Closing a fixed-term ptsb account.

[kdoc]

Usually, sometime prior to the maturation date, it was customary to receive a letter advising the account holder to contact the branch manager to discuss their options vis-a-vis the fixed-term account. This procedure seems to have changed. With no sign of such a letter arriving I dropped my own letter of instruction into the branch requesting that they send me a cheque for the amount due at the end of the term. Some hours later I received a phone call telling me that I had to call to the branch on the date in question and bring ID. Anyone else had this experience?

 

[Lightning]

There is a growing number of depositor's saying that banks are not informing them of the maturity of term deposits. Banks are clearly hoping that depositor's forget so they can lock them at a lower rate for another period. It's disgraceful behaviour on the part of the banks.

Making you go into the branch on maturity date is clearly another hoop that PTSB are making you jump through before you get your deposit back.

 

[guessaname]

It happened to me. They didn't inform me when my fixed deposit got matured. When I went to the bank after 3 days of my FD maturity date, they said my FD got automatically rolled over to another term FD and there will be penalty if I break it! I talked to their manager and argued with him saying all other banks have 10 days grace period for FDs and you can break it without penalty, then he agreed and gave a cheque for the full amount without penalty.

So better got to the branch within 10 days of ur FD maturity date and get your cheque.