PTSB ending fee waivers on legacy current accounts - 47,000 affected

theresa1 said:
Had an appointment this morning and switched account to Explore Account. Main reason in the end and why i didn't switch to EBS Money Manager was I wanted to still have access for writing cheques. I need this if I'm moving funds into State Savings.
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You can invest in State Savings products without a chequebook.
 
Yes sorry I should have been clearer - debit card has low limit's. Don't fancy carrying a few thousand in cash each time with me to post office. They don't have an online facility for example to let you transfer 10,000 euro or whatever to them from your bank.
 
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theresa1 said:
Yes sorry I should have been clearer - debit card has low limit's. Don't fancy carrying a few thousand in cash each time with me to post office. They don't have an online facility for example to let you transfer 10,000 euro or whatever to them from your bank.
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Or you can buy multiple certificate online within your limit.
 
If I top up Revolut with my card using Google Pay I'm not getting my 10 cent. Anybody else experiencing this? Nothing in terms & conditions to say it's not a valid transaction.
 
tomdublin said:
Dear..
thank you for getting back to me. I do not dispute that the charges for closing the account are stated in the T&C's. However, I am objecting to these charges based on the specific circumstances involved here.

As we discussed when I visited the branch, I wish to close the account because PTSB is unilaterally changing the T&C's to my disadvantage. They are now charging quarterly fees, whereas previously none were charged as long as my balance was above 2,500 Euro. This change makes the account no longer suitable for my needs. While PTSB is within its rights to change the T&C's, I am not prepared to accept the new terms and therefore want to end my business relationship with PTSB. However, PTSB is effectively refusing to let me close the account unless I pay 18 Euro as a fee to exit the business relationship. The fact that, as you state, PTSB does not refer to the fee as an account closure charge is irrelevant since that is precisely what it amounts to (unless I pay, I am unable to close the account).

To clarify, the payment PTSB are demanding does not pertain to any outstanding fees owed (as there are no outstanding fees and the account has consistently maintained a positive balance). Instead, it solely relates to my request to close the account. It is an exit charge in all but name.

Leaving aside legal considerations, PTSB's attempt to extract payment for the privilege of closing an account the terms of which the bank has unilaterally altered strikes me as ethically untenable. T&C's form a contractual whole. Your claim that de facto account closure fees are part of the T&C's which I accepted when opening the account is factually correct but it is neither here nor there as it is PTSB which is now changing the T&C's. Upon my refusal to accept the new T&C's our business relationship loses its contractual basis. The onus then is on PTSB to allow me to terminate that relationship quickly, easily, and without formal or de facto exit charges or other obstacles, as is standard practice across a vast range of industries.

The amount of money involved here is not significant, but it is an important issue of principle that is likely to affect many other customers who are trying to close their accounts with PTSB now that you have changed their T&C's.

Please consider this email a complaint as defined by the SPO. In line with FSPO guidelines, I kindly request that you respond within 14 days.

Please do not hesitate to contact me if you require further information.
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Hi tomdublin, did you ever get a response from PTSB or Financial Ombudsman re:above?

Received my final bank statement from PTSB this morning and the second last transaction showed the €18 charge. I rang PTSB and they told me that the fee waiver on the account ends when I close my account (PTSB CURRENTACCOUNT4). So they acknowledged that the 'Service Chrg' was in fact the Quarterly Maintenance Fee for Jul-Sep period. For reference, I received my letter of the account T&Cs change in early July.

Also, does anyone have the specific original T&C that indicates how this charge can be applied at account closure?
 
FCBC12 said:
tomdublin, did you ever get a response from PTSB or Financial Ombudsman re:above?
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Yes, their response was a complete insult - it pretended that I had objected to PTSB imposing quarterly fees, which isn't in any way related to what the complaint was all about. They either didn't read my letter or deliberately chose to obfuscate. Yesterday I went into the branch, told them I wanted to close the account, immediately transferred the entire balance to another bank and then left. The account has disappeared from the app so I guess it worked.
 
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Another one stung with the 18 euro account closure fee here. Wouldn't expect any less from this lot. Worth it just to be rid of them
 
I transferred yesterday to Explore current account about 4pm in Cork city. No appointment booked. It took about 20 mins including wait time, not too bad overall.
 
Just on checking my account €6 charged for Sep and €5 credited. So looks like €18 quarterly fee is charged monthly.
 
Roro999 said:
So looks like €18 quarterly fee is charged monthly.
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It literally says this on their website.

PTSB Digital Current Account

Our Explore Account is a personal Current Account with three great ways to benefit. Offering cashback on your bills and 10c back as you pay!
www.permanenttsb.ie www.permanenttsb.ie
And with a flat €6 monthly fee for maintaining the account and no day-to-day transaction or contactless fees, you’re always in control of what you pay.
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Legal | Fees and Charges | permanent tsb

Our banking charges booklet provides full details of account and service fees and charges and it explains how these charges might affect you.
www.permanenttsb.ie www.permanenttsb.ie

Screenshot_20230930-124155.png
 
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Thanks. Wasn't expecting monthly but its fine only costs me a euro a month having switched but no doubt they will come up with some way of getting more.
 
Roro999 said:
Thanks. Wasn't expecting monthly but its fine only costs me a euro a month having switched but no doubt they will come up with some way of getting more.
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So open an EBS current account if you're concerned about charges?
 
theresa1 said:
If I top up Revolut with my card using Google Pay I'm not getting my 10 cent. Anybody else experiencing this? Nothing in terms & conditions to say it's not a valid transaction.
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I have just got my September cash earned credited and I can confirm that none off my top up's to Revolut have been given the 10 cent credit. Anyone else notice this? They are falsely advertising if this is the case.
 
"Every time you pay with your card in-store, online, with Apple Pay or Google Pay, you‘ll get 10c back." is what they say. Can anyone confirm topping up Revolut is not considered "pay"?
I'll phone them but I don't want to waste my time if it's happening to other Explore Account holders.
 
theresa1 said:
"Every time you pay with your card in-store, online, with Apple Pay or Google Pay, you‘ll get 10c back." is what they say.
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Exactly. You're not "paying", you're making a transfer, using your card.

You could complain, and in addition to unclear meaning of the word "pay", say it's not specifically excluded in their terms and conditions:

"‘Eligible Debit Card Transactions’ means Debit Card Transactions, including Cardholder Not Present Transactions, on an Explore Account from the Bank, but excluding all ATM or Cash Machine Transactions."
 
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