NIB Ditch Free Banking For New Customers and now existing customers

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NIB have removed free banking for new customers.

The free day-to-day banking NIB 'Easy Account' is no longer open to new applications as of last Friday.

NIB have launched a new current account called '24/7' that gives free banking for 20 EUR a year.

[broken link removed]

Ulster are now the one and only option for free day-to-day banking. For now.
 
CiaranT said:
The free day-to-day banking NIB 'Easy Account' is no longer open to new applications as of last Friday.
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So it won't be phased out for existing account holders? I just use it to service NIB mortgage payments ( a requirement when I took out the mortgage with them).
 
serotoninsid said:
So it won't be phased out for existing account holders? I just use it to service NIB mortgage payments ( a requirement when I took out the mortgage with them).
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Who knows.

As things currently stand, old customers who had an "Easy" but not an "Easy Plus" current account get free banking.
 
CiaranT said:
NIB have started calling customers on their old free accounts and pushing them to switch. http://www.boards.ie/vbulletin/showthread.php?p=76834515
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In my case, I only use the a/c - out of obligation - as they insisted upon it when taking out the mortgage. Can they bring this about - i.e. force people off the product their on? If someone only uses a/c to finance their mortgage, can they install a monthly quaterly fee (which would be unfair) rather than a 'per transaction' fee (which really wouldn't amount to anything significant)??


Lastly, I was led to believe this was a stipulation of the mortgage - never got round to checking for sure. Anyone out there with NIB mortgage where they know this to be a cast iron condition of the mortgage?
 
serotoninsid said:
In my case, I only use the a/c - out of obligation - as they insisted upon it when taking out the mortgage. Can they bring this about - i.e. force people off the product their on? If someone only uses a/c to finance their mortgage, can they install a monthly quaterly fee (which would be unfair) rather than a 'per transaction' fee (which really wouldn't amount to anything significant)??


Lastly, I was led to believe this was a stipulation of the mortgage - never got round to checking for sure. Anyone out there with NIB mortgage where they know this to be a cast iron condition of the mortgage?
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I would guess that NIB are able to review the charges on the account retrospectively.
 
CiaranT said:
I would guess that NIB are able to review the charges on the account retrospectively.
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Thanks for the clarification. I don't mind if it's a 'per transaction' charge - as that would be at negligible cost. However, if they were to impose a fixed charge per quater, I would be a tad peeved. In fact, it would be disingenuous to make folks use a current account in order to take a mortgage from them - and then start charging them even though it's only used to fund mortgage?

I'm jumping the gun here I guess, but would this be a little bit unethical (were it to play out this way)? IF this was the scenario, would a customer have a valid cause for complaint - or would the fact that it was made part of the mortgage agreement mean that a customer would have no recourse?
 
More information has come out on this, thanks to the Irish Independent.

The new 24/7 account is 20 EUR per year plus 25 cent per ATM transaction plus 25 cent per Laser transaction.

Best buys are updated.
 
NIB Ends Free Banking for *Existing* Customers

A few weeks ago NIB ended from banking for new customers.

NIB have now ended free banking for some/all existing customers.

http://www.independent.ie/business/...-banking-on-all-current-accounts-3038435.html

The Irish independent says "all current accounts" but later in the article says the change will only effect "people who have free current accounts taken out before 2006".

In the next few days, NIB is set to start writing to its customers who have Easy accounts to tell them it will now impose quarterly fees, transaction charges of up to 30c each and fees for renewing an overdraft.

Customers with old Easy accounts will have to choose a 24/7 account, Easy Plus or Prestige.

Fees every three months on the 24/7 are €5, and are €18.75 on the Easy Plus accounts, but rise to €31.25 for the Prestige account.
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Ulster Bank, for now, still offer free day-to-day banking.
 
The article like many nowadays in this paper is very poorly written. We will need to get more definitive information.
 
I'll be arguing this one with them. I have a tracker mortgage with them and effectively have no option but to keep a current account with them (as discussed in this thread). I'm not going to bite my nose off to spite my face, of course, but I will make it clear to them that, on principle, I will remove as much of my business from them as I possibly can if they try to force me to pay these fees. Cards, chequebook, online banking, the works. The rolling credit balance in my account — my salary and everything else goes straight into it — earns me practically zero interest and should be worth more than €20p.a. to them.

It's a pity, because despite the inconvenience of the recent 'cashless branch' changes, I do find their online banking to be one of the best I've seen.

serotoninsid said:
I'm jumping the gun here I guess, but would this be a little bit unethical (were it to play out this way)? IF this was the scenario, would a customer have a valid cause for complaint - or would the fact that it was made part of the mortgage agreement mean that a customer would have no recourse?
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It looks very much to me like a case of moving the goalposts. When I entered into a contract with them, the requirement to keep a current account with them was one that (at least potentially) implied no additional cost to me. This constitutes a unilateral alteration of those conditions and would therefore, to my inexpert eye, seem to be in breach of that contract. We'll see...


P.S. Thanks for the update, CiaranT. I've merged the two threads on this matter; hope that's OK?
 
DrMoriarty said:
It looks very much to me like a case of moving the goalposts. When I entered into a contract with them, the requirement to keep a current account with them was one that (at least potentially) implied no additional cost to me. This constitutes a unilateral alteration of those conditions and would therefore, to my inexpert eye, seem to be in breach of that contract. We'll see...
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Yes, I would be curious to hear what opinion others hold on this. In the meantime, I guess there is nothing stopping you from just using the current a/c to finance the mortgage - and otherwise, take your current a/c banking elsewhere?

If the charges are per transaction rather than a fixed fee (regardless of frequency of use), then I guess it won't affect anyone who just uses it simply to feed into the NIB tracker. Is that the case? Anyone any link to the fees?
 
They do seem to be trying to shed as many customers as possibly , going cashless is big for a lot of people , not for me but 25c per transaction is robbery, they will get very little from me as will change my behaviour which is maybe want they want
 
My understanding of the nib service account was that there could be no charges attached to it. This falls under the CCA where in taking a mortgage you can not be required to take additional products. The service account was purely an admin thing and therefore did not fall under the category of a product, if they are now requiring you open a current a/c with associated fees then surely this is a breach of the act?
 
Asco said:
My understanding of the nib service account was that there could be no charges attached to it. This falls under the CCA where in taking a mortgage you can not be required to take additional products. The service account was purely an admin thing and therefore did not fall under the category of a product, if they are now requiring you open a current a/c with associated fees then surely this is a breach of the act?
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I'm a bit fuzzy on the detail now as its a few years back that I switched my mortgage to them. From what I recollect, they initially were suggesting that I would have to switch my current account over. I guess I resisted this - and they didn't push the agenda after that - just said that I would need to have it open in order to service the mortgage.
 
Can anyone give definitive advice on whether introducing a charge on an a/c that was required to be set up to service a mortgage is allowed or not? It seems to me to be an effective change in the cost of the mortgage.

I just received notice today that I will no longer have free banking with NIB - something I've had with them in one form or another for many years.

My natural reaction is to close the a/c, but I can't do this because it is being used to service my mortgage with them.
 
ang1170 said:
My natural reaction is to close the a/c, but I can't do this because it is being used to service my mortgage with them.
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Wait until the day after your next mortgage payment goes out,close that account,ring up customer care and give them the sort code and account number you now wish the mortgage DD to come out of.
Ring up again the next day and verify that this new account is updated on their system.
 
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