# An Post Launch Current Account Product



## Gervan (15 Jun 2017)

Still a few weeks away?


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## MrEarl (15 Jun 2017)

The Irish Independent Article said:
			
		

> The new account has a monthly maintenance charge of €5.00



That looks quite expensive tbh.


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## Lightning (15 Jun 2017)

Gervan said:


> Still a few weeks away?



Live now. One can apply [broken link removed]. Branch roll out is not yet complete.


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## Lightning (15 Jun 2017)

MrEarl said:


> That looks quite expensive tbh.



Yeah, 70 EUR a year for something that you can get for free from EBS and KBC (if you deposit 2.5k per month) and AIB (if you keep a minimum balance) and Ulster (if you keep a minimum balance).

Plus 60 cent per ATM transaction and a fee of €0.90 plus 3.0% of Transaction Value for non Euro transactions.

The most expensive current account product out there. Can't see many switching.

The fee list is [broken link removed].


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## Lightning (15 Jun 2017)

The cash back is a bit of a gimmick. 

AIB offer similar cashback via their new rewards scheme as do PTSB. 

The cashback only works with 9 retailers some of which do not offer market leading prices as it is and the retail partners will change over time.


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## mathepac (15 Jun 2017)

What does this development mean for people who use An Post branches for banking where no AIB / BOI branch exists in the town or village. I'm an AIB customer with no local branch and my fees, free-banking and cash-back offers are AIB's. Will this change with AN Post automatically layering extra charges  on branchless customers?


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## Lightning (15 Jun 2017)

No change for people who use An Post for third party banking.


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## theresa1 (18 Jun 2017)

€5 per month is ridiculous - taking advantage of older people because of the good brand recognition if you ask me. This was supposed to be competiton for the banks.


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## MrEarl (19 Jun 2017)

CiaranT said:


> The cash back is a bit of a gimmick. .....



A "bit" ... you mean a complete gimmick don't you ? 

If it was cashback on every transaction then it would be a genuine benefit, but this is conditional on using certain retailers (with these retailers probably subject to change from time to time etc.).  It's no more than retailers and banks forming partnerships to try and cross sell products and services imho.


....


An Post have this service priced wrong, badly wrong in fact for a "challenger" trying to enter the market.

We have seen time and time again that people are slow to move their banking services, even when there is a definite cost saving to be made if they switch.  If An Post were smart, they would waive the charges for new customers for the first 24 months to try and draw people in, then hope that in a couple of years time the market will have shifted so the customers wouldn't feel they were getting a bad deal when the charges kicked in.

No doubt there's a project team in An Post who have all been earning a handsome daily rate and will have all given themselves a pat on the back for a job well done... but An Post have just throw good money away on this launch, if they don't take steps to change it quickly imho.


.


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## Lightning (19 Jun 2017)

theresa1 said:


> €5 per month is ridiculous - taking advantage of older people because of the good brand recognition if you ask me. This was supposed to be competiton for the banks.



It is being incorrectly marketed as competition for the banks when it is the worst deal on the market at 70 euro per year and 60 cent per ATM transaction and a fee of €0.90 plus 3.0% of Transaction Value for non Euro transactions. 

I guess the target market is older generations who still want to transact in cash as bank branches go digital. 

It's an expensive old fashioned product.


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## Lightning (19 Jun 2017)

MrEarl said:


> with these retailers probably subject to change from time to time etc



And they will change. The 5 Euro offer with Lidl was offered by PTSB for a while and then the offer went. It smells like a short term intro offer with An Post too.

Also, the other partners include Post Insurance with 5% cashback but the reality is that you can get your insurance far cheaper elsewhere so the cashback is meaningless in the greater scheme of things.


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## MrEarl (19 Jun 2017)

Agree 100%.

It will be interesting to see if any of the "financial journalists" do a write up on this new offering from An Post and call it out for what it really is.


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## Lightning (28 Jun 2017)

Postmasters refusing to operate An Post account http://www.independent.ie/business/...sing-to-operate-an-post-account-35873189.html


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## MrEarl (29 Jun 2017)

Hi,

As I see it.... 

An Post took a hell of a long time to roll out this product, they don't appear to have got their pricing right - particularly for a new product launch from an unproven service provider (and despite the fact that current accounts could be an important tool for An Post in helping to get people in the front door of the post offices, or retaining the likes of the social welfare transactions etc.) and now, it seems that a large number of their postmasters won't work with the new service until they get some form of guarantees, or increased pay - you just couldn't make this stuff up !

I find myself wondering how long it will be, before An Post next start to play the old violin about running the risk of becoming insolvent and needing massive financial aid to continue to exist etc.

A lot will need to change and quickly, if An Post don't want this current account launch to turn into a large and expensive embarrassment.


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## mathepac (29 Jun 2017)

An Post and its masters, commercial and political, have to be the most perfect collection of incompetents our poor nation has ever produced. They are already a failed bank and they have failed as a courier company. Imagine, they failed commercially at their core business, delivering stuff to homes and businesses!! 

It seems they've learned nothing from their previous failures. In the 80's (1980's) I was an employee of a company chosen to partner with An Post in their first attempt at banking. We ran away.


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## Kelticknight (23 Jul 2017)

i looked at it but not for 5 euros a month and 60c per ATM is the dearest in the market. if paying 5 euros  a month fee then atm etc should be free.
they got this badly wrong.


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## Lightning (23 Jul 2017)

It is the most expensive current account product on the market. The target market seems to be the segment of the older generations who want cash banking. A small and shrinking target market.


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## MrEarl (24 Jul 2017)

CiaranT said:


> ....The target market seems to be the segment of the older generations who want cash banking. A small and shrinking target market.



Yes, but also one of the more vulnerable groups in the population.... hopefully the ICA will be protesting outside the Post Offices over their pricing


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## pudds (24 Jul 2017)

CiaranT said:


> It is the most expensive current account product on the market. The target market seems to be the segment of the older generations who want cash banking. A small and shrinking target market.



that seems to be their aim all right, two weeks ago they wrote  to me (68) inviting me to trial this account.


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## RedOnion (24 Jul 2017)

pudds said:


> that seems to be their aim all right, two weeks ago they wrote  to me (68) inviting me to trial this account.


This is interesting. On what basis did they have your contact details?


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## pudds (24 Jul 2017)

RedOnion said:


> This is interesting. On what basis did they have your contact details?




I can't remember for certain but think it was addressed to  'the resident' but they have my details
as I use their AddressPal service, and also have a savings cert.


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## MrEarl (25 Jul 2017)

RedOnion said:


> This is interesting. On what basis did they have your contact details?



Like your thinking 


Isn't there something in the rule book (Consumer Protection Code, I think ?) about not being able to contact people with out their explicit consent, or without having a related product already with them and having spoken with them on the matter within the last 12 months etc ?


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## RedOnion (25 Jul 2017)

MrEarl said:


> Like your thinking
> 
> 
> Isn't there something in the rule book (Consumer Protection Code, I think ?) about not being able to contact people with out their explicit consent, or without having a related product already with them and having spoken with them on the matter within the last 12 months etc ?



As far as I know, CPC only covers telephone contact. However, direct marketing by post is covered by data protection. It's down to processing data for a purpose other than which it was originally collected. 
For example I'm a customer (insurance) but I haven't received the same advert, which might suggest personal data was used to create a subset for a mail shot. It'd be interesting to see who else received such a letter.


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## MrEarl (26 Jul 2017)

Sorry, you are quite right - it's Data Protection not CPC (afraid it's been a few years since I had reason to look at either in detail)


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## jonq74 (27 Jul 2017)

I was shocked .foolish enough to sign up.chsrging 50 cent to lodge money on top of the monthly fee is a rip off.i will be closing it asap.


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## theresa1 (28 Jul 2017)

https://www.ccpc.ie/consumers/financial-comparisons/current-account-comparison/ - EBS is best for a FREE account.


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## Connard (2 Aug 2017)

theresa1 said:


> https://www.ccpc.ie/consumers/financial-comparisons/current-account-comparison/ - EBS is best for a FREE account.



They're online banking is meant to be very poor. If that's the case then I'd disagree that they are the best. I'd rather have good online banking, a good app and things like Android/Apple Pay and go through the minor inconvenience of having to have a minimum monthly lodgement like KBC or minimum account balance like BOI/Ulster/AIB.


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## theresa1 (2 Aug 2017)

I never said the best - but FREE and you can always get Revolut and link that to have a nice app. EBS don't do a cheque book or overdraft - many could live with that and no contactless card - many want this or again just use Revolut which is contactless.


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## Lightning (2 Aug 2017)

You could do all that. 

Alternatively, you could get a free current account with KBC, with the KBC Extra Current account product, provided you deposit at least 2,500 EUR per month and get a get a good app, good online banking, Android Pay and Apple Pay. 

Mobile payment usage is soaring in many countries. If EBS continue to stay in the dark ages with crap online banking, no app and no mobile payment support it is increasingly difficult to see how EBS can be recommended to most people.


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## theresa1 (2 Aug 2017)

An Post had launch today in G.P.O. with FM104.


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## theresa1 (25 Sep 2017)

Saw a tv advert earlier tonight for this product - very botched launch and far too expensive.


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## MrEarl (26 Sep 2017)

It's the post office launching a bank account, can't be too surprised they haven't set the world on fire 

... they don't have the in-house expertise, those that were hired in were probably hired by those without relevant expertise etc.


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## mathepac (26 Sep 2017)

theresa1 said:


> An Post had launch today in G.P.O. with FM104.


Are you sure that shouldn't read "An Post had *lunch* today in G.P.O. with FM104." I'd have been just as excited. Historically they've been great at lunches and product launches, very poor at maintaining momentum, going forward and that other longevity stuff.


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## roker (16 Oct 2017)

I was with Post Bank when they closed down, how do we know if the same happens when the going gets tough?


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## MrEarl (16 Oct 2017)

roker said:


> I was with Post Bank when they closed down, how do we know if the same happens when the going gets tough?



To be fair, I think that was caused by their joint venture partner pulling the plug last time around... this time, An Post are going it alone (be that good, or bad !)


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