Ulster Bank €4 levy on Current Accounts

giveherlong · April 23, 2013, 07:38:10 PM

Lads- bit of advice needed, I've an Ulster Bank account in Euros but do most of my banking in Sterling. Got an email from them today informing me that I'll be charged €4 a month if I don't keep over €3000 in the account (which I won't be able to do). Any other current accounts available with other banks which don't charge this? Is it hard to switch accounts?

Maguire01 · April 23, 2013, 07:49:45 PM

Quote from: giveherlong on April 23, 2013, 07:38:10 PM
Lads- bit of advice needed, I've an Ulster Bank account in Euros but do most of my banking in Sterling. Got an email from them today informing me that I'll be charged €4 a month if I don't keep over €3000 in the account (which I won't be able to do). Any other current accounts available with other banks which don't charge this? Is it hard to switch accounts?

It's simple - your new bank will do all the work for you - some will even give you a few quid to switch.

Croí na hÉireann · April 23, 2013, 08:17:05 PM

I think PTSB still offers free banking. Wouldn't keep much cash with them though. http://namawinelake.wordpress.com/2013/03/24/are-your-deposits-in-irish-banks-safe/

muppet · April 23, 2013, 08:41:49 PM

Quote from: Maguire01 on April 23, 2013, 07:49:45 PM
Quote from: giveherlong on April 23, 2013, 07:38:10 PM
Lads- bit of advice needed, I've an Ulster Bank account in Euros but do most of my banking in Sterling. Got an email from them today informing me that I'll be charged €4 a month if I don't keep over €3000 in the account (which I won't be able to do). Any other current accounts available with other banks which don't charge this? Is it hard to switch accounts?
It's simple - your new bank will do all the work for you - some will even give you a few quid to switch.

Anglo are offering 10,000 bitcoins.

giveherlong · April 23, 2013, 11:32:39 PM

Quote from: Croí na hÉireann on April 23, 2013, 08:17:05 PM
I think PTSB still offers free banking. Wouldn't keep much cash with them though. http://namawinelake.wordpress.com/2013/03/24/are-your-deposits-in-irish-banks-safe/

anyone other than PTSB offering free banking?

armaghniac · April 23, 2013, 11:35:27 PM

If you want a full account there won't be any more free accounts. Interest rates are too low, so unless you have a certain amount in the A/C they'll charge you.

Rois · April 23, 2013, 11:47:29 PM

As far as I know, they won't put you into overdraft with fees, so just keep the account at 3.95 - only put in and take out on a short term basis, if you know what I mean.

giveherlong · April 24, 2013, 08:30:42 AM

Quote from: Rois on April 23, 2013, 11:47:29 PM
As far as I know, they won't put you into overdraft with fees, so just keep the account at 3.95 - only put in and take out on a short term basis, if you know what I mean.

thanks...

Hound · April 24, 2013, 08:45:18 AM

Quote from: giveherlong on April 24, 2013, 08:30:42 AM
Quote from: Rois on April 23, 2013, 11:47:29 PM
As far as I know, they won't put you into overdraft with fees, so just keep the account at 3.95 - only put in and take out on a short term basis, if you know what I mean.

thanks...

Never heard of that, and I have seen AIB in the past charge a fee (which they were entitled to do) where it put the account holder into overdraft.

Bear in mind if you do go into unauthorised overdraft with Ulster Bank, you'll pay a €4.44 irregular account charge fee in relation to the transaction that put you into overdraft (even if that itself is a bank charge) and another €4.44 for each subsequent transaction that occurs on your account until you are back in the black. You will also incur overdraft interest of 15.55% and surcharge interest of 9%.

Personally I wouldnt take the chance of them not charging me.

bailestil · April 24, 2013, 08:48:39 AM

Is there any way to close the account without me having to trek to a branch in Donegal?

Rois · April 24, 2013, 10:01:43 AM

Quote from: Hound on April 24, 2013, 08:45:18 AM
Quote from: giveherlong on April 24, 2013, 08:30:42 AM
Quote from: Rois on April 23, 2013, 11:47:29 PM
As far as I know, they won't put you into overdraft with fees, so just keep the account at 3.95 - only put in and take out on a short term basis, if you know what I mean.

thanks...

Never heard of that, and I have seen AIB in the past charge a fee (which they were entitled to do) where it put the account holder into overdraft.

Bear in mind if you do go into unauthorised overdraft with Ulster Bank, you'll pay a €4.44 irregular account charge fee in relation to the transaction that put you into overdraft (even if that itself is a bank charge) and another €4.44 for each subsequent transaction that occurs on your account until you are back in the black. You will also incur overdraft interest of 15.55% and surcharge interest of 9%.

Personally I wouldnt take the chance of them not charging me.

Well I say that because my BF used to work in AIB in Bankcentre, now works in Ulster Bank in Belfast, and he remembered he had a € account with AIB still open that has a balance of €3 in it - he said the other night that they wouldn't put him in O/D because of fees (he's managed to avoid them for a while now). However, that may be because his account could still be designated as "staff", though it's been years so I would doubt it.