An Post Launch Current Account Product
- Thread starter Gervan
- Start date
Live now. One can apply [broken link removed]. Branch roll out is not yet complete.
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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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?
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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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.
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.
Postmasters refusing to operate An Post account http://www.independent.ie/business/...sing-to-operate-an-post-account-35873189.html
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.
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.
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.
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.
Kelticknight
Registered User
- Messages
- 4
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.
they got this badly wrong.
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
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?