Danske bank to close retail customer accounts

kennM

JimsAlterEgo wrote: »

I think Ulster bank have offset mortgages

They do

jmcc99_98

Anyone receive any information from Danske? I have still not heard anything from them. I am anxious to find out what will happen with my credit card balance.

Also, tried to open a current account with Ulster Bank and was refused point blank because of my ICB rating, I have no idea what is on the ICB report and am currently awaiting the report in the post, but it looks like I might run into more problems, I suspect the black mark is an issue I had with MBNA about 3 years ago. I ended up making a part settlement with them on a relatively small balance. That is all I can think of.

Thoie

Haven't heard a thing from them.

kennM

Haven't heard a thing yet myself

cunnijo

Nor I either.

chughes

Nothing here either.

Rock Steady Edy

jmcc99_98 wrote: »

I suspect the black mark is an issue I had with MBNA about 3 years ago. I ended up making a part settlement with them on a relatively small balance. That is all I can think of.

It probably depends if it was a credit issue or a disputed transaction issue. If it was the latter then I wouldn't have thought it should affect you.

I am certainly not expecting to hear from Danske this side of the New Year. They've probably got a lot to sort out and the last thing they need is a load of angry customers with queries calling up before Christmas, motivated by letters they've written and can control the timing of their despatch.

Curly Judge

chughes Nothing here either.
Today 21:14

cunnijo Nor I either.
Today 13:59

kennM Haven't heard a thing yet myself
Today 12:53

Thoie Haven't heard a thing from them.
Today 12:49

If this thread gets any more exciting I'll have to go and take a valium!

cunnijo

Just to update. They are now issuing the Debit Mastercard. I checked on eBanking to find one has been issued with an expiry date of 03/2016. It should arrive any day now. So check your eBanking profile for yours.

donegal_man

cunnijo wrote: »

Just to update. They are now issuing the Debit Mastercard. I checked on eBanking to find one has been issued with an expiry date of 03/2016. It should arrive any day now. So check your eBanking profile for yours.

Mine should have arrived nearly a fortnight ago, been on the phone time and again only to be told "there have been delays with a few cards, you'll receive it in the next few days."

Leslie91

I've successfully switched the current account to PTSB and I must say it was painless. PTSB has been v good keeping me informed as to what is going on. Still have the Danske credit card which I'll hold onto for as long as I can as will take a while to build up such a limit elsewhere.

ABC101

No news at my end, I was in contact with some staff during the week, and as suspected earlier, they don't know either.

Not nice for employees, knowing you will be made redundant but no idea when. Not easy trying to plan your career around that.

Somebody in Copenhagen must be working around the clock scheming up ideas on how to shut the operation down, well at least the retail end anyway.

I don't believe the advertising of the business end on the radio, it's just a stop gap measure to a full scale pull out.

There might be another alternative....... If the bank was to be sold to another bank, remember it was owned by NAB before, then sold to Danske and so on.

I will start to seriously worry when I don't get a replacement log on password card..... But I don't expect any news until well after Christmas, perhaps closer to St Patricks Day.

However I'm hanging in there until the bitter end......no way am I giving up my current account until I really have to. It's there problem.... They can sort it out... Or else pay me off enough and I will sort it out myself.

handlemaster

Anybody receive a letter from the bank on what's in store early next year

pricewise987

Danske Bank Employees have no information

Rang this morning - No updates expected until January 2014 at the earliest

Rock Steady Edy

The question posed here about what will happen to Offset mortgages with Danske was posed in the Business Section of the Sunday Times today (Page 10).

The answer says that you'll have to wait and see what solution Danske proposes and then decide if that solution is acceptable to you or not.

Brodick

Leslie91

I've approached PTSB but they wanted 12 months statements. This seems a bit much. How did you find them?

Leslie91 wrote: »

I've successfully switched the current account to PTSB and I must say it was painless. PTSB has been v good keeping me informed as to what is going on. Still have the Danske credit card which I'll hold onto for as long as I can as will take a while to build up such a limit elsewhere.

Leslie91

Brodick wrote: »

Leslie91

I've approached PTSB but they wanted 12 months statements. This seems a bit much. How did you find them?

For the credit card?

I gave them 6 mths but am not getting their credit card going with Tesco instead.

vector

handlemaster wrote: »

Danske have announced they will be closing their retail banking / personal accounts ...?

A huge pain, but on the other hand this is the free market in operation...

The bank - which is a for-profit company - have looked at their figures and decided that retail/person business isin't profitable for the hassle/work involved and they are dropping the product

ABC101

Well that is an interesting question....

Considering Danske have slashed costs, slashed staff numbers, slashed branches, migrated to online banking, they should be able to recover well when the upturn comes, (which is starting to happen).

It also raises the question, if Danske cannot make money, just how will BOI, PTSB and AIB (which both have huge staff numbers and retail branches etc) make any money?

I don't believe it was really about shutting down a loss making operation, the decision was taken in Copenhagen, by the shareholders I believe.

It does annoy me that NIB / Danske did not get the support of the Irish public, good services / products where offered, yet they struggled with market share.

The stubborn conservative nature of the Irish public certainly has worked against themselves, as now there will be less choice.

Curly Judge

ABC101 wrote: »

Well that is an interesting question....

Considering Danske have slashed costs, slashed staff numbers, slashed branches, migrated to online banking, they should be able to recover well when the upturn comes, (which is starting to happen).

It also raises the question, if Danske cannot make money, just how will BOI, PTSB and AIB (which both have huge staff numbers and retail branches etc) make any money?

I don't believe it was really about shutting down a loss making operation, the decision was taken in Copenhagen, by the shareholders I believe.

It does annoy me that NIB / Danske did not get the support of the Irish public, good services / products where offered, yet they struggled with market share.

The stubborn conservative nature of the Irish public certainly has worked against themselves, as now there will be less choice.

I would have been quite happy to stay with Danske bank even with their minimalist service.
They are leaving me.... not me leaving them!

ToxicPaddy

I'm trying to contact Danske to clear my credit card balance and cancel the card. However I'm having issues getting online.

So when I went to call their customer support line yesterday, I gave up after 45 minutes of being on hold waiting in a queue. Like wtf is that about? :mad:

JTMan

ABC101 wrote: »

It also raises the question, if Danske cannot make money, just how will BOI, PTSB and AIB (which both have huge staff numbers and retail branches etc) make any money?

There are much greater economies of scale at AIB and BoI than there were at Danske.

ABC101 wrote: »

I don't believe it was really about shutting down a loss making operation, the decision was taken in Copenhagen, by the shareholders I believe.

The brand new CEO make the decision. There was no shareholder vote.

ABC101 wrote: »

It does annoy me that NIB / Danske did not get the support of the Irish public, good services / products where offered, yet they struggled with market share.

They had one of the most expensive current account products out there. Danske shut themselves out of the mortgage market and offered uncompetitive rates. In this case, the cause is not the 'public's fault'.

draiochtanois

This post has been deleted.

ABC101

@ Fungus,

I beg to differ... Danske may have offered more expensive products in recent times, which is what I think you are referring to.

However in my post above... I was referring historically to good products since the 1980's. Of course they were NIB then, but still they have offered good low cost products since then. I remember the cheapest current account was NIB in the early noughties.

In recent times... (last two years or so) they did introduce more expensive current accounts.

But to judge the cost of current accounts on it's own is not the full picture.

For example a prestige account costs about 120 euro per year ( I think so anyway).. but for that 120 euro one can avail of 0.45% discount on the mortgage rate, obtain a priority pass card for access to business lounges when travelling... so in the short term the customer pays more.... but in the longer term one gets a better deal.

Let me ask you... would you rather pay 150 euro extra / year and then get 0.45% discount on the mortgage of 250K or not?

And as previously mentioned... there was a flat fee of 20 euro when trading shares.... contrast that with AIB who charge 25euro (I think) and a 1.5% of the fund value.

A trade of 10,000 euro would cost you 150 euro alone... and then if you where lucky and the shares rose 50%, selling 15,000 would cost you another 1.5% of the entire 15,000, which is of course 225 euro.

Don't forget the Govt stamp duty adds on another 1%, pretty quickly it all adds up.

Do this a couple of times a week, or a month... and soon you would have no money left at all. One would have to move to some internet trading account .i.e. Trade King etc.

Elessar

I'm in the middle of switching to PermanentTSB. It's a pity Danske are pulling out, really is. I love their online and app banking. From what I've seen PSTB pales in comparisson.

Will their credit cards close also? Mine has a decent sized limit, which I would rather keep. PTSB has told me I may not get that much?

Leslie91

Elessar wrote: »

I'm in the middle of switching to PermanentTSB. It's a pity Danske are pulling out, really is. I love their online and app banking. From what I've seen PSTB pales in comparisson.

Will their credit cards close also? Mine has a decent sized limit, which I would rather keep. PTSB has told me I may not get that much?

Yeah agree, we were spoilt with their ebanking. I'm with PTSB 2 weeks now and while their ebanking is not as good I've no real complaints. I still have the Danske credit card and will hold onto it for as long as possible. What I've done short term is got myself a Tesco credit card and plan to build the limit in it to as much as I can before the Danske one goes. Tesco started me off on 1K.

.BrianJM

Elessar wrote: »

I'm in the middle of switching to PermanentTSB. It's a pity Danske are pulling out, really is. I love their online and app banking. From what I've seen PSTB pales in comparisson.

Will their credit cards close also? Mine has a decent sized limit, which I would rather keep. PTSB has told me I may not get that much.

They will:

Credit Cards
Credit Card(s) will be closed in the first half of 2014. Any credit facility on your Account(s) will be withdrawn and any outstanding balance must be repaid.

We are writing to all customers in the coming weeks to outline what steps should be taken. Customers with a Credit Card Account(s) will be given at least 3 months notice of the withdrawal of this service.

If, like mine, your card expires in April can we expect the 'letter' to arrive in January or will a new card be issued for a couple of months use?

~~~~

Transactional Fees
Transactional Fees will be removed with effect from 1st January 2014.

Package Fees and Transactional Fees (if applicable) will cease to be charged with effect from 1st January 2014. Ancillary charges will still apply.

~~~~

My MasterCard Debit Card arrived this morning - Valid to July 2016.

donegal_man

I got my new Mastercard debit card in the post this morning and attempted to withdraw some funds at lunchtime in Ulster Bank only to have the card returned to me, same in PTSB and BoI. Tried to ring Danske customer care line and gave up after forty minutes of "please continue to hold". The only conclusion I can reach is that since they are abandoning the personal banking sector anyway they no longer care about providing any level of customer service.

freevoice

ToxicPaddy wrote: »

So when I went to call their customer support line yesterday, I gave up after 45 minutes of being on hold waiting in a queue. Like wtf is that about? :mad:

Try calling them before 9am .

Hotblack Desiato

Elessar wrote: »

I love their online and app banking.

Dunno about the app (I wouldn't trust a smartphone with banking) but their online banking, and text balance check were great.
Unfortunately the text balance check stopped working a few weeks ago, and they appear to have no intention of fixing it.

Auld-Yin wrote: »

Quote:Transactional Fees
Transactional Fees will be removed with effect from 1st January 2014.
Package Fees and Transactional Fees (if applicable) will cease to be charged with effect from 1st January 2014. Ancillary charges will still apply.

Woohoo! Free banking is back! :rolleyes:

Where did you see that Auld Yin? I haven't got any letter yet and there was nothing new on their website a couple of days ago.

donegal_man wrote: »

I got my new Mastercard debit card in the post this morning and attempted to withdraw some funds at lunchtime in Ulster Bank only to have the card returned to me, same in PTSB and BoI. Tried to ring Danske customer care line and gave up after forty minutes of "please continue to hold". The only conclusion I can reach is that since they are abandoning the personal banking sector anyway they no longer care about providing any level of customer service.

did you activate the card?
Does it have a 'valid from' date of 1st Jan or something?

I presume their phone lines are still snowed under with tons of panicky 'what's going to happen' callers. Nothing will happen for at least 2 months until the letters go out, so what's the point of ringing up to ask a question they either can't or won't answer yet? Must be very annoying when you have an actual problem that you need to talk to them about.