PTSB Increase Current Account Maintenance Fees for some

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4,785
According to this posting on the PTSB website, PTSB have increased maintenance fees for legacy current account offerings.

- The website is scant on detail. The new fee is not even mentioned nor is when the new fee applies from!
- There also does not appear to have been a press notice.
- The PTSB Fees and Charges T&C's are dated from 31 March 2017 and do not yet include the new fees.

- The effected products seem to be: (based on their mention in the notice)
Loyalty Current Account
Standard Current Account
Cashline
Merit
Connect
Cashextra
Current Account Plus
Current Account
Cashflow Account
permanent tsb Current Account
Everyday Bank Account

- Uneffected products seem to be:
Student Current Account
Over 60 Current Account (Clearly stated)
Switch Current Account (not mentioned in the notice, so seems to be uneffected, still free banking).
Explore Current Account. (still the same fees).
 
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4,785
Yeah, the PTSB webpage says that PTSB have posted out the details on the new fees to customers but no information on their website yet which is farcical.
 

Connard

Frequent Poster
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68
Damn. I have a loyalty current account with them since I was a kid. I changed over to KBC about 9 months ago but kept the PTSB account for cash lodgements. It looks like I'm closing it now.
 

theresa1

Frequent Poster
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1,088
Think this is my account with them - permanent tsb Current Account.

I guess the Switch Current account was the one they advertised years ago saying 'free for life' or words to that effect.
 
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4,785
I guess the Switch Current account was the one they advertised years ago saying 'free for life' or words to that effect.
Correct. The PTSB Switch Current Account product was advertised as free banking for life and PTSB continue to honour that pledge.
 

Connard

Frequent Poster
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68
Ok, so I rang PTSB about this and they checked my account and said that they aren't going to be charging fees on this one. He did say it was a loyalty current account as well. This is all very confusing.
 
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4,785
The PTSB website is now updated to state "we are increasing Maintenance fees on some of our current accounts to €18 per quarter and removing all day to day transaction fees.".

so I rang PTSB about this and they checked my account and said that they aren't going to be charging fees on this one. He did say it was a loyalty current account as well. This is all very confusing.
Very confusing. The PTSB website, after talking about the new fee, states:
"When will the new maintenance fee be taken from my account?
It depends on the account that you have – please see the table below:" and then lists "Loyalty Current Account".
Whilst it does not directly state that it applies to Loyalty Current Account it implies that it does.
 

DMcL1971

Frequent Poster
Messages
260
On the website it does give a phone number for queries in relation to the new charges 1890 800 900 or 01 212 4076.

I have the account called "permanenttsb Current". Which allowed a waiver of the quarterly fee of 12, providing you lodged at least 1500 per month. I rang them and they confirmed that the fee waiver for lodging 1500 will continue. So, in future I will be charged 18 instead of 12 if I fail to lodge 1500. But if I do lodge 1500 or more it will continue to be free.
 

Frank

Frequent Poster
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1,636
Just got letters today for my account and the joint

As mentioned clear as mud I must ring next week and try and get some clarity.
 

MrEarl

Frequent Poster
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1,736
Correct. The PTSB Switch Current Account product was advertised as free banking for life and PTSB continue to honour that pledge.
And so they should. That was a very clear part of the contract when we all switched over to them and they were very greatful to get our business, given how tight they were for cash and the benefits they obtained from daily free cash across all current account balances. If they ever try to break this promise, I hope they are compelled to compensate everyone.

The fact that the PTSB don't have the skillsets or sometimes the basic "cop on" is not our fault, they've had plenty of time to hire in the right staff and get rid of those not able to do the job properly. We've paid a high price for the PTSB's shortcomings in other respects, so let them carry the cost of their mistake by offering free current accounts for life is my very clear view.
 

theresa1

Frequent Poster
Messages
1,088
I have the account called "permanenttsb Current". Which allowed a waiver of the quarterly fee of 12, providing you lodged at least 1500 per month. I rang them and they confirmed that the fee waiver for lodging 1500 will continue. So, in future I will be charged 18 instead of 12 if I fail to lodge 1500. But if I do lodge 1500 or more it will continue to be free.
I just realised when putting in my €1500 for December that i forgot to do it for November. The fact that today is a weekend day would you think I would stand any chance off this payment being considered for November? I could do another €1500 later this month.

Basically do they show any leeway? Does anyone know?
 

tomdublin

Registered User
Messages
38
6 Euro per month plus all the other fees this bank charges easily add up to 90 Euro per year, which (for those in the higher tax band) equates to 180 Euro pre-tax income delivered yearly to PTSB (and some of the other banks that charge similar fees). In other words, if switching to one of the free alternatives offered by other banks (e.g. N26) takes 30 minutes of your time, and assuming that you keep your new account for 20 years, you save 3,600 pre-tax Euro which equates to an hourly pre-tax wage of 7,200 Euro. If the money really doesn't matter to you switch anyway and donate the money saved to charity. I can think of many causes more deserving than PTSB.
 
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MrEarl

Frequent Poster
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1,736
Hi,

There is probably a bit of a debate to be had as to whether or not, having a current account with a "full service" Irish clearing bank, is the same as having a current account with an online internet bank.

IMHO, there are a couple of potential fringe benefits to having a current account with a "full service" Irish clearing bank, but then I quickly find myself asking whether those fringe benefits are better at some of the other banks, than they are at the PTSB (and concluding that my answer is Yes).

So, in conclusion, if PTSB start charging me for their quite primitive banking services, then I'll be leaving them very quickly. They've never been much more than a glorified building society, and I don't see them changing anytime soon, so they need to keep in touch with reality when it comes to what they do and what they are entitled to expect payment for.
 

Connard

Frequent Poster
Messages
68
Hi,

There is probably a bit of a debate to be had as to whether or not, having a current account with a "full service" Irish clearing bank, is the same as having a current account with an online internet bank.

IMHO, there are a couple of potential fringe benefits to having a current account with a "full service" Irish clearing bank, but then I quickly find myself asking whether those fringe benefits are better at some of the other banks, than they are at the PTSB (and concluding that my answer is Yes).

So, in conclusion, if PTSB start charging me for their quite primitive banking services, then I'll be leaving them very quickly. They've never been much more than a glorified building society, and I don't see them changing anytime soon, so they need to keep in touch with reality when it comes to what they do and what they are entitled to expect payment for.
What are the benefits? The only benefit I can think of is being able to lodge cash and cheques with PTSB but you can only do that in a branch so not much good to people who work during their opening hours.
 

MrEarl

Frequent Poster
Messages
1,736
For me, the key benefit isn't actually that ... it's being able to go into a branch, or a local office, and hold someone hostage, if they ever refuse to give me my money ;) :D
 

Laughahalla

Frequent Poster
Messages
127
I received a letter from PTSB saying they will be charging 25 euro per year to provide an overdraft and 18 euro per quarter to maintain the account. No 18 euro charge will be taken if I keep a daily balance in my account of 2500 euro.
I'm expecting a call back on Monday 28th from local branch. To me it's simple. I will not be paying them for something that another bank (kbc) offers for free.
If they insist on charging me these fees I will simply close this account and also move my mortgage . Might not be much to them but they will be losing out on my few thousand euros per year interest.
Silly move from PTSB in my opinion but I'm sure they've done the sums on how many people will still stay with them and how many will leave.
Looks like they've risked losing 1000's of euro in interest on the presumtion i'll will pay the charges.
 
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4,785
The latest January 2019 announced PTSB changes to legacy products are detailed here.

If they insist on charging me these fees I will simply close this account
Why not switch to a PTSB Explore account? PTSB Explore effectively reimburses the fees provided you make reasonable usage of your debit card.
 
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