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.


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.

How will COVID-19 affect my savings & investments?

If you have questions about your investments and would like to get more information, the best place to get access to material on your Irish Life investment products is here.

How will my Life Assurance cover be impacted by Covid-19?

If someone dies as a result of COVID-19, or a complication associated with it, their life cover will pay out as normal. You might understandably have a number of concerns about your Irish Life policy taken through EBS, to find the best information please click here.

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 holiday?

We know times are tough so we are offering mortgage customers who have been affected by COVID-19 a 3 month mortgage payment break (moratorium) or a 3 month interest only period on their Private Dwelling Home (PDH) mortgage or Buy to Let (BTL) mortgage. This gives you the flexibility to take a break from paying your mortgage repayments for up to 3 months.

What’s the difference between a payment break (moratorium) and interest only payment period?

We understand many customers are facing challenging times ahead. We offer our mortgage customers, 2 types of payment holidays. A complete payment break means you will not have to make any mortgage repayments for up to 3 months. Interest will continue to be charged on your mortgage during the payment break (moratorium) and this interest will remain outstanding and must be repaid after the moratorium period expires.

An Interest only payment period means you only pay the interest due on the mortgage for up to 3 months. You will not repay any of the original mortgage balance during the interest only payment period but it will remain outstanding and must be repaid after the interest only period expires.

I need to take a short term break from paying my mortgage. How can I apply for a mortgage break?

If you are experiencing short term cash flow issues 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.

Will the payment break include my insurance premiums?

It is important to note that the payment holiday is for Mortgage repayments only. If you have arranged House Insurance, Life Assurance and/ or Payment Protection Insurance through EBS, these premiums will continue to be collected via an amended direct debit.

If you do not pay your mortgage by direct debit, these premiums will continue to require payment to avoid the loan going into arrears. Please note that a missed insurance premium may affect your credit rating, which means you may have difficulty getting a loan or other form of credit in the future.

What happens when the payment break ends?

At the end of your payment break (moratorium) or interest only period, your monthly repayments over the remaining term of your loan will be increased to ensure that your mortgage will be repaid (together with interest due) within the original term.

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.

What products can avail of the payment break?

The payment break is currently available on private dwelling homes (PDHs), associated Top-up’s and Buy to Let (BTL) products.

Will my mortgage rate change as a result of applying for a payment break?

No your mortgage interest rate will stay the same even if you take a 3 months payment break.

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 of your Fixed Rate loan.

My mortgage direct debit is due to leave my account in the next few days? Can I still apply for the payment holiday?

If your mortgage direct debit is due in the next few days we will not be able to stop it as it’s in flight. If you apply and are approved for the payment break, the payment break (moratorium) will commence the following month.

I have longer term cash flow issues, can I apply for a payment holiday on my mortgage?

If you are experiencing longer term cash flow issues 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 9am -8pm Monday to Thursday 9am to 6pm on Friday and 9am to 1pm on Saturdays) and we’ll do our best to help you.

If I’m approved for the payment break, when will the break commence?

Once you’re approved, the payment break will begin for the following 3 months. In order to have the 3 month payment break or interest only period applied for June, July and August, we must receive your application by 5pm on the 26th May.

What impact will the payment break have on my credit rating in the future?

As confirmed by the Central Bank of Ireland, there will be no impact to the Central Credit Register (CCR) credit records of customers who avail of a payment break on their mortgage repayment as a result of being financially impacted by COVID-19.

However, if you arranged your insurance through EBS, these premiums are currently collected with your mortgage repayment. Although you have availed of a payment break, the insurance premiums are still due and payable.

You do not need to take any action if you pay by direct debit. The insurance premiums will be collected by us as normal. However, if you pay by any other method, please ensure the insurance premium is paid into the mortgage loan account before the last working day of the month.

Any missed insurance premium may affect your credit rating.

If I take the payment break can I make a manual repayment if my situation improves?

We are unable to change the process once it has begun, however your account will accept a manual payment which will reduce the mortgage loan balance. The account will remain on the payment break for the full 3 months.

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

When you make contact online, one of our team will contact you to verify your details. Our team member will advise you when the payment break will apply to your account and a letter will then issue to you to confirm the details of the break. If you have any other questions on how the payment break will operate please call us and we’ll be happy to assist.

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

You don’t need to provide us with any documents to apply for a payment break. When you contact us online, our team member will verify some details with you in order to apply the payment but you don’t need to send us any documents to have the payment break applied. Customers applying in person at one of our office locations will need to complete an application form which can be completed at the office.

I have more than one mortgage, do I have to apply for each payment break separately?

You will only need to submit one application. If you have more than one mortgage account, please provide details of all your mortgage accounts in your application. You can apply online here.

How much will it cost me in the future if I take a 3month payment break (moratorium)?

Once you are approved for and you take a 3 month mortgage payment break, for those 3 months, you will have no mortgage payments*. During this time interest will continue to be charged on your mortgage account and this interest will be added to the outstanding balance of the mortgage loan and will be repaid after the payment break expires. At the end of the three month period your loan repayments will be recalculated and increased to ensure that your loan clears by the existing expiry date.

*If your insurance is arranged with EBS please see the question ‘will the payment break include my insurance premiums?’ for additional information that may be relevant to you.

The table below shows a number of illustrative examples of the additional cost of credit from taking a 3 month payment break. These examples are provided for illustrative purposes only and are based on a typical PDH mortgage with balance of €100,000 and LTV greater than 80% with a variable rate of 3.7% for the full term of the mortgage.

  Term Remaining     15 years     20 years     25 years     30 years  
  Mortgage Balance     100,000     100,000     100,000     100,000  
  Interest Rate     3.70%     3.70%     3.70%     3.70%  
  Current Repayments     €724.74     €590.29     €511.41     €460.28  
  Next 3 months Repayment     €0.00     €0.00     €0.00     €0.00  
  Future Repayments     €740.75     €600.86     €519.33     €466.69  
  Monthly Repayment difference     €16.01     €10.57     €7.92     €6.41  
  Total Interest repayable – current     €30,453.99     €41,669.48     €53,424.13     €65,701.87  
  Total Interest repayable – new      €31,112.97     €42,404.94     €54,241.81     €66,607.51  
  Difference     €658.98     €735.46     €817.68     €905.64  

 

 

How much will it cost me in the future to pay interest only on my mortgage for 3 months?

Once you are approved for an interest only period of 3months, you will only pay the interest portion of your mortgage payment* for those 3 months and the capital portion will remain outstanding. When the interest only period expires, you will start paying interest and capital again. At the end of the three month period your loan repayments will be recalculated and increased to ensure that your loan clears by the existing expiry date.

*If your insurance is arranged with EBS please see the question ‘will the payment break include my insurance premiums?’ for additional information that may be relevant to you.

The table below shows a number of illustrative examples of the additional cost of credit from paying interest only for 3months. These examples are provided for illustrative purposes only and are based on a typical PDH mortgage with balance of €100,000 and LTV greater than 80% with a variable rate of 3.7% for the full term of the mortgage.

  Term Remaining     15 years     20 years     25 years     30 years  
  Mortgage Balance     100,000     100,000     100,000     100,000  
  Interest Rate     3.70%     3.70%     3.70%     3.70%  
  Current Repayments     €724.74     €590.29     €511.41     €460.28  
  Next 3 months Repayment     €308.33     €308.33     €308.33     €308.33  
  Future Repayments     €733.94     €595.34     €514.56     €462.40  
  Monthly Repayment difference     €9.20     €5.05     €3.15     €2.12  
  Total Interest repayable – current     €30,453.99     €41,669.48     €53,424.13     €65,701.87  
  Total Interest repayable – new     €30,832.62     €42,020.78     €53,748.83     €66,000.85  
  Difference     €378.63     €351.30     €324.70     €298.98