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

ClubMan said:
When did you do this last?
It shouldn't be a nightmare these days.
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The last time I switched was at least 12 years ago and they said all the direct debits and standing orders would be changed automatically. However, there were multiple screw ups and I ended up doing most of the work myself. I would hope that things have improved since then.
 
Wouldn't be that a question for the bank?

No bank gives anything for free. Check the fine print.
 
landlord said:
Exactly, you’re paying €6 a month!
But probably for something, that’s only worth €1 a month
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Which you can get for €1 if you follow the earlier suggestion from @Sunny?

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

You will be charged 18 Euro, they just don't call it an account closure fee. No, no charge, it was clearly stated on the back page of the letter as I have typed out. I closed it yesterday. The lady just said to transfer out my money to my other bank account (AIB in my case) which I did there...
www.askaboutmoney.com
 
landlord said:
Exactly, you’re paying €6 a month!
But probably for something, that’s only worth €1 a month
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Let's recap. I am a bank, you are the client, i am planning to charge you 18e/quarter. But, why would i give you the chance to pay me 6e/month instead of 18e/quarter? At the end, it is the same for me as a bank.

I have 2 theories, compatible between them:
- i need more liquidity so i can't wait until the end of quarter to collect those 18e per client. (That wouldn't be a surprise considering the delinquency rates going up nowadays)
- I enforce a change and I alter the fine print, on my benefit, adding some ""freebies"". Anyway, no one reads it, right? The people are lazy.

And if you don't generate cashback, you still have to pay, so the idea that you cover the cost with cashback is relative. Not to mention if a couple hace 2 accounts but only 1 gets the promised 5e back. (Yes yes joint accounts yes)

I don't know the details of the cashback but, again, the fine print counts, and maybe it is super cool... Or maybe it is like w1tty.com, promising up to 120e back, until you see which merchant codes are accepted in the cashback program... Suprise. Anyway, i need to look deeper into it, because even with that it might be ok for my consumer profile.

There only info i found for the PTSB cashback program is.. 10c per payment. No details about which merchants are included, if any or all. No info about minimal value on the transaction.
Anyway. 5e/10c it means you need to do 50 card payments per month, @1.7 per day. I doubt i match that profile with my daily routine.

Looking at the T&Cs of the explore account, looks like Aion. PTSB is more expensive clearly, and no interest rates or tax exemptions.
Pretty basic for the price.

Still looking around.
 
FlyingIcaro said:
Or maybe it is like w1tty.com, promising up to 120e back, until you see which merchant codes are accepted in the cashback program... Suprise. Anyway, i need to look deeper into it, because even with that it might be ok for my consumer profile.
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W1TTY is not suitable as a current account because it does not offer SEPA direct debits and other current account features. But W1TTY can be used in conjunction with a different current account. W1TTY offers 3% cashback up to €120 per month. The offer has being rolling month after month for a year but will likely stop at some stage. Cashback does not apply to non EU transactions but does cover the vast majority of merchant codes. No deposit protection - probably wise to keep a small amount in the account. FCA regulated. High debit card top up fees but free inbound bank transfers. Cashback after 45 days.
 
Yes, that's what i was thinking, to use it together with other account.
 
beautfan said:
Did you have to go into bank?
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Its necessary but they just change the account type, everything else stays the same, which makes me wonder why exactly it is necessary to go in.
You need an explore account to get all the cashback benefits of the cashback mortgage, but have to say 32 euro a month into my account is a nicer sweetener for as long as it lasts.
 
lff12 said:
but have to say 32 euro a month into my account is a nicer sweetener for as long as it lasts.
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Sorry I must’ve missed something from a previous post, but can you tell me about the €32 per month into your account? What’s that all about? Thanks
 
I went in to PTSB after making an appointment and changed over my account to the explore account. IBAN, standing orders, direct debits…etc…don’t change…. just the “name” of the account changes.
So 10c is returned each time you use your card maximum of €5 returned.
If you use SSE Airtricity and a direct debit is set up from your PTSB explorer account. Each time the payment comes out of your account you will “automatically” be refunded 2% by PTSB.
If you use SKY TV/broadband and a direct debit is set up from your PTSB explorer account. Each time the payment comes out of your account you will “automatically” be refunded 5% by PTSB.
You can also set up a fuel card with Circle K giving back 4C per litre of fuel purchased.

Approximate monthly saving for me….

€5 returned via using my ATM 50 times/ month.

My gas bills are currently working out at around €3000 per year….. I know massive !!!!
€250/month. at 2%…..€5

Sky TV and broadband €110/month
€110 at 5% is €5.5

Fuel card saving approx €5/month.

Explore account Cost/month €6
Fees returned (5+5+5.5+5) = €20.5

I am fortunate enough to be able to take advantage of all of their offers.
 
If you switched gas/sky/fuel to cheapest on the market I'm pretty sure you would do substantially better than €20.5 (SSE Airtricity are far from the cheapest). So you are sticking with SSE at a much higher rate to avail of a cashback. Companies are not in the habit of giving back money for nothing. Its just like Dunnes rewards cashback off your next shop. Its a complete false economy.
 
merid said:
It’s a complete false economy.
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Agreed. However, a few months ago when I signed up to Sse Airtricity, it was the cheapest on the market for what I wanted.… but yes, it will only benefit me until I switch next year.
As for Sky, I’ve always paid for it and always intend to.
The closest filling Station for petrol to me is also Circle K.
All I’m saying is, as it cost me nothing to switch from one PTSB account to the other and the monthly/quarterly fees are the same I might as well take advantage of the free perks.
 
If you have a PTSB mortgage they include that. So between the 10c from purchases, SSE Airtricity and cashback relating to the PTSB mortgage, I get around 32 euros every month.
I think Circle K is available to new customers offering 4c off a litre but they only offer this to new customers I think.
Sky is also available but expensive in my view as I just watch free to air satellite and terrestrial digital & already have broadband that is slightly cheaper.
 
They are now, but they were not 1 year ago when they were giving 33% off. Things change.
 
Had an appointment this morning and switched account to Explore Account. Main reason in the end and why i didn't switch to EBS Money Manager was I wanted to still have access for writing cheques. I need this if I'm moving funds into State Savings. I plan to make sure I get the €5 cashback each month.
 
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