# NIB to charge for Custody Account



## Slim (4 May 2011)

I received a letter today from NIB telling me they are introducing a €20 bi-annual fee, i.e. €40 per year for maintenance of the Custody account. My CA holds a few thousand BoI shares which I consider a very long term investment. €40 p.a. may well eat into any possible upside that might occur.

Can I close the account and get a share certificate for my BoI Shares?

Slim


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## DrMoriarty (4 May 2011)

I would imagine that the introduction of a maintenance fee would mean they'd have to offer you a cost-free "out" (other than the reasonable cost of issuing a share certificate). Let us know what they say. €40 p.a. is still fairly competitive (_cf_. FEXCO, etc.), but if you don't see yourself buying/selling shares in the near future I suppose it's better in your pocket than in NIB's.


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## dahamsta (4 May 2011)

I have even less shares in my custody account and will have to close it. Does anyone else do per-transaction share-dealing these days? How difficult is it to transfer my shares?


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## kimmage (4 May 2011)

Hi Slim,

Do you mind me asking what plan you're on with NIB? I have a paid one 18.75 per quarter and they told me when I got a custody account they would waive the fee because I was using that plan. I wonder if this applies now across the board. If so I will downgrade to a free plan.


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## Slim (4 May 2011)

kimmage said:


> Hi Slim,
> 
> Do you mind me asking what plan you're on with NIB? I have a paid one 18.75 per quarter and they told me when I got a custody account they would waive the fee because I was using that plan. I wonder if this applies now across the board. If so I will downgrade to a free plan.



Bog standard free current acc, when in credit of course. Slim


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## kimmage (4 May 2011)

Thanks Slim.

I will call them. Didn't they always charge €40 annually for the custody account or was it just on their fees and charges brochure?

If they charge me then it will be cheaper to downgrade from easyplus to a free one and then pay €40 otherwise its €75+40 - no way!! 

Cheers!


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## twofor1 (5 May 2011)

Slim said:


> Can I close the account and get a share certificate for my BoI Shares?
> Slim


 
I have been on to NIB regarding my custody account, to close it must be empty, so three choices, sell, usual charges apply, transfer to another electronic provider at a cost of €25, or convert to certificate at a cost of £65 sterling each.

They do not as yet know what happens with Anglo shares, as things stand they cannot be sold, they don’t know if they can issue a certificate for them, they are waiting for clarification on this


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## dahamsta (5 May 2011)

I'll transfer to another provider if one's available without annual costs, but I'll be contesting that €25.


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## aristotle (5 May 2011)

dahamsta said:


> I'll transfer to another provider if one's available without annual costs, but I'll be contesting that €25.


 
Is the €25 charged per share transferred?


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## Daddy (5 May 2011)

Kimmage:

Do let us know how you get on.  I too am on quarterly charges of € 18.75.


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## kimmage (5 May 2011)

I have just been talking with National Irish Bank now.  They said this fee will apply to all account holders even if you're on a paid plan, Easy Plus or Prestige.  They did have the €40 fee before but waived this for the majority of customers.

They will begin charging at the end of the month.  This is another 40 on top of the 75 Easy Plus account holder are paying, so its becoming expensive.  I think I will downgrade which I mentioned to them and they gave the usual sales talk of why its better to be on the Easy Plus..... Travel benefits etc.


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## Daddy (5 May 2011)

But is there something to downgrade to that incurs less fees in NIB ?

I have a Mastercard with my pacage that entitles the family to free travel insurance as long as I hold the Mastercard.

I probably will just shut down my Custody Account before the 31st May - it was handy - but € 40 ?


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## kimmage (5 May 2011)

Yeah there is the standard account with no fee but the Mastercard doesn't have the travel insurance. *Edit* NIB Gold card travel insurance does cover trips even if you dont use that card to book and or pay for the trip.



40 is a bit expensive, but Goodbody with AIB are similar in price. If you trade with it then I would keep it because the transaction fees aren't too bad. If its just to hold shares there may be cheaper options.


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## dahamsta (5 May 2011)

Anyone got any suggestions for cheaper options? I have only a few hundred long-term banking shares, unless I can find someone else that does transaction-only fees, I'll have to sell them


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## kimmage (5 May 2011)

If you're an AIB customer you can use Goodbody and their annual fee is €26.  The only downside is if you trade the minimum is more expensive.  NIB charge €20 as a min, AIB charge €32.


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## dahamsta (5 May 2011)

That's not transaction-only though. I thought there was one other operator that did transaction-only?

If I sell my banking shares now it'll cost more than they're worth in transaction fees!


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## lyonsa3 (6 May 2011)

I was on to NIB today about transferring my shares from my cusody account to another.  I also enquired about getting shares in paper cert.  They didn't have answers so called me back a couple of hours.
I was amazed with their responce.  Per type of share to transfer to another custody acc would be €25 for irish and UK shares, european and american shares would cost more.
To get paper certs would cost on average st£85 per share.
As I have about 20 different shares (some of which are irish bank shares and are worth only a few euro to me), the cost to transfer would be huge.
It would pay for me to leave the shares with NIB and pay the bi-annual fee for 20 plus years.


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## corkmike (12 May 2011)

Hi All,
Does anyone have anymore information on the NIB Custody Account or a way to reduce costs in a cost effective way given some of us now hold virtual junk shares in these Custody Accounts.
Regards
Mike


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## dahamsta (16 May 2011)

I accused them of deception, they replied with an "investigation response" letter received this morning stating that the €20 was stated in Ts&Cs when I signed up for the account, but waived. I don't believe them, but I haven't had a chance to check yet. They refuse to close my account, I refuse to pay them to transfer the shares out. I've informed them that if they bill me the €20, I'll report them to the Gardaí for fraud. Obviously I've withdrawn all of my funds from the tied current account.

I presume NIB wants to pull out of Ireland, and this is how they go about it?


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## aristotle (16 May 2011)

No, I don't think NIB want to pull out of Ireland. I believe they are focusing on the higher end of customers i.e. those with still some money in the bank.

If you complain they will probably waive it or if enough people complain they might do something. I know I have made 20+ transactions in the last 12 months at €20 per transaction. Why they want to stick on a €40 fee is petty IMO. I complained to my branch manager and he is to get back to me on whether they will waive it.


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## Slim (16 May 2011)

I rang the branch, got through to a call centre who actually put me through to the branch. They will close my ustody account and charge me €25 to convert my shares(one type only) into certs. Slim


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## Willy Fogg (17 May 2011)

> I accused them of deception, they replied with an "investigation  response" letter received this morning stating that the €20 was stated  in Ts&Cs when I signed up for the account, but waived. I don't  believe them, but I haven't had a chance to check yet. They refuse to  close my account, I refuse to pay them to transfer the shares out. I've  informed them that if they bill me the €20, I'll report them to the  Gardaí for fraud. Obviously I've withdrawn all of my funds from the tied  current account.



Eh?

So you haven't checked the terms and conditions, but are willing to report them for fraud. Wouldn't it be wise to check that first..?


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## dahamsta (17 May 2011)

I haven't checked the Ts&Cs *or* reported them for fraud. On wise, it would have been wise of them not to explicitly describe the account to me as transaction-only when I set it up. So Eh? yerself. If you've nothing constructive to say, mind your own business.


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## Willy Fogg (17 May 2011)

dahamsta said:


> I haven't checked the Ts&Cs *or* reported them for fraud. On wise, it would have been wise of them not to explicitly describe the account to me as transaction-only when I set it up. So Eh? yerself, if you've nothing constructive to say, say nothing.



I'm trying to clarify the point, as your post wasn't very clear to me. 

You seem arguing with them and accusing them of deceiving you over something you're not sure of. (Logically, they can only have deceived or not deceived you, so until you've established whether the information was present or not when you opened the account, it doesn't appear to make much sense to make that allegation just yet).  

I just don't see the point in having that argument, or threatening them with reports to the Gardai (I didn't say you had) until you have established whether or not it is in the T&C's. 

If it is present in the T&C's which you agreed when you opened the account, well, trite as it sounds, you won't have a leg to stand on unless you have written statement that waives you of said fees and/or waives their right to change the services they provide in the future to you.

If it isn't in the T&C's, well then you have a pretty solid case.


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## marksa (17 May 2011)

dahamsta said:


> ... mind your own business....


 
Neither agreeing or disagreeing with the discussion thread here - but I did not think this post was in the spirit of AAM, and inappropriately confrontational. Aren't there guidelines on this?


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## dahamsta (18 May 2011)

I asked for one piece of advice in this thread, an alternative to NIB for transaction-only share-dealing. If I wanted opinions or advice on anything else, I would have asked for them.

If anyone would care to comment on my _specific request_, instead of continuing to wander off-topic and troll, I'd be delighted to hear it.


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## Daddy (26 May 2011)

I complained and got a letter today stating that having reviewed my account the 40 euro fee will be waived.  Like Aristotle they have got plenty out of me on every transaction.
I suppose you have a chance if you are using it frequently.


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## TomOC (30 May 2011)

When I opened this account 2 or 3 years ago the terms and conditions stated very clearly that there was a 40 Euro charge associated with it.  Each time I enquired (twice or three times), I was told it was still being waived.  I closed my account last week as had no shares in the account.


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## kimmage (8 Jun 2011)

Just wondering if anyone has seen a charge to their account yet for the custody account?  I checked my May statement and there does not appear to be any fees taken out.

Just wondering when they will start charging.


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## Slim (9 Jun 2011)

Slim said:


> I rang the branch, got through to a call centre who actually put me through to the branch. They will close my ustody account and charge me €25 to convert my shares(one type only) into certs. Slim


 
NIB rang me to clarify whether I wanted to transfer the shares to anothe rcustody account or get certs. Certificate will cost me £65stg! Slim


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## aristotle (9 Jun 2011)

I got my fee waived. I do have quite a few transactions in the last year so NIB have earned a good bit on transaction fees.


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