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Danske bank to close retail customer accounts

handlemaster

Danske have announced they will be closing their retail banking / personal accounts and concentrating on corporate instead. What will this mean for trackers ?

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ABC101

handlemaster wrote: »

I don't see it paning out like this, the company needs to move on. They have reportly looking for a buyer for these loans. This would have to be sold at a loss, so they are prepared to take the hit. Its not just about the cost of the finance investors in their shares or potential investors would be looking for clarity. How much would the stock go up by if Danske announced tommorrow all there lost making loans in Ireland had been sold ?

Who knows what way the house of cards will fold?

However whether Danske want to sell on the loans or keep them in house... a contract is a contract.

Breaking the terms of a contract by the home owner... well we all know what pressure a bank can put on the individual, either money penalties are imposed, or the owner is evicted.

But in this case for Offset holders... it will be the bank breaking the contract.

My understanding is that the contract can be renegotiated, provided both sides are in agreement.

Otherwise the term "Contract" would have no meaning...

yop

All news this to me!!
Been with them 12 years now. Have 2 current account and business account and offset mortgage and that is going to be some fun.
I'm self employed and we have moved our savings account 4 years ago into one of the accounts so we have a big chunk of money especially during the 3rd quarter when I have my tax in the account. (I pay the money into the business account and then transfer it into my own personal account to avail of the offset).
In total at the moment we have about 1/3 of the mortgage value in all our accounts, so we are benefitting greatly.

Capri

I saw the writing on the wall years ago and gradually moved over to another bank - except for my credit card. Then today they send me a NEW Visa debit card that probably won't be valid on it's start date :P:P

No wonder banks are losing money - they can't manage themselves :mad:

yop

Founds a few offset calculators there and put in the figures as is, with the rates, amount of mort and savings/account etc, and these amounts in our savings/accounts etc rise, but the figure IF they stayed the same through out the 25 years remaining would be 67k euroo. If we had 10k in the account, then it would be 75k.

jmcc99_98

Just to give a little bit of info. I was in with Ulster Bank yesterday regarding a possible switch. They think that Danske will do the same with their credit cards as Halifax did when they pulled out.

That is that the credit card can no longer be used, the interest rate will be substantially dropped and we then just pay it off as a type of personal loan. Obviously Ulster Bank don't know for definite but they think that will be the likely outcome.

romadidas

Afraid the Ulster Bank official was wrong. I have a Danske Bank MasterCard (originally NIB). Just got a letter from Danske Bank saying the credit card account is being closed March and "any outstanding balance must be repaid on or before 7 March 2014". No mention of any conversion to loan account.

handlemaster

The threat that you have to pay off your balance before march will be enough to worry some that they will do it. I would guess there's a fair few wouldn't have a hope. Happy Christmas!! Anything on the mortgage front ?ti

jmcc99_98

romadidas wrote: »

Afraid the Ulster Bank official was wrong. I have a Danske Bank MasterCard (originally NIB). Just got a letter from Danske Bank saying the credit card account is being closed March and "any outstanding balance must be repaid on or before 7 March 2014". No mention of any conversion to loan account.

Feck it. That won't suit me at all. Will see if there is some negotiating with them. I'm still of the mind that they must make steps to resolve customer issues as they are the ones looking for an out of the contract we have with them.

The way the credit market has changed lots of people will not be offered high limits on other credit cards to transfer to our loans to pay off the danske credit cards. It would seem terribly wrong if people ended up having a poor credit rating purely on the basis of the danske pulling out.

pricewise987

"Any outstanding balance must be repaid on or before 7 March 2014".

Are people living in the real world at all...???

If I had the cash to pay it off in one go like that I wouldn't be paying massive interest on the Balance I have....:(

Currently have a €3k overdraft plus the same again on a credit card

Where do I find €6k by March...??

Drumcondra..? Manchester Fundraiser? Anglo Promissory Note..????

.BrianJM

romadidas wrote: »

Afraid the Ulster Bank official was wrong. I have a Danske Bank MasterCard (originally NIB). Just got a letter from Danske Bank saying the credit card account is being closed March and "any outstanding balance must be repaid on or before 7 March 2014". No mention of any conversion to loan account.

What happened to three months notice for credit card accounts?

pjproby

They don't seriously expect some other institution to take their credit card debts, I assume.

Its Danske's problem to sort out.

Hotblack Desiato

They can't reasonably expect people to clear off substiantial credit card debts on demand. Can they contractually do that..?

On a different note, the Mastercard debit card I got recently works fine in AIB, BoI and Ulster ATMs. It's twice failed in PTSB ATMs now, and waiting for three minutes of 'please wait' followed by 'we were unable to complete your transaction' is not going to make me popular with the queue behind me :mad: It just so happens that the nearest reliable ATM to me is PTSB. There is an Ulster machine but it gets done over by skimmers every few weeks (the design of Ulster ATMs is terrible) so any card used in it is liable to get blocked if the bank thinks there might have been a skimmer attached at the time it was used.

handlemaster

The staff have excepted the redundancy package. Customer's up next :-)j

Elessar

ninja900 wrote: »

They can't reasonably expect people to clear off substiantial credit card debts on demand. Can they contractually do that..?

On a different note, the Mastercard debit card I got recently works fine in AIB, BoI and Ulster ATMs. It's twice failed in PTSB ATMs now, and waiting for three minutes of 'please wait' followed by 'we were unable to complete your transaction' is not going to make me popular with the queue behind me :mad: It just so happens that the nearest reliable ATM to me is PTSB. There is an Ulster machine but it gets done over by skimmers every few weeks (the design of Ulster ATMs is terrible) so any card used in it is liable to get blocked if the bank thinks there might have been a skimmer attached at the time it was used.

Additionally the mastercard debit is not widely accepted online if you want to pay for something! I couldn't pay my UPC bill online because they don't accept it, and I couldn't even use it to order a pizza! :mad:

.BrianJM

Mine was accepted, without any problems, by PayPal where it showed up as a credit card.

Big C

just got through to danske, was told if unable to clear cc balance it will be turned over to debt collection agency, happy fukcin xmas, another master stroke from danske.

last stroke is another €30 gov charge will be due when the account is closed.

handlemaster

Big C . Ho ho ho to you from Danske

Thargor

Anyone know when they're closing the custody accounts for share trading and when you're supposed to move your shares out?

Hotblack Desiato

Leapcard.ie accepts Visa debit but not Mastercard debit :rolleyes:

sentient_6

Big C wrote: »

just got through to danske, was told if unable to clear cc balance it will be turned over to debt collection agency, happy fukcin xmas, another master stroke from danske.

last stroke iunt.s another €30 gov charge will be due when the account is closed.

Hold the f**king phone a second, your inability to pay a debt owed is their problem? Am i missing something or what? You built that cc balance up ya stupid ****.

kennM

sentient_6 wrote: »

Hold the f**king phone a second, your inability to pay a debt owed is their problem? Am i missing something or what? You built that cc balance up ya stupid ****.

Save those types of comments for somewhere else... the reality is (based on this statement) is that Danske are asking people to clear credit card balances in a very short space of time with very limited notice right after the most expensive time of year (Christmas).... of course people have the right to feel aggrieved!

Are you with Danske yourself?

ABC101

handlemaster wrote: »

Big C . Ho ho ho to you from Danske

Which side of the fence are you on "handlemaster"?

Your comments appear to be very pro Danske and also seem to suggest that existing customers should be clearing out.

Are you part of management in Danske? Are you an employee of Danske?

Roger_007

Big C wrote: »

just got through to danske, was told if unable to clear cc balance it will be turned over to debt collection agency, happy fukcin xmas, another master stroke from danske.

last stroke is another €30 gov charge will be due when the account is closed.

I intend to run both my current and credit card accounts down to zero, but I am not going to initiate the closure of the accounts. That way they can go and fish for the €30 fees.

Rock Steady Edy

Assuming you're going to switch your credit card account to a different company, you'll be able to offset the €30 stamp duty due on closure against the new stamp duty on the new card in April.

I've changed credit card companies 4 times in 10 years - the closing account company send you a letter to confirm you've paid for the year which you then forward on to the new company.

handlemaster

FAI got a 25% reduction on their loan from Danske bank. They also switched bank as well. It didn't look as if FAI couldn't pay so interesting direction Danske have taken. Over 12 million off loan.o

Brodick

Thargor wrote: »

Anyone know when they're closing the custody accounts for share trading and when you're supposed to move your shares out?

I was told to wait as it is expected that Danske would make arrangements to transfer Custody Accounts to another institution. I was also advised that this would be done on a no cost basis whereas if I did it myself there would be charges possibly by both institutions.

I was advised to wait and see.

Thargor

Ah good to know thanks, unfortunately most other institutions are total rip-offs and I was planning on moving to Saxo so Ill probably end up having to do that anyway...

Big C

Big C wrote: »

just got through to danske, was told if unable to clear cc balance it will be turned over to debt collection agency, happy fukcin xmas, another master stroke from danske.

last stroke is another €30 gov charge will be due when the account is closed.

Next move/stroke from wankse bank : just received a 4 page form to fill out,
first thing wanka bank now want is evidence of my address ??? Where do they think they have posted mail to me for past 20years ?

If they think I am going to give then more information than is needed to open a bank account that they want to close,

I will offer €100 per month and they can feck off, I let u know what happens.
Maybe I will change my name to FAI

handlemaster

In the paper yesterday. Danske to help those customers who can't clear over draft or credit card bills by switching to another bank.

yop

And still not a word about us with Offsets. Weird.