COVID-19
FAQs

Here are some FAQs to help you through uncertain times.

These will be updated regularly with the latest information and guidance.


Customer & Staff Support

Will EBS be closing offices?

EBS is currently fully operational. We are taking all measures to ensure minimum disruption to our services as the COVID-19 situation develops. We plan to keep our network open to support customers and are assessing it daily as the situation evolves. See here for more information. Customers have access to daily banking 24/7 with our online banking application which allows them to view transactions, transfer money between accounts and make payments to defined beneficiaries.

What is EBS doing for its customers through this crisis?

We know that many of you are worried about being financially impacted by COVID-19. Our aim is to continue to support you through this situation and we encourage you to contact us if you need advice or support. We have put together a number of supports for customers who are experiencing difficulties.

How can I withdraw cash if I am cocooning and can’t get to the office?

If you are cocooning and unable to visit an office you can have a trusted family member or friend visit for you. Simply download the form, complete it and have the person you trust take it to the office. We will phone you to confirm before we process the transaction. The form is available to download here.

What is EBS doing to keep customers and staff safe in offices?

We have increased the cleaning of our offices in line with HSE recommendations. We have also set aside the first hour daily (10am – 11am) for our vulnerable customers and ask all customers to respect this.

To maintain social distancing we are limiting the number of customers who can come into our Offices at any one time. This may result in some customers having to wait outside for a while.

We thank you in advance for supporting these initiatives to protect one another.

I am concerned about who is controlling my money.

If you suspect that some fraud has happened on your bank account or you see unusual activity on it, contact us immediately on 1850 654 321 / 00 353 1 665 8000 (Mon – Fri 9am – 5pm).

We understand that people often have to depend on family or carers for managing their money.

But that can make people more vulnerable to financial abuse. If you are worried that someone else might have control over your money without your permission, you can ask us for help. If you are concerned that a family member or friend has lost control of their money to someone they don’t trust, please let us know.

What do I do if I receive a suspicious email?

Be on your guard for suspicious activity on your PC. If you receive an email pertaining to be from EBS or from an unrecognised source, do not open the mail as this may be fraudulent. Do not click any links, open any attachments, or enter your personal details on the suspicious email or on a suspicious website or pop-up.

Please forward the mail to us at alert@mail.ebs.ie and then delete the email.

*Please Note: Do not include any Account details or general banking queries. Please be aware that we cannot accept account instructions via e-mail.

Need extra help with your banking?

In this difficult time, we know some of our customers may not be familiar with managing banking from home or may feel vulnerable. We have a dedicated team here to help. Just click here to find your local EBS office.

Someone close has died, what do I do?

Our Bereavement support team are here to help. They will be your single point of contact. For support, click here


General Support

How can I withdraw cash if I am cocooning and can’t get to the office?

If you are cocooning and unable to visit an office you can have a trusted family member or friend visit for you. Simply download the form, complete it and have the person you trust take it to the office. We will phone you to confirm before we process the transaction. The form is available to download here.

My EBS savings account is Dormant, what do I need to do to re-activate it?

We know that some of you may have dormant accounts. If the money is not urgently required we would suggest that you wait to reactivate your account until the COVID – 19 pandemic has passed rather than putting yourself and others at risk.

If you need access to the money urgently, you will need to come to an EBS office and re-activate your account. It will take 3 days for the money to be available.

I would like to add a trusted family member or friend to my account but I am unable to visit the office?

There are a number of important steps that are involved in adding any person to your account. The process will involve all parties being present in an EBS office.

If you are adding someone to your account so they can make withdrawals for you because you are cocooning and can’t get to the office then we have introduced a new Temporary Agent Authorisation Form to help. Simply download the form, complete it and have the person you trust take it to the office. We will phone you to confirm before we process the transaction. The form is available to download here.

If you need to add someone to your account for another reason, please call your local office to speak to us.

My Fixed Account is about to mature and I do not want to re-invest or “roll” the account but I am unable to visit the office. What do I do?

If you have fixed deposit accounts that are due to mature please contact your local office to discuss your options. You can find contact details for all EBS offices here.

My EBS Account is inactive, what do I need to do to re-activate the account?

An account becomes inactive where a customer has not been actively using it for 3 years. We can re-activate your account as long as you have previously provided EBS with Photo and Address ID and we have a record of this. The process will involve a visit to the office. If you have an inactive account please contact your local EBS office to check that we have a record of your ID before you visit, so you will know what to bring with you.

We know that some of you may have inactive accounts. If the money is not urgently needed we would suggest that you wait to re-activate your account until the COVID – 19 pandemic has passed rather than putting yourself and others at risk.

If you need access to the money urgently you will need to come to an EBS office and re-activate your account.

What changes are we making to help customers encash their Summit Funds now?

In addition to coming into their local EBS office, we are giving customers the option to either email (SummitFund@mail.ebs.ie) or post their requests to us.

How can I get access to my Summit Funds if I am cocooning and can’t get to the office?

If you are cocooning and unable to visit an office you can download the EBS form here. There is also a handy online guide to help you complete the form. Please note a copy of your Photo ID needs to accompany your request.

Once you have completed the form and all investors have signed it, it can be posted to your Local EBS Office (click here for office details) or email it to SummitFund@mail.ebs.ie.

I don’t have access to a scanner, how can I email the encashment form and identification documents?

During this period we will accept photo images of both the fully signed form and your Photo ID. Just take a picture on your smartphone and email it to SummitFund@mail.ebs.ie.

How long will it take to process my encashment request?

It will take three working days to process your encashment request from the date we receive it.

What bid price will I get for my encashment?

The bid price of the fund is struck on the day’s market performance worldwide, this is than reflected on the following days pricing of the fund. We can never guarantee the bid price or value of their fund.

Where can I find the bid price information on my Summit Fund?

Bid price information for Summit Funds can be found as follows:

  • Newspapers: The bid prices on Summit Funds are published by MoneyMate in the business section of the Irish Times on a Monday, the Irish Independent on a Thursday and the Sunday Business Post on a Sunday.
  • Website: The bid prices can be found on the EBS website (click here). The bid prices on the website are updated at 2pm each day.

If I have unpaid items on my MoneyManager or Instant Access account, will I be charged?

Unpaid charges applied to EBS MoneyManager and Instant Access accounts during March and April 2020 will be refunded. This is to give you time, if impacted by Covid-19, to make alternative arrangements with the originators of your direct debits.

The unpaid charge is the €6.35 per item charge for Direct Debits or €4.44 per item charge for Cheques that applies where they have been returned unpaid as there were insufficient funds in your account to meet the payment.

You don’t need to do anything. Refunds will be applied automatically in the coming days for all unpaid charges applied during March 2020. Refunds for April charges will all be applied by 5th May 2020


Cards & Contactless Payments

Will I be charged for contactless payments?

There is no charge for using contactless for purchases in euro.

Has the contactless limit on my EBS Debit Card been increased from €30 to €50?

For all new EBS Debit cards issued from 1st April 2020, the contactless limit is set to €50.

For existing debit cards with the contactless symbol we have worked to increase the limit from €30 to €50 as quickly as possible. To activate the contactless increase on your card you will need to complete 3 transactions using your PIN, in store or at an ATM.

Once your Chip has been updated, you’ll be able to simply tap and pay for items that cost €50 or less on your card. Every now and then we’ll ask you to insert your card and do a Chip and PIN transaction instead as an extra security check.

Please be aware that some retailers may take longer to make the required changes to their card machines.

For cards without the contactless symbol, when your renewal card arrives, it will have a contactless symbol and the contactless limit will already be set to €50.

What should I do if my card is lost/stolen?

If you lose your EBS Debit Card or it is stolen or damaged, please contact us immediately on Freephone 1800 440 040 or 1850 654 328 or from outside Ireland on 00 353 1 665 8080 to ensure that your card is cancelled and you are issued with a replacement card. This service is available around the clock, 365 days a year.

Who should I contact if I have a query on my Debit Card?

If you have any questions about your Debit Card please call us on 1850 654 328 / 1800 440 040 (Mon – Fri 9am – 5.00pm excluding Bank Holidays).


Mortgages

What is a mortgage payment break?

We know times are tough so we are offering mortgage customers who have been impacted by COVID-19, the option to apply for three month moratorium or three months paying interest only. These are available whether you live in the home yourself or rent the house out.

What’s the difference between a moratorium and interest only?

Because of the difficulties our customers face, we’re offering the option to apply for a COVID-19 payment break (moratorium/ interest only). A moratorium period means you will not have to make any mortgage repayments for three months.  We will continue to charge you interest during the three months, we will increase each of your mortgage monthly repayments over the remaining term of your loan, so that you can pay your mortgage in full over its original term.

The other type of payment break is where you pay interest only payments for three months. At the end of your interest only period, we will increase each of your mortgage monthly repayments over the remaining term of your loan, so that you can pay your mortgage in full over its original term.

Please note that your Cost of Credit will increase if you avail of either of these options.

Due to COVID- 19 I need to take a short term break from paying my mortgage. How can I apply for a payment break?

If you have less cash flow due to COVID-19 and you need to take a break from paying your mortgage please call us on 1850 330 044 (Opening hours are Monday – Friday, 9am to 5pm and Saturday, 9am to 1pm) and we’ll do our best to help you. Or click here for our online form.

If you also need to take a break from paying your mortgage protection please call Irish Life on 01 704 2000 to apply (Opening hours Monday - Thursday 8am - 8pm, Friday 10am – 6pm, Saturday 9am – 1pm).

Will the moratorium include my insurance premiums?

Moratorium’s requested through the COVID- 19 online application form are for mortgage payments only. If you have home insurance, life assurance or payment protection insurance through us, we will continue to collect these premiums through your direct debit.

If you do not pay your mortgage by direct debit, you need to arrange to keep paying these premiums to avoid the loan going into arrears. A missed insurance premium may affect your credit rating, which means you may have difficulty getting a loan or in the future.

What happens when the payment break extension ends?

We will write to you before the end of the payment break to let you know your new mortgage repayment. At the end of the payment break, we will increase each of your mortgage monthly repayments over the remaining term of your loan, so that you can pay your mortgage in full over the original term. If you are still experiencing financial difficulties due to COVID-19, visit the EBS COVID-19 website. There we will have details of what we can do to help you.

If you are experiencing longer term cash flow problems and you feel you cannot afford your higher repayments when the payment break ends, please talk to us on 1850 330 044 (Opening hours are 9:00 to 20:00 Monday to Thursday, 9:00 to 18:00 on Friday and 9:00 to 13:00 on Saturdays) and we’ll do our best to help you.

COVID -19 has affected my ability to repay my mortgage but I have payment protection insurance, will this help me?

If you’ve been a mortgage customer since before the end of February 2013 and opted for Payment Protection Insurance, you may be eligible to claim. If you wish to discuss your policy options please contact AXA Partners on 061 737373 for further information.

Will my mortgage rate change if I take a payment break?

No your mortgage interest rate will not be changed if you choose to avail of a payment break option.

I am on a fixed rate. Does the payment break mean I’ve broken my fixed rate?

No, the payment break is not considered to be a break in your fixed rate of interest.

If you approve my payment break extension, when will it start?

Once we approve this break for you, we will confirm this to you in writing.

If you approved a term extension, when will my repayments change?

Once we approve the term extension for you, we will write to you to confirm your repayment start date.

How will the payment break affect my credit rating?

There will be no negative effect on your credit rating if you take a payment break because of COVID-19.

However, if you arranged your insurance through us and you miss any of the premiums, this may affect your credit rating.

If I take a payment break, can I make additional manual repayments if my situation improves?

You can make additional payments, which will reduce the mortgage loan balance, even if you are on a payment break.

If you can continue or go back to making payments it is in your best interests to do so as the cost of credit may increase because of the payment break.

If you are on a variable interest rate, you can make additional payment(s) to your mortgage account as an overpayment to reduce your monthly repayment amount, or to reduce your mortgage term, without incurring an early repayment charge. An overpayment is where you make additional payment(s) towards part, or all, of the total amount of your repayments that were deferred during your COVID-19 payment break or where you make additional payment(s) in excess of the total amount deferred.

If you are on a fixed interest rate, you can make additional payment(s) to your mortgage as an overpayment to reduce your monthly repayment amount, or to reduce your mortgage term.  You can make additional payments up to the total amount of the repayments that were deferred during your COVID-19 payment break without incurring an early repayment charge. We may charge you an early repayment charge on any additional payment(s) made above the total amount deferred.

Here is an example to explain how this works in practice. Katie and Josh are on a fixed interest rate and have availed of a COVID-19 payment break for 6 months during which time they deferred 6 payments of €1,000 for each month of the payment break (A deferred amount total of €6,000) and have now started making monthly repayments again as the COVID-19 payment break has ended. If they have available funds they can lodge up to €6,000 to their mortgage account without incurring an early repayment charge. These additional lodgements, on top of their scheduled monthly repayments, may help reduce the cost of credit of the loan.

If you would like to make an overpayment on your mortgage account call us on 1850 654 321 to discuss your options or please complete the attached application form  and post it to us at Home Mortgage Operations, Accounts Section, 1 Adelaide Road, Dublin 2. DX 183, Dublin.

For further information on early repayment charges click here.

Will I be told when the payment break has been applied to my mortgage?

Yes. A team member will call you, check some details with you and confirm when the COVID-19 payment break extension will apply to your account. We will also send you a letter to confirm the details.

If you have any other questions on how the payment break will operate, please contact our Credit Support Unit on 1850 330 044. 

What documents do I need to apply for a payment break?

You don’t need to give us any documents to apply for a payment break. When you contact us online, our team member will check some details with you to apply the payment break but you don’t need to send us any documents. Customers applying through our office locations will need to complete an application form.

How much will it cost me in the future if I take a three month moratorium?

Once we apply a three month moratorium to your account, you will have no mortgage payments for those three months, unless of course you also pay insurance premiums.  

When the three months are up, we will then spread the three payments over the term that’s left on your mortgage. That means the three month moratorium will result in higher monthly repayments for the term of the loan.

The table below shows some examples of the additional cost of credit from taking a three month payment break. These are illustrative only and are based on a typical mortgage where the customer lives in the property with balance of €100,000 and where value of the home is greater than 80% of the loan, with a variable rate of 3.7% for the full term of the mortgage

  Time left on mortgage     15 years     20 years     25 years     30 years  
  Balance left on mortgage     100,000     100,000     100,000     100,000  
  Interest Rate     3.70%     3.70%     3.70%     3.70%  
  Monthly payments     €724.74     €590.29     €511.41     €460.28  
  Payments during the three month payment break     €0.00     €0.00     €0.00     €0.00  
  Capital and interest payment after a three month payment break     €740.75     €600.86     €519.33     €466.69  
  Payment difference per month     €16.01     €10.57     €7.92     €6.41  
  Total interest paid over the time left on the mortgage     €30,453.99     €41,669.48     €53,424.13     €65,701.87  
  Total interest paid over the time left on the mortgage if a three month moratorium is taken      €31,112.97     €42,404.94     €54,241.81     €66,607.51  
  Difference     €658.98     €735.46     €817.68     €905.64  

 

If you can continue or go back to making payments it is in your best interests to do so as the cost of credit may increase because of the payment break.

If you are on a variable interest rate you can make an overpayment to reduce your monthly repayment amount or your mortgage term without incurring an early repayment charge. An overpayment is where you make additional payment(s) towards part, or all, of the total amount of your repayments that were deferred during your COVID-19 payment break or where you make additional payment(s) in excess of the total amount deferred

If you are on a fixed interest rate, you can make additional payments up to the total amount of the repayments that were deferred during the COVID-19 payment break without being charged an early repayment charge. We may charge you an early repayment charge on any amount above the total amount of the repayments that were deferred during the payment break.

Here is an example to explain how this works in practice. Katie and Josh are on a fixed interest rate and have availed of a COVID-19 payment break for 6 months during which time they deferred 6 payments of €1,000 for each month of the payment break (A deferred amount total of €6,000) and have now started making monthly repayments again as the COVID payment break has ended. If they have available funds they can lodge up to €6,000 to their mortgage account without incurring an early repayment charge. These additional lodgements, on top of their scheduled monthly repayments, may help reduce the cost of credit of the loan.

If you would like to make an overpayment on your mortgage account call us on 1850 654 321 to discuss your options or please complete the attached application form  and post it to us at Home Mortgage Operations, Accounts Section, 1 Adelaide Road, Dublin 2. DX 183, Dublin.

For further information on early repayment charges click here.

How much will it cost me in the future to pay interest only on my mortgage for three months?

Once we approve you for an interest only period of three months, you will only pay the interest portion of your mortgage payment unless of course you also pay insurance premiums.  

When the three months are up, we will then spread the three payments over the term that’s left on your mortgage. That means the three month interest only period will result in higher monthly repayments for the term of the loan,

The table below shows some examples of the additional cost of credit from paying interest only for three months. These are illustrative only and are based on a typical mortgage where the customer lives in the property with balance of €100,000 and where value of the home is greater than 80% of the loan, with a variable rate of 3.7% for the full term of the mortgage.

  Time left on mortgage     15 years     20 years     25 years     30 years  
  Balance left on mortgage     100,000     100,000     100,000     100,000  
  Interest Rate     3.70%     3.70%     3.70%     3.70%  
  Monthly payments     €724.74     €590.29     €511.41     €460.28  
  Payments during three months of paying interest only     €308.33     €308.33     €308.33     €308.33  
  Capital and interest payment after three months of paying interest only     €733.94     €595.34     €514.56     €462.40  
  Payment difference per month     €9.20     €5.05     €3.15     €2.12  
  Total interest paid over the time left on the mortgage     €30,453.99     €41,669.48     €53,424.13     €65,701.87  
  Total interest paid over the time left on the mortgage if a three month interest only is taken     €30,832.62     €42,020.78     €53,748.83     €66,000.85  
  Difference     €378.63     €351.30     €324.70     €298.98  

If I had 12 months interest only agreed on my account, can I have a payment break and how will it impact my interest-only agreement?

Once your COVID-19 payment break ends, you will continue to pay interest only until the end of the 12 month interest-only period. For example if you had ten months interest only remaining and you took a COVID-19 payment break for three months, you will go back to paying interest only for the remaining seven months.

If the interest-only period on your mortgage ends before the end of your COVID-19 payment break, the payment break will continue. Once the payment break ends, you will then return to full payments. We will contact you before the end of your payment break to confirm your new mortgage payment.

At the end of the payment break, we will increase your mortgage payments over the remaining term of your mortgage, so that you can pay your mortgage in full over the original term. If you are still experiencing an income reduction due to COVID-19, please click here, where we have details of what we can do to help you. 

Can I have the term extended on my mortgage so that my repayments don’t increase once my COVID-19 payment break is finished?

Yes, to apply for a term extension on our mortgage, you can call our team on 1850 330 044. For Payment Breaks expiring in December 2020, in order to avail of a Term Extension, please ensure that you submit your request by 17:00 on the 21st December and be available for a call back within 24 hours of submitting your request.

What if I pay by standing order or other method?

If you don't pay by direct debit, you need to adjust the payment amount yourself. 

Do I need to change my direct debit if my payments are changing?

No. However, if you cancelled your direct debit due to a COVID-19 payment break you will need to set it up again. You can call us on 01 6658010 to set it up again.

Can I cancel my payment break if I change my mind?

Yes, after your payment break has been confirmed in writing you may contact us to cancel it if you change your mind. We will write to you to let you know that you have a 14 day cooling off period. During this time you can contact us to cancel the payment break without any increase in the cost of credit on your account. In addition, you can cancel your payment break and revert to your previous repayment structure at any time, however please be aware that if this is after your cooling off period  your cost of credit will still increase for the time that you had  the payment break applied to your account. 

Can I have a third payment break?

If you have already had two COVID-19 related payment breaks you cannot have another one.

However, if you expect that you will have a more long term loss of income as a result of COVID-19, and you will be unable to make your repayments, please go to Worried about Payments

How do I get an updated cost of credit for my mortgage?

When a payment break ends, it increases the monthly payments over the remaining term of your loan to spread the cost of what you weren’t paying during the payment break over the original term of your mortgage. If you want to get an updated personalised cost of credit for your mortgage account as a result of having a payment break, you can call us on 01 771 4499, Monday to Friday 9:00 to 17:00, Saturday 9:00 to 13:00.

I haven’t applied for a COVID-19 payment break. What are my options?

The deadline to apply for your first COVID-19 payment break was 30 September and applications are now closed.

If you are experiencing an income reduction because of COVID-19, we have more options for you here.