:
    • Only branch in Galway where I live is in Eyre Square.
    • Process for adding a payee to the account is archaic. Involves adding the payee account online, ringing the support team with an activation code and possibly waiting 24 hours for it to be activated.


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    #10
    coylemj
    Registered Users Posts: 25,455 ✭✭✭✭coylemj


    the-island-man wrote: »
    The only two cons I have encountered which I am more than willing to live with:
    • Process for adding a payee to the account is archaic. Involves adding the payee account online, ringing the support team with an activation code and possibly waiting 24 hours for it to be activated.

    Agree that the process is a PITA but you'll find that the new payee is active after no more than an hour, often less.

    I also got the letter saying that they were moving to contactless.

    People (not you) can whinge about the lack of a mobile app but the fact is that there are no fees and you can't have it all your own way, especially when you see the way PTSB have jacked up their fees last week.


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    #11
    the-island-man
    Registered Users Posts: 497 ✭✭the-island-man


    coylemj wrote: »
    Agree that the process is a PITA but you'll find that the new payee is active after no more than an hour, often less.

    Yes that has been my experience 95% of the time but once lately I did have to wait until the following day for it to be activated. Still as I said I am more than happy to accept this rather than be handing over money to BOI.


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    #12
    padyjoe
    Registered Users Posts: 1,194 ✭✭✭padyjoe


    EBS is bringing out contactless on 19th June.

    I have to agree, the online service is basic but I rather have that once it's efficient and no charge.


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    #13
    NCW feen
    Registered Users Posts: 128 ✭✭NCW feen


    Is the money manager account still free of fees? Thinking of opening an account with them.


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    #14
    JTMan
    Registered Users Posts: 5,540 ✭✭✭JTMan


    NCW feen wrote: »
    Is the money manager account still free of fees? Thinking of opening an account with them.

    Yes, no euro day to day banking fees with EBS as things currently stand.


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    #15
    NCW feen
    Registered Users Posts: 128 ✭✭NCW feen


    JTMan wrote: »
    Yes, no euro day to day banking fees with EBS as things currently stand.
    Thanks. Any indication if that's going to change in the immediate future? Most banks seem to be introducing maintenance fees etc at the moment.


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    #16
    JTMan
    Registered Users Posts: 5,540 ✭✭✭JTMan


    NCW feen wrote: »
    Thanks. Any indication if that's going to change in the immediate future? Most banks seem to be introducing maintenance fees etc at the moment.

    The Indo reported recently that several banks have pending applications with the Central Bank of Ireland for fee increases. This might or might not include EBS.


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    #17
    coylemj
    Registered Users Posts: 25,455 ✭✭✭✭coylemj


    JTMan wrote: »
    The Indo reported recently that several banks have pending applications with the Central Bank of Ireland for fee increases. This might or might not include EBS.

    Surely the Central Bank always has an application pending from some financial institution looking to increase fees?


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    #18
    JTMan
    Registered Users Posts: 5,540 ✭✭✭JTMan


    coylemj wrote: »
    Surely the Central Bank always has an application pending from some financial institution looking to increase fees?

    The Indo said there are 12 pending applications and the number of applications indicated that almost all banking have a pending fee increase application.


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    #19
    StringerBell
    Registered Users Posts: 14,183 ✭✭✭✭StringerBell


    Thinking of switching to this bank now as my Ulster Bank one will be closing anyway soon. Any recent feedback on them?

    "People say ‘go with the flow’ but do you know what goes with the flow? Dead fish."



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    #20
    coylemj
    Registered Users Posts: 25,455 ✭✭✭✭coylemj


    https://www.boards.ie/discussion/comment/117684740#Comment_117684740

    Still no fees and you no longer have to phone them to get a new payee activated. I’d consider also opening a Revolut account.



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    #21
    StringerBell
    Registered Users Posts: 14,183 ✭✭✭✭StringerBell


    I've got a revolut account already yeah, it's just I'm not sure about having it as my primary bank, as in where my salary goes basically.

    "People say ‘go with the flow’ but do you know what goes with the flow? Dead fish."



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    #22
    coylemj
    Registered Users Posts: 25,455 ✭✭✭✭coylemj


    Then I'd use the Revolut account for day to day spending and the EBS MM account to pay utilities and handle other regular direct debits.

    Be aware that logging into EBS requires you to authenticate the login using a phone app and if you lose your phone or it's stolen, you could lose access to the account for several days because in order to activate the app on the replacement phone, you have to get a new authentication code which they will only send in a paper letter. It won't affect DDs and you can still withdraw money from ATMs but you won't be able to do any online transfers until you get the new phone sorted.



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    #23
    suirthing
    Registered Users Posts: 32 ✭suirthing


    Is it possible to transfer money from the Money Manager account onto a Revolut card? When i try to set up the Revolut card as a new beneficiary, i get a message about EEA IBAN accounts/numbers



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    #24
    [Deleted User]
    Posts: 864 ✭✭✭ [Deleted User]


    Add your EBS debit card to Revolut.



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    #25
    suirthing
    Registered Users Posts: 32 ✭suirthing


    https://www.boards.ie/discussion/comment/118575597#Comment_118575597

    of course! many thanks



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    #26
    supernova5
    Registered Users Posts: 662 ✭✭✭supernova5


    https://www.boards.ie/discussion/comment/117699289#Comment_117699289




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    #27
    supernova5
    Registered Users Posts: 662 ✭✭✭supernova5


    coylem,

    thinking of opening the money manager account, you mentioned authentication codes through a phone app, I would be carrying out most activities via laptop/web based. Do EBS not send an authentication codes to a given mobile via a standard text which can then be inputted to an appropriate box in their web based platform? [same as what most Banks do]



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    #28
    coylemj
    Registered Users Posts: 25,455 ✭✭✭✭coylemj


    https://www.boards.ie/discussion/comment/118751760#Comment_118751760

    The preferred method of authenticating you is that you install an app called 'EBS Authenticator', that gets activated when you go to login on your laptop, a popup panel appears on your phone and you tap 'confirm'. If there's a problem communicating with your mobile, the app can be used to generate a one-off code which you can enter on the website to login.

    The process can be frustrating at times, my record for login attempts is 5 i.e. I failed to login 4 times in a row before eventually getting in. The challenge on the app often fails to appear or sometimes when you tap 'confirm', it's not picked up by the website.



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    #29
    supernova5
    Registered Users Posts: 662 ✭✭✭supernova5


    thanks,

    its kinds of sounds like a horror show... not very enticing to attach new customers.

    what are your thoughts of the main customer service?

    how about the process of adding new payees?



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    #30
    coylemj
    Registered Users Posts: 25,455 ✭✭✭✭coylemj


    https://www.boards.ie/discussion/comment/118751962#Comment_118751962

    It's free. Which means i have a high tolerance for glitches. Adding new payees is a breeze. Just don't expect to login on the hoof, the website is not mobile friendly and there is no mobile app.

    My main gripe is that there is a daily limit of €5,000 when it comes to transfers and that includes moving money between your accounts. So, let's say you have a credit card bill of €3,000 and you want to use money in a deposit account to pay it. Bank of Ireland will allow you to pay a CC bill direct from a deposit account but EBS will not. So you login to your EBS accounts and transfer €3,000 from a savings account to your MM account. But now you can't pay the whole bill because that would bust the daily €5,000 limit. So you either pay 2,000/1,000 over two days or do nothing, come back the next day and pay the €3,000 in one go.

    If you had €15,000 in a savings account and wanted to transfer it to the seller via EFT when buying a car, you'd have to move the money €2,500 at a time i.e. it would take twelve steps over six days (saving a/c => MM a/c => seller) to get the money to him. So you'd probably just get a draft.



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    #31
    Markus Antonius
    Registered Users Posts: 2,243 ✭✭✭Markus Antonius


    https://www.boards.ie/discussion/comment/118751760#Comment_118751760

    I would also like to know this. Not a fan of having to link anything to an app on a phone.



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