Danske bank to close retail customer accounts

romadidas

As others here have speculated, Danske Bank has made some arrangements for those who don't clear their credit card balance in full by the "Termination Date" (in my case March 7). The letter I received today says "If you have not repaid your outstanding balance by the Termination Date, we will assume that you are unable to repay the balance in full. In these circumstances
- Your Credit Card Agreement will not be terminated on the Termination Date, but will be amended so that you switch to an automatic repayment option under your existing Credit Card Agreement (terms set out below).
- But, as above, your Credit Card Account functionality, your Credit Card and any related benefits will be permanently removed and you will continue to owe us the outstanding balance
The move to a repayment option will be automatic and you will not be required to contact us to accept the terms set out below"

They then give details of the "repayment option" - not a personal loan or credit facility but an option under your existing credit card facility, 24 monthly repayments, interest rate 11.5%, you may pay off more if you wish etc.

They also enclose a similar note for those with an overdraft arrangement - similar deal, except interest rate during the 24 month repayment period is 9.75%.

Question - does that "repayment option" then become a blot on your credit record, for example in the Irish Credit Bureau?

jmcc99_98

romadidas wrote: »

As others here have speculated, Danske Bank has made some arrangements for those who don't clear their credit card balance in full by the "Termination Date" (in my case March 7). The letter I received today says "If you have not repaid your outstanding balance by the Termination Date, we will assume that you are unable to repay the balance in full. In these circumstances
- Your Credit Card Agreement will not be terminated on the Termination Date, but will be amended so that you switch to an automatic repayment option under your existing Credit Card Agreement (terms set out below).
- But, as above, your Credit Card Account functionality, your Credit Card and any related benefits will be permanently removed and you will continue to owe us the outstanding balance
The move to a repayment option will be automatic and you will not be required to contact us to accept the terms set out below"

They then give details of the "repayment option" - not a personal loan or credit facility but an option under your existing credit card facility, 24 monthly repayments, interest rate 11.5%, you may pay off more if you wish etc.

They also enclose a similar note for those with an overdraft arrangement - similar deal, except interest rate during the 24 month repayment period is 9.75%.

Question - does that "repayment option" then become a blot on your credit record, for example in the Irish Credit Bureau?

I would very much like to find an answer to this question, I asked them on the phone but they said that it would be addressed in the letter I would receive (I have not yet received a letter regarding my credit card or my mortgage)

Mr Boom Boom

I've have zero commz from these weasels

positron

Is March 7th the cut of date for all sorts of accounts and dealings with Danske Bank?

I haven't done a thing about this whole thing, haven't started a different account, haven't updated standing orders or haven't even notified the hr/payroll. I am unsure if I should change payroll detail yet as one of the requirements for my tracker mortgage was to have my salary going into current account with NIB/Danske. It's probably okay to move, but I don't want to give them a stick / reason to tell me that I broke the contract first.

And next question is where to move to - I see a good few here are moving PTSB, but what is the general opinion about Ulster Bank - I have an account with them, and I know they had serious IT issues, and that they inherit all the positives and negatives from RBS in the UK...? Or are PTSB definitely better?

cunnijo

positron wrote: »

Is March 7th the cut of date for all sorts of accounts and dealings with Danske Bank?

I haven't done a thing about this whole thing, haven't started a different account, haven't updated standing orders or haven't even notified the hr/payroll. I am unsure if I should change payroll detail yet as one of the requirements for my tracker mortgage was to have my salary going into current account with NIB/Danske. It's probably okay to move, but I don't want to give them a stick / reason to tell me that I broke the contract first.

And next question is where to move to - I see a good few here are moving PTSB, but what is the general opinion about Ulster Bank - I have an account with them, and I know they had serious IT issues, and that they inherit all the positives and negatives from RBS in the UK...? Or are PTSB definitely better?

Hi

Where did you see March 7th as a cut off date? If I understand correctly they have to give a minimum written notice of 2 months for current & saving account closure and 3 months for credit card accounts (as per Central Bank rules). To date I have received no letter(s) from them regarding this, just the usual credit card (when used) and bank statements.

positron

Apologies, I saw that date in the comment above (#362) and assumed that is for every one.. I was wrong. I haven't received any letters either.

aw

positron wrote: »

Is March 7th the cut of date for all sorts of accounts and dealings with Danske Bank?

I haven't done a thing about this whole thing, haven't started a different account, haven't updated standing orders or haven't even notified the hr/payroll. I am unsure if I should change payroll detail yet as one of the requirements for my tracker mortgage was to have my salary going into current account with NIB/Danske. It's probably okay to move, but I don't want to give them a stick / reason to tell me that I broke the contract first.

And next question is where to move to - I see a good few here are moving PTSB, but what is the general opinion about Ulster Bank - I have an account with them, and I know they had serious IT issues, and that they inherit all the positives and negatives from RBS in the UK...? Or are PTSB definitely better?

I have opened accounts with Ulster Bank. Have just started using the cards/app/online banking.
Their technology is not as good as Danske, no other bank's is. I have used or seen used BOI, AIB, PTSB, UB & Danske's internet banking/mobile apps.
Behind Danske, the rest are fairly similar, Ulster just shades it for convenience and ease of use.
I am not familiar with KBC's offering or what that might be.

One of the reasons PTSB appears to be so popular because it is free or cheap banking. I would rather pay a bit more for a good service and my experience of Ulster Bank so far has been great. I have the ufirstgold account which provides similar extras to the Danske Bank offering in the past.

I had a credit card balance and have just last week restructured that into a loan facility over 3 years.
I did not want to go for their 24 month payment plan.
I didn't ask for definite but I think that will be seen as a loan when it come to the ICB unless the letters due to be sent will state otherwise.

Big C

I got the letter telling me about 24mths to pay, happy days I will now max my credit card and have 24mths to payit off. Thanks Wanke Bank

makeorbrake

Is there any clarification for those of us with 'feeder' accounts for mortgage servicing? (i.e. the fee free accounts). I got some sort of a vague letter before Christmas - but it didnt give a deadline or cut off date....nor did it clarify specifically if these accounts need to be closed and a direct debit mandate set up from an external current account.

Ronin247

chughes wrote: »

...................................................................................................................................................
For a refund of the stamp duty for your cheque book please return this to the address provided below:

Danske Bank
Direct Channels
1 Airton Close
Tallaght
Dublin 24

Best regards

They forgot to mention that the cheque book must be less than 4 years old !!! my cheque books were issued in Nov 2009 so when I asked in January I was told that after 4 years they could not refund the stamp duty even though I would have 1.5 cheque books ( 40 cheques approx) so I am out 20 Euro. I asked was this bank policy or Law and they said it was a Government rule not theirs.

My cheques would still be perfectly valid but for them closing my account and my new AIB cheque book will cost me 25 Euro so I will pay the stamp duty twice

Was going to click on the "Report Fraud" tab on the Danske Website and report this but they may not see the irony

Hotblack Desiato

aw wrote: »

I would rather pay a bit more for a good service

Avoid Ulster Bank then unless you're OK with the risk of not being able to get at your money for weeks on end.

Ronin247 wrote: »

They forgot to mention that the cheque book must be less than 4 years old !!!

How are you supposed to know how old it is?
I (like most people) haven't written very many cheques in a long time.

And it can't be safe to send a cheque book in the post (not registered) for an account that's still open. Amazed that they would tell people to do this.

pbarr

Has anyone got the stamp duty back on a cheque book that was sent back and did it take long to get it?

romadidas

Forgive my cynicism/paranoia but I can imagine what Danske Bank are playing at. If they told everybody right now that the "arrangement" won't affect their credit records, anybody who doesn't want to settle up now will simply do nothing, become a "strategic defaulter" and will have their 24 months to pay off the credit card debt. By not telling us now, they're making sure that those of us who are terrified of adverse credit bureau records will be doing every damn thing possible to settle the debt now.... I know I am....

Rock Steady Edy

aw wrote: »

I have opened accounts with Ulster Bank. Have just started using the cards/app/online banking.
Their technology is not as good as Danske, no other bank's is. I have used or seen used BOI, AIB, PTSB, UB & Danske's internet banking/mobile apps.
Behind Danske, the rest are fairly similar, Ulster just shades it for convenience and ease of use.

I moved to Ulster Bank mid 2012 after Danske introduced current account charges.

It's certainly helpful they're open on Saturdays. It's easier to log on to your account without the need for the passcode. But they're certainly not up there technology-wise. They've just disabled all my direct debits and standing orders (presumably because of Sepa) - not sure if other banks have done the same. They also couldn't handle making transfers abroad on-line last time I tried, and had to get it organised manually at a branch.

Danske invested heavily in their technology during the recession and have pulled out just as the country's showing sign of confidence. It might just have been exactly the right time to have increased, not withdrawn their market presence. Their 9-branch network was always doomed to fail, and I did suggest last year they should have modelled themselves on first direct in the UK, which has no branches, but helpful staff who can deal with you efficiently over the phone.

The news that AIB are going to start writing off some debt yesterday to certain split mortgage holders and make credits on overpayments should give clarity that there is no tax liability if banks decide to do this. Danske has used the lack of clarity here as an argument for not being willing to reduce the value of a tracker mortgage in return for capital repayments.

Villa05

Newstalk reporting this morning that customers have until Sunday to withdraw all funds, ATM cards will not function from Monday there quoting the Irish Independent as the source .

Anyone got any further info

chughes

Villa05 wrote: »

Newstalk reporting this morning that customers have until Sunday to withdraw all funds, ATM cards will not function from Monday there quoting the Irish Independent as the source .

Anyone got any further info

I heard that on Newstalk too. It flies in the face of the message that you have 2 months to close from the date of the letter to be sent to you. I haven't received this letter yet. It's like the last days of Saigon

cunnijo

Villa05 wrote: »

Newstalk reporting this morning that customers have until Sunday to withdraw all funds, ATM cards will not function from Monday there quoting the Irish Independent as the source .

Anyone got any further info

Hi

Just looked at the Indo website and the banks website and there is no reference to what Newstalk refers to. There is however an article referring to the sale of 600 properties by the bank. Still no letter yet though.

cml387

I was notified of closure on the 21 February.
We transferred to PTSB this week.
To say this comes as a surprise as an understatement.
I have emptied all the accounts (what was left) this morning.
I believe that the accounts would have transferred by Monday anyway.

Hopefully if a stray dd comes out of the account and puts it into debit, then Danske can go sing for their money.

cml387

cunnijo wrote: »

Hi

Just looked at the Indo website and the banks website and there is no reference to what Newstalk refers to. There is however an article referring to the sale of 600 properties by the bank. Still no letter yet though.

Here . I had to look for it too.

Michael D Not Higgins

More info on Danske Bank coming up on News Talk

JimsAlterEgo

nobody I know has gotten a letter yet.

yop

Still zero communication of closure or arrangement for my offset mortgage. A closure of my account will be a breach of my Offset contract with them.

cml387

Reading between the lines, it seems to me that Danske are saying that the first wave of account closures (those with just one product) are happening today.
Those with two will close on 21st (that would seem to coincide with our situation).
Those with mortgages etc.,I don't know.

There may in fairness be something of the Irish "leave it to the last minute" in some cases.

JimsAlterEgo

cml387 wrote: »

Reading between the lines, it seems to me that Danske are saying that the first wave of account closures (those with just one product) are happening today.
Those with two will close on 21st (that would seem to coincide with our situation).
Those with mortgages etc.,I don't know.

There may in fairness be something of the Irish "leave it to the last minute" in some cases.

shame on newstalk if thats the case.

baldbear

How long are people taking to geting through to customer service?I was on hold for ages and gave up.

handlemaster

Poor all round no letter explaining what's happening with mortgage accounts . I guess we will read it in the papers first.

Hotblack Desiato

Indo have played everyone for fools, very successfully

I suggest start reading the story at the bottom, which is much closer to the facts than the top!

If you start at the top, it starts of with '15000 CUSTOMERS SHUT DOWN TODAY' then it goes down to 'up to 10,000' ('up to' being the classic journalistic weasel words when they want to grossly exaggerate) then further down it's clear that only the first tranche of accounts are affected.

So ONLY those accounts written to in December which were given today as an end date. My end date is in April FFS

So, so angry right now at the Indo and Newstalk. This sort of reporting is grossly irresponsible and I'll be making a complaint to Newstalk and the BAI.

JimsAlterEgo

handlemaster wrote: »

Poor all round no letter explaining what's happening with mortgage accounts . I guess we will read it in the papers first.

in fairness to them this was bad reporting, those people affected today were notified 3 months ago

JimsAlterEgo

ninja900 wrote: »

Indo have played everyone for fools, very successfully

I suggest start reading the story at the bottom, which is much closer to the facts than the top!

If you start at the top, it starts of with '15000 CUSTOMERS SHUT DOWN TODAY' then it goes down to 'up to 10,000' ('up to' being the classic journalistic weasel words when they want to grossly exaggerate) then further down it's clear that only the first tranche of accounts are affected.

So ONLY those accounts written to in December which were given today as an end date. My end date is in April FFS

So, so angry right now at the Indo and Newstalk. This sort of reporting is grossly irresponsible and I'll be making a complaint to Newstalk and the BAI.

Newstalk changed their story thoughout the morning, they had all accounts at 6.30.

yop

JimsAlterEgo wrote: »

Newstalk changed their story thoughout the morning, they had all accounts at 6.30.

Scaremongering. Should be reported for it.