Ulster Bank Introducing Transactions Fees

CiaranT said:
-0.40% only applies to small portions of deposits (as most is lent out via mortgages etc) and only applies to certain banks as not all have surplus deposits. PTSB for example do not have any surplus deposits
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Ah indeed - I over simplified to make a point. But there is still a cost.

Irish Bank can borrow at -.4% in market, or at 0% from customer. They'd prefer to borrow at -.4% than 0%.

In UK, borrow from market at 0.7%, or from customer at 0%.

Advantage in UK is still >1% compared to Irish Banks.
 
See my post on : Electronic Transfer Reliability: One of the pitfalls of changing bank.
As to contactless payment, I don't use, I draw cash out of the machine an pay small amounts cash.
 
RedOnion said:
Irish Bank can borrow at -.4% in market, or at 0% from customer. They'd prefer to borrow at -.4% than 0%.
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I'm getting picky but just for the record ...
  • Irish banks can borrow from customers at a blended average rate of aprox. 0.42% (BoI rate as at 30 June 2018 - It has almost certainly dropped a lot since then) of which some of this is at 0.00% via current accounts and instant access accounts.
  • Irish banks can borrow from the ECB at various different rates. The TLTRO ECB programme (which forms the largest part of BoI wholsesale funding) was at 0.40%. Other wholesale funding is at different rates.
  • Irish banks cannot borrow from the market at 0.40%. Rates are higher for senior and junior debt.
 
CiaranT said:
Irish banks cannot borrow from the market at 0.40%. Rates are higher for senior and junior debt.
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We're at cross purposes looking at your correction.

I'm not talking about debt, or blended rates. UK banks also have senior and junior debt.

Customer current accounts aren't junior or senior debt.

I'm talking wholesale funding. Corporate deposits. The alternatives to customer current accounts. If a bank lost 1bn of customer deposits, how would they replace it? (Junior and Senior debt levels not impacted). They'd borrow wholesale, and save 3m a year on cost of funds.

With 1 exception, Irish Banks can currently access wholesale markets within a few basis points of EURIBOR rates. So if they didn't have current accounts, they could access negative funds. Their excess funds are placed in the market at negative rates, losing them money.

I might have confused things by using -0.4% instead of EURIBOR / LIBOR rates.
 
Open up an account with KBC and you will not have charges for most everyday and online banking i.e withdrawals from ATM or direct debits and standing orders.
PTSB brought in charges recently which prompted me to close my account with them. I subsequently switched my mortgage. In my case, PTSB bank lost my business 1000's of euro per year on a gamble that I'd pay them about 100 euro each year in charges

Complain by taking your business away.
 
Is there any comparison site that will compare UB ufirst current account charges with UB new standard current account charges? and other current account offerings out there?
 
From the splendid Money Guide Ireland site:

http://www.*****************.com/comparison-of-bank-charges-in-ireland.html

(Incidentally, does anyone know who operates this site? A lot of work goes into it, it is a fantastic resource but seems relatively unsung in terms of its profile).
 
Did you see this, http://www.*****************.com/about still doesn't say who they are only that they are independent and on the side of the consumer.
 
15 euro charge this month that's a fair hike from 4 euro a month, nice little earner for Ulster bank the poor devils I was going to call them something else but I know that kind of behaviour is not tolerated on this forum.
 
2 euro charge this month, a big drop from the 10 euro I was paying previously for my Ulster uFirst a/c before I changed it to a standard current a/c and lodged €3,000 in it. So saving approx €100pa . Thanks Ulster Bank for motivating me to make this change.....
 
Was your bill last month €10?
 
I do not want to pay any fees, I have been lazy with significant deposits, too much kept in the current account and loyalty over time with Ulster, this is the incentive I needed to move the deposits so not all bad.
 
Me too. I just saw my €9 bill for last month on my account yesterday. Next step was to go to KBCs site to sign up. The guy rang me this morning to verify some details and it should be job done in a few days.
I'll probably move my credit card too to keep them all in the same spot.
 
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qwerty5 said:
Next step was to go to KBCs site to sign up.
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I have moved recently and one big disadvantage for me it the fact that KBC charge almost 4% for non euro atm transactions. UB give you free withdrawal on any RBS atm in the UK. I'm debating moving back to be honest as I go over up to ten times a year. I will use the revelote up to 200 a month free for now but it is a pain having to watch the spending.
 

Didn't know that. The Revolut card will do me for that though. I'm mostly cashless now. I don't think I even withdraw €200 a month in Ireland
Tapping is waaaaay to easy.
 

I don't think your rationale is correct here. If you don't keep the €3k balance, you are likely to pay a good bit more than €24 per year in fees, particularly if you make a lot of transactions. We've seen people on here mention monthly fees in the range €9-€15. That's €108- €180 annually. You'll be doing well to get that as interest on €3k at the moment!
 
80 cent to lodge money into a UB account via a machine in a branch, pure scandal. Meanwhile my UB NI account has no fees.....
 
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