EBS-introducing fees

C

Carpenter

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Just received a quarterly statement from the EBS today with a cover letter announcing that they will now be charging fees for some account transactions, particularly cheques drawn on your account but made payable to a third party. The fee of €1.27 will not be applied if an account balance of €2000 is maintained (this applies to Moneymanager account). Is this a signal of further change to come?
 
Is this on a current account or a savings/investment account that confers membership on the holder? If it's the former then switch to one of the free accounts available with other institutions if you don't like the charges (see [broken link removed]). If it's the latter then you'll need to consider the consequences of switching on your membership.
 
It's on a current account (Moneymanager). As it happens I'm happy to stay with them, I've enjoyed "free" banking with EBS for nearly 10 years and I would generally stay over the minimum balance threshold and thus avoid charges anyway. I just wondered if this was a (subtle) sign of a move towards demutualisation in the lont term?
 
Don't see how it might be interpreted as a move towards DM or indicates any change in EBS's [broken link removed] to be honest?
 
Carpenter said:
Just received a quarterly statement from the EBS today with a cover letter announcing that they will now be charging fees for some account transactions, particularly cheques drawn on your account but made payable to a third party. The fee of €1.27 will not be applied if an account balance of €2000 is maintained (this applies to Moneymanager account). Is this a signal of further change to come?
Click to expand...
I recall First Active introducing a similar charge about a year after they demutualised.
 
Carpenter said:
Just received a quarterly statement from the EBS today with a cover letter announcing that they will now be charging fees for some account transactions
Click to expand...
That's odd - I got a quarterly statement from them on the same day and the only insert I got was a leaflet with the usual guff about their variable rate mortgage being the lowest on the market.
 
Did you read the insert in full? I was tempted to bin the letter I got, the pertinent info was hidden in the main body of the text!
 
oysterman said:
That's odd - I got a quarterly statement from them on the same day and the only insert I got was a leaflet with the usual guff about their variable rate mortgage being the lowest on the market.
Click to expand...

me too. maybe they will send one out next time. i have a savings account with them.

Alex.
 
The charges that they have introduced seem very reasonable to me.The charge is only payable if the cheque is made out to somebody other than the account holder, and if your balance is below E2K. If you pay bills online, there's no charge in that the need for cheques is eliminated.

They have actually stopped new Moneymanager accounts (I presume because they ended up costing more than they anticipated), so as I was lucky enough to open one while they were doing them, I'm sticking with it. AFAIK, the Moneymanager account also makes you a member, but I'm open to correction on this.
 
2k is a lot of money. they should pick something lower than that in my opinion, say €500.

Alex.
 
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