Ulster Bank Ending 'Free' Banking from 1 July 2013

So,thats another 48 euros extra to be paid on top of a 7% pay cut, USC, household tax, local property tax, water tax.

Anyone else want to add anything?
 
Shop around as they say - PTSB or EBS or another bank could work out cheaper or even free subject to conditions.
 
CiaranT said:
Check the name of the product that you have. Does it say Service account?
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Not that I can find. Just current account as far as I can see. Maybe they will convert it into a "service" account if requested. Will have to contact them about it. Paying for an account just so I can pay a mortgage to the same bank is rather annoying. If they had the BOI style pay as you go it wouldn't be so bad, just 24 transactions a year would only cost something like €7 instead of the €48 UB will want.

If they won't switch to a service account then I think I have to start looking at a move to BOI for this mortgage if possible.
 

Can you simply pay your mortgage via direct debit from an non-Ulster account directly to the mortgage account rather than via this service/current account? Is that possible?

Alternatively, as you said, ask for it to be changed to a service account.
 
If they require you to keep an account with them for the sole purpose of servicing your mortgage with them, they can't charge fees for it. But it will just be a feeder/service account with none of the features of a current account.

I left NIB when they brought back in fees and in the end they let me service my mortgage from another (BoI) account.

I subsequently left BoI — when they brought back in fees! — and moved the DD to my new UB account, and I'm now about to switch again to PTSB.

Damn country is running out of banks for cheap charlies like me!
 
My list of current a/c switches over the last ten years;

- BOI
- Switched to UB - with mortgage/current account with them from that point
- Switched to Halifax (offered free money to transfer plus free banking)
- Switched to UB when Halifax folded.


Will switch again - KBC sounds interesting if thats available in time (if I understand correctly, its not available yet?) or otherwise, I guess PTSB.
 
CiaranT said:
Waiver 1 can be circumvented by wiring money into and out of the account during the month in excess of 3,000 EUR.
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My wages are paid into UB current account.

To make up the balance to reach 3K monthly, could I just transfer money online from UB savings account into UB current account, and reverse it the next day?

Only a few clicks of a button each month if so, and not too inconvenient.
 

Yeah, KBC current accounts are not available yet.
 
I opened a UB current account last year but have never started to use it? The balance is €1 (a test transfer I did).

Will I get -€4 docked from the account every month even if I don't use it???
 
PolkaDot said:
I opened a UB current account last year but have never started to use it? The balance is €1 (a test transfer I did).

Will I get -€4 docked from the account every month even if I don't use it???
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Yes. Close it.
 
Hmmm I'm trying to figure out what to do. I have a eSavings, Direct Saver and current account. The majority of my funds are in the Direct Saver. If I pull 3k out of it and put it into the current account to escape the €4 monthly charge I'll therefore lose my interest for the month. Hmmmmmmmmm.....what to do, what to do!
 
FAO The Jackal.

I contacted UB helpline number and asked the same question, yes if you transfer funds in and out of the account say from a savings account using online banking you will avoid this charge in the month you do this.
 
pudds said:
Don't forget the credit union may suit some people.
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Some, as you said. A minority. Important to remember that most credit unions do not offer the full suite of current account services that the 5 full service banks offer.
 
the monthly fee will be deducted from your account 21 days from the last day of the charging cycle. We have provided you with the actual dates for the first 6 months to demonstrate when the fee will be charged:
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6 September 2013
11 October 2013
08 November 2013
06 December 2013
10 January 2014

Does this mean that we only have a few days, 6,8,10,11 etc at the start of each month in which to lodge the 3k in or are they working a month in arrears so to speak.
 
One month down with the now €4 per month UB current account - managed to move the €3k in and out from a UB saving account online during July so hopefully have avoided the charge.

When planning for this month it occurred to me that I need not have transferred the full €3k in one go - why not transfer the same €500 in and out 6 times during the month, as its cumulative deposits during the month. Its a little more hassle but preserves the small amont of interest in the savings account.
 
CiaranT said:
Can you simply pay your mortgage via direct debit from an non-Ulster account directly to the mortgage account rather than via this service/current account? Is that possible?
Click to expand...
Oops, just seeing this now. Yes, UB allow the mortgage DD to be drawn from a non-UB account. They sent me a DD form to change it to BoI (which is marginally cheaper for my use case). I'll be changing again on the 1st of February to my German bank and closing that BoI account as well.
 
So i take it they won't actually start charging this till the 6th of September?
 
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