SuperMario
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Has it been confirmed if the Switch account is affected by this change? I can't see to find any details from PTSB. The only source seems to be various news articles which are lacking detail
PTSB ending fee waivers on legacy current accounts - 47,000 affected
- Thread starter Lightning
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I'm just amused tbh. The absolute hassle of changing banks to stick it to the bank that has given you free banking for 30 years, especially when the free alternatives are pretty much non-existent. Current accounts are actually great value in Ireland.
The RTE report includes the words "around 47,000 customers were actively using the fee waiver feature, which is being removed."
If PTSB can manage to hold on to most of those customers, then they'll be earning all of an extra €3m a year. A mere drop in the ocean given their forecast income of €650m in 2023!
I think that I get free banking from them because I'm an OAP, but will be anxiously watching this thread to see whether I'll have to cancel one of my three annual overseas vacations, or, worse still, let one of the servants go!
If PTSB can manage to hold on to most of those customers, then they'll be earning all of an extra €3m a year. A mere drop in the ocean given their forecast income of €650m in 2023!
I think that I get free banking from them because I'm an OAP, but will be anxiously watching this thread to see whether I'll have to cancel one of my three annual overseas vacations, or, worse still, let one of the servants go!
It's a measure I hope back fires on them. For every 1 of the estimated 47k legacy free account holders there is also the small matter of the €2500 permanently in deposit at 0.0001% interest at best. That's a potential €117m of interest free money they are putting on the line for a marginal profit.
This is most likely a reaction to having to up interest rates on deposits which are still very low. They had a USP on free banking allowing them to compete with the big two. IMO they are a basket case of an institution that will never learn from their mistakes.
Fair enough.. In all liklihood they are banking on well documented Irish customer inertia.
I don't mind the hassle of switching and they have to do all the hard work of transferring dd payments across to new bank etc. For anyone interested in following suit, see here
https://www.centralbank.ie/docs/def...of-conduct/45-gns-4-2-7-code-of-conduct-o.pdf
They don't need your 2500 or 117m of deposit money. Banks are awash with customer deposits. They would be more than happy to see you go. Only reason banks want current account business is to upsell other financial products like overdrafts, loans and mortgages.
Is the up sell not where 117m of almost free money for loans etc comes into play? I admit it's not billions, but neither is it small beans. PTSB sold off loan packages that were of similar size to improve their balance sheet and now you say this sum of 117m is irrelevant to them? Sorry, but I don't understand how that could be the case.
Anyway, they never once tried to up sell to me. I would have said no thank you anyway.
Anyway, they never once tried to up sell to me. I would have said no thank you anyway.
Gordon Gekko
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When/where did they say “Free Banking for Life”?
The PTSB Switch Current Account (one of the legacy PTSB current account products which seems unaffected by this announcement) was effectively advertised as free banking for life.
PTSB said that Switch product was a "lifetime" product.
This Irish Independent article from 2005 makes reference to the "lifetime" aspect.
Gordon Gekko
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I get that you’re saying that, but your post and an 18 year old letters page from the Indo aren’t conclusive evidence of anything. Where the product literature? Might it be the lifetime of the product rather than the lifetime of the customer?
Gordon Gekko
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That does seem worthy of escalating to be fair. They could try to argue that monthly fees are okay whereas quarterly ones aren’t, but that would be pretty disingenuous.
There is nothing to escalate. There is no notified change to Switch Current Account fees.
"you don't pay any unnecessary charges.." I guess they could just say that charges have become necessary
Got a letter today from permanent tsb re the ending of the €2500 fee waiver feature. I don't have a debit card, I always use my credit card and clear it every month, so the option of the Explore Current Account doesn't appeal to me in that I will be paying €6 per month so I am thinking of switching my current account to N26 or Revolut as I have account with both. I know €72 per year isn't a big deal but all I use my current account for is for payment of wages and direct debits so if I can get that through either N26 or Revolut, then why pay for it? Question: would it be better to change to N26 ( possible issues with IBAN being DE, though in theory their shouldn't be?) or Revolut?
Others have mentioned a potential or actual problem with using any of the Fintechs for your daily banking needs is that when things go wrong it can take a lot of time and effort to get the issue rectified. That's an argument in favour of using a "regular" financial institution for your daily banking needs. There are still some that offer current accounts with no day to day transaction fees. I posted links earlier.
As much as I am for moving from PTSB over end of 2500 balance and waiver of fees, I would not go to a fin tech like N26 or Revolut. I have Revolut for online virtual card for security and find it very frustrating to add money to it. I thought I had sent €100 to it via the app and a bank transfer from OPEN24. Despite approving it, the money never left my account. Maybe it's just a ptsb thing with Revolut.
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On what date will the fees waver end?