Permanent TSB (PTSB) has reportedly been hit with a high level of complaints as many customers switch from Ulster Bank. The Irish bank has been under fire from customers who have been experiencing issues with their accounts and services. This comes after Ulster Bank’s parent company, NatWest Group, announced in February its plans to exit the Irish market over the next few years. As a result, many customers have been moving their accounts to other banks, including PTSB. However, the move has not been without its challenges, with many customers expressing their dissatisfaction with the level of service they have received. In this article, we will explore the reasons behind the complaints and the impact they are having on PTSB.
The Bank, Permanent TSB, has confirmed that it is currently dealing with a high volume of customer complaints. This is due to the bank trying to incorporate large parts of Ulster Bank’s business into its operation. Bank of Ireland recently admitted to a mistake in the administration of 35,000 mortgages it had acquired from KBC Bank. Permanent TSB has hired additional staff to deal with the growing number of complaints. In a letter to a customer, a senior executive of the bank said that they were experiencing an unprecedented high volume of complaints, and while they were working to resolve these in a timely manner, some investigations were taking longer than anticipated. The bank said that when its customer resolution center has to deal with higher numbers of complaints, it increases staffing in the complaints department. The bank has increased the size of the team managing complaints to improve the customer experience. Permanent TSB also recently completed the acquisition of Ulster Bank’s €165m performing micro-SME loan book and €5.2bn of non-tracker residential mortgages. Bank of Ireland admitted it made an error in the administration of thousands of mortgages accounts it took over from KBC Bank.
In conclusion, the recent surge in customer complaints against Permanent TSB is a serious cause for concern. As highlighted in this article, Ulster Bank’s decision to leave the Irish market has resulted in a significant influx of customers to PTSB, and it appears that the bank may have been ill-prepared for this surge in demand. While customer complaints are always a cause for concern, it is particularly concerning when a bank is faced with a “high level of complaints”. Hopefully, PTSB will take these complaints seriously and work to improve their services, ensuring that their customers receive the level of service and support that they deserve. As always, it is important to do your research and consider all of your options before making any financial decisions, particularly when it comes to choosing a bank or financial institution.
