Make the move

Switching current accounts

Alan Doyle from Lucan, Co Kildare, has no regrets about switching his current account from one of  the big banks to Permanent TSB, where he qualifies for free banking. Its current account gives fee-free banking provided customers lodge at least €1,500 into their accounts every month. Bank fees were the big motivator for Doyle to switch.

“I do 99% of my banking online and I found it very unfair that even though I’m the person that is  actually carrying out the processes of paying bills online, I was getting charged,” he said.

He was initially hesitant about switching because he had been with his previous bank for so many years. “I had been with my last bank sinceIwas 15, but at the end of the day I wasn’t getting anything out of it.

“I felt that if I went into them needing help they weren’t going to give it to me—so why should I keep my money with them?”

With the support of his new bank, Doyle found the switching process straightforward. It took about seven days for the changeover to be completed.

“I had to do very little apart from provide the information about direct debits and standing orders. I then got a letter from my previous bank confirming that my old account had been closed.”

Doyle does not feel he has lost anything from switching banks except the feeling of being frustrated by bank fees and getting poor customer service. I am a lot happier now that I am not paying any more fees.”

“I’m no worse off than when I was with my previous bank except that the amount that I am required to lodge into my account to get free banking is much, much less.”

Mark Channing

This article is a segment from a larger piece to which bonkers.ie contributed. The entire article can be seen here

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