Danske bank to close retail customer accounts

JimsAlterEgo · 10-01-2014 03:31PM

yop wrote: »

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

its their hardest problem to solve.

pricewise987 · 10-01-2014 03:37PM

Just wondering what is the term of the personal loans people are being offered

We could clear our overdraft and credit card but over a 4/5 year term

It won't happen overnight

Why would Danske think we could clear this in a few weeks

Where is this money going to come from...???

yop · 10-01-2014 03:37PM

JimsAlterEgo wrote: »

its their hardest problem to solve.

Well I am looking forward them to solving mine

Its gonna cost them a LOT of euros based on what we have saved so far

JimsAlterEgo · 10-01-2014 03:52PM

best they can hope for is to transfer them to another bank, worst case for them is they have to buy them out or convert them but they would need to offer a big carrot.

kennM · 10-01-2014 04:16PM

JimsAlterEgo wrote: »

best they can hope for is to transfer them to another bank, worst case for them is they have to buy them out or convert them but they would need to offer a big carrot.

mmmmmm carrots!! (Not a veggie but in this context I am) : )

handlemaster · 10-01-2014 04:33PM

I'd think right downs.... especially if you can show you Dont have a pot to piss in.

handlemaster · 10-01-2014 06:33PM

Good article in Irish times today. Not doing very well in their home country either lost 94000 customers first 9 months last year

makeorbrake · 10-01-2014 08:08PM

handlemaster wrote: »

Good article in Irish times today. Not doing very well in their home country either lost 94000 customers first 9 months last year

Yeah...read that. Swedish banks muscling in on their customer base apparently...

Zaph · 10-01-2014 08:10PM

When I rang them in relation to a query regarding charges I was told that I should also mention the issue of TRS being applied to my mortgage. At present the TRS is applied to the current account that's used to service the mortgage account, but that account is due to be closed. I was told that as yet they haven't any way of applying TRS directly to the mortgage account and that they were working on it. My initial query was sent on 22nd November and I have yet to receive either a satisfactory response to my charges query or any response regarding the TRS. I sent my last e-mail on December 20th that has remained unanswered, so this weekend they'll be getting another advising them that if I don't receive a proper response by COB next Friday the next e-mail I send will be to the Financial regulator. Whatever about the charges, that's an individual issue specific to me, but the TRS issue affects a lot of people and I can't believe that they're not making any effort to address it.

ABC101 · 11-01-2014 01:33PM

It's a bit hard to sort a problem out when they have decided to leave go a large number of staff. I believe some staff will be going next month.

Typical upper management "detached from reality" decision, "too many chiefs and not enough Indian's" etc

I suspect that services will continue for longer due to the fact that they do not have a "workable strategy" thought out.

Obviously the customers who are easiest to drop will be dropped first... but clients of other more complex products will take longer.

Just a hunch!

handlemaster · 11-01-2014 02:28PM

Does anyone know how much they are losing per 100k on trackers at present ?

Big C · 11-01-2014 02:38PM

handlemaster wrote: »

Does anyone know how much they are losing per 100k on trackers at present ?

hopefully they are losing millions

handlemaster · 11-01-2014 05:17PM

Big C wrote: »

hopefully they are losing millions

Hopefully the january sales get extended this year ;-)

JimsAlterEgo · 14-01-2014 10:35AM

ABC101 wrote: »

It's a bit hard to sort a problem out when they have decided to leave go a large number of staff. I believe some staff will be going next month.

Typical upper management "detached from reality" decision, "too many chiefs and not enough Indian's" etc

I suspect that services will continue for longer due to the fact that they do not have a "workable strategy" thought out.

Obviously the customers who are easiest to drop will be dropped first... but clients of other more complex products will take longer.

Just a hunch!

the only way I can see them getting rid of offsets is selling them off to another bank

handlemaster · 14-01-2014 10:42AM

JimsAlterEgo wrote: »

the only way I can see them getting rid of offsets is selling them off to another bank

And no bank or investment company is going to pay one Euro for one euro of debt.

legrand · 14-01-2014 10:47AM

Need to get my act together and choose a new bank.

I have a separate joint current account with BoI (for bills etc). Their on-line/mobile App banking sucks compared to Dankse.

I have no experience of AIB/TSB/Ulster online/mobile app banking.

Can any switchers provide some advise for best alternative (99% of my banking needs are done online)

thanks

handlemaster · 14-01-2014 11:43AM

Still haven't received any letter from the bank how long are they going to leave it.

cunnijo · 14-01-2014 11:57AM

Me neither. The longer they leave it the better.

handlemaster · 14-01-2014 12:03PM

As long as they don't stop direct debits etc without any notice

cunnijo · 14-01-2014 12:07PM

I should hope not. I expect that would be in breach of Central Bank rules. If I understand correctly they have to give at least 2 months notice of account closure anyway.

chughes · 14-01-2014 12:11PM

I haven't heard anything yet either. I plan on letting it go to the wire, I'm not going to make it easy by just walking away. They are going to have to throw me out before they lock the door

cunnijo · 14-01-2014 12:17PM

chughes wrote: »

I haven't heard anything yet either. I plan on letting it go to the wire, I'm not going to make it easy by just walking away. They are going to have to throw me out before they lock the door

It will be interesting to see how many more customers will think the same way on this (me included).

kennM · 14-01-2014 12:42PM

cunnijo wrote: »

It will be interesting to see how many more customers will think the same way on this (me included).

Me included... will see what appears on the offset mortgage front. If I was to bet money I would suspect they will be shifted to another provider who will also offer the offset mortgage.

Thoie · 14-01-2014 12:49PM

I'm letting it go to the wire more from inertia than any kind of bargaining tool. I have a tracker mortgage (not offset) with them, and a feeder account, that does nothing but receive money from my "main" bank account, and drop it into the mortgage. As they're not getting rid of mortgages, all that will happen is that at some stage they'll close the feeder account, and money will go straight from the main account to the mortgage.

I'll need to alter the amount leaving the main account - at the moment I add a bit extra there each month, which then covers my management fees at the end of the year, but that's not a big deal, I have other savings accounts.

yop · 14-01-2014 01:04PM

Same as that chaps, not contacting them until they make me an offer. Show me the money

marathonic · 14-01-2014 01:59PM

Well, their only three options regarding tracker mortgages are:

Run the tracker mortgage book down themselves;
Sell the tracker book to another bank at a discount - the discount would be significant because it'd need to cover the losses being made on the mortgage itself, the other banks admin costs and the other banks desired profit;
Offer customers a discount to repay their mortgage early or switch to another banks SVR. For example, for every 100 euro owed, they might reduce it to 80 euro if you transfer to another bank. I believe the debt writedown would be a taxable event and the mortgage holder would be liable to Capital Gains Tax

In my opinion, the first option is the most likely route they'll choose, perhaps offering the third option to the holders of the longer-term tracker mortgage so as to allow them to pull out completely as early as possible.

I suspect a lot of these mortgages are now in negative equity so there's a possibility they'll offer a deal for partial paydown of your mortgage to bring it back into positive equity. This would make the loan book more attractive to other banks because the security offered (the houses) would cover the outstanding debt better.

The Falcon · 14-01-2014 02:59PM

legrand wrote: »

Need to get my act together and choose a new bank.

I have a separate joint current account with BoI (for bills etc). Their on-line/mobile App banking sucks compared to Dankse.

I have no experience of AIB/TSB/Ulster online/mobile app banking.

Can any switchers provide some advise for best alternative (99% of my banking needs are done online)

thanks

I acted quickly and switched to PTSB in November - All went smoothly with their 'Switch buddy' service. Their online banking is perfect for me (haven't been inside a bank in years

ABC101 · 14-01-2014 03:08PM

No news my end either.... and I also know of friends who are clients of Danske and have not got any letter yet.

I'm making arrangements with another bank just in case...as I don't want to be surprised...but I'm not leaving Danske... I've got my offset mortgage + current account and I am hanging in there, right to the bitter end... if it ever comes?

They clearly don't know themselves...but I think it is very very stupid to close up shop when the economy is now on the road to recovery... article in the Indo today saying the cranes will be coming back to Dublin next year.

handlemaster · 14-01-2014 03:34PM

marathonic wrote: »

Well, their only three options regarding tracker mortgages are:
Run the tracker mortgage book down themselves;

Sell the tracker book to another bank at a discount - the discount would be significant because it'd need to cover the losses being made on the mortgage itself, the other banks admin costs and the other banks desired profit;

Offer customers a discount to repay their mortgage early or switch to another banks SVR. For example, for every 100 euro owed, they might reduce it to 80 euro if you transfer to another bank. I believe the debt writedown would be a taxable event and the mortgage holder would be liable to Capital Gains Tax

In my opinion, the first option is the most likely route they'll choose, perhaps offering the third option to the holders of the longer-term tracker mortgage so as to allow them to pull out completely as early as possible.

I suspect a lot of these mortgages are now in negative equity so there's a possibility they'll offer a deal for partial paydown of your mortgage to bring it back into positive equity. This would make the loan book more attractive to other banks because the security offered (the houses) would cover the outstanding debt better.

Case with revenue recently. Apparently right downs to AIB staff who got preferential rates but not to other people. Dont have link but u can Google it.

Leslie91 · 14-01-2014 10:49PM

legrand wrote: »

Need to get my act together and choose a new bank.

I have a separate joint current account with BoI (for bills etc). Their on-line/mobile App banking sucks compared to Dankse.

I have no experience of AIB/TSB/Ulster online/mobile app banking.

Can any switchers provide some advise for best alternative (99% of my banking needs are done online)

thanks

I went to PTSB for current account. Online banking is OK, does not match up to Danske but whose does?

I've experience with BOI business online and compared to that it is night and day.

Danske bank to close retail customer accounts

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