Danske bank to close retail customer accounts

earlyapex

I have to read the letter carefully first but I think it read it was looking for a direct debit from another institutions current account to pay the mortgage and put the TRS into.
In any case this is an change in terms and conditions. Ill see what the regulator says at email: code@centralbank.ie

After contacting them before and CC'ing the email to Dankse, I didn't have to go further and contact the ombudsman.
Initially Dankse ignored my complaint and i got in touch with the national consumer agency who directed me to bring it to the central banks attention by the above email address.
They were both very interested in it.

yop

earlyapex wrote: »

I have to read the letter carefully first but I think it read it was looking for a direct debit from another institutions current account to pay the mortgage and put the TRS into.
In any case this is an change in terms and conditions. Ill see what the regulator says at email: code@centralbank.ie

After contacting them before and CC'ing the email to Dankse, I didn't have to go further and contact the ombudsman.
Initially Dankse ignored my complaint and i got in touch with the national consumer agency who directed me to bring it to the central banks attention by the above email address.
They were both very interested in it.

hi
Thanks for the update.
Ok so you have contacted the Central Bank about the issues with Dankse and their carry on?

If so we will all do the same.

Folks please get onto that Facebook page and spread the word, we need as man on it as possible.

makeorbrake

TALL1 wrote: »

My plan at the moment is make one off transfers on repayment dates to the mortgage accounts.
It is interesting that the Dankse letter offers no help as to how u should make payments other than ' you must ensure you have arrangements in place to meet repayment obligations to us'. V helpful !

Isn't this going to be a drag? Won't these amounts vary - as from time to time, the ecb rate decreases/increases?

dolallyoh

Mail sent to code@centralbank.ie - thanks for the heads up.

kennM

makeorbrake wrote: »

Isn't this going to be a drag? Won't these amounts vary - as from time to time, the ecb rate decreases/increases?

Interesting point.... when Danske bumped interest rates by nearly 1% in one go last year I had a chat to them (as the ECB rates were reducing at the time) to inquire as to how it could be justified and I was told that Danske don't follow this rate too closely as not much of their funding is sourced this way.

So if they bump when it goes down I'll sure as hell be reminding them if they try and bump on the way up again....

yop

Emails now sent to the ombudsman and central bank.
Really hope they help us out!

Keep sharing.
https://www.facebook.com/DanskeRipOff

Thoie

yop wrote: »

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?

TALL1 wrote: »

It is interesting that the Dankse letter offers no help as to how u should make payments other than ' you must ensure you have arrangements in place to meet repayment obligations to us'. V helpful !

I'm having a busy week, but hope to get a few minutes to phone them tomorrow morning to find out what the story is there. Will post back once I've spoken to them. I presume if it's up to us, we just set up a standing order from our new account directly to the mortgage account, but the problem there is that if/when interest rates change, you'd have to get enough notice to amend the SO, which is a PITA. A direct debit from the new account would be much handier, as it would automatically alter when the interest rates change.

If I set up a SO for €700 a month to the mortgage, and the interest rate changes, making the payment due as €702, I'd instantly go into arrears for €2 if the SO isn't changed on time

nicky5mx

Sent complaint last night through the app to Danske Bank. No acknowledgement or reply as yet. Looks like they are scratching their heads now that a bit of a fuss is being made.

Have contacted Newstalk on this matter and will also send a copy of the complaint to the Central Bank and Ombudsman.

The more people that express their frustration the better.................Danske Bank are trying to be smart on this one !

clint_silver

I havent got my letters yet.

Has anyone got an offset mortgage with a prestige account and got a letter and post what the letter said? the prestige mort discount was built into having a current account.

Has anyone got an investment mortgage and post what the letter said?

kennM

clint_silver wrote: »

I havent got my letters yet.

Has anyone got an offset mortgage with a prestige account and got a letter and post what the letter said? the prestige mort discount was built into having a current account.

Has anyone got an investment mortgage and post what the letter said?

Hey Clint, have prestige and offset.... we don't have clarity as yet on what the 1% discount will be taken from. Will it be from the "base" offset mortgage rate - 1%. Or will it be off the "base" offset mortgage rate - prestige discount - 1%.

I specifically asked this question yesterday to the guy in Danske and he did not know. I would assume clarity will emerge eventually. Either way I think this issue will run and run for a while.

Step 1 is giving the bank the opportunity to resolve the complaint. If thats unsuccessful then onto the Ombudsman we go.


If I was to throw a bit of wild speculation into the mix.... i wouldn't be surprised if it ends up that each individual offset holder who has filed complaints will be negotiated with and any deal that emerges would be subject to a confidentiality agreement. Just wild speculation here

nicky5mx

I will be looking for a short back and sides if they want to do a deal !

I have no sympathy for them whatsoever like all the other idiot banks, auctioneers and politicians that ruined this country.

marathonic

nicky5mx wrote: »

I have no sympathy for them whatsoever like all the other idiot banks, auctioneers and politicians that ruined this country.

No guns were held to customers heads forcing them to take out loans beyond their means - but that's a whole different topic and the argument about that could go on for years. Best to keep this one on-topic I suppose.

Sure, the banks are to blame - but 100% of the blame shouldn't be placed on them. It should fall partially on the government and the customer too.

What on earth does an auctioneer have to do with it? All they do is provide a service to sellers of properties.

nicky5mx

Wished I lived in a very simple world like you........are you trying to say that the auctioneers had nothing to do with the property bubble and they are all honest..............Mmmmmmm


Lets agree to disagree and leave it at that. The issue here is Danske Bank and I agree that we should not go away from the issue at hand. Lets not get our personal views get in the way !

dirtyblaster

Thanks guys, Just sent my complaint letter to the Financial regulator ombudsman and to Danske Bank of course. Very upset the way it has gone so far, difficult to get response from anyone there. Not happy with the 1% reduction in the intrest rate, saved almst 10K on our mortgage in 8 years, still 12 to go.

JimsAlterEgo

Anyone know what happens if you refuse their offer? Any regulations around it

Ryaned40

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!!

Feeder

I got my letter in the post yesterday, we have a SVR Mortgage and therefore 2 a/c's 1 current a/c and 1 mortgage a/c.

Looks to me as if the current a/c will be closing, I was wondering why I hadn't got any TRS yet this year, has anyone else for that matter?

Now I'm not entirely sure how I will set up payment for the mortgage as it stands and how future changes will be accommodated.

I don't have an offset mortgage & prestige a/c so doubt there is much point in complaining to Danske or the Central Bank but not happy about they way this is playing out.

Like most people this is our most expensive monthly bill and its a bit up in the air as to what's happening.

nicky5mx

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.

dolallyoh

I got it all done using the internet messaging function. Have a ref num and all.

kennM

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.

I rang them.... spoke to a nice guy in customer service. He said he could transcribe the complaint directly into the system there, he ended up giving me his email address and I posted it into him. He sent out a confirmation to me this morning to confirm it had been submitted to their complaints system

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