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Danske bank to close retail customer accounts

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24567…50

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    #32
    sitstill
    Registered Users Posts: 1,380 ✭✭✭sitstill


    chughes wrote: »

    Given the uncertainty over Ulster Bank, I guess that just leaves BoI and AIB to transfer to. I'm in a dilemma as to what to do.


    What is the uncertainty with Ulster Bank - are they leaving too? I just switched from BOI to them :-(


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    #33
    greenman09
    Registered Users Posts: 1,909 ✭✭✭greenman09


    PTSB could do all the banking needs. Current account overdraft and credit cards. The free banking option is a winner also. They do the switch for you.


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    #34
    Nonoperational
    Registered Users Posts: 7,401 ✭✭✭Nonoperational


    TSB online banking is pretty good.


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    #35
    brady73
    Registered Users Posts: 23 ✭brady73


    Damn it, have been with Danske, NIB, Northern Irish all my banking life... Boo to them pulling out! PTSB I think, if only for no transaction fees.


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    #36
    gerrowadat
    Registered Users Posts: 3,363 ✭✭✭gerrowadat


    Antone know if there's anything comparable to their prestige package with any other bank? I like having someone to call and look after stuff, and 'free fees' isn't high on my list if I get what I pay for.


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    #37
    BuffyBot
    Moderators, Motoring & Transport Moderators Posts: 24,924 Mod ✭✭✭✭BuffyBot


    There is also EBS. Transaction free for a min 500 a month balance or 1500 a month input.

    Only 5 free ATM withdrawals per month. Cashback on the Debit Mastercard would cover most people's day to day needs anyway.


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    #38
    Delta2113
    Registered Users Posts: 2,672 ✭✭✭Delta2113


    BuffyBot wrote: »
    There is also EBS. Transaction free for a min 500 a month balance or 1500 a month input.

    Only 5 free ATM withdrawals per month. Cashback on the Debit Mastercard would cover most people's day to day needs anyway.


    - It's between PTSB and EBS - I would avoid AIB,Ulster,BOI and KBC for a current account.


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    #39
    chughes
    Registered Users Posts: 1,740 ✭✭✭chughes


    It's looking like PTSB are leading the race for my business based on the comments so far on this thread.

    By the way, does anyone know what will happen as regards 30 euro stamp duty on credit cards? When I close my NIB one and possibly start a PTSB one, will I have to pay again?


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    #40
    Hotblack Desiato
    Registered Users Posts: 34,104 ✭✭✭✭Hotblack Desiato


    This sucks. Between us we have 2 current accounts, 2 credit cards and 1 savings account with them. A right PITA.

    PTSB could be the best option. Had a look at their online banking today and (like a lot of others) it's nothing like as secure as Danske's was. You have a customer number, a password (only 6-8 lowercase characters, no uppercase, no symbols :rolleyes:) and you enter 3 digits of a 6 digit PIN each time you log in. Problem is, it would only take a few logins on a dodgy PC to capture all 6 digits, and once they have that they can do anything in your name (no wonder there are so many PTSB phishing emails, they just ask for all 6 digits...)

    Danske have a 'one time pad' and required a unique number from it on each login, far more secure. OTOH they do insist on using Java which brings about its own security issues - need to keep it constantly updated, and ideally only enable Java in one browser which is only used for banking and nothing else.

    Also, I could find nothing on the PTSB site about what browsers/OSes they support. Yeah, it'll probably work on Linux but if they don't support it they won't want to know, if you have a problem (which could turn out to be at their end.)

    Fingal County Council are certainly not competent to be making decisions about the most important piece of infrastructure on the island. They need to stick to badly designed cycle lanes and deciding on whether Mrs Murphy can have her kitchen extension.



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    #41
    JTMan
    Registered Users Posts: 5,538 ✭✭✭JTMan


    Your omitting that PTSB use SMS to send verification codes to your phone before you can add new payee details online. This is a good secure feature.


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    #42
    sentient_6
    Registered Users Posts: 2,780 ✭✭✭sentient_6


    Grrr this is frustrating to say the least. :mad: The handiest thing about my current bank set up with them is managing my account(s) for the most part completely through ebanking & the app. Permanent Tsb looks to be the only option, hope the give me a basic credit card with zero fuss.


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    #43
    BuffyBot
    Moderators, Motoring & Transport Moderators Posts: 24,924 Mod ✭✭✭✭BuffyBot


    chughes wrote: »
    It's looking like PTSB are leading the race for my business based on the comments so far on this thread.

    By the way, does anyone know what will happen as regards 30 euro stamp duty on credit cards? When I close my NIB one and possibly start a PTSB one, will I have to pay again?

    No. When the credit card account is closed, you will be provided with a letter for your new card provider to state you've paid the GSD.


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    #44
    Hotblack Desiato
    Registered Users Posts: 34,104 ✭✭✭✭Hotblack Desiato


    Fungus wrote: »
    Your omitting that PTSB use SMS to send verification codes to your phone before you can add new payee details online. This is a good secure feature.

    OK. Didn't see any mention of that on the online banking part of their website. They really should have that at every login, at least as an option.

    Fingal County Council are certainly not competent to be making decisions about the most important piece of infrastructure on the island. They need to stick to badly designed cycle lanes and deciding on whether Mrs Murphy can have her kitchen extension.



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    #45
    Elessar
    Registered Users Posts: 5,239 ✭✭✭Elessar


    Ugh. This is a real pain in the ass! I've been with NIB/Danske for probably 15 or so years.

    Really love their online banking and app.

    Ugh. F*cking hassle of switching!


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    #46
    BuffyBot
    Moderators, Motoring & Transport Moderators Posts: 24,924 Mod ✭✭✭✭BuffyBot


    And for those looking for a comparison tool, don't forget the NCA's

    http://compare.consumerhelp.ie/CurrentAccount


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    #47
    christina40
    Registered Users Posts: 4 ✭christina40


    Danske currently offer discount on mortgage rate if you have prestige current account Does this mean I will lose this when current account closes next year In d process of fixing mortgage with them and worried now


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    #48
    Renny Barrett
    Registered Users Posts: 16 ✭Renny Barrett


    This is going to cost me dearly, I fear - I have an offset mortgage with Danske, and if they close my accounts which are offset against my mortgage, then the benefits of the offset mortgage disappear :-(


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    #49
    Roger_007
    Registered Users Posts: 21,886 ✭✭✭✭Roger_007


    Does anyone know what will happen to shares bought through a Danske custody account. Will they just have to be sold?


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    #50
    jjbrien
    Registered Users Posts: 2,678 ✭✭✭jjbrien


    ninja900 wrote: »
    This sucks. Between us we have 2 current accounts, 2 credit cards and 1 savings account with them. A right PITA.

    PTSB could be the best option. Had a look at their online banking today and (like a lot of others) it's nothing like as secure as Danske's was. You have a customer number, a password (only 6-8 lowercase characters, no uppercase, no symbols :rolleyes:) and you enter 3 digits of a 6 digit PIN each time you log in. Problem is, it would only take a few logins on a dodgy PC to capture all 6 digits, and once they have that they can do anything in your name (no wonder there are so many PTSB phishing emails, they just ask for all 6 digits...)

    Danske have a 'one time pad' and required a unique number from it on each login, far more secure. OTOH they do insist on using Java which brings about its own security issues - need to keep it constantly updated, and ideally only enable Java in one browser which is only used for banking and nothing else.

    Also, I could find nothing on the PTSB site about what browsers/OSes they support. Yeah, it'll probably work on Linux but if they don't support it they won't want to know, if you have a problem (which could turn out to be at their end.)


    Ulster Bank have a more secure system of online banking than PTSB and NIB. I used to have an NIB current account and still have a savings account there. Ulster Bank uses a card reader for online banking making it probably the most secure of all the banks. The android app is handy too. Their online banking is probably the best of all the banks here. I doubt they will pull out of Ireland they have a much bigger banking operation here than NIB had. Plus they are used heavily by the government here.


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    #51
    Truman Burbank
    Registered Users Posts: 543 ✭✭✭Truman Burbank


    jjbrien wrote: »
    Ulster Bank uses a card reader for online banking making it probably the most secure of all the banks.

    Long term frequent on-line Ulster Bank customer. Never needed card reader. Got one? Yes. Required to use? No. No change in log-in details (customer #, 4 digit pin & 3/6 password ) ever.


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    #52
    draiochtanois
    Registered Users Posts: 2,655 ✭✭✭draiochtanois


    This post has been deleted.


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    #53
    aw
    Registered Users Posts: 786 ✭✭✭aw


    draiochtanois wrote: »
    This post has been deleted.

    This will be interesting to me also as I have some.

    The standard fee to rematerialise them is something like £65 per cert (it is done by Northern Bank I think so it is the equivalent in euro).


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    #54
    draiochtanois
    Registered Users Posts: 2,655 ✭✭✭draiochtanois


    This post has been deleted.


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    #55
    kennM
    Registered Users Posts: 603 ✭✭✭kennM


    Renny Barrett wrote: »
    This is going to cost me dearly, I fear - I have an offset mortgage with Danske, and if they close my accounts which are offset against my mortgage, then the benefits of the offset mortgage disappear :-(

    Hey Renny, I'm in the same boat as you....

    Our current accounts are attached to the mortgage product in essence and as such can't be closed and just service your mortgage. NIB/Danske have a contract with regards to the product and its terms and conditions. We are fulfilling our side of the contract and arrangements will need to be put in place that does not leave us in a worst off position.

    I was chatting to a friend who works with one of the major banks and financial ombudsman today and he was saying that they need to either continue the current terms and conditions or have the comparable (Same terms and conditions) offered by another bank.... either way the onus is on Danske bank to resolve this.

    If needs be I'll be digging in my heals on this one....

    They are not going bankrupt, they are refocusing their efforts into different areas and pulling out of retail banking. They can't just break the contract because it no longer suits them.


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    #56
    Stheno
    Moderators, Business & Finance Moderators, Science, Health & Environment Moderators, Social & Fun Moderators, Society & Culture Moderators Posts: 51,687 Mod ✭✭✭✭Stheno


    kennM wrote: »
    Hey Renny, I'm in the same boat as you....

    Our current accounts are attached to the mortgage product in essence and as such can't be closed and just service your mortgage. NIB/Danske have a contract with regards to the product and its terms and conditions. We are fulfilling our side of the contract and arrangements will need to be put in place that does not leave us in a worst off position.

    I was chatting to a friend who works with one of the major banks and financial ombudsman today and he was saying that they need to either continue the current terms and conditions or have the comparable (Same terms and conditions) offered by another bank.... either way the onus is on Danske bank to resolve this.

    If needs be I'll be digging in my heals on this one....

    They are not going bankrupt, they are refocusing their efforts into different areas and pulling out of retail banking. They can't just break the contract because it no longer suits them.

    I worked in UlsterBank when they changed their model to work under the RBS Systems a few years ago, and as part of it, they discontinued all offset accounts in the retail market.

    They were able to do it for pretty much every situation once they followed a serious or rules set out by the regulator. I would be pretty certain that somewhere in the small print related to your current account/mortgage offset arrangement there will be something there that they can use to close the current arrangement and simply convert it to a mortgage on a stand alone basis.


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    #57
    Thoie
    Registered Users Posts: 6,344 ✭✭✭Thoie


    One thing to bear in mind during all of this is that no matter how inconvenient it might be for us, the people on the other end of the phone are losing their jobs, so try to be nice when the time comes to deal with them.


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    #58
    kennM
    Registered Users Posts: 603 ✭✭✭kennM


    Stheno wrote: »
    I worked in UlsterBank when they changed their model to work under the RBS Systems a few years ago, and as part of it, they discontinued all offset accounts in the retail market.

    They were able to do it for pretty much every situation once they followed a serious or rules set out by the regulator. I would be pretty certain that somewhere in the small print related to your current account/mortgage offset arrangement there will be something there that they can use to close the current arrangement and simply convert it to a mortgage on a stand alone basis.

    You're basing your statement on a couple of things:

    (a) Assuming RBS small print is comparable to Danske/NIB small print
    (b) No clarity around serious of rules set out my regulator
    (c) Ulster bank I believe were in a different situation? They were taken over by RBS as I understand it. In the case of Danske bank, the entity remains... they are strategically moving out of retail banking.

    At the end of the day there is a contract between each customer and the bank. Contract law still applies.

    Personally I'll be familiarising myself with the small print...

    Danske bank are due to write out to each customer in the coming weeks regarding their individual products & arrangements. We'll see what is said.


    Regarding another statement about the people on the other end of the phone losing their jobs. Absolutely 100% compassion and understanding for their situation. I've found NIB staff superb over the years and cannot fault them in any way shape or form. Absolute shame. Thoughts and prayers go out for them.


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    #59
    kennM
    Registered Users Posts: 603 ✭✭✭kennM


    Just checked small print... nope, can't change it....

    They've also said mortgages will continue under their existing terms and conditions. There is a clause in the small print where they have the right to transfer the agreement in whole or in part but does not make a material difference to terms and conditions. So essentially they could shift it to another bank under offset terms and conditions....

    Time will tell but confident that we can't end up worse off than our current terms and conditions.


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    #60
    byrnefm
    Registered Users Posts: 887 ✭✭✭byrnefm


    I used to be with Ulster Bank a few years ago until I got my mortgage with NIB. One thing which Ulster Bank online banking couldn't do (in 2007) was to pay my AIB Credit Card, as there was only a way to transfer money from one a/c to another but not with reference text (which I needed to specify my credit card #).

    Does anyone know if this is now possible with their online banking, that is, to specify reference details / text? The reviews I've seen on Google Play for Ulster Bank's app is generally very positive (esp compared to AIB's for example)

    Also, I'm wondering how TRS will now be paid if my current a/c is no longer with Danske but my mortgage is... though I guess they'll let us know that in due course.


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    #61
    Toto Wolfcastle
    Registered Users Posts: 25,005 ✭✭✭✭Toto Wolfcastle


    I pay my AIB credit card from my Ulster Bank account. You can put the card number in as the reference.


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