Danske bank to close retail customer accounts

yop

So you have offsets and have heard nothing?

Odd that is it not?

positron

handlemaster wrote: »

any word on trackers havent heard anything ..

I am on tracker and got a letter from Danske some 6-10 days ago. Posted about it back in Page 32

clint_silver

just got off the phone to them, theres still a few stages of letters to go out.

Padkiss

Hi all
By means of updating you all I have today spoken to Danske and set out the basis of complaint in detail and informed them that i need to have this addressed at the highest level. I have been told that someone in their Credit committee will come back to me but there is a 48 hour response time with that department (go figure) but I have had it marked urgent as I attempted to express the dismay that customers are having at present. I informed them that I initially wish to have confirmed the full basis of their offer (1% Reduction) and the disparity of this offer in terms of the time frame of this reduction and how long it may last or be worthwhile if the SVR is increased. Also expressed was the confusion by what their web site is saying on the matter of mortgages in general, they state the terms and conditions of the mortgage remain in place. I also posed a question on what is the situation where the 1% reduction does not compare in any meaningful way to the increased cost that will occur by the changes being proposed. So its the inconsistencies that I will attempt to have addressed as well as the key matter of the terms being altered. I was on hold for 12 minutes before getting through to talk to someone. She did however record in print form my concerns and she was sending my request to speak to someone at a high level who needs to come back to me as a matter of urgency. I am also today meeting with a journalist to have the matter highlighted in the press. I will hope to be in a position of updating you in the next day or so but like most matters banking related at present it may be a slow process. In summary the offer is not an offer but a means to allow Danske exit the market and I believe this needs to be challenged. I wish to give my email address for contact <Please PM user>. Rest assured that when I get more detail of the position of Danske in relation to the matter I will be able to formulate a more detailed response in terms of complaint. Back soon
Padraic

ABC101

yop wrote: »

So you have offsets and have heard nothing?

Odd that is it not?

Well I have just one Offset... but I also have a custody account... perhaps that complicates things a bit for them...not sure?

However I expect the letter any day now... as clint_silver mentioned its being done in phases.

And yes I fully agree with Padraic.... Danske are attempting to enact a "get out mechanism".... changing the Offset to a standard SVR and then flog the mortgage book off to somebody.

Once we lose the "Offset" status... they can pretty do much as they please.

Why can they not transfer our accounts to Denmark? Our offset mortgage would be in Denmark, along with a current account.

We could then transfer electronically to the Danish current account which would then Offset against the Danish Offset Mortgage.

I mean it would be very very simple....everything is done electronically these days... and as long as you still have a valid password card... you can access your Danish accounts from Ireland.

Considering there are not that many Offsets... surely Danske would not find it a major major effort to move the accounts from Airton Close to someplace in Copenhagen.

yop

ABC101 wrote: »

Well I have just one Offset... but I also have a custody account... perhaps that complicates things a bit for them...not sure?

However I expect the letter any day now... as clint_silver mentioned its being done in phases.

And yes I fully agree with Padraic.... Danske are attempting to enact a "get out mechanism".... changing the Offset to a standard SVR and then flog the mortgage book off to somebody.

Once we lose the "Offset" status... they can pretty do much as they please.

Why can they not transfer our accounts to Denmark? Our offset mortgage would be in Denmark, along with a current account.

We could then transfer electronically to the Danish current account which would then Offset against the Danish Offset Mortgage.

I mean it would be very very simple....everything is done electronically these days... and as long as you still have a valid password card... you can access your Danish accounts from Ireland.

Considering there are not that many Offsets... surely Danske would not find it a major major effort to move the accounts from Airton Close to someplace in Copenhagen.

Totally agree, they are not getting away with this one bit.

I spent a few hours on Friday night working out what I would potentially save (though I KNOW I will have more money in my savings) if I retained the same amount in my accounts for the remaining years.
I then had a figure of how many years and months I would knock off my mortgage.

I then had a figure of how many months I had left to pay back so I can see exactly how much the remainder of my mortgage is going to cost me.

I then took their 1% reduction and I kept changing the % rate down to make it equal to the Total Cost of what the Offset would be.

So now I have a rate and a euro difference.
As far as I am concerned I ain't going anywhere until they hit one of those.

nicky5mx

Still no acknowledment of complaint regarding offsets received from Danske Bank. Almost a week now ! They are really dragging their heels on this one. They confirmed that the complaint is received but the relevant department has yet to send me a complaint reference.

Good to see that somebody like Padraic Kissane is on our side. Think it might be a good idea to fight this on a collective basis.

Villa05

Anyone having issues getting cash out - twice I have had an atm withdrawal rejected - unable to process at this time message.

ATMS had cash as I waited to see if others could use.

As I have a custody account, my accounts should be amongst the last to be closed

kennM

Villa05 wrote: »

Anyone having issues getting cash out - twice I have had an atm withdrawal rejected - unable to process at this time message.

ATMS had cash as I waited to see if others could use.

As I have a custody account, my accounts should be amongst the last to be closed

Hit the banklink lastnight and got cash out fine... haven't needed to hit it today.

clint_silver

Villa05 wrote: »

Anyone having issues getting cash out - twice I have had an atm withdrawal rejected - unable to process at this time message.

ATMS had cash as I waited to see if others could use.

As I have a custody account, my accounts should be amongst the last to be closed

The laser cards cancelled last Monday, gotta use the master cards given out in December. Mine works grand. Same pin.

I've a custody account as well. They're trying to sell it off to another providor which u can avail of or take shares and move elsewhere. April may sometime they expect to have details.

positron

clint_silver wrote: »

The laser cards cancelled last Monday, gotta use the master cards given out in December. Mine works grand. Same pin.

+1. Same experience here. However, the ATM I went to warned me of extra charges for 'cash forwarding' - I am assuming there is no such charges, and that message was probably due to the ATM software (BOI I think) recognising Danske debit card as just a MasterCard (rather than a a debit mastercard?)

dolallyoh

Bank have acknowledged my complaint via a letter and have given me a name of someone in the bank that will run with it for resolution within 20 days.

sandycove123

nicky5mx wrote: »

Still no acknowledment of complaint regarding offsets received from Danske Bank. Almost a week now ! They are really dragging their heels on this one. They confirmed that the complaint is received but the relevant department has yet to send me a complaint reference.

Good to see that somebody like Padraic Kissane is on our side. Think it might be a good idea to fight this on a collective basis.

Received this reply from Danske to my complaint about the significant increase in interest (€40 to €400 per month) that we will have to pay as a result of closing our offset accounts.

Thank you for your email.

The general terms and conditions of your account provide for termination in the manner which the Bank is notifying customers and implementing the termination, the Bank is therefore not precluded from terminating current or savings accounts which may form part of an Offset Portfolio .

A minimum of two months notice is being provided and on the date of termination of the offset accounts, the accounts will close and will no longer be taken into consideration in the calculation of interest due and payable on Offset Mortgages.

If you wish to continue with an Offset agreement, you may wish to move your mortgage to another provider that offers an Offset option.

Best regards
Danske Bank

yop

sandycove123 wrote: »

Received this reply from Danske to my complaint about the significant increase in interest (€40 to €400 per month) that we will have to pay as a result of closing our offset accounts.

Thank you for your email.

The general terms and conditions of your account provide for termination in the manner which the Bank is notifying customers and implementing the termination, the Bank is therefore not precluded from terminating current or savings accounts which may form part of an Offset Portfolio .

A minimum of two months notice is being provided and on the date of termination of the offset accounts, the accounts will close and will no longer be taken into consideration in the calculation of interest due and payable on Offset Mortgages.

If you wish to continue with an Offset agreement, you may wish to move your mortgage to another provider that offers an Offset option.

Best regards
Danske Bank

Thats boll*x, from anyone who has knowledge about this have all said they can't do it.

I sent another query as I hadnt heard from them.

sandycove123

I have replied to her quoting the following

"We will ensure when removing an Account from an Offset Portfolio that Validation will take place to ensure that the account is not the last Mortgage Account or linked Account causing an unwanted termination of the Offset Portfolio"

I have to say that I found the tone of the last line in her response about moving to another provider to be very disrespectful and disappointing.

dolallyoh

sandycove123 wrote: »

Received this reply from Danske to my complaint about the significant increase in interest (€40 to €400 per month) that we will have to pay as a result of closing our offset accounts.

Thank you for your email.

The general terms and conditions of your account provide for termination in the manner which the Bank is notifying customers and implementing the termination, the Bank is therefore not precluded from terminating current or savings accounts which may form part of an Offset Portfolio .

A minimum of two months notice is being provided and on the date of termination of the offset accounts, the accounts will close and will no longer be taken into consideration in the calculation of interest due and payable on Offset Mortgages.

If you wish to continue with an Offset agreement, you may wish to move your mortgage to another provider that offers an Offset option.

Best regards
Danske Bank

I presume this was not an official response to an official complaint. You need to open one to be taken seriously.

yop

dolallyoh wrote: »

I presume this was not an official response to an official complaint. You need to open one to be taken seriously.

Think it is "Received this reply from Danske to my complaint "

I got something like that from their online app. But it was "someone will call you".

dolallyoh

yop wrote: »

Think it is "Received this reply from Danske to my complaint "

I got something like that from their online app. But it was "someone will call you".

So he can go to the ombudsman now.

sandycove123

dolallyoh wrote: »

I presume this was not an official response to an official complaint. You need to open one to be taken seriously.

I made this "complaint" through the app. Is there another way to lodge an official complaint. If so, please let me know and I will do it?

dolallyoh

Just do same again but say official complaint as per ombudsman rules. if you get same potted reply you can then go to ombudsman and get them to engage.

ABC101

Well a letter arrived today from Danske, basically informing me that they are writing out to holders of current accounts and serving 2 months notice.

However they also mention that those current accounts which service Custody Accounts are not being closed at this time.

Effectively they are going to transfer the custody account to another provider... and once that is done... 2 months notice will be served on the current account.

Man.......it's like the last days in Saigon

Padkiss

Hi all
here is the link to the piece in the Irish Indo today and thanks to Charlie Weston for highlighting this issue

http://www.independent.ie/business/personal-finance/property-mortgages/danske-denies-mortgage-changes-30067507.html

Still have not had a reply from Danske but am aware there are about 400 or so affected customers and i feel the need to challenge is now before the situation is too far down the road and cant be recovered. I will be setting this out in tomorrows paper
Back soon Padraic

homer911

Got a letter yesterday saying that as I had a custody account, there was no change at this time and that would be in touch again in due course..

Roger_007

homer911 wrote: »

Got a letter yesterday saying that as I had a custody account, there was no change at this time and that would be in touch again in due course..

Same here.

yop

Got an email from Sinead Ryan from independent.ie and she will have a piece in the "Property Plus in tomorrow's Irish Independent"

Also Ian Guider, Newstalk was on contact, so hopefully will highlight that also.

clint_silver

yop wrote: »

Got an email from Sinead Ryan from independent.ie and she will have a piece in the "Property Plus in tomorrow's Irish Independent"

Also Ian Guider, Newstalk was on contact, so hopefully will highlight that also.

keeping it highbrow. dont led the red tops near it!

I just imagined someone reading the metro on the way home on the bus and saying "I dont know what an offset mortgage is"

dolallyoh

Bank are standing by their assertion that the T&C allow them to walk away from the mortgage package. So fully expecting to have to go to Ombudsman next.

nicky5mx

Got the official reply in writing to my complaint today.

Standard response including a little booklet "Putting Things Right For You" which makes me laugh. All I want is that they keep their side of the deal when I signed up for the Offset Mortgage. It is not that difficult for them to allow us to have an offset savings account linked to the mortgage and problem solved !

Important thing is that their "investigation" will be complete within 20 working days. I am pretty certain they will deny any wrong-doing so it will be referred to the Ombudsman straight away. Good that they will reply within 20 working days given the accounts will be closed in 2 to 3 months.

Good to see that finally it is getting a mention in the media. We need more of this if the bank is to take the matter seriously.

josip

Is there any advantage to having it mentioned in the media?
Since Danske don't care about the public's perception does adverse media publicity matter?
I would have thought it's financial ombudsman/regulator and then commercial/high court or acceptance?

kennM

josip wrote: »

Is there any advantage to having it mentioned in the media?
Since Danske don't care about the public's perception does adverse media publicity matter?
I would have thought it's financial ombudsman/regulator and then commercial/high court or acceptance?

Well there isn't a disadvantage?