Danske bank to close retail customer accounts

jwrbs

Anyone any views on leaving some cash in my accounts to continue the offset arrangement? I have a complaint in with the Ombudsman, but until I get a ruling in my favour... I was considering leaving some of the cash I have being offset in my accounts. I understand that the accounts will have their status changed from active to sort of dormant, but they are still the original offsetting accounts I set up and would have thought that the interest calculation on my mortgage should still take these sums into account?

clint_silver

jwrbs wrote: »

Anyone any views on leaving some cash in my accounts to continue the offset arrangement? I have a complaint in with the Ombudsman, but until I get a ruling in my favour... I was considering leaving some of the cash I have being offset in my accounts. I understand that the accounts will have their status changed from active to sort of dormant, but they are still the original offsetting accounts I set up and would have thought that the interest calculation on my mortgage should still take these sums into account?

Danske hard line on it is they won't look at those accounts at all after the 23rd so I would not be counting on them continuing the offset facility. If you have a legal case with them I'd be engaging a solicitor not just relying on the fso.
The reason not too many people have gone down this road is I'm guessing the 1% reduction is more favorable than the offset due to bank balances. I know it is in my case.
Having said that I think there certainly is some merit in leaving a small balance so at least you have some connection with them. 10e? But having said that I would not be surprised if you got that in a cheque in your door one day with a letter saying F off your account is now closed.

cunnijo

Question all

Has anyone returned their cheque books for a refund of the stamp duty? If so did you have to wait long for it?

jwrbs

cunnijo wrote: »

Question all

Has anyone returned their cheque books for a refund of the stamp duty? If so did you have to wait long for it?

yes - got sum credited to my Danske account within about a week

Anatom

jwrbs wrote: »

yes - got sum credited to my Danske account within about a week

I presume that's a full, untouched cheque book? I have several unfinished ones - including an old National Irish Bank one...

jwrbs

Anatom wrote: »

I presume that's a full, untouched cheque book? I have several unfinished ones - including an old National Irish Bank one...

I just sent all the unused cheques I had back - some entire books, and for the partly used ones I just pulled out the cheques and returned them, keeping the stubs. Also did include the NIB ones as well. The 15c stamp duty is paid in respect of each individual cheque so credit should be available on each one.

Eamo71

Auld-Yin wrote: »

If she can remember the account number then there should be no trouble getting it. I recently sent a secure mail asking them to transfer the balances of account (numbers) to my new account. 2 days later it was done.

T'was sorted I had the acc num on my phone and it helped to speed things up. Money now transferred. Thanks to all who responded!

Ryaned40

Hi all, got letter in post for fso to confirm formal investigation has began ! Within the letter they gave me a copy of questions they have sent to danske bank to reply too! Danske have 20 days to reply !

yop

Ryaned40 wrote: »

Hi all, got letter in post for fso to confirm formal investigation has began ! Within the letter they gave me a copy of questions they have sent to danske bank to reply too! Danske have 20 days to reply !

Cool job. Thats great to hear.

Finally had Danske ring me for the 1st time yesterday asking why I hadn't setup my DD for the mortgage. The girl was INCREDIBLY nervous. Told her I had already had contact last week and that Danske had acknowledged that I was going to do a transfer before the 5th of each month.

josip

josip wrote: »

Just got a call from Danske to set up the mortgage Direct Debit over the phone.
I sent them the completed mandate 3 weeks ago.
Clueless.
I told them to go away and find the mandate and not to be annoying me.
I assume I'll I have to accede and do it over the phone later in case they record a missed payment against the mortgage?

josip wrote: »

I just checked my account that will now be feeding the Danske mortgage.
On the same day that Danske called, the Direct Debit executed.
They either went away, found the form and updated their system immediately, or it was already updated from when I had originally sent in the form.

Now I know the answer to the last bit.
Just got another call from Danske about setting up the direct debit (that they've already set up and executed) to service the mortgage.
Since my last posts I had also sent them an email pointing out it was set up.
Are these people trying to take incompetence to the next level?

chughes

My current account is due to be closed tomorrow and this morning in the post I received a new security key card.


Last month they sent me a new credit card even though my then credit card was due to expire after the date they had set to close the account.


It must be like the last days of Saigon out there in Airton Close.

ABC101

The new security key card will allow you to LOG IN online to the Danske Site until the end of 2014 I believe.

That way you can download all your correspondence, estatements, etc etc.

I believe you won't see much else.. maybe the mortgage will still be visible on line... not sure...

At the end of 2014... I suspect the online LOG IN facility will be removed.

So make sure you download everything you need before then etc.

dolallyoh

Ryaned40 wrote: »

Hi all, got letter in post for fso to confirm formal investigation has began ! Within the letter they gave me a copy of questions they have sent to danske bank to reply too! Danske have 20 days to reply !

Were there any questions in it pertaining to the ability of Danske to walk away from the agreement ? Presume FSO asking them where in contract it was stated?

g0g

As a tracker mortgage holder I wasn't all that bothered about the changes initially. In fact I was delighted to be able to get rid of the loan servicing account as it's one less to keep track of. However, two things annoy/concern me:

1) I'll be really disappointed to lose eBanking. It's such a good quality product and has been useful for keeping an eye on things. An annual statement just won't be the same.
2) I'm nervous of them somehow finding away to get rid of trackers over time and upping interests rates. It sounds unlikely, but I guess people thought the same about the offset deals!

josip

We've a tracker mortgage. As long as Danske hold onto the mortgage I don't think they'll try anything.
If they sell the loan book, then there are 2 of the original tracker terms I'd have concerns about that the new owners might pursue in order to limit their exposure.

homer911

Tried to clear out the balance on my account this morning via online banking and wasnt able to. Had to do it through their call centre, then checked on line to see that the transaction had already gone through

makeorbrake

g0g wrote: »

It sounds unlikely, but I guess people thought the same about the offset deals!

jossip wrote:

We've a tracker mortgage. As long as Danske hold onto the mortgage I don't think they'll try anything.
If they sell the loan book, then there are 2 of the original tracker terms I'd have concerns about that the new owners might pursue in order to limit their exposure.

What are the terms you think they might exploit specifically?

homer911

Mobile banking app uninstalled - sorry to lose this excellent service

My best wishes go to the Danske Bank staff who are losing or have lost their jobs due to this

josip

makeorbrake wrote: »

What are the terms you think they might exploit specifically?

Do you think anyone from Danske monitors this thread to get ideas?
Probably not. They don't have time to do their day to day at the moment.

One area of concern would be the LTV. I don't have the terms in front of me but was it possible for both parties to revalue the mortgage property after/every 3 years? With each pasing year, that is less and less of a concern.

The other one would be for those borrowers who are no longer living in the mortgaged property and are renting it out. I think that in those cases Danske/whoever could force them onto a Buy To Let mortgage.

makeorbrake

josip wrote: »

Do you think anyone from Danske monitors this thread to get ideas?
Probably not. They don't have time to do their day to day at the moment.

I'm sure they are. However, I wouldn't worry. These are ideas that have been discussed a long time ago both here and over on askaboutmoney.com

josip wrote: »

One would be the LTV. I don't have the terms in front of me but was it possible for both parties to revalue the mortgage property after/every 3 years? With each passing year, that is less and less of a concern.

I think it's unlikely. There are cost implications for them if they were to pursue this. Then many people might pay off the minimum just to get back under the LTV threshold again. Perhaps they could look at properties individually and try and approach the ones that are in the depths of neg equity. I wouldn't be too concerned about this though - unlikely to be a live option for them.

josip wrote: »

The other one would be for those borrowers who are no longer living in the mortgaged property and are renting it out. I think that in those cases Danske/whoever could force them onto a Buy To Let mortgage.

Again, this has been discussed previously on a number of occasions. I would imagine that anyone with this set of circumstances is leaving themselves vulnerable. It would still be interesting to see how it would play out in practice. Would there be any obligation on the part of the lender to allow the mortgage holder to address the situation before simply withdrawing the tracker and switching them to investment property interest rates (it would be even worse than the regular variable rate as clearly - in these circumstances - the property would be deemed to be an investment property)?

clint_silver

homer911 wrote: »

Tried to clear out the balance on my account this morning via online banking and wasnt able to. Had to do it through their call centre, then checked on line to see that the transaction had already gone through

Current accout now changed to "credit holding account", I can see the account on the mobile app but wont let me transfer.

Boarding has now closed, plane is backing on to the runway.

Ryaned40

dolallyoh wrote: »

Were there any questions in it pertaining to the ability of Danske to walk away from the agreement ? Presume FSO asking them where in contract it was stated?

Ya there was 26 questions in all ranging from asking for mortgage acc statements since 2007 and full contract that was signed. To asking them what was their reason for closing acc on offset mortgage and to prove that it was not part of agreement! Basically they are asking the questions of what I stated in my letter to danske, so I presume they will only ask questions on your behalf to the information u supplied. My solicitor wrote my letter, how this helps u dollallyho

stiofanD

clint_silver wrote: »

Current accout now changed to "credit holding account", I can see the account on the mobile app but wont let me transfer.

Boarding has now closed, plane is backing on to the runway.

Surprised at this. I thought that accounts closing on May 23rd would mean they would be available until close of business on May 23rd. However, tried to use the credit card this morning and it is already gone

robbe

Ryaned40 wrote: »

Ya there was 26 questions in all ranging from asking for mortgage acc statements since 2007 and full contract that was signed. To asking them what was their reason for closing acc on offset mortgage and to prove that it was not part of agreement! Basically they are asking the questions of what I stated in my letter to danske, so I presume they will only ask questions on your behalf to the information u supplied. My solicitor wrote my letter, how this helps u dollallyho

I received confirmation from FSO that the formal investigation will commence shortly - given that there are likely multiple complaints on the same subject you'd hope (but not expect) that they would pool their knowledge on the issue and arrive at a sensible conclusion. As a matter of interest did your solicitor give any indication of the likely success of the complaint?

Eamo71

The Danske App was the best banking app I've used to date

jwrbs

robbe wrote: »

I received confirmation from FSO that the formal investigation will commence shortly - given that there are likely multiple complaints on the same subject you'd hope (but not expect) that they would pool their knowledge on the issue and arrive at a sensible conclusion. As a matter of interest did your solicitor give any indication of the likely success of the complaint?

You would hope the pooling would help, but I think somewhere that the FSO says it decides each case independently and in effect isn't bound by precedent (in other words just because someone succeeds on a set of facts they don't necessarily need to make the same decision on the same set of facts). Although I would have thought that if that did happen then might be worth spending some money on a lawyer. To the extent possible I think it would be useful if people continued to share how they get on with FSO (although I wonder whether in the event of any settlement the bank might seek to impose confidentiality). Although a comment on whether dealings with FSO satisfactory or not might be merited at that stage without referring to any particular outcome?

ABC101

Current account now disappeared... sorry to see the old friend go.

Custody account getting transferred on Sunday evening.

Ryaned40

robbe wrote: »

I received confirmation from FSO that the formal investigation will commence shortly - given that there are likely multiple complaints on the same subject you'd hope (but not expect) that they would pool their knowledge on the issue and arrive at a sensible conclusion. As a matter of interest did your solicitor give any indication of the likely success of the complaint?

Ya he thinks we stand a good chance but would not bet on it! He told me not to go any further if we don't win because he said it would be a waste of money! He also said the fso are not very consistent but he is quietly confident that the outcome will be in our favour

Mr Steak

Any updates? Very confused at the mo

yop

Nothing from FSO. Got another letter in the post re my DD been setup.