NIB starting to charge for Custody Account

homer911

I got a letter from NIB yesterday saying they were going to start charging me €40 a year for my custody account. All I have in it is a few (worthless) AIB shares - any suggestions as to alternatives? (Cheaper or Free)

christeb

homer911 wrote: »

I got a letter from NIB yesterday saying they were going to start charging me €40 a year for my custody account. All I have in it is a few (worthless) AIB shares - any suggestions as to alternatives? (Cheaper or Free)

really? My letter is probably at home. Ah FFS, that'll be a whole load of hassle to change now...

Edit - I've just emailed them to let them know of my dissatisfaction. Maybe you should do the same here:

http://www.nationalirishbank.ie/en-ie/About-National-Irish-Bank/Contact-us/Personal-contact/Write-to-us/Pages/Write-to-us.aspx

homer911

I have sent them a message using your link, but have also sent a message via their internet banking email system

Thargor

This is bullsh1t! Were you on the free custody account you got for signing up as a new customer? My letter is probably at home aswell, Ill email them as soon as I get it and see.

christeb

anybody received a non-standard reply? Where are we all thinking of moving to?

homer911

No idea yet - no response to my emails yet other than some acknowledgement to say that someone from my branch would be in touch...

Thargor

Im going to email aswell, everybody should. They posted a pretty big loss the other day which Im guessing is the reason behind this, but 40 quid is too much seeing as it takes 3 days for a trade to settle online and let you use the cash again, you have to use the phone and the more expensive rates if you want to use the cash straight away, thats an inferior service so they shouldn't be charging the same rates as places like Sharewatch.

If anyone finds a hassle free place to move to please post it.

cooperguy

Ya I got the letter the other week. Forgot to post on here about it. Im not impressed!

kevingleeson

Found my nib letter today im not impressed with these lately the delaying in getting cash back, hassle lodging cash etc :mad:

homer911

I got this reply from NIB:

Dear xxx

If you wish to close your Custody Account, there are 3 options available.
a)Customers can have their shares re-materialised at a cost of 80Eur approx per company
b)Customers can opt to transfer to another broker who offers share dealing accounts - customers can then process the transfer through their ebanking at a cost of circa €25.00
c)Customers can sell their shares.
Please advise how you wish to proceed.
Thank you
Best regards
xxxx xxxxxxxx
National Irish Bank

Cute Hoor

homer911 wrote: »

I got this reply from NIB:

Dear xxx

If you wish to close your Custody Account, there are 3 options available.
a)Customers can have their shares re-materialised at a cost of 80Eur approx per company
b)Customers can opt to transfer to another broker who offers share dealing accounts - customers can then process the transfer through their ebanking at a cost of circa €25.00
c)Customers can sell their shares.
Please advise how you wish to proceed.
Thank you
Best regards
xxxx xxxxxxxx
National Irish Bank

I would imagine the Financial Ombudsman would be interested in this. You signed up with NIB on certain Terms & Conditions, the key one being no Account Maintenance fee. Now NIB are changing the T&C's and they want you to pay up if you want to leave, a bit of a cheek!

Thargor

Exactly what I was thinking.

Van.Bosch

Cute Hoor wrote: »

I would imagine the Financial Ombudsman would be interested in this. You signed up with NIB on certain Terms & Conditions, the key one being no Account Maintenance fee. Now NIB are changing the T&C's and they want you to pay up if you want to leave, a bit of a cheek!

The fee is mentioned in the T&C though, its just that it was never charged before. I agree that its tough, I signed up on the same basis but I dont think they have done anything illegal.