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Irish Nationwide regular saver @ 7.35%?
For the benefit of other account holders who may have been charged a notice penalty by PTSB on closing the account:
Although PTSB have not admitted liability and still maintain they were correct to apply the penalty, I would encourage anyone else to follow the complaints process. You also have the option of going to the Small Claims Court rather than the Ombudsman - this may be quicker in some cases.
I can provided scanned copies of all relevant IN and PTSB product documentation if necessary.
Irish Nationwide regular saver @ 7.35%?
For the benefit of other account holders who may have been charged a notice penalty by PTSB on closing the account:
- These accounts were transferred to PTSB in early 2011.
- When I closed my account earlier this year, PTSB charged me a 30 day interest penalty on the balance, even though I had never made any withdrawals.
- I disputed this at the time, but needed to close the account immediately due to the then imminent change in the government bank guarantee.
- I accepted the penalty at the time in order to access my funds, and pursued the issue through PTSB's internal complaints procedure.
- PTSB's Final Response was that documentation circulated in May 2011 removed the product feature allowing two penalty-free withdrawals.
- I have the originals of all correspondence on the account. This is not my interpretation of the documentation I received at the time.
- I referred the matter to the Financial Ombudsman eleven days ago.
- Financial Ombudsman contacted PTSB and myself, offering mediation.
- I have today received a settlement offer from PTSB matching my original request, which was to refund the penalty applied plus interest to date. In my case this is a three figure sum
Although PTSB have not admitted liability and still maintain they were correct to apply the penalty, I would encourage anyone else to follow the complaints process. You also have the option of going to the Small Claims Court rather than the Ombudsman - this may be quicker in some cases.
I can provided scanned copies of all relevant IN and PTSB product documentation if necessary.
