Danske bank to close retail customer accounts

Stheno

kennM wrote: »

Just checked small print... nope, can't change it....

They've also said mortgages will continue under their existing terms and conditions. There is a clause in the small print where they have the right to transfer the agreement in whole or in part but does not make a material difference to terms and conditions. So essentially they could shift it to another bank under offset terms and conditions....

Time will tell but confident that we can't end up worse off than our current terms and conditions.

Possibly then they will do what Halifax did and just get it administered via the links of Certus, how they will deal with the offset is hard to understand, having worked in the area, with the likes of mortgages where interest is calculated daily, savings can be massive using offsets.

byrnefm wrote: »

I used to be with Ulster Bank a few years ago until I got my mortgage with NIB. One thing which Ulster Bank online banking couldn't do (in 2007) was to pay my AIB Credit Card, as there was only a way to transfer money from one a/c to another but not with reference text (which I needed to specify my credit card #).

Does anyone know if this is now possible with their online banking, that is, to specify reference details / text? The reviews I've seen on Google Play for Ulster Bank's app is generally very positive (esp compared to AIB's for example)

Also, I'm wondering how TRS will now be paid if my current a/c is no longer with Danske but my mortgage is... though I guess they'll let us know that in due course.

Yes my online banking with ulster bank allows me to transfer and put in a specific reference for both one off and regular standing orders.

BuffyBot

Yup it is possible.

dixiefly

kennM wrote: »

Hey Renny, I'm in the same boat as you....

Our current accounts are attached to the mortgage product in essence and as such can't be closed and just service your mortgage. NIB/Danske have a contract with regards to the product and its terms and conditions. We are fulfilling our side of the contract and arrangements will need to be put in place that does not leave us in a worst off position.

I was chatting to a friend who works with one of the major banks and financial ombudsman today and he was saying that they need to either continue the current terms and conditions or have the comparable (Same terms and conditions) offered by another bank.... either way the onus is on Danske bank to resolve this.

If needs be I'll be digging in my heals on this one....

They are not going bankrupt, they are refocusing their efforts into different areas and pulling out of retail banking. They can't just break the contract because it no longer suits them.

I have a current account linked to my mortgage. In my case I had reactivated my Ulster Bank account because I wasn't happy that Danske had closed the branch network and increased fees at the same time.

As stated above, my mortgage account is linked to my current account. Will Danske remove that link and allow me to pay into the mortgage account directly from my Ulster current account?

When will the credit card be phased out / will it transfer to another provider?

Does anyone know if Danske have an advisory number to call in relation to the changes or do we just call the standard numbers?

dixiefly

Truman Burbank wrote: »

Long term frequent on-line Ulster Bank customer. Never needed card reader. Got one? Yes. Required to use? No. No change in log-in details (customer #, 4 digit pin & 3/6 password ) ever.

Afaik, the card reader with Ulster is mostly used when setting new payees.

kennM

dixiefly wrote: »

I have a current account linked to my mortgage. In my case I had reactivated my Ulster Bank account because I wasn't happy that Danske had closed the branch network and increased fees at the same time.

As stated above, my mortgage account is linked to my current account. Will Danske remove that link and allow me to pay into the mortgage account directly from my Ulster current account?

When will the credit card be phased out / will it transfer to another provider?

Does anyone know if Danske have an advisory number to call in relation to the changes or do we just call the standard numbers?

I'd sit tight and wait for them to write out... we can't be adversely affected by this change and we have active contracts in place.

Regarding your question... I've checked the terms and conditions associated to my mortgage and it is possible to "feed/pay" your mortgage from a current account in another institution.

Regarding what will happen with existing products/credit cards etc. the onus is on Danske bank to resolve this and I'm not going to stress about it till I hear from them.

You can be sure some of the existing banks will try and target the Danske bank customers with attractive terms and conditions.... worth keeping an eye out for these too.

Regarding standard numbers giving solutions/answers.... i'd say its early days yet. You have to remember the staff handling customers only heard the news at the same time we did..... unfortunately those people are likely losing their jobs so its an incredibly difficult time for them.

In the original press release it stated that they will be writing out to all customers with regards to their existing products and offerings and what will happen.

Hope this helps

ABC101

I sent two internal email queries on Friday. No response since.

Obviously staff must still be in a state of shock... and are probably inundated with email from clients.

But has any poster got a response yet?

I have deeds of 1 property with them (held in N.I. I believe)... so I must get those deeds back before they pull out entirely.

As for the announcement that they are going to concentrate on Corporate and Investors... I don't believe it... it's just a stop gap measure to a full scale pull out.

It's a terrible pity really, the Online banking model is very good, trading stocks program was good, and the discounts with prestige accounts / offset mortgages was very good too.

Big loss for the Irish public, sad day for employees as well, some great people working there.:mad:

Leslie91

I've started the process of moving the current account to PTSB. So far v smooth. But one thing to bear in mind is that they are v conservative when it comes to the credit card. They have told me I won't be getting anything like the line I had with NIB/Danske so I might look outside them for credit card. Can anybody recommend another provider when it comes to credit card?, I'd like to be able to see the account online, not fussy ref MC or Visa.

dixiefly

kennM wrote: »

I'd sit tight and wait for them to write out... we can't be adversely affected by this change and we have active contracts in place.

Regarding your question... I've checked the terms and conditions associated to my mortgage and it is possible to "feed/pay" your mortgage from a current account in another institution.

Regarding what will happen with existing products/credit cards etc. the onus is on Danske bank to resolve this and I'm not going to stress about it till I hear from them.

You can be sure some of the existing banks will try and target the Danske bank customers with attractive terms and conditions.... worth keeping an eye out for these too.

Regarding standard numbers giving solutions/answers.... i'd say its early days yet. You have to remember the staff handling customers only heard the news at the same time we did..... unfortunately those people are likely losing their jobs so its an incredibly difficult time for them.

In the original press release it stated that they will be writing out to all customers with regards to their existing products and offerings and what will happen.

Hope this helps

Thanks, sounds reasonable.

pjproby

Danske bank will most likely be obliged to offer a personal loan to clear CC debt and overdrafts. It might be a better bet to wait and see. There may be other options yet.

Dr. Sh1te

Does this now mean we won't be getting the mastercard debit cards they only wrote to us about a few weeks ago ? (Roll eyes)

JTMan

Dr. Sh1te wrote: »

Does this now mean we won't be getting the mastercard debit cards they only wrote to us about a few weeks ago ? (Roll eyes)

Correct. It seems.

jmcc99_98

I have a fairly hefty balance on my Danske Mastercard (€4k) I have been managing to take it down from 5k over the past 6 months or so.

In any event I rang Danske this morning to find out what happens with that, they said that I would be given 2 months notice but essentially I would have to pay it off or look for the balance to be transferred to another card/bank. There was no mention of a loan being offered to pay it off (as mentioned earlier in this thread)

I may yet manage to transfer it to a new credit card (with whatever bank I transfer to) but I doubt they will offer a 4k limit or they may offer me a separate loan to pay it. It would be much handier if Danske could offer a loan for the outstanding balance as I have an excellent payment record with them etc

Has anyone had any other details regarding Credit card balances?

kennM

jmcc99_98 wrote: »

I have a fairly hefty balance on my Danske Mastercard (€4k) I have been managing to take it down from 5k over the past 6 months or so.

In any event I rang Danske this morning to find out what happens with that, they said that I would be given 2 months notice but essentially I would have to pay it off or look for the balance to be transferred to another card/bank. There was no mention of a loan being offered to pay it off (as mentioned earlier in this thread)

I may yet manage to transfer it to a new credit card (with whatever bank I transfer to) but I doubt they will offer a 4k limit or they may offer me a separate loan to pay it. It would be much handier if Danske could offer a loan for the outstanding balance as I have an excellent payment record with them etc

Has anyone had any other details regarding Credit card balances?

They said they would be writing out to each customer... personally going to sit tight till they do. Lets see what they put on the table first. If needs be then fight it, they are not pulling out of the country or folding. They have decided to get out of retail banking but we have contracts with them where we are upholding our side of the bargain..... so the onus is on them at present.

Rick Rod

jmcc99_98 wrote: »

I have a fairly hefty balance on my Danske Mastercard (€4k) I have been managing to take it down from 5k over the past 6 months or so.

In any event I rang Danske this morning to find out what happens with that, they said that I would be given 2 months notice but essentially I would have to pay it off or look for the balance to be transferred to another card/bank. There was no mention of a loan being offered to pay it off (as mentioned earlier in this thread)

I may yet manage to transfer it to a new credit card (with whatever bank I transfer to) but I doubt they will offer a 4k limit or they may offer me a separate loan to pay it. It would be much handier if Danske could offer a loan for the outstanding balance as I have an excellent payment record with them etc

Has anyone had any other details regarding Credit card balances?

I would sit tight and let them offer you a solution. Don't pay anything bar the monthly min

byrnefm

Dr. Sh1te wrote: »

Does this now mean we won't be getting the mastercard debit cards they only wrote to us about a few weeks ago ? (Roll eyes)

It may depend when they close our current accounts - the Laser scheme will no longer work after February 28, 2014. Unless they expect us to just withdraw cash from our card after that! Or maybe we can use the Maestro feature on it?

josip

byrnefm wrote: »

It may depend when they close our current accounts - the Laser scheme will no longer work after February 28, 2014. Unless they expect us to just withdraw cash from our card after that! Or maybe we can use the Maestro feature on it?

Danske bank are never slow to carry out an announced change.
Perhaps February 28 is the most logical date for the account closures.

JTMan

SEPA comes into full force on 1 February 2014, so I am surprised that Laser will still exist, as the ISPO have said, until 28 February 2014.

Anyway, Danske Bank have said that they will give 2 months notice before they mandatorily close current accounts. Perhaps, they will give notice, later this month.

Regardless, Danske Bank customers would really want to start switching sooner rather than later.

chughes

Fungus wrote: »

SEPA comes into full force on 1 February 2014, so I am surprised that Laser will still exist, as the ISPO have said, until 28 February 2014.

Anyway, Danske Bank have said that they will give 2 months notice before they mandatorily close current accounts. Perhaps, they will give notice, later this month.

Regardless, Danske Bank customers would really want to start switching sooner rather than later.

Just wondering why you say that. I know they will close the current accounts by the end of February but why do we need to switch sooner rather than later? What is the implication of going to the wire with Danske?

JTMan

chughes wrote: »

Just wondering why you say that. I know they will close the current accounts by the end of February but why do we need to switch sooner rather than later? What is the implication of going to the wire with Danske?

Danske might do it sooner than the end of February, it could be the end of January or sooner.

You need to consider, how quick will your HR department be at switching your salary into the new account? If you have money coming into your account, from other parties, such as rental income, how quick will others be at fixing their direct debits etc?

You need to operate 2 current accounts for a period of time.

Going to the wire with switching is asking for problems.

Some people have a large amount of wires going in and out of their account and it takes time to sort it all out even with automatic switching.

No point in sitting on your hands and waiting for the Danske letter, better to get the ball rolling so you can have a decent period of having 2 current accounts to save potential hassle.

Plus you get the added bonus of moving earlier to a bank that does not charge for day-to-day banking.

kennM

Fungus wrote: »

Danske might do it sooner than the end of February, it could be the end of January or sooner.

You need to consider, how quick will your HR department be at switching your salary into the new account? If you have money coming into your account, from other parties, such as rental income, how quick will others be at fixing their direct debits etc?

You need to operate 2 current accounts for a period of time.

Going to the wire with switching is asking for problems.

Some people have a large amount of wires going in and out of their account and it takes time to sort it all out even with automatic switching.

No point in sitting on your hands and waiting for the Danske letter, better to get the ball rolling so you can have a decent period of having 2 current accounts to save potential hassle.

Plus you get the added bonus of moving earlier to a bank that does not charge for day-to-day banking.

Are you a Danske bank customer?

There is no such thing as a bank that does not charge for day to day banking in Ireland any more.

Conceptually what you say is logical but its not as black and white as that in certain cases. The onus is on Danske to solve the issues and as such I won't be doing anything until I hear from them accordingly.

championc

Hey KennM, don't come on here whinging when you get caught up midway between closing one and opening another and having no money.

Fungus is quite correct. Danske have told everyone to get out now. There is no penalty to have two accounts with two banks simultaneously.

What are you hoping will happen ? Do you think that if enough people dig in their heels, that the bank may reverse their decision ? Dream on mate.

As for free banking, I guess you haven't seen the Ads for PTSB then ? Of course, terms and conditions apply

kennM

championc wrote: »

Hey KennM, don't come on here whinging when you get caught up midway between closing one and opening another and having no money.

Fungus is quite correct. Danske have told everyone to get out now. There is no penalty to have two accounts with two banks simultaneously.

What are you hoping will happen ? Do you think that if enough people dig in their heels, that the bank may reverse their decision ? Dream on mate.

As for free banking, I guess you haven't seen the Ads for PTSB then ? Of course, terms and conditions apply

Hey championc... you can wind your attitude in for starters... I haven't came on here whinging when I get caught up between closing one and opening another and having no money!! not me at all!!

Danske have not told everyone to get out now. Are you a customer? If not they have told you absolutely nothing! you are looking at media reports. I am a customer and I have the letter from Danske bank stating that they will be writing to each customer to outline how each of their products will be affected.

I'm not speculating that they will reverse their decision whatsoever... no hope of that. The onus is on Danske bank to resolve the issue, plain and simple. I've spoken to someone from the Ombudsmans in that regards...

The simple fact of the matter is that Danske bank have signed contracts with regards to supplying services & products for assigned fees. You and I as well as the bank are bound by those terms and conditions, plain and simple..... just because retail banking isn't their desired business going forward doesn't mean they can just break pre-existing contracts.

Yes I have seen the ads from PTSB.... exactly, terms and conditions apply in order to avail of free banking. I personally reckon some banks will try and attract Danske bank customers with preferable offers too.

championc

I am indeed a customer and it is a complete PITA that this is happening. I haven't read the small print but I would "assume" that they are only "contracted" for the duration of the quarterly management fees, or whatever they call it.

I have the complication, like many others, of having a Custody Account so that's hassle I could do without.

I accept that Danske will be writing to all customers and lets suppose they give us all 12 or 18 months, not meaning to pry on the specifics of your finances, but why are you so determined to stay with them until their final days of operation for the Personal Banking sector ?

kennM

championc wrote: »

I am indeed a customer and it is a complete PITA that this is happening. I haven't read the small print but I would "assume" that they are only "contracted" for the duration of the quarterly management fees, or whatever they call it.

I have the complication, like many others, of having a Custody Account so that's hassle I could do without.

I accept that Danske will be writing to all customers and lets suppose they give us all 12 or 18 months, not meaning to pry on the specifics of your finances, but why are you so determined to stay with them until their final days of operation for the Personal Banking sector ?

Not determined to stay with them... to be honest I'm disappointed to see them leaving retail banking, thought they had great staff and good technology backing them up.

From my own perspective I have an offset mortgage, so sitting tight to see what arrangements are going to be put in place. My assumption is that my mortgage and banking will be provided by another bank... i.e. offset mortgage with account facilities with another provider.

championc

I think the thing that is upsetting people the most (or certainly me) is that it just smacks of greed, going for the big guns, rather than looking after the man on the street, the very man who one day, may have his own business and will look for a banking partner - Danske will NOT be top of his list.

Maybe this is the start of an Irish pullout, in maybe 5 to 10 years time.

draiochtanois

This post has been deleted.

JTMan

kennM wrote: »

There is no such thing as a bank that does not charge for day to day banking in Ireland any more.

PTSB give free day-to-day banking if you deposit at least 1,500 EUR per month.

kennM wrote: »

The onus is on Danske to solve the issues and as such I won't be doing anything until I hear from them accordingly.

Depends on the issue. If your HR department use your old bank details and the payment bounces due to account closure then Danske won't help.

_Kaiser_

kennM wrote: »

My assumption is that my mortgage and banking will be provided by another bank... i.e. offset mortgage with account facilities with another provider.

Not a customer myself but I'm curious why you think this will happen? Your contract/account is with Danske. Why would another bank be under ANY obligation to give you the same terms and conditions as you have now?

.BrianJM

Just received my statements which included a flyer about "Get Ready For SEPA". Not a hint about closure.

~

Fungus wrote: »

PTSB give free day-to-day banking if you deposit at least 1,500 EUR per month.

That's somewhat more than I can manage; however, if I were to withdraw €1500 from savings, deposit it and then transfer it back to savings, would that qualify. (Sorry if it's covered on their site but I haven't got round to reading all the small print on what's left in the banking sector.)

BuffyBot

Yes, it would.