Closing a PTSB online fixed-term account - seems very difficult

I opened one of these accounts online in Feb 2024.

Two weeks before the 24/02/2025 maturity date, they post me a letter with the maturity details:

"On the maturity date, we will automatically re-invest your funds into a new online fixed-term account, unless you choose to close the account.

Up to 14 days after maturity, you can:

• pay more money in
• withdraw some or all of the money without penalty"

The letter does not describe how to close the account.

On 26-Feb, a second letter arrives, with the details of the new, rolled-over account.

A few days after maturity, I tried to withdraw transfer all the funds to my PTSB current account. A dialog box opens up: not allowed.

So I withdraw all funds except one cent.

After having looking through the pages of terms and conditions, I see the following:

Your right to cancel the contract under the Regulations

You can cancel an account within 14 days of opening by sending an email to ****@ptsb.ie, due to EU Distance Selling rules.

I did this today, 3-Mar, and received an automated reply:


"Thank you for contacting Permanent TSB’s DMD (Distance Marketing Directive) & CCR Consumer Credit Regulations mailbox.
YOUR RIGHT TO CANCEL THE CONTRACT UNDER THE REGULATIONS:

If you open an Account, Overdraft, Term Loan or Visa Credit Card with us you may cancel that contract in accordance with the European Communities (Distance Marketing of Consumer Financial Services) Regulations, 2004 within 14 days of the account/ product opening.

If your cancellation request is in regards to a rollover or the account has been opened for more than 14 days and you wish to close it, please contact the relevant branch/department in writing.

DEPOSIT SERVICES TEAM"


My question is: who do I contact, what is the relevant branch/department?

I did not open the account in a branch.

The sort-code 99-06-60 seems to be the code for their office in Carysfort Avenue in Dublin.

Maybe I should just ring the Open24 number?

Or maybe write to the Blackrock branch? Hardly?

Why bother closing it.

I have one of these accounts. I haven't used it for years. There is one cent in it. Every year I get notice that the 1cent is rolling over for another year. There is a window where withdrawals are allowed. I have tried to withdraw my 1 cent during this period, but the PTSB system does not allow the account to go below 1 cent.

And so it continues. PTSB are wasting paper and postage each year.

S class said:

PTSB are wasting paper and postage each year.

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Some of PTSB's processes are bonkers.

Luternau said:

Some of PTSB's processes are bonkers.

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I've had similar issues in the past with many other banks when trying to close redundant accounts. UB were a particular problem. But PTSB/UB were far from the only ones. I don't like leaving old accounts (bank or online logins) open and lying idle as it increases my digital footprint and might be a potential vector for hacking, identity theft etc.

Want to close your account?​

You will need to contact our Deposit Services team who will be happy to assist you. We require written instructions to be sent to the address provided below:

PTSB Deposit Services,
56-59 St. Stephen's Green,
Dublin 2.

Please remember to include details on where to transfer any funds and/or interest accrued in the account.

theresa1 said:

We require written instructions to be sent to the address provided below:

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Buy a postage stamp to recover my 1 cent.
No thanks !

Ptsb internal audit should look at their processes. Inefficient and wasteful and not in shareholders interests.

Personally I think this is a deliberate policy by PTSB to make it as difficult as possible to close an account. Being forced into actually leaving a balance off one cent is 'madness'. I have a one year maturing in a few months so please Protocol keep us updated.

Reply received from a human this morning:

I wish to acknowledge your recent email of the 03/03/2025 and I thank you for taking the time to contact us.

As the DMD unit only deals with accounts opened within 14 days, and your account was originally opened in 2024, I regret to inform you that I am unable to close your accounts via e-mails.



In Order to close your online Account:

Please send (via post) a signed written instruction to: PTSB Online Team, 56-59 St Stephen’s Green, Dublin 2. Please include a certified copy of photo ID and proof of address (dated within the last 6 months) and provide instruction (e.g. credit union IBAN) on how any funds remaining in the accounts can be paid to you.

Should you have any queries regarding the above please do not hesitate to contact OPEN24 Telephone Banking on 0818502424 Monday to Friday 9:00 – 17:00, Saturday & Sunday, 10:00 – 14:00



Yours sincerely,

DEPOSIT SERVICES TEAM

PTSB,

56-59 St Stephen’s Green, Dublin

That's hilarious. I bet if I contacted them enquiring about closing my "Switch" current account they'd be all over it like a rash.

My response to the above would be a further email requesting they forward a pre paid envelope with the next piece of hard mail they send me, and that on receipt of same I'd do as they advised.

Good old legacy banking processes.

This PTSB send-a-postal-letter to get your cent back and close your account process is right up there with other crazy legacy processes like EBS requiring in-person appointments to open a savings account.

"Please include a certified copy of photo ID and proof of address (dated within the last 6 months)" - they don't mention this on website before you take out for example one year fixed online account. I think I'll be joining the one cent club soon and wasting them more yearly postage fees etc.

Management must have decided to gut customer services in an attempt to increase profit

Keep logging formal complaints. They value their own time buy not yours.

If anybody is minded to write to PTSB regarding account closure, I’d suggest addressing the letter to Eamonn Crowley, PTSB’s CEO, instructing him to close the account, pointing out how bureaucratic, wasteful, dated and out of step with their contemporaries the their procedure is and asking for a refund of postage at his earliest convenience.

So to get my 1 cent refund. I have print out a copy of my passport. Head down to my local Garda station to get it certified.
Find proof of address. The PTSB 1 cent statement will presumably be accepted. Write out a letter to apply for the refund. Put all this into an envelope. Address it to PTSB. Head down to my local post office. Buy a stamp and post my letter to PTSB.

I will opt to keep receiving all the yearly PTSB paper.

The yearly statement might be useful for proof of address for another financial institution.

ClubMan said:

I don't like leaving old accounts (bank or online logins) open and lying idle as it increases my digital footprint and might be a potential vector for hacking, identity theft e

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Balance that against the hassle of setting up a new account if you ever need to!

I had a similar issue with them in the past. I tried to give them notice before a term deposit account matured that i wanted to withdraw funds and close the account. CS agent noted it, but ultimately did nothing. Didn't even advise i had to send a letter to close the account.

Eventually funds were released and they agreed to close the account. But their process is nothing short of obstructionist....deliberately so I suspect to make it difficult to withdraw funds and close the account.

Not opening a term deposit with them again as its such a pain to deal with. Bizarre that you can open the account online but not close it.

S class said:

So to get my 1 cent refund. I have print out a copy of my passport.

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It's the need to provide physical documentation that gets me. I've a closing balance of 17 cents in a savings account. I've no intention of posting physical docs, when can e-mail everything to them. I'm an account holder for decades.

I checked at their website and it says that to close the account you can also "attend a branch with valid photo ID". Probably more convenient than sending post mail with stamps and all certified IDs. This option is mentioned on both "open online" and "open in a branch" fixed term deposits.

I had added the link but apparently I'm not allowed to post links yet :/ Just look for "Fixed Term: 12 months" or "Online Fixed Term: 12 months" deposits.

This is the full quote:

Once the account has been automatically rolled over, you will have 14 days to decide what to do next:

1. Lodge: Additional funds can be added to your account 14 days from the maturity date.
2. Withdraw: Transfer your funds to your Current Account, Notice Savings Account, or Demand Deposit Account. (Don't have these accounts? – see step 3).
3. Full balance withdrawal and account closure: If you’d prefer not to reinvest and wish to withdraw all funds in the account, the account will need to be closed. To close your account, you will need to attend a branch with valid photo ID.
   • Alternatively our Deposits Service Team would be happy to assist you if you send written instruction to the address details provided below:

PTSB Deposit Services,
56-59 St. Stephen's Green,
Dublin 2.

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I think the more disturbing issue is that PTSB assume you want another Fixed-Term account at all. They have no reason to assume that.

I had a Fixed Term Deposit with them a few years ago (pre-Covid). When it matured it automatically went into a Demand Matured Account. Access anytime - but no lodgements allowed. Last week i withdrew all the funds into a Current A/C. Balance is 0.00.
Its still open but cannot be topped up - now its a zombie a/c.

Anyway, they will eventually become Dormant Accounts..... in 15 years