Northern rock/permanent TSB on demand 3% monthly interest account- stay or go ?

CiaranT said:
You are able to transfer more in-branch.
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How much more? TBH I had a substantial deposit I had planned to transfer in but this 5k limit has made me decide to open a KBC account instead. Besides the hassle in the event of needing more than 5k to be transferred, it doesn't inspire confidence in the bank in me.
I will leave what is there for the moment and then run it down over the next few months.
 
It should also be remembered that many rural dwellers live a long distance from their nearest PTSB branch - for myself it is about a 60 mile round trip and I'm sure longer for others. For people like us the ability to make full online lodgements and withdrawals is absolutely essential.
 

No retail bank gives customers unlimited withdrawals online. They all have daily online limits. This is mainly for security reasons.
 
I moved my savings back to Rabo because I already had a small savings account with PTSB (just to diversify)
 
CiaranT said:
Seems to vary depending on the branch funds but generally quite high.

If you give sufficient agreed notice, you should be able to withdraw the entire sum in one go via any branch.
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Correct me if I'm wrong, but the Northern Rock ac was a demand deposit with no withdrawal limits (up to max of 1m was allowed in the account if memory serves me) - so no notice is needed!!

I sent a couple of emails to PTSB about withdrawing my money...i was told i cant do it online, i have to do it in branch or send an letter (its on online account for FFS) to request a cheque/draft to be drawn...plus pay transaction charges.

i've sent an email of complaint to them and requested they withdraw all my funds to the bank ac i've registered with the ac when it was with NR (and free of charge). When I get home I'll be getting the missus to do the same.

I want nothing more to do with them. thats 100k+ of funds leaving because of their lack of respect of contracts/ customers


on another note...i went into a branch of theirs today to get a small amount of sterling...they insisted that i provide id...i told them to shag off that theres no requirement for id. tool behind the counter told me there was a legal requirement...but couldnt tell me where it came from when i challenged him on it "just following procedures". Bank down the road had no such stupidity when i went to them.

And we wonder why some of our banks had to be bailed out....
 
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I have never banked with PTSB but with all the bad experiences of people on this website, now can bank ever expect to recover from it's current position.
 
Speaking to a PTSB guy he said that the Northern Rock "online" withdrawal was then processed manually whereas the PTSB system executes the transfer automatically. So for security reasons they didn't want the possibility of some hacker logging in clearing out the account.

The solution for this would be some additional scrutiny for larger transfers, without making the person go to the branch (as people may have chosen NR as it was online).
 
PTSB process all transfers manually? all of them?

PTSB must deal with hundreds of thousands of transfers per month, it is hard to believe that it would not be STP !!
 
PTSB process all transfers manually? all of them?
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No. Northern Rock (only one branch in Ireland) did process transfers manually. PTSB now do things automatically for these accounts, like their other accounts, partly explaining the change in withdrawal limits.
 
finally got somebody from PTSB to respond to my complaint....not that it was much good

they didnt know the ins & outs of the account type (despite having a number of days to find this out before contacting me). has to go away again to find information internally. no idea about being able to transfer money online, or costs being implied or timeframes or limits

give me my damn money
 


i cant believe that! sounds like PTSB are making excuses why you cant withdraw money in a hurry. They must be very afraid of a run on the bank.

as you said...all you need is that any transfers above X amount get flagged for review. Its not exactly online banking if u need to visit a branch to do a transfer.
 
got another response from PTSB. Said this is their final answer and i have 15 days to lodge a complaint with the Financial Ombudsman!

Basically said i can withdraw 5k a day online, and 5k by phone. I finally got some details of charges...50c per electronic transfer up to 50k and then its 10Eur !

i was told that they limit the withdrawals to stop fraud and that its common practice by financial institutions .......eh not with NR it wasnt!!!

they also attached a number of documents ...one of which said there was no withdrawal restricitions!!


I'm not happy with their response at all...or that I have to pay to withdraw my money!!

has anybody got any joy in complaining to Financial Ombudsman about them changing the NR terms & conditions?
 
Closed my account today. they transferred my money by swift, charging me 50c

even in closing the account, they were trying to tell me that the rate was very attractive and that i'd be mad to leave.

the whole issue has left a bad taste in my mouth. Not sure if i'll bother complaining to Financial Ombudsman as I am getting my money...but might still do on a point of principal.
 
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