Euro Account - Ulster Bank (Republic of Ireland) - monthly charge

rajeshk4u

I opened a Euro bank account with Ulster Bank (Republic of Ireland) due to Brexit.      Sterling was loosing value.

I took a screenshot at the time (see below). It says €4 per month (unless you keep £3k in your account each month).

I opened the account with over €3,000. However, I noticed I have been charged €2 per month. I can't login the web site, so I don't know how much I have been charged. (They updated the app, so had to re-register on the phone and that blocks logging in from the website!).
Have I made a mistake? I am confused?
Even, now it says €2 per month plus fees (unless you keep k in your account). My balance has dropped below €3k, because they have taken money out.
Do I have a case to complain?

 Photo: Screenshot from website. First image (around December 2018, when I opened the account). Second image July 2020. 

Breadcake

Looking at: https://digital.ulsterbank.ie/personal/current-accounts/current-account.html
It seems transaction fees are waived when you meet the €3,000 criteria. The monthly maintenance fee of €2 is paid regardless.
Transaction fees are explained at: https://digital.ulsterbank.ie/personal/current-accounts/current-account-fees.html
Case scenario 'John' explains this: https://digital.ulsterbank.ie/personal/current-accounts/current-account-fees/meet-john.html

I presume they contacted you in some way with regards to the fees changing from €4/month to €2/month + transaction fees

Thrugelmir

Seems as if the monthly fee of €2 is now fixed regardless of the balance in the account. With Eurozone interest rates heading negative. The action is hardly surprising. As banks themselves are charged interest on cash held. 

colsten

Thrugelmir said:

Seems as if the monthly fee of €2 is now fixed regardless of the balance in the account. With Eurozone interest rates heading negative. The action is hardly surprising. As banks themselves are charged interest on cash held. 

No personal customers have seen negative interest rates in their Euro accounts.

colsten

Assuming you are a UK resident: use Starling Bank. No charge for the Euro account, and almost certainly much better exchange rates / transaction costs than Ulster Bank.

Starling Bank had plans to open up in Ireland this year. I am not sure what the lockdown has done to those plans - worth keeping an eye on it.