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Bank not applying current account discount on mortgage

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  • 01-02-2022 12:34am
    #1
    bauney
    Registered Users Posts: 172 ✭✭


    Hi all, I am 16 months into my 3 year fixed rate mortgage with a bank. I am entitled to the extra 0.2% interest rate discount due to my current account is used for the mortgage monthly payments and my salary gets paid into it. I had discussed this on the phone with them and I was never told I had to do anything specific to get this discount.

    However, upon inspection today I was not given this discount.

    The bank are yet to get back to me on this issue but should I retrospectively get this discount (a refund payment for the past 16 months). I presume my bank will honour this.

    Is this the case here?

    In fact, I was with the same bank for 2 years fixed rate previous and I now wonder if that discounted interest rate was applied to me. I presume it was but again if it wasn't can I retrospectively request this?

    As a consumer, what rights have I got in this regards?



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    #2
    dotsman
    Registered Users Posts: 3,635 ✭✭✭dotsman


    As a consumer, what rights have I got in this regards?

    Lots. The problem is with enforcement (or severe lack of). Most other countries have some sort of financial ombudsman or similar role. In Ireland, we have gobshites. The tracker mortgage fraud scandal is still ongoing, soon to be entering its 14th year. It took years of screaming before our gobshite woke up, told the banks to offer some compo to some victims and then went back to bed for another nap and has been snoozing ever since.

    Ultimately, you are very much dependant on the honesty and consumer friendliness of the bank in question. Which bank is it - KBC? I would definitely stay on top of this and, yes, you would also be entitled to the discount previously (assuming that the offer was available at the time, and you didn't receive it), as they advertise it as such. Banks can move slowly, especially when it comes to historic investigations or refunds etc, but stay in regular touch, and stay very polite and friendly. Remember, the person you will be dealing with on the phone has nothing to do with the fcuk up, and will be dependant on others to expedite the investigation/refund, so pi$$ing them off will just make things worse for you!

    Post edited by dotsman on


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    #3
    bauney
    Registered Users Posts: 172 ✭✭bauney


    Thank you for that quick reply. Yes it is KBC. And yes I am polite any time I speak with them. Hopefully they will honour it and get back to me with positive news. Thanks again



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    #4
    bauney
    Registered Users Posts: 172 ✭✭bauney





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    #5
    Jim2007
    Moderators, Business & Finance Moderators Posts: 10,013 Mod ✭✭✭✭Jim2007


    https://www.boards.ie/discussion/comment/118563520#Comment_118563520

    Start by reading the terms and conditions you signed up to and check your bank’s statements etc so you know exactly what the situation is before going into any discussion with them.



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    #6
    bauney
    Registered Users Posts: 172 ✭✭bauney


    FYI i got reimbursed with a cheque from KBC eventually.



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    #7
    Jim2007
    Moderators, Business & Finance Moderators Posts: 10,013 Mod ✭✭✭✭Jim2007


    https://www.boards.ie/discussion/comment/121891989#Comment_121891989

    Thanks for getting back to us on this. So often we never hear the final outcome.



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