Danske bank to close retail customer accounts

Reggie 365

I've just been looking through my original Offset Mortgage agreement comprising 19 pages with 26 'General Conditions for Annuity Home Loans'.

Is this similar to other peoples agreements and which part of this is Danske Bank in breach of by closing the accounts which are offset against the mortgage account.

I'm hoping to email them asap and also Central Bank & Financial Ombudsman but I'm not sure how to phrase my email so it sounds correct.

What (in general) have other posters said in your emails.

Tks.

ABC101

No Letter yet at my end... however I am sure it is not far away.

Yes Danske are very very slow to reply to requests, but it has been that way for over a year now, since they have been shedding staff the business has slowed up.

I think it is "insulting" that Danske are still advertising their services on the radio... even if it is just corporate. Must be hard for the ex staff to listen to the radio as well.

I found the staff always to be nice... I think Danske are linked to Northern Bank in N.I.

I wonder would it have been possible to switch our accounts to N.I. particularly Offsets. Unless of course they plan to close Northern Bank as well.

Ryaned40

nicky5mx wrote: »

As a matter of interest, has anybody received a response when they submitted an official complaint on the banking app ? They have not responed to my complaint from last night and have a feeling they are ignoring the issue. They are dreadful slow to reply since the closure was announced.

I am going to do an old fashioned registered letter tomorrow just in case. Copy will also be sent to the Central Bank and the Ombudsman.

You can ring them to put in a complaint and ask them to reply by email or letter! Ask them for a reference no as we'll so you have a record of your complaint! All offset mortgages are basically the same terms and condition, current and savings accounts are part of agreement of mortgage

Ryaned40

Ryaned40 wrote: »

You can ring them to put in a complaint and ask them to reply by email or letter! Ask them for a reference no as we'll so you have a record of your complaint! All offset mortgages are basically the same terms and condition, current and savings accounts are part of agreement of mortgage

Terms and conditions of offset mortgage
Termination
Subject to section 4 of general terms and conditions which you can find on danske bank website!
It states that you have to give them 1 months notice to close and they have to give you 2 months notice!! They are talking about the whole mortgage,savings and current account closure not just current and savings accounts! They don't state individual accounts because offset is all one account!

dolallyoh

Ryaned40 wrote: »

Terms and conditions of offset mortgage
Termination
Subject to section 4 of general terms and conditions which you can find on danske bank website!
It states that you have to give them 1 months notice to close and they have to give you 2 months notice!! They are talking about the whole mortgage,savings and current account closure not just current and savings accounts! They don't state individual accounts because offset is all one account!

What are the terms and conditions on your actual paper mortgage contract ? You can put any old thing on the internet, doesn't make it legal.

Big C

wow 21 likes on facebook

https://www.facebook.com/DanskeRipOff

bet wankse bank are wettin themselves

Rock Steady Edy

yop wrote: »

Can I ask a blonde question.

I currently have a feeder account in NIB/Danske/showerofrobbingbandstands where they take the mortgage from each month. IF we leave, do we just setup a DD from Danske to the new bank account where it will take it from there or do we need to directly deposit into the Danske mortgage on a given date each month?

There was a (pretty poorly worded) form with my pack entitled "Sepa Core Direct Debit Mandate" which I read will mean that the relevant mortgage payment will be requested from the new non-Danske account and re-credit any TRS due.

If I was an offset mortgage holder the main point I would be complaining about is that they are no longer allowing me to save at an interest rate that is equal to my mortgage rate. The current best savings account net of DIRT offers a return of about 1.36%, well below the proposed new mortgage rate that I would have to pay.

sandycove123

Got the letter and have complained to the financial regulator. We are 95% offset and as a result our interest payments will go from €40 per month to €400 per month and this includes the 1% interest rate reduction.

yop

Big C wrote: »

wow 21 likes on facebook

https://www.facebook.com/DanskeRipOff

bet wankse bank are wettin themselves

Whats that meant to mean exactly?

DiscoFever

Big C wrote: »

wow 21 likes on facebook

https://www.facebook.com/DanskeRipOff

bet wankse bank are wettin themselves

In fairness the group is only active 1 day, it takes time for word to get out. Everything has to start somewhere

DiscoFever

I got my letter from them yesterday. I have current account, credit card and SVR mortgage. Current account closure date is 23rd May and Credit Card is 25th April. Credit card notice is 2 months even though their site had 3 months quoted up until this week, conveniently it is now 2 months! In the grand scheme of things I suppose it doesnt really matter. Nothing about the mortgage only an instruction to arrange to pay from new current account. I have set up new current account with PTSB but I didn't go for switch buddy (due to bad reports), so I just need to transfer DD's etc myself.

I did nothing about the credit card yet, it has quite a big balance, approx 8k (eek!) so I can't see any other bank letting me transfer balance (mind you I haven't actually checked yet!). Even with the 24 month option I couldnt see myself being able to make the payments so I rang them and advised this and they are referring me to their credit team who will send me a "Financial Hardship package" which I need to fill in and send back to them and then their Credit team will contact me to see what else can be done, possibly a term loan. I asked him what exactly this package is and the guy couldn't tell me as he is not in the credit team, I said I was not in financial difficulty, have never missed a payment on anything, have a perfect credit rating and the only reason I can't pay off is due to the bank pulling out and the deadline given. He was sympathetic but he couldn't advise if my credit rating would be affected if the credit card balance is converted into a term loan, he advised I would have to speak to the Credit team after I return this hardship package. Before anyone lectures, I am fully aware that the credit card balance is my own fault, but I have never missed a payment and fully intend to pay it off in full. I am looking at other options of transferring balance or credit union loan to just get rid of it. And I will have a look at this package when it arrives and speak to their credit team at that point.

Is anyone else in this situation, have you converted CC to a term loan? Do you know if your credit rating will be affected? Will it look like you defaulted on a credit card?

clint_silver

DiscoFever wrote: »

I got my letter from them yesterday. I have current account, credit card and SVR mortgage. Current account closure date is 23rd May and Credit Card is 25th April. Credit card notice is 2 months even though their site had 3 months quoted up until this week, conveniently it is now 2 months! In the grand scheme of things I suppose it doesnt really matter. Nothing about the mortgage only an instruction to arrange to pay from new current account. I have set up new current account with PTSB but I didn't go for switch buddy (due to bad reports), so I just need to transfer DD's etc myself.

I did nothing about the credit card yet, it has quite a big balance, approx 8k (eek!) so I can't see any other bank letting me transfer balance (mind you I haven't actually checked yet!). Even with the 24 month option I couldnt see myself being able to make the payments so I rang them and advised this and they are referring me to their credit team who will send me a "Financial Hardship package" which I need to fill in and send back to them and then their Credit team will contact me to see what else can be done, possibly a term loan. I asked him what exactly this package is and the guy couldn't tell me as he is not in the credit team, I said I was not in financial difficulty, have never missed a payment on anything, have a perfect credit rating and the only reason I can't pay off is due to the bank pulling out and the deadline given. He was sympathetic but he couldn't advise if my credit rating would be affected if the credit card balance is converted into a term loan, he advised I would have to speak to the Credit team after I return this hardship package. Before anyone lectures, I am fully aware that the credit card balance is my own fault, but I have never missed a payment and fully intend to pay it off in full. I am looking at other options of transferring balance or credit union loan to just get rid of it. And I will have a look at this package when it arrives and speak to their credit team at that point.

Is anyone else in this situation, have you converted CC to a term loan? Do you know if your credit rating will be affected? Will it look like you defaulted on a credit card?

halifax did the exact same when they pulled out of ireland, all existing balances were converted to term loans. credit rating not affected.

TSB are doing 0% bal transfer. suggest applying to them for as much bal transfer as possibke and get a CU loan for remainder. should be doing this anyway. call into one of their branches, theyre actually quite decent to deal with.

tesco doing 0% bal transfer as well but their credit limits are next to useless, circa 1.5-2k.

even if you didnt transfer the balance, Id guess the term loan would be at a significantly lower rate then the current CC rate.

clint_silver

DiscoFever wrote: »

In fairness the group is only active 1 day, it takes time for word to get out. Everything has to start somewhere

Also, I wouldnt say its a militant protest group, more an informational thing. how does one find the group on the facebook app on a phone, not getting anything searching for danske

yop

clint_silver wrote: »

Also, I wouldnt say its a militant protest group, more an informational thing. how does one find the group on the facebook app on a phone, not getting anything searching for danske

I did a check there, if you type in "Danske rip" it will be there
27 likes already.

DiscoFever

clint_silver wrote: »

halifax did the exact same when they pulled out of ireland, all existing balances were converted to term loans. credit rating not affected.

TSB are doing 0% bal transfer. suggest applying to them for as much bal transfer as possibke and get a CU loan for remainder. should be doing this anyway. call into one of their branches, theyre actually quite decent to deal with.

tesco doing 0% bal transfer as well but their credit limits are next to useless, circa 1.5-2k.

even if you didnt transfer the balance, Id guess the term loan would be at a significantly lower rate then the current CC rate.

Thanks for the reply, that's interesting about Halifax, hopefully Danske will be the same. The "Financial Hardship package" name makes me think it might affect my credit rating though - like asking me to admit I am in financial difficulty? I will reserve judgement until said package arrives though and then contact the Credit team in Danske.

In the meantime I will pursue all other options, I will get onto PTSB today about a balance transfer, thank you!

wmpdd3

I had to fill out one of these forms as with my other debts, there is no way I could pay off the balance in 2 years.

the figures I entered are well below the monthly reasonable living expenses for bankrupts, but still danske decided I was not a hardship case.

Their refusal to lengthen the term has affected my credit rating as I am under paying every month.

Dave o D

Have just rang customer service on the offset mortgage question and they confirmed that the 1% reduction on the offset rate if you have a prestige account is 3.15 % they do take the prestige reduction into account still don't know if this is a good enough offer though.

JimsAlterEgo

Dave o D wrote: »

Have just rang customer service on the offset mortgage question and they confirmed that the 1% reduction on the offset rate if you have a prestige account is 3.15 % they do take the prestige reduction into account still don't know if this is a good enough offer though.

depends on how much you offset by and your future plans but in most cases its not good enough

yop

Dave o D wrote: »

Have just rang customer service on the offset mortgage question and they confirmed that the 1% reduction on the offset rate if you have a prestige account is 3.15 % they do take the prestige reduction into account still don't know if this is a good enough offer though.

Every individual case is different, in my case its no where near good enough.

nicky5mx

Still no reply from Danske Bank following complaint on banking app 2 days ago.

Rang this morning to be told that they have 5 days to reply. Would not give a complaint reference over the phone.

Funny thing is that the ombudsman will only investigate the matter after the bank responds. Bank has two months to respond which funny enough is the timeframe they will be closing all the accounts.

Does not make sense at all.

Thoie

Tracker Mortgage Feeder account details

Just got off the phone with them about the DD/TRS etc. It turns out they did send everything I need (it's just worded badly OR I can't read properly).

This info is all based on me. Starting scenario:

• I have a tracker mortgage with DB.
• That tracker mortgage has an associated "feeder" account (with DB).
• I have another current account with BankA (where my wages are paid into, and bills are paid from). I have a SO set up that transfers money each month from BankA to the feeder account. The mortgage then pulls from the feeder account a few days later. My TRS is deposited into the feeder account.

Forms I received:

• Closing your Personal Account(s) - enter your DB feeder account details under "Danske Bank Account(s) Details". Enter your BankA account details under "Beneficiary Account Details". Fill in and sign the other bits. Provide copies of Photo ID and proof of address (grrr :mad:)
• SEPA Core Direct Debit Mandate - this is the confusing one, as in red letters down the bottom it says "I hereby authorise you to credit the above account with any funds received in respect of the TRS in relation to my mortgage accounts". What confused me is that there will be two accounts "above". But anyway. From speaking to the guy on the phone, that is the form that will set up a DD pulling money from BankA to pay your mortgage each month. The TRS will then be deposited into BankA.

It can take about 10 days for everything to get sorted, so the guy on the phone suggested waiting until just after the mortgage has been paid and the TRS lodged, and then posting in the forms, giving plenty of time before the next payment date, to avoid any hiccoughs.



So it's all far more straightforward than they made it appear. For me, at least.

1. Fill out "closing accounts" with feeder a/c and BankA a/c details
2. Photocopy ID and proof of address
3. Fill out "direct debit mandate" with mortgage a/c number and BankA details
4. Stick everything in prepaid envelope
5. Post

earlyapex

Thoie
I have the exact same arrangement as you.
Watch it that Danske don't start thinking that because the original agreement, terms and conditions for the tracker are now null and void because you agreed to the changed terms and conditions that this makes your tracker rate void too.

They will try to weasle their way out of trackers and I think they are trying to pull a fast one here.

ABC101

Dave o D wrote: »

Have just rang customer service on the offset mortgage question and they confirmed that the 1% reduction on the offset rate if you have a prestige account is 3.15 % they do take the prestige reduction into account still don't know if this is a good enough offer though.

That's interesting news... but for how long will the 1% reduction remain in force... I assume it will be the life of the mortgage.

Next question... for how long will 3.15% be the going rate before it is increased to 4% and then 5%?

Thoie

earlyapex wrote: »

Thoie
I have the exact same arrangement as you.
Watch it that Danske don't start thinking that because the original agreement, terms and conditions for the tracker are now null and void because you agreed to the changed terms and conditions that this makes your tracker rate void too.

They will try to weasle their way out of trackers and I think they are trying to pull a fast one here.

In the "authorisation" bit where it says "I confirm that the Account(s) may be closed." I'm adding "as per your request. As per our original mortgage agreement, I am happy to keep this account open for the full term of my mortgage (#12345)."

I'll be photocopying that and keeping it on file. I'll also be writing a cover letter to go with it asking for written confirmation that the account was closed on their request, and that the closure will have no impact on my mortgage. I suspect I won't get a reply to that, but I'll have that on file too.

DiscoFever

wmpdd3 wrote: »

I had to full out one of these forms as with my other debts, there is no way I could pay off the balance in 2 years.

the figures I entered are well below the monthly reasonable living expenses for bankrupts, but still danske decided I was not a hardship case.

There refusal to lengthen the term has effected my credit rating as I am under paying every month.

Oh that doesn't sound good, so you are stuck with the 2 year term and bad credit rating, very unfair. I will be in the same situation I would say, my montly repayment going by the figures they suggested (€48 on €1000) would be almost €400 per month! There is no way I could do that. I'll have to work on different option.

earlyapex

Thoie wrote: »

In the "authorisation" bit where it says "I confirm that the Account(s) may be closed." I'm adding "as per your request. As per our original mortgage agreement, I am happy to keep this account open for the full term of my mortgage (#12345)."

I'll be photocopying that and keeping it on file. I'll also be writing a cover letter to go with it asking for written confirmation that the account was closed on their request, and that the closure will have no impact on my mortgage. I suspect I won't get a reply to that, but I'll have that on file too.

I don't think altering official documents will do you any good if you need them to.
Really what is going on is they are changing the contact and they don't have the right to.
The feeder account is not treated as a current account as it is part of the mortgage product and therefore can't be separated out and treated differently.

I will not be going along with what they want me to do just to suit them. What they want is illegal.

yop

Just got response to say my complaint has been lodged.
An advisor will be in contact.


Ombudsman said to exhaust their channels first before they can look at it.

Time is of the essence, this is why they have 2 months on this now.

Thoie

earlyapex wrote: »

I don't think altering official documents will do you any good if you need them to.
Really what is going on is they are changing the contact and they don't have the right to.
The feeder account is not treated as a current account as it is part of the mortgage product and therefore can't be separated out and treated differently.

I will not be going along with what they want me to do just to suit them. What they want is illegal.

I will go along, and assume they are all lovely people with my best interests at heart, and all they want to do is make life wonderful for me. "Trust in Danske, and keep your powder dry."

If things go pear shaped, my solicitor will be able to point out to them that I made it clear that I was happy to stick to the original agreement, and they were the ones that broke it, not me. I have too many other things going on in my life - I'm not going to pick a fight with them unless it's necessary.

Everything they've said so far has pointed to them keeping the mortgages, and getting rid of the accounts that could have day-to-day transactions. It may well be that they're keeping the mortgage closures under their hat for the moment, and will spring it on us later, but for now I'll take them at face value.

pbarr

I know that this is slightly off topic but I wanted to post this to warn people who have changed or might be changing to Permanent TSB. The scammers are at it again.
I changed last month and this morning I got an email supposedly from TSB (1st photo)

I thought it was genuine at first until I clicked on "Log in to Open24" Firefox immediately recognised it as a scam site but if you chose to ignore the warning you continue on to a page that looks exactly like TSB's log in page.(2nd photo)
The url of the page gives it away that its a scam and most people wouldn't fall for it but some could.
How they got my email I have no idea.

clint_silver

yop wrote: »

I did a check there, if you type in "Danske rip" it will be there
27 likes already.

not finding it. searched groups for "danske rip" "danske ripoff" and many variations of same.. can get to url in browser but not through app...

yop

clint_silver wrote: »

not finding it. searched groups for "danske rip" "danske ripoff" and many variations of same.. can get to url in browser but not through app...

You must have a cheap phone or an iPhone

Not sure tbh, I tried it here on the phone and thats how I got it! Sorry

clint_silver

yop wrote: »

You must have a cheap phone or an iPhone

Not sure tbh, I tried it here on the phone and thats how I got it! Sorry

yeah, iphone. searched dankse, danske ripping off, danske ripoff

searched groups, people, communities,

nothing. I'll have a look tonight

maybe thats why the uptake is lowish.

Toto Wolfcastle

yop wrote: »

You must have a cheap phone or an iPhone

Not sure tbh, I tried it here on the phone and thats how I got it! Sorry

I searched for it on my phone in the browser, in the app and on my computer and I couldn't find it. You were probably able to find it because you've liked it already or set it up.

yop

Bobblehead Panda wrote: »

I searched for it on my phone in the browser, in the app and on my computer and I couldn't find it. You were probably able to find it because you've liked it already or set it up.

I will have a look on my wifes phone, if you open this page on your phone, you can click on the link?

https://www.facebook.com/DanskeRipOff

Toto Wolfcastle

yop wrote: »

I will have a look on my wifes phone, if you open this page on your phone, you can click on the link?

https://www.facebook.com/DanskeRipOff

Yeah the link works fine. It's just that when I actually search for it it doesn't matter what I type in, it doesn't come up.

Reggie 365

Bobblehead Panda wrote: »

Yeah the link works fine. It's just that when I actually search for it it doesn't matter what I type in, it doesn't come up.

type in 'Danske Bank ripping off Customers ' in search field. This is actual name of page and should locate it for you.

Toto Wolfcastle

Reggie 365 wrote: »

type in 'Danske Bank ripping off Customers ' in search field. This is actual name of page and should locate it for you.

Nope, tried that too. Didn't work.

Edit: Weird, just tried it again and it worked.

yop

Bobblehead Panda wrote: »

Nope, tried that too. Didn't work.

Edit: Weird, just tried it again and it worked.

In my game, its called "User error"

Toto Wolfcastle

yop wrote: »

In my game, its called "User error"

Whose error is it if I copied and pasted from the page and it didn't work.

yop

Ok, got this from the ombudsman

Please refer to the following statement that we received from Danske Bank.

Statement
Danske Bank continues to write to customers regarding the withdrawal of personal banking services. Recent letters issued include letters to customers with mortgages in addition to their current, credit card or savings account facilities. Where a customer has a tracker, standard variable or fixed rate mortgage, the facility continues as per its existing terms and conditions although the customer will now need to service that mortgage from their new financial provider.
Included in the recent mailing are letters to some customers who hold an Offset Mortgage alongside their current or savings account. Offset mortgages make up approximately 2% of the Bank's overall mortgage book. The letters issued provide customers with two months’ notice of the closure of their current or savings account(s) which may form part of an Offset Portfolio, in line with the general terms and conditions. The general terms and conditions provide for termination in the manner which the Bank is notifying and implementing.

The usage of the offset option varies between customers. The mailing confirms that the Bank will reduce the rate by 1% on all offset mortgages regardless of the extent to which the offset option was utilised by the customer. This reduction in rate will be applicable to fixed or variable offset mortgages. The vast majority of customers have variable rate offset products with no customers on a tracker rate for this product.

Where a customer also has a mortgage discount as part of their current account package, the 1% offset discount will be applicable in addition to that discount, despite the closure of their current account package.

End of Statement

______________________________________

Please note that the Central Bank of Ireland does not investigate individual consumer complaints. However, if you are unhappy with the service you have received from a firm which is regulated by the Central Bank you are entitled to make a complaint by writing directly to the firm concerned.

If you are not happy with the response you receive you are entitled to escalate your complaint to the Financial Services Ombudsman (FSO), who has the statutory powers to investigate complaints against financial services providers. Please be aware that the FSO will only consider a case once the internal complaints procedure within the firm concerned has been followed. You can find further information about the FSO at www.financialombudsman.ie

I hope this information is of assistance to you.

yop

Bobblehead Panda wrote: »

Whose error is it if I copied and pasted from the page and it didn't work.

User error,

in ability to copy and paste

ABC101

yop wrote: »

Ok, got this from the ombudsman

Much appreciated.. good on ya man!!

clint_silver

hold on,
danske say
"we danske, are doing something to customers accounts"
ombudsman says
"dankse said theyre doing something to customers accounts"

the ombudsman hasnt commented that what that thing is is actually doable. theyve just repeated what danske said in the first place.

clint_silver

Bobblehead Panda wrote: »

Nope, tried that too. Didn't work.

Edit: Weird, just tried it again and it worked.

same here, searched multiple ways, retried again and now and it comes up.

methinks someone added a few words to the search tag!!!!:p:p:p:p:p

kennM

yop wrote: »

In my game, its called "User error"

Such a harsh way of putting it... I've always preferred the old saying "Problem exists between chair and keyboard"

jmcc99_98

Ok, for those of you who are interested....

I have a credit card with Danske with a hefty 4k balance on it. I spoke with Danske today and they confirmed that if you do not pay off the complete balance on the 25th April the balance will automatically transfer to the 2 year repayment option. You will be sent a schedule of payments and you pay it off each month. The rate will be 11.5%

Entering into this arrangement will in no way affect your credit rating. It will be the same as any other debt you have owing, once it is being serviced as per the schedule then it will not have any adverse affect on your credit rating. You can of course pay it off early without penalty.

sandycove123

yop wrote: »

Ok, got this from the ombudsman

Yop,

I got the same reply from the Central Bank.

It suggests going to the ombudsman

"If you are not happy with the response you receive you are entitled to escalate your complaint to the Financial Services Ombudsman (FSO), who has the statutory powers to investigate complaints against financial services providers. Please be aware that the FSO will only consider a case once the internal complaints procedure within the firm concerned has been followed. You can find further information about the FSO at www.financialombudsman.ie"

Danske are claiming that they are in line with the general terms and conditions of the offset mortgage.

"The letters issued provide customers with two months’ notice of the closure of their current or savings account(s) which may form part of an Offset Portfolio, in line with the general terms and conditions. The general terms and conditions provide for termination in the manner which the Bank is notifying and implementing"

Danske are offering the 1% reduction across the Board for the offset which seems an unfair way to approach it as the people with the higher offsets get hit the most.


"The usage of the offset option varies between customers. The mailing confirms that the Bank will reduce the rate by 1% on all offset mortgages regardless of the extent to which the offset option was utilised by the customer. This reduction in rate will be applicable to fixed or variable offset mortgages. The vast majority of customers have variable rate offset products with no customers on a tracker rate for this product."

sandycove123

Hi Ryaned,

Can your solicitor point out exactly how Danske are in "breach of contract" as according to the official statement from Danske, they comply with the general terms and conditions. Like you I stand to lose a lot from this as we have currently 95% offset.

"The letters issued provide customers with two months’ notice of the closure of their current or savings account(s) which may form part of an Offset Portfolio, in line with the general terms and conditions. The general terms and conditions provide for termination in the manner which the Bank is notifying and implementing"

Ryaned40 wrote: »

Hi guys, I have made official complaint to danske bank about closing savings account and current account which is offset against my mortgage! Also sent letter to financial regulator explaining the situation and that there is little time waiting around for reply from bank as we only have 2 to 3 months to sort it out. No matter who holds offset mortgage with danske bank and no matter if you have 50% or 10% offset against mortgage the bank is breaking the contract with you and they are in breach of not adhering to it.
If we all hang in there and group together it will be better for all of us! In my case I have 65% offset and the 1% drop in rate is useless and of course once you agree to it they will simply raise it to what ever they want to! you can be sure of that!!! They are chancing their arm and they know well that they are in breach of contract if they force it on us. I am waiting for their reply to see what they are going to offer me ( if anything at all )! I also joined Facebook page that was set up and placed a few comments there, 13 joined so far but we need more!!!
If we don't fight this they will walk all over us one by one, if we all hang in and complain we might get a good outcome, I got advice from a solicitor and he says that the bank are in breach of contract and that they have no right to close these accounts! They can't change terms of contract to suit themselves ! He thinks that the 1% is just a feeler to see if people accept it and that other offers will probably come down the line depending on your position within the offset . ie(% that is offset) best of luck everyone and please sign up, it's in all our benefits to do so!
Will post reply from bank when or if I receive one!!

sandycove123

Ryaned40 wrote: »

Terms and conditions of offset mortgage
Termination
Subject to section 4 of general terms and conditions which you can find on danske bank website!
It states that you have to give them 1 months notice to close and they have to give you 2 months notice!! They are talking about the whole mortgage,savings and current account closure not just current and savings accounts! They don't state individual accounts because offset is all one account!

This does not differentiate between general accounts and accounts within an offset portfolio, so is it a breach of contract?

Section 2.3 of the Special Terms and Conditions for Offset mortgages states

"A minimum of one Offset Account is required in addition to the Offset Mortgage Account(s) in order to continue Offsetting Arrangements. In the event of closure of any Offset Accounts where the only remaining Offset Account is the Offset Mortgage Account, you will be required to transfer your mortgage to an alternative Mortgage offering"

Does this mean that they can also terminate the mortgage account in line with their terms and conditions?

yop

Its from my own point of view lads a shocking reply from the 2 authorities within Ireland who are there to protect us, but I am not overly surprised.

Without their support are we only a little can for them to kick