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Paying a lump sum to mortgage breaking fees

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  • 04-01-2019 9:19pm
    #1
    len4o
    Registered Users Posts: 2 ✭


    Hi, I am trying to pay a lump sum towards my mortgage with BOI.I called twice now asking what the penalty fees would be if any as I am on a fixed 3.1 rate until October. The mortgage department told me that there are no fees if I pay the sum today but there could fees if I instruct the payment today until the funds hit my mortgage account as the transfer takes 3-4 days to be processed. I asked for a written confirmation that there are no fees if I transfer the funds today or if there would be penalty, what would the exact amount be. The lady on the phone refused to confirm in writing both. I checked and apparently there is a new EC directive that requires banks to provide immediately upon request and in writing the amount of the penalty fees. I am thinking to file an official complaint as it is not correct to handle clients like this. Who should I contact to obtain such confirmation in writing? Why would a bank transfer from my current account to my mortgage account (both accounts held with BOI) take 3-4 days to be processed? A regular bank transfer between different bank takes no longer than 1-2 working days.


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    #2
    Bank of Ireland: Jennifer
    Closed Accounts Posts: 490 ✭✭Bank of Ireland: Jennifer


    len4o wrote: »
    Hi, I am trying to pay a lump sum towards my mortgage with BOI.I called twice now asking what the penalty fees would be if any as I am on a fixed 3.1 rate until October. The mortgage department told me that there are no fees if I pay the sum today but there could fees if I instruct the payment today until the funds hit my mortgage account as the transfer takes 3-4 days to be processed. I asked for a written confirmation that there are no fees if I transfer the funds today or if there would be penalty, what would the exact amount be. The lady on the phone refused to confirm in writing both. I checked and apparently there is a new EC directive that requires banks to provide immediately upon request and in writing the amount of the penalty fees. I am thinking to file an official complaint as it is not correct to handle clients like this. Who should I contact to obtain such confirmation in writing? Why would a bank transfer from my current account to my mortgage account (both accounts held with BOI) take 3-4 days to be processed? A regular bank transfer between different bank takes no longer than 1-2 working days.

    Hi len4o,

    Thanks for getting in touch with us here.

    We are very sorry to hear that this has been your experience. Please be assured that we appreciate any feedback we receive from our customers and we will certainly pass this on to the relevant department. If you would like to make a formal complaint in relation to this please see here where you will find our complaints process.

    Our mortgage team will be more than happy to help you with any queries you might have and are available to take calls on 01 6113333, Alternatively if you would like to discuss this is further detail You can arrange an appointment with a Mortgage Advisor in your branch at a time that suits you. To request an appointment please text the word appointment to 50365. Please be assured that when a transfer is made to your mortgage account it goes to a holding account and then deducted front the balance of your Mortgage. For this reason the transfer in this case would not be instant.

    Please feel free to get in touch with us if we can help you with any further queries.

    Thanks
    Jen


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