Current Account

suspectdevice

Hi here, quick one that some of you might be able to help me with.

A current Account was recently made inoperable by one of the Irish Banks. The reason given was because the owner of the account had fallen behind in repayments on a Loan Account. The Loan Account offer letter does not include removing Current Account services as a consequence of falling on tougher times than expected and not meeting repayments.

Does anyone understand this? Surely a current account is required to operate in society and any possibility of the person getting back on track with repayments is thrashed as they can't get paid and consequently can't pay.

Cheers

SD

234

Have you checked the terms of your current account?

suspectdevice

no. the account dates back to when I was a kid so we are looking at 25 years or thereabouts. I can remember going to set up the account with my Dad. there were no T&Cs back then. Not that I recall anyway.

NinjaTruncs

suspectdevice wrote: »

no. the account dates back to when I was a kid so we are looking at 25 years or thereabouts. I can remember going to set up the account with my Dad. there were no T&Cs back then. Not that I recall anyway.

What about the terms and conditions of the loan? That may cover the current account.

suspectdevice

No. Checked it. Nothing in there as a consequence. It might be also the new rules of doing business, covered under some vague "we can change the terms whenever we like sucker" and now that the people have bailed them out and the attention turns to our own personal debt.

Carawaystick

Is there any money in the current account?

Try going to a different bank and switching current accounts. the new bank does the legwork switching it and will have to get some paper-trail from your existing bank if they refuse the switch.

See what the financial regulator say about getting the terms of your existing current account, if it's easier than making a data protection request for the copy of the terms



As you now know, it's always better to have your debts in a different bank to your money.

suspectdevice

Cheers. Yeah, never thought it would be an issue. But it makes sense now.

I guess the real issue is that its no easy to set up another current account when you are leaving for these reasons. They compete in public but behind the scenes they are just co-operating bastards.

slimjimmc

You might be able to set up a Share Account with a Credit union and have your wages paid directly to that account, some CUs have 24hr ATMs.
http://www.creditunion.ie/Default.aspx?p=103&n=111&a=344

suspectdevice

Interesting. We have a local CU.

At the end of the day I think they have acted wrong. I am going to push a few buttons and see what happens. I'll update with any significant event as it may be helpful for others. Is this the right forum for this?

dbrunson

suspectdevice wrote: »

Cheers. Yeah, never thought it would be an issue. But it makes sense now.

I guess the real issue is that its no easy to set up another current account when you are leaving for these reasons. They compete in public but behind the scenes they are just co-operating bastards.

You will have no trouble setting up an account in ptsb. You can do it online also.

suspectdevice

Cool. Thanks.

Victor

I've noticed several people who are in debt arrears mentioning the bank withdrawing other services.

Peregrinus

The bank can do this. It's an implied, if not express, term of your contract as a customer of the bank that all your accounts will be kept in order. If you default in relation to one account they can close them all - they no longer want you as a customer. And they have as much right to turn away your business as you have to take it away.

If there's a credit balance on the current account, they can snaffle that and put it towards reducing your indebtedness on the loan account.