PTSB Increase Current Account Maintenance Fees for some

Laughahalla

Frequent Poster
Messages
127
You're considering moving your mortgage over 48 euro per year current account fee?
.
I don't condone paying charges for something that can be got free somewhere else.
It's 72 euro for the current a/c + 25 euro for the overdraft facility so Yes , absolutely. 97 euro over 20 years is 1940 euro. Better in my pocket that PTSB

If the bank insists on this then i'll take my mortgage somewhere else.
 

RedOnion

Frequent Poster
Messages
3,292
I don't condone paying charges for something that can be got free somewhere else.
I completely agree.

However, my point was I'm surprised about people getting up in arms over 48 per annum, when there are much bigger amounts being charged on higher mortgage rates by PTSB.

It's 72 euro for the current a/c
Everyone has the option to change to the explore account which is 48.

+ 25 euro for the overdraft facility
No bank provides O/D facilities for free.
 

tomdublin

Registered User
Messages
41
It's also a matter of principle. Local banks charge customers for the privilege of taking their money simply because they can. They know that most customers simply won't notice, are too lethargic to act on it or believe that switching accounts will be too difficult. Even the PTSB letter seemed designed to obfuscate without falling foul of legal requirements. Its key message (that a formerly free account will now cost 72 a year) only became evident after a page of waffle and obfuscation. It looks like it has been written by a team of lawyers, PR experts and cynical psychologists.
 

elcato

Moderator
Messages
3,216
I was quite annoyed when I opened the letter at first but it actually suits me better. Im not working at the moment so I dont have €1500 going into my account but I do have some savings. That said its going to be hard to ensure the balance stays over €2500 at all times.
So take out two tenners a day or use your card to buy your groceries etc and as long as you make 40 a month you will gain a euro a month.
 

Laughahalla

Frequent Poster
Messages
127
So take out two tenners a day or use your card to buy your groceries etc and as long as you make 40 a month you will gain a euro a month.
This is far too much hassle. Better to go to a bank without charges

They charge as soon as you activate it, and annually thereafter.
If not, you got a special deal outside their published fees and charges.
Didn't think I had anything special but maybe I do, I've used for a while and no charges whatsover.
 

cream1

Registered User
Messages
5
So true & the letter annoyed me. I'm in the process of moving current & regular savers to KBC. It's very straightforward to move & plenty time to do so.
 
Messages
4,791
10cent on every use, up to €5, and then you're charged €4 a month maintenance. To break even on that €4 is 40 card transactions a month. I barely use my card once a day.
40 card transactions a month is little over 1 a day. You may not have 1 payment per day but the majority of people do. Plus there is the Sky rebate too if you are a Sky customer.

If you only use your card once a day, you will get a 3 EUR rebate, meaning the account will cost you 1 EUR per month.
 
Messages
4,791
when I signed up PTSB had a free banking for life guarantee that attracted me to them
PTSB Switch account has a free banking for life guarantee as per advertisements at the time. PTSB Switch is not effected by the changes.

What other product do you think PTSB advertised free banking for life on?
 
Messages
4,791
Free Banking for over 66 mentioned in Irish Independent Paper today
PTSB give free banking to some customers on some products from aged 60+ upwards.
PTSB give free banking to some customers on some products from aged 66+ upwards.

If you are aged 60+ it is worth asking if you qualify for this.
 

Laughahalla

Frequent Poster
Messages
127
If you only use your card once a day, you will get a 3 EUR rebate, meaning the account will cost you 1 EUR per month.
Why would you even bother thinking this if you didn't have to . Easiest all round to reward the bank with free banking like KBC.
 

billyclub

Registered User
Messages
6
The reason for this move, according to PTSB, is to "standardise and simplify our legacy accounts".

But instead of moving customers to the Explore Account - which would work out cheaper as pointed out above - they are being moved to 'PTSB Current Account 4', which sounds like another legacy account.
 

MrEarl

Frequent Poster
Messages
1,739
Hello,

I also received the letter.

- It's a breach of their commitment, where they offered free current account banking when I signed up
- It's a poor offering, when you look at the range of services (incl. app functions) or features on current accounts provided by competitors
- It's expensive, compared with other options.

While it reflects badly on PTSB, it has now prompted me to move to a Bank capable of giving me a better deal, in terms of value for my money (and I'm noting saying that cheapest is best btw).

PTSB have made a mistake here, they should have improved their services, before looking to charge for them. Had they done that, I'd guess that most customers would stay with the Bank, whereas this way, they'll lose quite a lot I expect.
 

wheeler dealer

Registered User
Messages
18
There all as bad as each other ,i am with ulster and paying dear for a business a/c .I wanted to transfer funds to foreign bank account for a deadline and they could not guarantee this as it might take up to a week to transfer !!! Another time they would not cash a sterling cheque as it was 5 months old and it would take a month to clear so it went out of date .Stick with the devil you know ,i am even thinking of switching to them
 

MrEarl

Frequent Poster
Messages
1,739
Business Banking is different to Personal Banking, so you may be better off in a different thread for that issue. I think it can take up to a month for a GBP£ cheque to clear btw :)
 

Audi_Driver

Frequent Poster
Messages
46
KBC Extra current account appears to be free also once you lodge 2,500 per month, so I think I'll move there, they have a monthly savings account of over 2% too, which is one of the highest around.
Yes and the KBC account can be opened via their app. Going with KBC now.

Will I just have to write to my local Permanent TSB branch and instruct them to close my current account, regular and online saving accounts with them?
 
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