Ulster Bank's move to introduce transaction fee free banking for both new and existing personal customers from February 17 has sparked a war of words with rival Permanent TSB.
Under Ulster Bank's new current account charging structure, the overdraft facility set-up and renewal charges have been removed completely.
Ulster Bank said that customers could have transaction fee free banking whether they operated their account in credit or debt (with an authorised overdraft). It is abolishing fees for account maintenance, laser/ATM, standing order, direct debits, cheque and branch/internet and phone transactions.
But Ulster Bank also said it was the first bank in Ireland to introduce transaction fee free banking that is automatically applied to all overdraft facility set-up and renewal charges. It also said it was the first to scrap overdraft facility set-up and renewal charges, a claim disputed by Permanent TSB, which said Ulster Bank's move replicated the key features of its current account launched last year.
