# Ulster Bank Restrict Free Banking Further



## Lightning (19 Jul 2014)

Charlie Weston reports in the Indo that Ulster Bank is changing their conditions for free banking from 19 September 2014. 



> At the moment, customers can avoid monthly fees of €4 if they deposit €3,000 every month, or if they keep a €3,000 balance at all times.
> 
> But from September, the monthly fee will only be waived if current account customers keep a credit balance of at least €3,000 in the account at all times.



A minority of people can keep a minimum balance of 3,000 EUR each and every day. 

50,000 more customers will be hit with banking fees for the first time from 19 September 2014. There is a simple solution, switch to PTSB.


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## Boyd (19 Jul 2014)

You'd think after their IT blunders that Ulster Bank wouldn't be trying to alienate and annoy customers like this! Hopefully PTSB hold firm on their banking conditions.


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## potnoodler (20 Jul 2014)

was wondering and expecting this move . aam is on the ball with the information. 
reckon pstb will follow eventually but its a constant watch on all utilities. as always changing . should be mass exodus out of Ulster which is probably what they want


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## Lightning (20 Jul 2014)

potnoodler said:


> reckon pstb will follow eventually



It is catch 22 for PTSB. 

PTSB are soaring their retail base. PTSB have over 60,000 additional current account customers inside the first 9 months of their account offering. Probably, a lot more now. It has been a huge success with growing their retail base and apparently hugely helped with cross selling. It is corner stone of their offering. 

On the other hand, it is probably a loss leader. 

PTSB probably see their current account offering as medium term proposition. 



potnoodler said:


> should be mass exodus out of Ulster which is probably what they want



Ulster Bank will loose some more customers to PTSB but it won't be a mass exodus. Your average consumer is not fully informed.


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## PolkaDot (21 Jul 2014)

This is very annoying. I moved all of my operations and direct debits to an Ulster Bank account recently.


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## Brendan Burgess (21 Jul 2014)

In the UK, the Financial Conduct Authority is trying to restrict free banking as it just means that some customers are subsidising others.

http://www.telegraph.co.uk/finance/...est-investigation-means-for-free-banking.html


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## theresa1 (21 Jul 2014)

PolkaDot said:


> This is very annoying. I moved all of my operations and direct debits to an Ulster Bank account recently.




You should check out PTSB and if it suits move. I moved from BOI Current A/c to PTSB and I am so happy that I made the move.


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## pator (21 Jul 2014)

CiaranT said:


> It is catch 22 for PTSB.
> 
> PTSB are soaring their retail base. PTSB have over 60,000 additional current account customers inside the first 9 months of their account offering. Probably, a lot more now. It has been a huge success with growing their retail base and apparently hugely helped with cross selling. It is corner stone of their offering.
> 
> ...



Thanks for keeping us up-to-date CiaranT - much appreciated. 

Looking for some crystal ball gazing - how medium term do you think the PTSB offering will be?   Are we talking months or years in your view? I know its how long is a piece of string question but your analysis of these things is usually fairly spot on. 

I moved from Bof I to Ulster and got the free banking,  with the new  €4 flat fee I think that is the cheapest of the pay options.


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## PolkaDot (22 Jul 2014)

theresa1 said:


> You should check out PTSB and if it suits move. I moved from BOI Current A/c to PTSB and I am so happy that I made the move.



Not sure if there's any point to be honest, PTSB are likely to do the same thing within a year. All that ball ache of switching again, setting up all my accounts on online banking etc...for what...to save around €48 probably? My own time that I would spend doing it is more valuable!


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## Lightning (22 Jul 2014)

1 year is probably a good guestimate as to how long PTSB will carry on this offer for. Could be shorter especially if an Ulster Bank merger happens. Could be longer if PTSB feel they need to carry on this proposition to keep the flow of new customers coming.


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## pudds (22 Aug 2014)

*Welfare*

Anyone know if anyone on welfare payments are being exempted from this, as friend has received no notification on his account  about the pending changes like some others have. http://www.askaboutmoney.com/showthread.php?t=188624
or email contact.


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## theresa1 (22 Aug 2014)

'exempted from this' on welfare - I highly doubt it. Make the move to PTSB or EBS.


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## Lightning (23 Aug 2014)

pudds said:


> Anyone know if anyone on welfare payments are being exempted from this, as friend has received no notification on his account  about the pending changes like some others have. http://www.askaboutmoney.com/showthread.php?t=188624
> or email contact.



There is no welfare exemption. The same fees, and waiver, apply to those on welfare.


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## pudds (23 Aug 2014)

Just a wild shot, I had a senior moment there and forgot banks don't have hearts


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## October03 (10 Nov 2014)

Hi everyone,

Just bumping this up as I think I have been hit with this charge in error and want to get your opinions.

I've got a €4 charge on my current account on the 10th October but only caught it today. I've queried it with 3 different people in UB today and they are all saying it is because I did not have €3k balance on my account from 16th August to 19th September which was the charging period.

The letter I got from UB said "From 19 September 2014 we are removing waiver 1". Waiver 1 was the €3k lodgement requirement each month (which I had).

The letter also says "From 19 September 2014 you will no longer be able to avoid paying the fee in this way. However you will still be able to avoid the fee by maintaining a cleared balance of €3,000 in your account for the full charging cycle".

I have completely interpreted that as a requirement that there must be €3k in the account from the 19th Sept onwards (which there has been). In fact, the letter was only dated 25th August, so how could I have known to keep €3k in my account from the 16th August?

I know it's only €4 but it's a matter of principle for me now, and I imagine lots of other people could have received this charge in error too.

What do you good folks think?


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## Palerider (10 Nov 2014)

Was the €3000 held in the account cleared funds, if not you would get charged.


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## Lightning (10 Nov 2014)

Sounds like UB have said one thing in the letter and done a different thing in practice. 

Who have you complained to?


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## October03 (10 Nov 2014)

Hi Palerider,

I'm not disputing that there was €3k in the account before 19th September - there definitely wasn't. I'm disputing when the new rules came into effect - UB say 16th August, I say 19th September.

Hi Ciaran,

I haven't really complained yet - I tried to explain my logic to all the telephone banking folk today but they were giving the explanation I mentioned above - about the charging period 16th August to 19th Sept.

I thought I'd come on here first in case my logic was flawed and I was missing something obvious.

I can try next to explain it to my contact in the branch but she'll probably think I'm daft causing a fuss over €4!! But at the same time I'd hate to think UB had done this wholesale if it's not a valid charge.


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## theresa1 (12 Apr 2015)

http://www.irishtimes.com/business/...-up-with-an-post-to-widen-its-reach-1.2159881 - good move for Ulster Bank and An Post.

I hope for An Post sake that if Ulster Bank had any future I.T. problems that An Post could still operate it's limited Ulster Bank offering.


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## potnoodler (14 Apr 2015)

Seems to me that any bank that links in with an post, ends up shutting shop in the very near future. Eg Dansk, postbank etc


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## Lightning (14 Apr 2015)

Simply a coincidence.


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## potnoodler (14 Apr 2015)

Doubt that very much


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## theresa1 (14 Apr 2015)

You didn't mention AIB and they won't be shutting up shop - pillar bank don't forget.


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