Danske bank to close retail customer accounts

robbe · 03-04-2014 12:21PM

Cheers - submitted documentation to FSO today so expect to get a response early next week perhaps. I thought the FSO publish the outcome of their cases and thus no NDA requriement but I'm only at the start of the process so I'll know more soon in theory.

yop · 03-04-2014 12:28PM

robbe wrote: »

Cheers - submitted documentation to FSO today so expect to get a response early next week perhaps. I thought the FSO publish the outcome of their cases and thus no NDA requriement but I'm only at the start of the process so I'll know more soon in theory.

I don't know, only a presumption on my part

But the bank will deem each mediation as "individual" agreements so don't be surprised. I have all my calculations done and ready for them based on all the saving, increase in savings, avg interest saved per month, increase on avg interest saved per month since we took the mortgage, what a 1% decrease in the interest rate will do for us etc.
So you need to get your sums done before any mediation or else they will aim to get the lowest amount possible.

robbe · 03-04-2014 12:52PM

yop wrote: »

I don't know, only a presumption on my part
But the bank will deem each mediation as "individual" agreements so don't be surprised. I have all my calculations done and ready for them based on all the saving, increase in savings, avg interest saved per month, increase on avg interest saved per month since we took the mortgage, what a 1% decrease in the interest rate will do for us etc.
So you need to get your sums done before any mediation or else they will aim to get the lowest amount possible.

Thanks - did my sums already and included as part of the mediation process (don't forget the DIRT on the interest achieved). To be honest would be happier to engage with Danske directly but they have thus far failed to return my calls (no surprise there). Will update when the next step happens.

yop · 03-04-2014 12:55PM

robbe wrote: »

Thanks - did my sums already and included as part of the mediation process (don't forget the DIRT on the interest achieved). To be honest would be happier to engage with Danske directly but they have thus far failed to return my calls (no surprise there). Will update when the next step happens.

Same as myself then, we have to start somewhere to the steps are been followed

nicky5mx · 03-04-2014 02:16PM

I am sending my complaint to the FSO today. Spent three hours last night typing a very comprehensive complaint. Lets hope we get some joy from the FSO as DB have buried their heads in the sand. When reviewing the documentation last night it is difficult to see how they think they can get away with it. No doubt they will fight it tooth and nail with the FSO.

I am sure that the wheels of the FSO will turn very slowly. The more complaints they receive the better as they will know that there is something that needs to be addressed.

I will be pulling my money out of the DB savings and into my DB current account before the April deadline. I intend to leave the money in the current account and ignore the May deadline. Not sure what DB will do but if all accounts are empty then it will make it easier for them to get rid of us.

Are people setting up direct debits for their mortgage repayments or is it better to set-up a standing order from the new account with another bank ? Personally I am much more comfortable with a SO.

yop · 03-04-2014 02:23PM

nicky5mx wrote: »

I am sending my complaint to the FSO today. Spent three hours last night typing a very comprehensive complaint. Lets hope we get some joy from the FSO as DB have buried their heads in the sand. When reviewing the documentation last night it is difficult to see how they think they can get away with it. No doubt they will fight it tooth and nail with the FSO.

I am sure that the wheels of the FSO will turn very slowly. The more complaints they receive the better as they will know that there is something that needs to be addressed.

I will be pulling my money out of the DB savings and into my DB current account before the April deadline. I intend to leave the money in the current account and ignore the May deadline. Not sure what DB will do but if all accounts are empty then it will make it easier for them to get rid of us.

Are people setting up direct debits for their mortgage repayments or is it better to set-up a standing order from the new account with another bank ? Personally I am much more comfortable with a SO.

But you already have a feeder account for your Mortgage do you not? So why the SO?

nicky5mx · 03-04-2014 02:32PM

The monthly motgage repayment will be coming from my new current account with the different bank. If I sign the DD mandate then DB will automatically take it each month (they are in control). If I set up a SO then I control the payments. Maybe I am missing something that I did not read in the account closure pack received from DB ?

I do not like signing direct debits if a SO will be accepted.

yop · 03-04-2014 02:35PM

nicky5mx wrote: »

The monthly motgage repayment will be coming from my new current account with the different bank. If I sign the DD mandate then DB will automatically take it each month (they are in control). If I set up a SO then I control the payments. Maybe I am missing something that I did not read in the account closure pack received from DB ?

I do not like signing direct debits if a SO will be accepted.

Ah ok, so you are not going to service your mortgage from your Danske accounts while this is ongoing?
I am not moving until its resolved. Unless I am been totally naive, and please correct me if I am, but they can't close the account if we have money in them and also if its has been stated that we won't move until the issue is resolved..:o

nicky5mx · 03-04-2014 02:42PM

Yes...... bank may not accept any payments in or out after May deadline. Will keep a pot of money in the offset C/A but was planning to do all my day to day banking (including mortgage repayments) from my new bank.

Still not sure if I can just set-up a SO instead of a DD.

kennM · 03-04-2014 05:29PM

yop wrote: »

Ah ok, so you are not going to service your mortgage from your Danske accounts while this is ongoing?
I am not moving until its resolved. Unless I am been totally naive, and please correct me if I am, but they can't close the account if we have money in them and also if its has been stated that we won't move until the issue is resolved..:o

Best of luck on that approach.... they have dates that they will stick to. They have told you they will close the account, and they will. The money will be held for you and you'll likely have to contact them to make arrangements to get it. I would say transactions on that account likely won't work either. Could be a big awkward mess for you.....

The only way they'll stop is if they are legally told to do so... either from FSO or court injunction I would say. Personally I'm shifting everything out so that I've no disruption from a financial perspective but I'll be going through FSO regarding their position on offset mortgage. Not acceptable.

Reggie 365 · 03-04-2014 10:35PM

On a semi-related note I notice I've been charged €30 card stamp duty on my (soon to be closed) Mastercard Gold Account. Is this fee for the past year or (as I expect) for the next 12 months. If I sign up for a new credit card with another provider do I have to pay this card stamp duty again !

Zaph · 03-04-2014 10:43PM

Reggie 365 wrote: »

On a semi-related note I notice I've been charged €30 card stamp duty on my (soon to be closed) Mastercard Gold Account. Is this fee for the past year or (as I expect) for the next 12 months. If I sign up for a new credit card with another provider do I have to pay this card stamp duty again !

Get a letter from Danske confirming that you've paid the stamp duty for this year and give it to your new card provider to avoid them charging you as well.

dolallyoh · 04-04-2014 09:24AM

I have a SO sending my monthly repayment into my servicing account in Danske. I won't be changing that until the FSO conclude their report.

chughes · 04-04-2014 09:32AM

Reggie 365 wrote: »

On a semi-related note I notice I've been charged €30 card stamp duty on my (soon to be closed) Mastercard Gold Account. Is this fee for the past year or (as I expect) for the next 12 months. If I sign up for a new credit card with another provider do I have to pay this card stamp duty again !

I've been charged this fee and the problem I have is that I'm on a Back To Education scheme so because I'm classified as a student I can't get a credit card else where. This means I'm paying a tax for a facility I won't have. Is this something the Ombudsman would look at or do I just have to suck it up?

yop · 04-04-2014 11:10AM

kennM wrote: »

Best of luck on that approach.... they have dates that they will stick to. They have told you they will close the account, and they will. The money will be held for you and you'll likely have to contact them to make arrangements to get it. I would say transactions on that account likely won't work either. Could be a big awkward mess for you.....

The only way they'll stop is if they are legally told to do so... either from FSO or court injunction I would say. Personally I'm shifting everything out so that I've no disruption from a financial perspective but I'll be going through FSO regarding their position on offset mortgage. Not acceptable.

Ya I don't want to be caught out either so I am waiting on responses from DS and FSO on this.

Thoie · 04-04-2014 04:46PM

nicky5mx wrote: »

The monthly motgage repayment will be coming from my new current account with the different bank. If I sign the DD mandate then DB will automatically take it each month (they are in control). If I set up a SO then I control the payments. Maybe I am missing something that I did not read in the account closure pack received from DB ?

I do not like signing direct debits if a SO will be accepted.

nicky5mx wrote: »

Yes...... bank may not accept any payments in or out after May deadline. Will keep a pot of money in the offset C/A but was planning to do all my day to day banking (including mortgage repayments) from my new bank.

Still not sure if I can just set-up a SO instead of a DD.

They'd prefer a direct debit, and to be honest, if I was just paying the minimum each month, I'd have gone for that. But yes, they'll accept a standing order - maybe just write that on the DD form when you're sending it back (that you've set up a standing order for x date every month instead).

The risk with a standing order if your interest rate is variable is that you'd need to watch it and work out exactly how much you need to pay when the rate changes.

This won't affect me until the rate pushes my payments higher than I'm currently paying (which won't be for a while, unless the ECB push the rate up a few percent in one go), so a standing order is convenient for me.

If the rate changes, they say they'll write and tell you, but if you were on holidays or missed the notice and didn't alter the SO on time, it could be a pain.

cathk · 04-04-2014 05:13PM

robbe wrote: »

All gone a bit quiet in here on this subject - just wondering if anyone has further news on how they are progressing. I've moved to the FSO stage after the PFO received from Danske Bank - I did try calling them but the lady mentioned as a contact in my letter has failed to respond as of yet. Someone mentioned they had been contact ref mediation - interested to hear the timelines on this given the date for the closure of the account (savings) is 25th April.

We have been to FSO & all they can recommend is mediation, will have to speak to someone in the know again, 3 weeks to respond

to boot · 04-04-2014 10:35PM

got this reply from Central bank today when I raised the issue of unilateral change to terms and conditions

''Thank you for your follow up email.

Danske Bank has complied with the provisions laid out in the Central Bank Codes of Conduct relating to the withdrawal of certain financial services. Link to Codes as follows http://www.centralbank.ie/regulation/processes/consumer-protection-code/Pages/codes-of-conduct.aspx

However, if you can forward specific information in relation to your allegations that this bank is unilaterally altering their customers’ terms and conditions we would be happy to investigate this matter.

Regards.''

I have already been given information which I will pass on to the CB and if there are other instances please quote T&C and version and changes an mode of change which I will include in my response to CB

ABC101 · 06-04-2014 09:21PM

I phoned Danske... and I was assured.... that I will still be able to log onto Danske eBanking until the end of 2014 to check my mortgage account.

So if you have a Danske Mortgage.... don't rip up your eBanking password card just yet!!!!!!!!!!!

In addition during the phone conversation I was assured... that the 1% reduction will apply for the duration of the Offset mortgage.

That's not to say the rate will stay at 3.15% forever..... but if they move the SVR up 0.5%.. then the Offset will rise accordingly. Not sure what rates will do... as it looks like the ECB might reduce rates even more to push more money out of the vaults and into the street.

I would not be surprised... if Danske sell the mortgage book to somebody else entirely....

And I don't believe Danske will stay in Ireland for Business Banking... They will pull out of that too..... just my opinion..

yop · 06-04-2014 09:25PM

I have business banking with them also. So that will stay... for now!!!

I would be getting that in writing from them re the -1%

Who are people moving to with regards their new bank? Need good mobile and internet banking. I see Permanent TSB offer free banking if put in 1500 per month.
Whats PSTB, AIB, BOI like for online banking? I wouldn't touch Ulster due to the farces over the last 2 years in their IT dept.

ABC101 · 06-04-2014 09:50PM

yop wrote: »

I would be getting that in writing from them re the -1%

Good point!!!

Unfortunately there are "Not that many other banks around"... and there may even be less after the ECB stress tests at the end of the year. I read recently that PTSB may merge with Ulster... but who knows???

From what I have seen... the Dansk eBanking was "Light years ahead" of anything the domestic Irish banks can cobble together.

All sorts of nonsense.. like sending a txt message to your mobile to verify a transaction you are trying to make. PTSB and (I think) BoI do this. All very well if you NEVER leave Ireland, but if you travel abroad then awaiting a stupid txt could depend on your roaming agreement with your mobile provider. My phone will not call the USA.. for some reason it is blocked.

I used to have a pay as you go phone... which could receive calls and txts if I was in Singapore... but would NOT work if I was in Northern Ireland. I mean how f***ed up is that?????

Ulster and AIB require you to use a special card reader... which you insert your debit card, enter a few numbers, select a few options and it then spits out a password code which you then enter on your laptop whilst logged into eBanking. But the Card reader is only required if doing a transfer or something unusual for the 1st time. If you save the details you can reuse them and the card reader is not required.

It is possible to transfer money from your current account to your CC account in AIB.. but it is considered a payment... Not a funds transfer like in Danske.

In my opinion... the Irish internet banking is Medieval when compared to Danske.

yop · 06-04-2014 09:57PM

ABC101 wrote: »

Good point!!!

Unfortunately there are "Not that many other banks around"... and there may even be less after the ECB stress tests at the end of the year. I read recently that PTSB may merge with Ulster... but who knows???

From what I have seen... the Dansk eBanking was "Light years ahead" of anything the domestic Irish banks can cobble together.

All sorts of nonsense.. like sending a txt message to your mobile to verify a transaction you are trying to make. PTSB and (I think) BoI do this. All very well if you NEVER leave Ireland, but if you travel abroad then awaiting a stupid txt could depend on your roaming agreement with your mobile provider. My phone will not call the USA.. for some reason it is blocked.

I used to have a pay as you go phone... which could receive calls and txts if I was in Singapore... but would NOT work if I was in Northern Ireland. I mean how f***ed up is that?????

Ulster and AIB require you to use a special card reader... which you insert your debit card, enter a few numbers, select a few options and it then spits out a password code which you then enter on your laptop whilst logged into eBanking. But the Card reader is only required if doing a transfer or something unusual for the 1st time. If you save the details you can reuse them and the card reader is not required.

It is possible to transfer money from your current account to your CC account in AIB.. but it is considered a payment... Not a funds transfer like in Danske.

In my opinion... the Irish internet banking is Medieval when compared to Danske.

Thats what worries me, Irish banks are so far behind. I'd be afraid if PTSB went with Ulster, maybe they have improved, but I remember weeks where my mates couldn't access funds.

PSTB seem to get the best reviews, but I can't get a demo online!

As long as you can setup mandated accounts so I can pay off my CC and other bills and transfer money to my business account as required.

ABC101 · 06-04-2014 10:21PM

yop wrote: »

Thats what worries me, Irish banks are so far behind. I'd be afraid if PTSB went with Ulster, maybe they have improved, but I remember weeks where my mates couldn't access funds.

PSTB seem to get the best reviews, but I can't get a demo online!
As long as you can setup mandated accounts so I can pay off my CC and other bills and transfer money to my business account as required.

I'd go with AIB if I were you.... as long as you have 2500 min in the account then there are no charges etc etc.

As for the "Orish Banks being so far behind"... with less competition in Ireland... the Irish Domestic Banks don't really have much incentive to provide better eBanking.

I mean Dankse could do all their banking from just ONE building and the customers could manage things themselves. Which was fine as long as you did not require something more complex like a new mortgage etc.

Obviously this fact has not crossed the minds of management in other Irish banks yet..

yop · 06-04-2014 10:26PM

ABC101 wrote: »

I'd go with AIB if I were you.... as long as you have 2500 min in the account then there are no charges etc etc.

As for the "Orish Banks being so far behind"... with less competition in Ireland... the Irish Domestic Banks don't really have much incentive to provide better eBanking.

I mean Dankse could do all their banking from just ONE building and the customers could manage things themselves. Which was fine as long as you did not require something more complex like a new mortgage etc.

Obviously this fact has not crossed the minds of management in other Irish banks yet..

Must check them out. I was an AIB customer previously before we both closed our accounts and moved them all to NIB.

Big C · 07-04-2014 01:43PM

Wankse bank rang on friday to sort out my credit card which they terminated 1 april with €1400 due, first thing I said was I was recording the call for training purposes, she immediately said a supervisor wud ring me back and hung up.

Phone call today, again said I was recording the call, he began telling I had to set up direct debit to clear balance, I said no that I wud pay what i cud monthly he said well ok and that I had 2 yrs to clear the balance.

Me 1 wankse bank nil

Thargor · 07-04-2014 01:45PM

Just be careful you dont destroy your credit rating for the sake of messing with the man.

positron · 07-04-2014 04:44PM

Sorry if this a basic finance 101 question.. filling in the SEPA Core Direct Debit Mandate for Danske (so that the mortgage will continue to be paid from my Ulster Bank account), what should I put in the 'Debtor' section - is that my own name, address and Ulster Bank IBAN & BIC details, or should it be Ulster Bank's name & address and my account IBAN + BIC?

It sounds stupid when I put it like that - it's a agreement between me and Danske, so I guess it should be my own details. They have Ulster Bank's IBAN, so they can look up rest of the details, right?

Thanks!

Thoie · 07-04-2014 05:22PM

positron wrote: »

Sorry if this a basic finance 101 question.. filling in the SEPA Core Direct Debit Mandate for Danske (so that the mortgage will continue to be paid from my Ulster Bank account), what should I put in the 'Debtor' section - is that my own name, address and Ulster Bank IBAN & BIC details, or should it be Ulster Bank's name & address and my account IBAN + BIC?

It sounds stupid when I put it like that - it's a agreement between me and Danske, so I guess it should be my own details. They have Ulster Bank's IBAN, so they can look up rest of the details, right?

Thanks!

You're right - it's your Name, Address etc, your Ulster Bank current account IBAN and SWIFT BIC.

Don't forget to add your Danske Bank loan account number in the second line.

Bumby · 08-04-2014 10:36AM

Hi, can anyone advise how long Danske Bank have to respond to a letter of complaint regarding my Off-Set Mortgage? I wrote to them on 18th and have not had a response. With my Off-Set Current Account due to be closed on 25th April I'm running out of time to get their response to the FSO. Call me a cynic but probably a deliberate ploy on their part. Intention is to write to FSO by week's end in any event enclosing a copy of my letter to Danske and advising FSO that I've had no response and timescale issue.

ABC101 · 08-04-2014 10:42AM

Bumby wrote: »

Hi, can anyone advise how long Danske Bank have to respond to a letter of complaint regarding my Off-Set Mortgage? I wrote to them on 18th and have not had a response. With my Off-Set Current Account due to be closed on 25th April I'm running out of time to get their response to the FSO. Call me a cynic but probably a deliberate ploy on their part. Intention is to write to FSO by week's end in any event enclosing a copy of my letter to Danske and advising FSO that I've had no response and timescale issue.

I've no idea... Better to phone them... I think your call will be routed to N.I. At least that way you can confirm if they got your letter.

Danske bank to close retail customer accounts

Comments