PTSB ending fee waivers on legacy current accounts - 47,000 affected

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Lightning

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RTE are reporting here:

"Until now customers with the legacy accounts did not have to pay fees if they held at least €2,500 in their accounts per quarter.

However, if they did not have this level of balance, they had to pay €18 a quarter and this will continue to be the prevailing position for all holders of these accounts going forward if they choose to keep them.

Alternatively, they can move to the Explore current account. which charges €6 a month and has a cash back feature.

Around 47,000 customers were actively using the fee waiver feature, which is being removed."

Can anyone find the detail on this on the PTSB website?

Are PTSB Switch customers (who were promised free banking for life) excluded from this change? It would seem so.
 
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ClubMan said:
I have a fees free PTSB Switch account and have been with the for decades and haven't received any communication from them about any changes.
Maybe it's on the way?
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Ditto, I have the PTSB Switch product. The RTE article refers to legacy current account products which require 2,500 EUR to avoid fees. PTSB has 4 legacy current account products with this rule. The Switch product never had this rule and also was supposed to offer free banking for life. I think we are safe from this change!
 
Interesting, have several free banking for life accounts still and if they introduce charges will be heading to the Fin ombudsman....its very hard to make a case that free banking for life meant anything other than what was stated in marketing/advertising way back when....
 
I have the legacy account since 1993 that has the 2500 balance clause to avoid the charge. If it changes to fee based, I will take my business elsewhere. I may do that anyway as I don't trust them.

Previously I had tracker mortgages with them that were advertised and sold as interest only for the term of the mortgage. PTSB disowned that and attempted to switch them to capital and interest.
 
Luternau said:
I have the legacy account since 1993 that has the 2500 balance clause to avoid the charge. If it changes to fee based, I will take my business elsewhere. I may do that anyway as I don't trust them.

Previously I had tracker mortgages with them that were advertised and sold as interest only for the term of the mortgage. PTSB disowned that and attempted to switch them to capital and interest.
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Take your business elsewhere? Surely there's no institution left with free banking only maybe Revolut ?
 
24601 said:
People never cease to amaze me. Free banking for 30 years and €72 a year is seen as an affront.
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It is not even €72 as every transaction using a debit card earns 10c back. Most months, I end up paying €1.50 or so in fees or c. €20 per year!
 
Roro999 said:
Take your business elsewhere? Surely there's no institution left with free banking only maybe Revolut ?
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EBS for one.

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EBS?? If you want to bank like it is 1987 then fine. Otherwise I would go somewhere that has realised we are in the 21st century...
 
tallpaul said:
EBS?? If you want to bank like it is 1987 then fine. Otherwise I would go somewhere that has realised we are in the 21st century...
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You mean they don't facilitate buying crypto or something?
Many, and possibly most, people only need basic banking features.
 
24601 said:
People never cease to amaze me. Free banking for 30 years and €72 a year is seen as an affront.
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What is to be amazed at? I had free banking because it was offered free by them all this time. Thats simply offer and acceptance. I don't have to stay with them if the offer changes, and I see no reason to do so as they don't value customer loyalty.
 
ClubMan said:
You mean they don't facilitate buying crypto or something?
Many and possibly most people only need basic banking features.
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No. Their free account Money Manager doesn't have basic stuff like an online app, Apple Pay or Google Pay or any acknowledgment that banking is predominantly carried out electronically. The days of going into the branch with a passbook are long gone.
 
Luternau said:
What is to be amazed at? I had free banking because it was offered free by them all this time. Thats simply offer and acceptance. I don't have to stay with them if the offer changes, and I see no reason to do so as they don't value customer loyalty.
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I'll be fascinated to learn which financial institution in Ireland you are going to plump for that values customer loyalty!!
 
tallpaul said:
I'll be fascinated to learn which financial institution in Ireland you are going to plump for that values customer loyalty!!
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Comment on loyalty just for PTSB. Why should I stay with them. Current account is just a commodity.
I would not be looking for any loyalty benefits or expecting any from any bank going forward.
 
Luternau said:
What is to be amazed at? I had free banking because it was offered free by them all this time. Thats simply offer and acceptance. I don't have to stay with them if the offer changes, and I see no reason to do so as they don't value customer loyalty.
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Don't value customer loyalty? They gave you free banking for 30 years! What other bank do you think will reward your "loyalty" with perpetual free banking?
 
24601 said:
Don't value customer loyalty? They gave you free banking for 30 years! What other bank do you think will reward your "loyalty" with perpetual free banking?
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You seem fixated on the word free. They marketed it as free, including the past few years only if you kept a min of €2500 a month in your account. I qualified for free banking, which they offered
I have covered the loyalty matter above. What's so difficult to understand?
If its not free, why should I stay?
 
I would be amazed if PTSB used the phrase 'Free Banking For Life' at any stage....
 
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