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Dublin: 15 °C Wednesday 26 June, 2019
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Quarterly charges jump from €3.18 to €18 for some Permanent TSB customers

The bank says these charges bring Permanent TSB in line with competitors.

SOME PERMANENT TSB customers have seen their quarterly charges increase from €3.18 to €18.

The whopping 466% rise will increase their annual maintenance fee from €12.72 to €72.

The bank, which is 75% owned by the State, says the increase only applies to ‘certain legacy accounts’ that would have been opened 10 to 15 years ago and that are no longer available to new customers.

When asked exactly how many customers are affected by the hike, a spokesperson for Permanent TSB told TheJournal.ie, “We haven’t given a figure.”

bank fees

They added that the rise “typically brings these charges into line with similar products from other banks”.

In a statement Permanent TSB said, “The review only impacts older “legacy” current accounts which have not changed for many years.

The changes differ by account and there are no routine transaction charges so the impact for individual customers will vary and may be minimal for many.

The bank also stated that depending on the account, some customers may be able to take steps to reduce or eliminate the charges.

Examples given include maintaining a current account balance, using the online banking facilities for a certain number of transactions each quarter and/or lodging a certain amount into the account each month. It also added that customers over the age of 60 can apply to have the charges waived.

Permanent TSB has reported an after-tax loss of 266m Source: James Horan via RollingNews.ie

Permanent TSB added that the fees and charges have been approved by the Central Bank and are in line with similar accounts offered by competitors.

The bank made the changes to these old accounts after launching the Explore Account last year, it’s now the only current account which can be opened with Permanent TSB.

Customers using the Explore Account are charged €4 every month, but this can be offset by the fact that the bank will pay back 10c on every debit card transaction.

The debit card refund is capped at €5 a month – but this means it’s still possible for a customer to earn €12 over the course of a year.

Read: Maintenance fees, contactless and ATM charges – here’s how much you’re paying your bank>

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