NIB Ditch Free Banking For New Customers and now existing customers

...if you decide our changes are not for you, you can of course choose to close your account by writing to your local branch.
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When I read that it struck me as being a bit, "couldn't care less".
However; the charges - as far as I can see, virtually every line on my statement will be subject to a minimum charge of 25C. Not much per transaction but it adds up.
Does anyone know if I could get my pension paid in on a monthly (or 4-weekly) basis rather than weekly?
 
Auld-Yin said:
However; the charges - as far as I can see, virtually every line on my statement will be subject to a minimum charge of 25C. Not much per transaction but it adds up.
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They have another option available of paying a higher quarterly fee with zero transaction charges, so that would make more sense if you've a lot of transactions.

I'm still awaiting a response from them, by the way: apart from a brief acknowledgement, I haven't heard anything back in relation to a query on whether it is the case that people are now being forced to pay charges on an account just to service a mortgage.
 
i have an easy account. before that i had a personal access account. i changed over to easy only a few months ago in order to avail of the cheque book facility. now as i'm being forced to switch to a 24/7 account that doesn't have a cheque book facility i feel like i'm back where i started when i chose personal access. i did switch over the other day to easy plus as soon as i got the so called letter as i do need a cheque book but i'm curious... will they now automatically throw a gold credit card at me in order for changing to easy plus? my current cc is with aib. i have heard in the past that once you go for either easy plus or prestige you are simply given a cc as part of the package while with easy you are not as you have to apply separately with easy??? the change over to easy plus from easy took a matter of minutes. i was expecting to be on the phone for at least half an hour going through the usual application/upgrade stuff. odd.
 
I evantually got a response from NIB.

I was told:

(1) They are defintely removing all free current accounts: all will have some form of standing charge and/or transaction charge

(2) They will remove the requirement to maintain a current account to service a mortgage held with them. That is, it will be OK to close the account.

I suspect they may well keep reasonably quiet about this second point, in the hope people will leave the accounts open (with charges) just to service the mortgage.

Personally, I'd want to see confirmation of this second point in writing from them before closing the account, as it is a breach of the mortgage agreement as originally drawn up.
 
ang1170 - Thanks for clearing up these points. There is clearly a huge amount of customer confusion.
 
What about if you don't have a cheque book anymore, will they refund the unused stamp duty on the cheques that you can't write.
 
DingDing said:
What about if you don't have a cheque book anymore, will they refund the unused stamp duty on the cheques that you can't write.
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You can use any remaining cheques but you won't get a new cheque book when they are all used.
 
Got my letter too this week. Would love to be able to close the account and not face the charges to service my tracker mortgage as per point two by ang1170. I think I would not risk the great tracker for the sake of about €20 plus the odd few euro for a few transactions, a year in fees. I'll just aim to not use the bank for anything other than service the mortgage. That's all I already really did.
On principle I would never open an account with charges but I think it's a small price to pay for a great tracker product that is not available on the market anymore.
 

See my post earlier in the thread. I have an easy account purely for mortgage servicing and received no such notification of fees being applied. Furthermore, I have been advised by a customer service rep for NIB - that no decision had been taken for customers in my bracket. Therefore, you can still keep the account - provided you use it exclusively for mortgage servicing - and do your current account banking elsewhere..
 
+1. And I would store this letter carefully, with the original mortgage documents.

Thanks again for posting back, ang1170.
 

I'd say it's only a matter of time before they introduce charges for you, if what I was told is accurate. It seems there are only two choices: keep the account and pay charges or close it. However, if you choose to close it, I would make sure to get a written statement from them that the relevant clause in the mortgage agreement about keeping an account with them no longer applies.

I’m not too sure what to do myself: I have my main current account with them, and have been a reasonably satisfied customer for many years (never paying charges). I know it’s been simplified, but it is still a hassle to move: something I’d do if I thought other free accounts were likely to continue, but I would not be at all surprised if they were all withdrawn over the next few months.

What are people’s views on this:

- Are we likely to have any banks offering charge free current accounts in a few months’ time?
- What are people’s experience of the other banks offerings: BoI looks to be a real pain, Ulster looks to be on the point of withdrawal. AIB looks the best option at the moment, but what’s it like in practice?

 
ang1170 said:
Are we likely to have any banks offering charge free current accounts in a few months’ time?
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Currently, just 1 of the 5 full service banks in Ireland offer condition-free day-to-day banking to new customers.

I would expect this to be zero in the very near future once Ulster Bank have updated systems to handle new fee structures. This might or might not take some time.

I would expect free day-to-day banking, subject to conditions, to stay for some time.

ang1170 said:
What are people’s experience of the other banks offerings: BoI looks to be a real pain, Ulster looks to be on the point of withdrawal. AIB looks the best option at the moment, but what’s it like in practice?
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AIB has the simplest conditions to comply with to get free banking.

PTSB have easy-to-comply with conditions if you use your debit card a lot.

When/if Ulster Bank remove free banking, they may continue to offer free banking to existing customers, like PTSB did, to avoid a mass exodus.
 

Yes, first thing I will be doing (should that transpire..) is emailed confirmation from them that my tracker stands even if I move away from their current account.

ang1170 said:
Are we likely to have any banks offering charge free current accounts in a few months’ time?
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Quite possibly not - but there won't be any customer complacency as far as I'm concerned. Moved from BOI to UB to get mortgage. Then 2 years later moved mortgage to NIB. Moved current account to Halifax. Moved current a/c back to UB when Halifax packed their bags. I guess there won't be much to choose from - but I will move to whomever is offering the best deal if UB start charging fees.
 
CiaranT said:
AIB has the simplest conditions to comply with to get free banking.
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That's what I thought. Can anyone comment on what they are like to deal with, though? Is their online banking any good? NIB scores pretty high on both these counts in my experience and it may just be worthwhile paying the charges, and sticking with them.
 

AIB restrict online wire transfers after 3:30 PM every day.

What features matter to you with online banking ?
 
CiaranT said:
AIB restrict online wire transfers after 3:30 PM every day.

What features matter to you with online banking ?
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Ease of use, ability to do things like set up a transfer easily, amount of information available (very complete for NIB).....

I used AIB for a business a/c a few years back, and my memory is of a distinctly clunky online experience, but presumably it's improved since then?
 
Niall Brady in The Sunday Times reports:

Unless customers request otherwise NIB will move you automatically to a 24/7 account.
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Further confirmation of what has been generally reported here.
 

sounds like the exact journey I took too except swap BOI with AIB, wish more people were as disloyal to their banks as it may make them think long and hard before charging people 25c to get paid into their non interest bearing account, 2 years ago Halifax was paying us
 
On the subject of loyalty:
from the first paragraph of the N.I.B. letter.
...we're different to other banks. We're delivering services to you in a way that gives you value for money and that rewards you for your loyalty to our bank. We believe that's fair to you and that it's also fair to us.
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I get my ever decreasing state pension paid in and now I have to pay for that and also pay again (more than once) to take it out.
Reward!!
Maybe they'll tell me later how they're rewarding me.
Okay it's not much and I could move to Ulster B., but how much longer can they avoid charges?
 
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