BoI says I don't qualify for 1% cash back after 5 years because I did not have a BoI account

Kbfirsttimebuye said:
Sorry to hijack this post! Our 5 year mortgage anniversary with BOI was on the 9th of November. I contacted them regarding the 1% cashback and all they could tell me is that it should be credited automatically and by looking at our record that we had satisfied the necessary criteria and told to "wait and see". We're now 34 days since our original drawdown date and no sign of the money as yet! Obviously I didn't think it would go in straight away but I thought by now if might have, would be nice before Christmas!

Is there any other department other than mortgages that I can contact for clarification? They mentioned the "cashback team" but unsure whether or not they can be contacted!

Would love to hear how long that received the 1% waited to get it!

Cheers!
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We were told it would take up to 45 days, and it took 45 days exactly.
 
I am in the same position as previous posters. I called the bank about my 1% shortly after the 5 year anniversary and was told I would receive within 45 days. Then when the 45 days passed I was told I didn't meet the conditions as I didn't have a current account at the time. I raised a complaint but never got a 5 day letter. I called again and they said that they sent it out and will send it out again. This time they are saying the reason I didn't get the 1% cash back was because the 1% was never included in the Letter of Offer. And they state I was advised that I wouldn't be getting the 1% as I didn't have a current account and I just said fine instead of taking the simple step of opening one. Madness. This seems to be a trick that they are using to catch 100s or 1,000s of people out. Acting in bad faith and reneging on the 1%, I will be switching my mortgage and closing my BOI bank accounts.
 
It was the same with the tracker issue for years .Check your contract and see what is on it . You do have a option of a complaint to the FSPO .
 
I would get very exercised with the bank about this, regardless of what any letter or small print says.

One key observation here is several people have fallen foul of this - not an adhoc oversight by one customer. I always think people who make it beyond Facebook to forums like this are generally people who have their head screwed on, if several people on this thread have encountered the same problem it tells me 1000s of others have too.

Anyone with a brain will open an account if they are aware of it.

The cashback was a major incentive for this product - and yet many customers have made the oversight, this suggests to me that 3rd parties ruling on this matter might find the bank is offside not the customer

The banks transparency and ethics are now in question! It is essential institutions like banks uphold transparency and fairness given the criticality of the contracts they engage in on people's lives.

I would file a complaint. A key reason the bank won't have felt pressure on this will be because people hit the issue at different times.

If that fails I would complain to consumer protection agencies.

If everyone in this situation hit the date for a refund tomorrow the bank would not be able to just ignore this! Try and link up with others in same boat too.
 
I'm sorry but I have trouble understanding this

The Bank offered a product and gave customers details of the terms and conditions. A customer accepts the offer. The customer now complains that they didn't read or didn't understand the terms & conditions. They feel they should be given something that they are not entitled to

How is that the same as the Tracker problem?
 
Brendan Burgess said:
OK, so it was part of the terms and conditions

Bank of Ireland launches new mortgage Cashback PLUS - Bank of Ireland Group Website

Cashback PLUS – a personalised mortgage offering for current account customers Bank of Ireland is launching a new mortgage product, Cashback PLUS, which offers current account customers 2% cashback on their new mortgage at drawdown, along with an extra 1% cashback five years later. The Cashback...
www.bankofireland.com www.bankofireland.com

I must say that I had never heard of this stipulation.

Bank of Ireland launches new mortgage Cashback PLUS​

Cashback PLUS – a personalised mortgage offering for current account customers​

Bank of Ireland is launching a new mortgage product, Cashback PLUS, which offers current account customers 2% cashback on their new mortgage at drawdown, along with an extra 1% cashback five years later.

The Cashback PLUS offer is available to Bank of Ireland current account customers who draw down a new First Time Buyer, Mover or Switcher mortgage before 31st March 2017. Non-Bank of Ireland customers or customers drawing down Buy to Let or Equity Release mortgages will continue to be eligible for the existing 2% Cashback offering.

Discussing Cashback PLUS, John O’Beirne, Head of Mortgages at Bank of Ireland said: “We want to support our current account customers with a tailored mortgage offering, so Cashback PLUS is designed to provide an additional bonus a few years into the mortgage journey. Our research with prospective homeowners has informed us of the issues they encounter and the types of support that are important to them. Therefore we have developed an innovative range of offerings to help make things easier, including our new Cashback PLUS product. We have a full suite of products for customers at different stages of the home-buying journey – saving a deposit, searching for the perfect property, and settling in and managing repayments.”

Cashback PLUS features:

  • Available for owner-occupier customers – first time buyers, movers and customers switching who drawdown during the offer period;
  • 2% of the mortgage back as cash to help with the upfront costs of moving;
  • An additional payment of 1% cashback after five years;
  • Available with both variable and fixed rate mortgages;
  • Existing cashback 2% offer still applies.
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It's literally mentioned 4 times, with the added sentence about non account holders of:

Non-Bank of Ireland customers or customers drawing down Buy to Let or Equity Release mortgages will continue to be eligible for the existing 2% Cashback offering.
 
Cudman said:
Sorry, please ignore ore my previous post, the page went unresponsive and jumbled up the whole thing.
We drew down with BOI Dec 2017 and stayed paying their higher rates in the expectation of getting the 1% Cashback Plus this month.
They have just told us we aren't eligible as we would have needed to have a BOI current account at drawdown - first time this was ever mentioned to us as obviously we would have opened one before drawing down if that was the case.
Struggling to locate our original letter of offer.
Is anyone aware of this scenario or still have the T&Cs from around that time?
Cheers.
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Until you put up the terms and conditions it is very difficult to figure out if you made a mistake. So far on this thread it is clear that the bank had different products. With different conditions.
 
Irish Independent August 2016

www.independent.ie

BoI forced to offer new 3pc cash-back loan deal

Bank of Ireland has been forced to bring in a new, higher cash-back deal for mortgage customers.
www.independent.ie www.independent.ie

It is adding a loyalty payment to its original cash lump-sum offer to stop customers moving to another lender inside five years.

This will effectively increase its original cash-back offer from 2pc to 3pc.

Bank of Ireland was the first to offer cash-back for buyers, a move that has seen it hoover up mortgage business.

Its original offer gives mortgage customers 2pc of the value of the mortgage. This means new customers get a €4,000 lump sum on a €200,000 mortgage.

Permanent TSB and EBS later introduced similar deals.


However, Bank of Ireland had a condition attached to its deal allowing it to claw back the cash if the mortgage holder paid off, or switched, the mortgage within five years of draw down.

But the bank has been forced to drop the claw-back threat after this was banned under an EU directive that was introduced this year.

Bank of Ireland has reacted to this by introducing a new cash-back offer with an added loyalty payment after five years.

This is a bid to stop mortgage customers availing of the lump sum payment and then moving to a new lender.

Under the new Cashback Plus deal, Bank of Ireland is offering a 2pc cash lump sum, but adding an extra 1pc cash amount after five years.

The loyalty payment only applies to those who have a current account with the bank.
 
Irish Independent October 2016

www.independent.ie

The 60-second guide to... getting a mortgage cashback deal

Mortgage cashback deals put a cash lump sum of a few grand back in your pocket, so they can be tempting when you're scrimping and saving to buy your first home. They shouldn't be the only reason you take out a mortgage with a lender, however.
www.independent.ie www.independent.ie

Should you be a first-time buyer getting a variable mortgage to borrow about 90pc of the value of your home, BoI is, however, one of the most expensive lenders. You could pay tens of thousands more in mortgage interest with BoI over the lifetime of your mortgage than you would with a cheaper lender - even after taking into account the value of its cashback deal.
 
Very clear here:

www.bonkers.ie

Which banks offer cashback on mortgages and are they good value?

With so many banks now offering cashback on their mortgages, it's no surprise that customers, and especially first-time buyers, are being tempted by these often sizeable lump sums of cash. The question to consider before diving in is; do these offers represent the best value over the long term?
www.bonkers.ie www.bonkers.ie

Bank of Ireland has a 3% cashback offer which is available to all first-time buyers, movers and switchers who have a current account with the bank. You’ll receive 2% cashback after drawing down your mortgage from the bank and a further 1% in five years' time.

Figures like this can look extremely appealing, but it’s essential to consider the lifetime cost of the loan before making a decision.

- What that means is that the cashback isn't worth it, the money you 'get back' is actually you overpaying in the first place.

- The OP knew in the first post that they were overpaying. Now that makes no sense to me, that it was wrong from the get go.
 
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