In the letter I received today it stated the terms and conditions change on 25th August 2023 and that it is based on the next charging quarter of my account, so I presume whenever the next charging quarter of your account is the date for customers.
PTSB ending fee waivers on legacy current accounts - 47,000 affected
- Thread starter Lightning
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I got the letter too. I'll switch to their Explore account as it seems to give cashback and discounts on DD's, which should cancel out the Euro 6 monthly fees.
Its necessary to make an appointment to visit a PTSB branch to do it, especially as its a Joint Account. Can't be done online.
Its necessary to make an appointment to visit a PTSB branch to do it, especially as its a Joint Account. Can't be done online.
Is it partially Stamp Duty
No it's a 18 Euro account closure fee which the T&C's say has to be paid even for accounts that are fee exempt. But I'm closing the account because they have unilaterally changed the T&C's to my disadvantage and now they want to extract additional fees simply for the privilege of letting me exit my business relationship with them. I don't know what the legal situation is but it strikes me as unethical.
Brendan Burgess
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Agree.
If they change the terms and conditions, they should waive the exit fee.
Go to the Ombudsman if they insist. Actually, go to the Ombudsman anyway because it will force them to change their policy.
A big part of the tracker issue with ptsb was that they gave trackers back only to those who complained and not to everyone else. So if they give you back your €18 or waive it, they should do it for everyone.
Brendan
If they change the terms and conditions, they should waive the exit fee.
Go to the Ombudsman if they insist. Actually, go to the Ombudsman anyway because it will force them to change their policy.
A big part of the tracker issue with ptsb was that they gave trackers back only to those who complained and not to everyone else. So if they give you back your €18 or waive it, they should do it for everyone.
Brendan
Here's my formal complaint to PTSB. They have 14 days to respond before the Financial Ombudsman can get involved.
Dear..
thank you for getting back to me. I do not dispute that the charges for closing the account are stated in the T&C's. However, I am objecting to these charges based on the specific circumstances involved here.
As we discussed when I visited the branch, I wish to close the account because PTSB is unilaterally changing the T&C's to my disadvantage. They are now charging quarterly fees, whereas previously none were charged as long as my balance was above 2,500 Euro. This change makes the account no longer suitable for my needs. While PTSB is within its rights to change the T&C's, I am not prepared to accept the new terms and therefore want to end my business relationship with PTSB. However, PTSB is effectively refusing to let me close the account unless I pay 18 Euro as a fee to exit the business relationship. The fact that, as you state, PTSB does not refer to the fee as an account closure charge is irrelevant since that is precisely what it amounts to (unless I pay, I am unable to close the account).
To clarify, the payment PTSB are demanding does not pertain to any outstanding fees owed (as there are no outstanding fees and the account has consistently maintained a positive balance). Instead, it solely relates to my request to close the account. It is an exit charge in all but name.
Leaving aside legal considerations, PTSB's attempt to extract payment for the privilege of closing an account the terms of which the bank has unilaterally altered strikes me as ethically untenable. T&C's form a contractual whole. Your claim that de facto account closure fees are part of the T&C's which I accepted when opening the account is factually correct but it is neither here nor there as it is PTSB which is now changing the T&C's. Upon my refusal to accept the new T&C's our business relationship loses its contractual basis. The onus then is on PTSB to allow me to terminate that relationship quickly, easily, and without formal or de facto exit charges or other obstacles, as is standard practice across a vast range of industries.
The amount of money involved here is not significant, but it is an important issue of principle that is likely to affect many other customers who are trying to close their accounts with PTSB now that you have changed their T&C's.
Please consider this email a complaint as defined by the SPO. In line with FSPO guidelines, I kindly request that you respond within 14 days.
Please do not hesitate to contact me if you require further information.
Dear..
thank you for getting back to me. I do not dispute that the charges for closing the account are stated in the T&C's. However, I am objecting to these charges based on the specific circumstances involved here.
As we discussed when I visited the branch, I wish to close the account because PTSB is unilaterally changing the T&C's to my disadvantage. They are now charging quarterly fees, whereas previously none were charged as long as my balance was above 2,500 Euro. This change makes the account no longer suitable for my needs. While PTSB is within its rights to change the T&C's, I am not prepared to accept the new terms and therefore want to end my business relationship with PTSB. However, PTSB is effectively refusing to let me close the account unless I pay 18 Euro as a fee to exit the business relationship. The fact that, as you state, PTSB does not refer to the fee as an account closure charge is irrelevant since that is precisely what it amounts to (unless I pay, I am unable to close the account).
To clarify, the payment PTSB are demanding does not pertain to any outstanding fees owed (as there are no outstanding fees and the account has consistently maintained a positive balance). Instead, it solely relates to my request to close the account. It is an exit charge in all but name.
Leaving aside legal considerations, PTSB's attempt to extract payment for the privilege of closing an account the terms of which the bank has unilaterally altered strikes me as ethically untenable. T&C's form a contractual whole. Your claim that de facto account closure fees are part of the T&C's which I accepted when opening the account is factually correct but it is neither here nor there as it is PTSB which is now changing the T&C's. Upon my refusal to accept the new T&C's our business relationship loses its contractual basis. The onus then is on PTSB to allow me to terminate that relationship quickly, easily, and without formal or de facto exit charges or other obstacles, as is standard practice across a vast range of industries.
The amount of money involved here is not significant, but it is an important issue of principle that is likely to affect many other customers who are trying to close their accounts with PTSB now that you have changed their T&C's.
Please consider this email a complaint as defined by the SPO. In line with FSPO guidelines, I kindly request that you respond within 14 days.
Please do not hesitate to contact me if you require further information.
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Just out of interest, what do they call the fee?
As far as I understand it it's a quarterly fee which is waived if the balance is above 2,500 while the account is open but is payable for one quarter in advance upon closure - there's no real logic to it.
Good point - the original news article that kicked off the thread doesn't even mention Switch and you seem to be the first to spot this!
Just cancel your lodgements, DDs and Standing Orders and wind the account balance down to zero
I have one of these 2500 per month and free banking accounts. I just logged into my account now, the account type is 'PTSB CurrentAccount4'. It is my only account with them, I had a cc with them previously.
Surely they are sending out a letter to each customer if this change is affecting them? I haven't got any letter about any change yet.
Surely they are sending out a letter to each customer if this change is affecting them? I haven't got any letter about any change yet.
Same type of account. Nothing yet.