Danske bank to close retail customer accounts

.BrianJM

ninja900 wrote: »

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.

Working for me. That said, I must add that it had been a bit glitchy recently so I checked my profile as held on the site. Maybe that was enough to re-assert my contact details!

ninja900 wrote: »

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.

It's been added to the 'closing your accounts' details.

Hotblack Desiato

Auld-Yin wrote: »

Working for me. That said, I must add that it had been a bit glitchy recently so I checked my profile as held on the site. Maybe that was enough to re-assert my contact details!

I'm getting the texts but they're unreadable. Changed my phone two weeks ago and it's the same.
My wife is with Danske too, and she had the same problem start at the same time.

It happened before a year or two ago, and was fixed after two weeks but it's been much longer than that now and to be honest when we rang up about it they CBA.

Hotblack Desiato

OK I registered my work Blackberry with them and the text balance check works on that.

Between my old one, my new one and my wife's phone we've 3 Nokia series 40 phones, these are supposed to be just ordinary text messages, but they don't work on any of them. If you can't send a text message to a Nokia, you're doing it wrong.

donegal_man

ninja900 wrote: »

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

It was over a fortnight late in arriving, apparently there "was a delay in issuing some of the new cards".
Credit me with some intelligence! When it wouldn't work in Ulster Bank's atm I activated the darn thing although according to the information received and also the faq section on their webpage that is only necessary if one intends to use it for online transactions.

Hotblack Desiato

Whatever.

homer911

Seems to be more information in the media than anything directly forthcoming from Danske

http://www.independent.ie/business/personal-finance/danske-bank-customers-have-just-two-months-to-shut-accounts-29831290.html


Only got my Visa Debit yesterday..

handlemaster

The indo seem to be their mouth piece . No letter from Danske yet. Its about time to let customers know what their plans are for customers

cunnijo

handlemaster wrote: »

The indo seem to be there mouth piece . No letter from Danske yet. Its about time to let customers know what their plans are for customers

Ignore the Indo. They are just stirring it up and causing more panic amongst customers. Do nothing until the letter is actually issued.

makeorbrake

What are the damn indo on about? I got a letter saying there were changes which would take place in the first half of 2014 - but no direct direction to close my current account with them!

JTMan

The article by Charlie Weston in the Irish Independent is correct with regard to the below.

When you receive your letter with a closure date you will have 2 months notice prior to the 'termination date'.

All the more reason to switch sooner rather than later.

Hotblack Desiato

Why's that Fungus? Is there an advantage to moving now? I don't want to be messing around with banks over the Xmas period :rolleyes: and ideally not in January either!

I still have a vague hope that PTSB and Danske will do some sort of deal where I don't have to lift a finger... allow me to dream on while I can.

freevoice

Got a letter stating the account will be closed on the 7th of February 2014. Danske are moving pretty quickly on this.

Rock Steady Edy

For anyone looking to move Credit Cards that likes a "rebate" and pays off their balance at the end of each month, I think Tesco's Credit card is hard to beat, especially if you shop at Tesco where it doubles up as your clubcard.

You effectively get 0.5% on all purchases in points, but this effectively quadruples up to 2% if you use their Clubcard Deals.

It adds up, especially if you can put big ticket items like car insurance, house insurance premiums on it. It more than pays for the Stamp Duty.

We moved our account from what was NIB a couple of years ago.

There are downsides though. It took 7 weeks to open an account (maybe this has improved over the last 2 years?); your statement comes from the UK so it can take 7-10 days to arrive after the statement date; they gave us about €1,500 credit limit when we'd had €5k with NIB - however after a lot of badgering and sending copies of old statements showing how we'd always paid off our account at the end of every month they increased it back to €5k.

Hotblack Desiato

freevoice wrote: »

Got a letter stating the account will be closed on the 7th of February 2014. Danske are moving pretty quickly on this.

Ouch. They were always going to do this in phases, but I really didn't think they'd be putting pressure on people at this time of year, I would have expected March as the earliest closure date.

It's not really two months notice, either.

ABC101

I got replacement Debit cards, but no closing letter as of yet.

I opened up a current account with AIB.

Within 2 days I could log on to the ebanking, and within 3 days it was fully up and running.

The Debit card arrived within 7 days, shortly after the pin letter.
I then ordered the Card reader, that arrived within 4 days.

Undertook a number of transfers between my AIB and Danske accounts, all worked perfectly.

I then made a list of all direct debits and direct credits, everything coming in and out, mobile phone, gas, electricity etc etc. It can be surprising at how much is now electronic transaction. A lot of the stuff can actually be done over the phone, no need to send in snail mail. In addition I sent a email as a back up just to confirm.

I have now transferred about 90% of the transactions to my AIB account, the remaining 10% I will do in the New Year.

But I'm still holding onto my Danske Account as I have a Offset mortgage.... and they are going to have to come up with a plan, because I am holding on to the bitter end.

I will have to open a new credit card account with AIB, but that will wait until the New Year.

positron

My current account is with NIB and as far as I know it was a requirement to my LTV tracker mortgage with them. I haven't seen any letter from NIB about account closure other than the first one a month or so back announcing their intentions. Not sure what is the best course of action here - I am out of the country all of January as well.

handlemaster

If Danske were to offer you a tracker mortgage write down how much would it take for you to except ? Also are write downs taxable ? I'm thinking the trackers would have to have balances reduced by at least 25/30%

positron

While many would be in a position to take an offer like that if it was ever to be made, but in my particular situation 30% write off would only just about bring the mortgage down to the current value of the house, and I may not be able to get another mortgage to cover it.. While tracker has been godsend, negative equity is just the opposite.

handlemaster

True refinancing in the environment is going to be the issue.. impossible for alot of people

Dr. Sh1te

My employer has paid my weeks wage into my now closed Danske current account, only found this out on Friday evening,

Does anyone what implications this will have can I just ring up the staff in payroll and get them to now pay it into my new account ?

Oh am I going to be in a load of hassle now :-(

Thoie

Dr. Sh1te wrote: »

My employer has paid my weeks wage into my now closed Danske current account, only found this out on Friday evening,

Does anyone what implications this will have can I just ring up the staff in payroll and get them to now pay it into my new account ?

Oh am I going to be in a load of hassle now :-(

Your company are unlikely to "pay you twice" as they'll see it, but try them anyway, at least to let them know your new bank details asap to avoid the same problem next week. They may give you an advance to cover you until the refund comes through. Call Danske now on 1890 812 007, explain the situation, give them your old account number and see if they can help tonight.

Hotblack Desiato

handlemaster wrote: »

If Danske were to offer you a tracker mortgage write down how much would it take for you to except ? Also are write downs taxable ? I'm thinking the trackers would have to have balances reduced by at least 25/30%

They'll run down trackers rather than buy them out. A gradual loss over time rather than take a large loss now - all the Irish banks are doing something similar.

Offset mortgages - it remains to be seen what they'll do, borrowers had a reasonable expectation of saving money due to their current account balance, so it seems to me they'll have to make some sort of offer to buy out the offset aspect.

Rock Steady Edy

positron wrote: »

My current account is with NIB and as far as I know it was a requirement to my LTV tracker mortgage with them.

We moved to another bank last year when Danske introduced current account charges. The current account with them became purely a funding account for the mortgage - the mortgage amount was paid in a few days before the payment was due and the TRS transferred back to our new current account a few days afterwards.

I expect that either this arrangement will continue (and be the solution for others now forced to move) or else they will drop the requirement of the current account for the mortgage and allow the mortgage account to be funded externally.

The requirement to have a current account with a mortgage would originally have been 2-fold: 1) to have greater visibility on the income / financial situation of a customer and 2) to increase the profits of low profit (now no-profit) tracker mortgages. Neither of those really apply if they're no longer interested in staying.

darced

This post has been deleted.

handlemaster

darced wrote: »

This post has been deleted.

Why would it have changed

darced

This post has been deleted.

Delta2113

darced wrote: »

This post has been deleted.

http://www-2.danskebank.com/Link/swiftbic


DABAIE2D

darced

This post has been deleted.

homer911

Rock Steady Edy wrote: »

I expect that either this arrangement will continue (and be the solution for others now forced to move) or else they will drop the requirement of the current account for the mortgage and allow the mortgage account to be funded externally.

Many banking mortgage systems require a service account alongside the loan account. Its not something Danske Bank can just switch off and it will definitely have to continue

handlemaster

ninja900 wrote: »

They'll run down trackers rather than buy them out. A gradual loss over time rather than take a large loss now - all the Irish banks are doing something similar.

Offset mortgages - it remains to be seen what they'll do, borrowers had a reasonable expectation of saving money due to their current account balance, so it seems to me they'll have to make some sort of offer to buy out the offset aspect.

I don't see it paning out like this, the company needs to move on. They have reportly looking for a buyer for these loans. This would have to be sold at a loss, so they are prepared to take the hit. Its not just about the cost of the finance investors in their shares or potential investors would be looking for clarity. How much would the stock go up by if Danske announced tommorrow all there lost making loans in Ireland had been sold ?