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Variable rate switch without notice

  • 06-06-2018 7:24pm
    #1
    SuperO'B
    Registered Users, Registered Users 2 Posts: 127 ✭✭


    Hi, my bank switched my variable interest rate last month without notifying me. It cost me an extra €200 in interest.

    The reason for the change was that my salary was not mandated to their bank account so I lost out on a loyalty bonus. They sent a letter in December however when I rang to inquire about it the person I was dealing with told me that there was nothing on the system to bump it up so I thought nothing of it.

    The next thing in April is I notice the rate change. When I queried I was told the system did a full sweep in April and changed everybody's mortgages who didn't comply. I don't argue that they are right in adjusting but surely they should have informed me first? They sent me €70 goodwill and before I accept I just want to check that there isn't some great penalty they're avoiding by having me accept €70. Anybody got experience with this?


Comments

  • #2
    GerardKeating
    Registered Users, Registered Users 2 Posts: 7,806 ✭✭✭GerardKeating


    SuperO'B wrote: »
    The reason for the change was that my salary was not mandated to their bank account so I lost out on a loyalty bonus.

    I assume you have a reason not to have your salary paid into their account, but it is worth the loss of the loyalty bonus?


  • #3
    SuperO'B
    Registered Users, Registered Users 2 Posts: 127 ✭✭SuperO'B


    GerardKeating wrote: »
    I assume you have a reason not to have your salary paid into their account, but it is worth the loss of the loyalty bonus?

    To be honest I'm just set up with my other bank for a long time and I didn't want to switch over. Its probably just stubborness but I just don't like being made transfer banking while I'm already paying them through the nose in mortgage interest.

    I've applied for a switcher mortgage to go to a lower variable rate with Haven anyway so will just switch it entirely. I just don't like being man handled by banks.


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