NIB to start charging for *all* their current accounts

Thoie

Result - just received a letter today (dated May 30th). No mention of my previous contact with them. Here's the main piece of interest:

After reviewing your account profile we have identified that the account above is used solely to service <your mortgage>. In order to maintain your current fee free loan service facility we are moving your existing account to a National Irish Bank Loan Servicing account. The National Irish Bank Loan Servicing account is restricted and will only permit transactions such as payments in and Direct Debits out in relation to your loan or insurances associated with the loan.

If you would like an account that allows you to carry out transactions other than this, such as ebanking transfers to other accounts and card transactions, you will need to contact us to discuss the account type most suitable for you as per the details below.

I need to read through the terms etc., that they enclosed, and there's the option to change to another fee paying account if you wish, but well done all. Hopefully the rest of you will get your letters soon as well.

earlyapex

Be careful with this. I also received the same letter today, dated 30th May. Its unsigned from the Head of sales and marketing and doesn't mention my official complaint.
It doesn't address the problems I raised in my complaint and they still want to change the terms and conditions of the mortgage agreement. I'm not satisfied and will be contacting their complaints department as I want a final response, signed letter from them.

Thoie

I think it's a reasonable solution - it's fee-free banking on an account that I was "forced" to open to service my account.

I have, in the past, paid a little extra into the account each month (to take account of interest rate fluctuations) and then withdrawn the excess one way or another once a year, but I'm willing to make other arrangements to ensure there is no excess and no additional transactions on the account.

From reading the attached bumpf, I see 4.2 :

In addition where funds have been credited to the Account in association with Tax Relief for Mortgage Interest, these funds may be paid to an external account by standing order only.

- so I want to look into that.

The other interesting piece is 6.2

You may close your Account at any time provided you make alternative arrangements to make repayments to your loan

Definitely going to look into that one, as it looks like I might be able to close the account altogether and have my mortgage payments come out of my "normal" current account. Obviously want to make sure that this doesn't impact my mortgage adversely in any way.

earlyapex

Yes, that 6.2 part is interesting. It doesn't say it wont affect your tracker though. Out of interest, had you made an official complaint?
Or are they sending these letters to everyone on LTV mortgages?

Thoie

earlyapex wrote: »

Yes, that 6.2 part is interesting. It doesn't say it wont affect your tracker though. Out of interest, had you made an official complaint?
Or are they sending these letters to everyone on LTV mortgages?

I had made a complaint, and like you am waiting on an official complaint reply. I have a lot of other people to fight with at the moment over more serious things, so don't have the time to chase this one, which is why I'll probably accept the new account. If I have time next week I'll be following up on the Termination clause, but I'd want something sworn in blood to say it doesn't affect my tracker before switching!