Danske Bank Closure

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fatcat

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Just got a letter today from Danske Bank. Didn't thank me for 20 years Custom. They said they are closing My Credit Card pulling out of Ireland and they want the Balance owing By March. What are my options:?
 
Hello,

Are they proposing to continue to honour credit card transactions until the end of March 2014 ?

Also, are they offering any alternatives, in the event that you are unable to repay the balance in full before the end of March (I understand that some other former credit card providers who ceased providing such services, offered to convert balances to loan facilities repayable over various periods) ?

Alternatively, are they offering any incentives to encourage you to repay on or before March 2014 ?

Suffice to say, don't do anything in a rush, the good people at Danske Bank have had plenty of time to consider their options before settling on their strategy so we are equally entitled to take our time and consider what is best for us.
 
No offers

No a curt enough letter, refers to their announcement of closure, simply announces that all balances must be cleared by the 7th March, but accounts can be closed before that date. It does give a contact number and lists most irish Banks, suggesting that they may be able to offer credit
 
Funny we just got two new dansk contactless mastercards in post today , laser was valid for another year , these clowns just cant help themselves
 
The domestic cleaning system, which is used by Laser, ends on 31 January 2014. Hence, the need for new cards, for a short period of time.
 
fatcat said:
Just got a letter today from Danske Bank. Didn't thank me for 20 years Custom. They said they are closing My Credit Card pulling out of Ireland and they want the Balance owing By March. What are my options:?
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Best option is to
1. pay them off in total by March (if you can afford to)
2. Move balance/card to another provider (on the same terms)
3. Write to Danske and say you will reduce outstanding by ??? per month.
4. In any event, get a card from another provider.

Simply, they want out asap , so thanks and goodbye!
 
Danske Bank

Is it just me or do Danske Bank seem a little disorganised about this exit from Ireland ...?
They initially said in a statement on 31st October 2013 that they were pulling out and that it would be phased out between now and mid 2014.
Now customers are hearing talk of 2 months to close your accounts.
Note at this stage personally i haven't received any notification from Danske about whats happening with my accounts.
It all looks a little last minute ...
 
i got that card also this week ...valid until 2016.. anyone know whats happening with their overdrafts?? worried about paying this off when they pull the plug.
 
Suemoo1.

Whilst overdrafts are supposed to be payable on demand , there will be leeway, or put balance on short term loan.

I would suggest call to another Bank and see will they take your overdraft now, as it will be messy nearer the end.
 
The Indo headline might be a bit misleading . . I think that one has two months to close accounts from date of letter, perhaps letters are to be sent out on a phased basis, I haven't got one yet anyhow.

They are scrapping account fees and transaction charges from 1st January, I wonder if they will look to cancel account based mortgage rate discounts at that point also (example: .45% discount for Prestige accounts)? Might they hike mortgage rates further in any event? Those with new Danske mortgages in 2013 will lose their TRS if effectively forced, by high rates, to move mortgage to another lender.

Will businesses be queueing up to deal with a bank that has messed its retail customers about?
 
Danske Bank

The are going to close bank accounts by March 7th If you have an overdraft they are looking for you to settle and close. There has been no mention of paying balances by installment
 
I know they are not closing mortgage accounts. I have a current account where my wages are paid ino and from where the mortgage payment comes out off. It was a stipulation when getting the mortgage that I open a current account with them and have my wages paid in. Will this such current account be closed does anyone know? In which case I assume I will have to make payments to my mortgage from a current account in a different bank.
 
niceoneted said:
Will this such current account be closed does anyone know? In which case I assume I will have to make payments to my mortgage from a current account in a different bank.
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Looks like it,

I decided to jump before the rush, and am currently in the process of closing Danske accounts. Told the job to send pay elsewhere, cancelled direct debits, cleared the credit card, returned the cheque book and cut up all cards.

I then sent an email telling them to close the accounts and confirm that the remaining current account would no longer be liable for any fees or charges as it would now be used only to service my mortgage account.

Danske phoned me and suggested the simplest solution would be to pay my mortgage from an external current account, if that was ok they would send a direct debit mandate for me to put in bank details and sign. I have since returned the completed mandate.

I had to put €30 on the credit card for duty which is charged in arrears before the MasterCard account can be closed.

Cheque book had to be posted to head office to get a refund of duty.
 
fatcat said:
....There has been no mention of paying balances by installment
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Well, when the deadline has come and gone and they find hundreds, if not thousands of overdrafts not repaid in full, I think you'll find them only too willing to provide some form of loan / repayment arrangement.
 
Thanks people, well I know I wont be able to afford to clear the overdraft before March so we will see what they say.. havent got letter yet either.
 
Anyone closing a Danske Credit Card account, make sure they send you a ‘’Letter of Closure’’

This letter confirms you have paid the Government Stamp Duty for the current chargeable period, 02/04/13 – 01/04/14.

Your new provider should not apply the €30.00 Government Duty until 02/04/15, if you produce this letter.
 
Danske Credit Card gone from March 2014 - best Bank for new Credit Card?

I also got the letter recently from Danske advising that they are closing banking services for their Credit Card holders in March'14.
I see from Bonkers.ie that AIB appear to have lowest APR (13.6%) but an APR of 9.11% on balance transfers.
Any ideas or comments on best option for new Credit Card on the basis that I will have no carry over balance ?
Also, while allowing for the most advantageous terms applicable to various Credit Card products from the differennt banks, it a good idea/bad idea to have Credit Card with the same bank (Company) as my other banking business (Current a/c, Mortgage etc , ) or is it better to spread the business around from a strategic perspective ?

Thanks !
 
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