Meet Stephen

Stephen is registered for Anytime Banking and the Ulster Bank Mobile App but mainly uses his debit card for day to day expenses. In an average month, Stephen taps his Contactless card 13 times and uses his debit card 24 times. Stephen has 10 automated transactions which are made up of 6 direct debits for utilities, 2 standing orders to savings accounts and 2 online transfers. Stephen takes cash out at an ATM 5 times a month and additionally, withdraws cash in branch once a month.

This is how his fees will break down in a typical month:

Transaction type Fee Number of transactions Monthly cost
Contactless  €0.01 13 €0.13
Debit card €0.20 24 €4.80
Automated €0.20 10 €2.00
ATM €0.35 5 €1.75
In branch/counter €0.80 1 €0.80
Total transaction fee     €9.48
Total   53 €11.48

Stephen could reduce his fees by:

Maintaining a cleared balance of €3,000 in his account for each charging cycle.

  • Taking all cash out at an ATM at a cost of €0.35 per transaction rather than going into the branch as it is more expensive way to withdraw cash - €0.80 per withdrawal. He could also take cash back at point of sale from participating retailers at €0.20 per transaction rather than taking cash at the ATM and incurring higher charges - €0.35 per transaction.
  • Increasing his Contactless usage for all debit card transactions less than €50 where he sees the Contactless symbol as these transactions have the lowest cost (€0.01 per transaction)  and register for Apple Pay or Google Pay to enable him to also complete Contactless transactions via Apple Pay or Google Pay.

Stephen can also keep track of his account by switching to paperless on Anytime Banking. This will mean he will receive his account statements and mail online. He can view his preferences by clicking on the ‘Paperless settings’ option in the left hand menu within Anytime Banking.