# Ulster Bank Ending 'Free' Banking from 1 July 2013



## Sunny (22 May 2012)

http://www.independent.ie/business/...-as-ulster-to-charge-for-account-3116133.html


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## Lightning (22 May 2012)

Thanks for posting the article. 

It is yet more speculation, as to what, Ulster Bank might do. There has been ongoing speculation for the last 2 years, including recent Sunday Times articles, but Ulster Bank has yet, to date, to introduce fees. 

The key question is, if/when Ulster apply fees, will they do it to both existing and new customers or new customers only. There is reason to think that it will be for new customers only. 

Incidentally, RBS do not charge fees in the UK or in NI.


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## PolkaDot (22 May 2012)

I just recently opened a Step account with UB. Hopefully they won't implement charges on existing customers.


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## AlbacoreA (22 May 2012)

Inevitable to be honest.


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## theresa1 (23 May 2012)

More incorrect information concerning BOI in that article in the Irish Independent.


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## Lightning (23 May 2012)

theresa1 said:


> More incorrect information concerning BOI in that article in the Irish Independent.



Noticed that, there were a factual errors in the Indo article. Poorly researched journalism again.


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## Joe Nonety (25 May 2012)

theresa1 said:


> More incorrect information concerning BOI in that article in the Irish Independent.


 
"Bank of Ireland was heavily criticised last year when it introduced fees of 28c per transaction for those who do not keep at least €3,000 in their account every quarter.
The bank also asks its customers to make nine payments every quarter through their current account to avoid fees."

Yeah, they should have said "or else" rather than "also".


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## The Oggster (25 May 2012)

Joe Nonety said:


> "Bank of Ireland was heavily criticised last year when it introduced fees of 28c per transaction for those who do not keep at least €3,000 in their account every quarter.
> The bank also asks its customers to make nine payments every quarter through their current account to avoid fees."
> 
> Yeah, they should have said "or else" rather than "also".


You also need to have €3k going into the account in the quarter if you're going for the 9 transactions option.


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## marfsmal (28 May 2012)

Yep. Indo not reliable.


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## kimmage (1 Jun 2012)

The holding off on introducing fees was possibly a tactical move by Ulster Bank. 

Under current circumstances its almost impossible for banks not to exploit a revenue stream. 

If fees do come in there I wonder how many people are likely to move back to one of the Irish Banks and help pay back the exchequer.


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## Knuttell (1 Jun 2012)

kimmage said:


> If fees do come in there I wonder how many people are likely to move back to one of the Irish Banks and help pay back the exchequer.



That will be way,way...*way* down on anyone's reason list to change bank.


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## theresa1 (22 Apr 2013)

http://www.independent.ie/business/...cing-4-monthly-fee-for-accounts-29211779.html


THOUSANDS of Ulster Bank customers face having to pay a monthly fee for their banking from the start of July.


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## Lightning (22 Apr 2013)

Ulster Bank Introduce Current Account Fees From 1 July 2013

Fees: 4 EUR per month (48 EUR per year)

Exceptions:
Aged 60 or over
Service accounts (feed accounts)
Student accounts
Graduate accounts
Adapt accounts 
Private accounts (different pre-existing fees)
Packages accounts (different pre-existing fees)
ufirst (different pre-existing fees)
Ufirst Gold (different pre-existing fees)

Waiver 1: (Ways to avoid fees)
Lodge 3,000 EUR into your account between the first and last business day of each calendar month. 
OR
Waiver 2: (Ways to avoid fees)
Maintain a cleared balance of at least 3,000 EUR each and every single day. 

Waiver 2 has a large opportunity cost attached. 

Waiver 1 can be circumvented by wiring money into and out of the account during the month in excess of 3,000 EUR. 

For some, you are best switching to PTSB.

I will update the best buys later.


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## The Oggster (22 Apr 2013)

I have savings in Rabo so I think I'll move €1.5-2k into and out of mu UB Current Account. It'll be worth doing it until I see what KBC will offer.

Then again the price point of €4 a month isn't too bad. It's good they're not charging per transaction.


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## serotoninsid (22 Apr 2013)

CiaranT said:


> For some, you are best switching to PTSB.


Is PTSB the only one with fee free banking now (without any conditions)?


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## Boyd (22 Apr 2013)

Almost, PTSB require you to lodge E1500 per month into the account.....KBC which will be entering the market soon may not have fees, I dont think theyve released details yet


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## murphaph (22 Apr 2013)

CiaranT said:


> Service accounts (feed accounts)


What do you mean Ciaran?

I have a current account with them for a mortgage that I switched to (IIRC it was a condition that I take their account to get the rate I got). I only use this account for feeding the mortgage. Would it be exempt or do I need to look at a move to PTSB (and lodging and withdrawing €1500 a month with them to avoid charges)


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## serotoninsid (22 Apr 2013)

@murphaph:  My understanding is that the account in that case would be used ONLY to service the mortgage.  I have an NIB that is fee free on that basis.  I've never used it for any other purpose other than transferring cash into it to service the mortgage.


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## Lightning (22 Apr 2013)

serotoninsid said:


> Is PTSB the only one with fee free banking now (without any conditions)?



No. PTSB has conditions. Just easy to comply with conditions. 

Those who still have condition-free, free day-to-day banking are:
Those under 18 with the relevant product with certain banks. 
Students with the relevant product with certain banks. 
Recent graduates with the relevant product with certain banks.  
Those aged 60 or over with the relevant product with certain banks. 
Those with certain specific legacy products. For example, PTSB legacy Switch accounts.


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## Lightning (22 Apr 2013)

murphaph said:


> What do you mean Ciaran?
> 
> I have a current account with them for a mortgage that I switched to (IIRC it was a condition that I take their account to get the rate I got). I only use this account for feeding the mortgage. Would it be exempt or do I need to look at a move to PTSB (and lodging and withdrawing €1500 a month with them to avoid charges)



Ulster Bank Service accounts are used to feed other products only. These secondary products include mortgages and savings accounts. 

Check the name of the product that you have. Does it say Service account?


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## meepman (23 Apr 2013)

So,thats another 48 euros extra to be paid on top of a 7% pay cut, USC, household tax, local property tax, water tax.

Anyone else want to add anything?


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## theresa1 (23 Apr 2013)

Shop around as they say - PTSB or EBS or another bank could work out cheaper or even free subject to conditions.


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## murphaph (23 Apr 2013)

CiaranT said:


> Check the name of the product that you have. Does it say Service account?


Not that I can find. Just current account as far as I can see. Maybe they will convert it into a "service" account if requested. Will have to contact them about it. Paying for an account just so I can pay a mortgage to the same bank is rather annoying. If they had the BOI style pay as you go it wouldn't be so bad, just 24 transactions a year would only cost something like €7 instead of the €48 UB will want. 

If they won't switch to a service account then I think I have to start looking at a move to BOI for this mortgage if possible.


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## Lightning (23 Apr 2013)

meepman said:


> So,thats another 48 euros extra to be paid



To be paid? No! Don't pay it! Use the waivers to get around it or switch to PTSB.


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## Lightning (23 Apr 2013)

murphaph said:


> Not that I can find. Just current account as far as I can see. Maybe they will convert it into a "service" account if requested. Will have to contact them about it. Paying for an account just so I can pay a mortgage to the same bank is rather annoying. If they had the BOI style pay as you go it wouldn't be so bad, just 24 transactions a year would only cost something like €7 instead of the €48 UB will want.
> 
> If they won't switch to a service account then I think I have to start looking at a move to BOI for this mortgage if possible.



Can you simply pay your mortgage via direct debit from an non-Ulster account directly to the mortgage account rather than via this service/current account? Is that possible?

Alternatively, as you said, ask for it to be changed to a service account.


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## DrMoriarty (23 Apr 2013)

If they require you to keep an account with them for the sole purpose of servicing your mortgage with them, they can't charge fees for it. But it will just be a feeder/service account with none of the features of a current account.

I left NIB when they brought back in fees and in the end they let me service my mortgage from another (BoI) account. 

I subsequently left BoI — when they brought back in fees! — and moved the DD to my new UB account, and I'm now about to switch again to PTSB.

Damn country is running out of banks for cheap charlies like me!


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## serotoninsid (23 Apr 2013)

My list of current a/c switches over the last ten years;

- BOI
- Switched to UB - with mortgage/current account with them from that point
- Switched to Halifax (offered free money to transfer plus free banking)
- Switched to UB when Halifax folded.


Will switch again - KBC sounds interesting if thats available in time (if I understand correctly, its not available yet?) or otherwise, I guess PTSB.


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## TheJackal (23 Apr 2013)

CiaranT said:


> Waiver 1 can be circumvented by wiring money into and out of the account during the month in excess of 3,000 EUR.


 
My wages are paid into UB current account.

To make up the balance to reach 3K monthly, could I just transfer money online from UB savings account into UB current account, and reverse it the next day?

Only a few clicks of a button each month if so, and not too inconvenient.


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## Lightning (24 Apr 2013)

serotoninsid said:


> My list of current a/c switches over the last ten years;
> 
> - BOI
> - Switched to UB - with mortgage/current account with them from that point
> ...



Yeah, KBC current accounts are not available yet.


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## PolkaDot (24 Apr 2013)

I opened a UB current account last year but have never started to use it? The balance is €1 (a test transfer I did).

Will I get -€4 docked from the account every month even if I don't use it???


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## murphaph (24 Apr 2013)

PolkaDot said:


> I opened a UB current account last year but have never started to use it? The balance is €1 (a test transfer I did).
> 
> Will I get -€4 docked from the account every month even if I don't use it???


Yes. Close it.


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## VanZan (26 Apr 2013)

Hmmm I'm trying to figure out what to do. I have a eSavings, Direct Saver and current account. The majority of my funds are in the Direct Saver. If I pull 3k out of it and put it into the current account to escape the €4 monthly charge I'll therefore lose my interest for the month. Hmmmmmmmmm.....what to do, what to do!


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## pudds (26 Apr 2013)

Don't forget the credit union may suit *some* people.


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## Palerider (27 Apr 2013)

FAO The Jackal.

I contacted UB helpline number and asked the same question, yes if you transfer funds in and out of the account say from a  savings account using online banking you will avoid this charge in the month you do this.


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## Lightning (27 Apr 2013)

pudds said:


> Don't forget the credit union may suit *some* people.



Some, as you said. A minority. Important to remember that most credit unions do not offer the full suite of current account services that the 5 full service banks offer.


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## pudds (16 Jun 2013)

> the monthly fee will be deducted from your account 21 days from the last  day of the charging cycle. We have provided you with the actual dates  for the first 6 months to demonstrate when the fee will be charged:



6 September 2013
11 October 2013
08 November 2013
06 December 2013
10 January 2014

Does this mean that we only have a few days, 6,8,10,11  etc at the start of each month in which to lodge the 3k in or are they working a month in arrears so to speak.


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## Lightning (16 Jun 2013)

Month in arrears.


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## bravo (1 Aug 2013)

One month down with the now €4 per month UB current account - managed to move the €3k in and out from a UB saving account online during July so hopefully have avoided the charge.

When planning for this month it occurred to me that I need not have transferred the full €3k in one go - why not transfer the same €500 in and out 6 times during the month, as its cumulative deposits during the month. Its a little more hassle but preserves the small amont of interest in the savings account.


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## murphaph (1 Aug 2013)

CiaranT said:


> Can you simply pay your mortgage via direct debit from an non-Ulster account directly to the mortgage account rather than via this service/current account? Is that possible?


Oops, just seeing this now. Yes, UB allow the mortgage DD to be drawn from a non-UB account. They sent me a DD form to change it to BoI (which is marginally cheaper for my use case). I'll be changing again on the 1st of February to my German bank and closing that BoI account as well.


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## Time (3 Aug 2013)

So i take it they won't actually start charging this till the 6th of September?


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## Lightning (3 Aug 2013)

Time said:


> So i take it they won't actually start charging this till the 6th of September?



Yes but the accrual / billing period started 1 August 2013.


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## Time (3 Aug 2013)

Thanks for clearing that up.


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## The Oggster (6 Aug 2013)

CiaranT said:


> Yes but the accrual / billing period started 1 August 2013.


The first month was actually 1 July - 31 July. That month will be charged on September 6th unless you lodged a total of €3k in that month.

Or if you haven't lodged €3k in total in July, then you will need to keep a balance of at least €3k between 20 July - 16 August.

If neither of these were met you will be charged on the 6th September.

The next charge date is 11th October and that will cover August for lodgements and 17 August - 20 September for minimum balance.


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## pudds (10 Aug 2013)

*Topping up Current A/c from Savings Account*

You know when you transfer money from a savings account to current a/c with Ulster Bank it goes through immediately, or at least it shows up anyway, not sure if its available at the atm though.

Just wondering if I transferred money in on a Saturday and took it out on the Sunday would this be a valid lodgement or would the money have to stay there till the Monday.


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