When did they announce this? I thought the 80c charge was for paper / staff assisted transactions. That's the opposite of automated.For example, Ulster Bank: 80c per automated deposit.
The 80 cents per branch transaction charge seems designed to target the elderly & the relatively poor and uneducated as these groups are (1) less IT savy and more reliant on branch services (2) less likely to switch banks (that's just a guess but likely to be the case). Extracting additional fees from these groups may well make makes business sense but it doesn't do anything to restore that particular bank's reputation.1) The Irish government did not put any money into Ulster Bank.
2) The money that was put in was to bail out the depositors not the banks
3) If Ulster wants to charge 80c, then switch to another bank
4) Bank charges are very small in comparison to much bigger issues such as mortgage rates.
The 80 cents per branch transaction charge seems designed to target the elderly & the relatively poor and uneducated as these groups are (1) less IT savy and more reliant on branch services (2) less likely to switch banks (that's just a guess but likely to be the case). Extracting additional fees from these groups may well make makes business sense but it doesn't do anything to restore that particular bank's reputation.
@Brendan Burgess: Maybe not directly as cash - but didn't UB benefit from moving of non-performing loans or useless assets to NAMA or overseas investors ?
There is an age-based waiver from transaction fees for the over 65s.The 80 cents per branch transaction charge seems designed to target the elderly
The fee schedule says that automated payments and transfers into your account are subject to a fee of €0.20 per transaction.Read the fees & charges in your link. It says 80c per use of automated deposits of cash/cheques.
Automatic or only on application? Just curious.There is an age-based waiver from transaction fees for the over 65s.
That's what he is saying and it's true. Ulster Bank is owned by RBS which the UK government bailed out/nationalised.@NoRegretsCoyote: Let's be clear here. Are you saying that Ulster Bank never benefitted from either NAMA or the various government policies towards making banks in Ireland more solvent in the wake of the 2008 crisis ?
Ulster Bank provide free banking to over 66's. It should apply automatically if they have correct details.Automatic or only on application? Just curious.
I think the higher costs are targeted specifically at transactions that cost more to process.The 80 cents per branch transaction charge seems designed to target the elderly
Many credit unions already provide most of the 'banking' services that most people need to use on a daily basis. There's no legislation needed, and no need for a new clearing system or credit unions joining the clearing system.By giving a clearing licence to the combined credit unions, these facilities can be got via credit unions.
There's a difference between us. I wasn't 'thinking'. I know. I know I can set up direct debits on my credit union account. I can make international transfers. I can receive payments in. I've quite a nice App to do it all. Not all credit unions are the same.Actually, you can not do a DD from a CU account. I just learned that this morning - thinking like you that I could.
By your own estimate of 3 minutes, at 80 cent that works out at the bank charging 16 euro per hour. To quote you "Skinning the consumer"cost more to process.
You lodge €1,000 by hand at the counter or through the automated deposit machine.
By hand it'll take ~ 3 minutes to (machine) count the cash, credit the account and proffer a receipt.
So I wonder if that's a strong argument.
That's what he is saying and it's true. Ulster Bank is owned by RBS which the UK government bailed out/nationalised.
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