I ring them weekly for updates as I've got 2 mortgages with them, they told me 2 days ago that the letters are going out over next week. no other info other than that.
Danske Bank Closure
- Thread starter fatcat
- Start date
I ring them weekly for updates as I've got 2 mortgages with them, they told me 2 days ago that the letters are going out over next week. no other info other than that.
Is it widely known that Danske Bank is also closing business accounts for non-corporate customers? I've been keeping up-to-date and reading the announcements on the Danske Bank website, but this got past me completely. It's been confirmed to me by two staff members from Danske Bank today.
Its been hidden in the small print, or ignored by a seemingly ignorant and apathetic media/public focused entirely on their own situations. The impact of so many people being forced to change bank from a cheaper option to a more expensive option is one issue, another is the scale of credit loss as many people will be unable to get credit at other institutions at all, never mind at the same levels. This surely has a real impact, yet nobody is taking any notice.
I Have closed all my Danske accounts except my mortgage, I have not yet received any letter regarding my mortgage.
This is on the Danske website today, don’t know when it got there;
Mortgages
There is no change to your mortgage arrangement. The outstanding amounts will continue to be repaid within the existing agreed terms and conditions. We are writing directly to all customers in the coming weeks to confirm this position.
http://www.danskebank.ie/en-ie/Pages/danske-announcement.aspx
This is on the Danske website today, don’t know when it got there;
Mortgages
There is no change to your mortgage arrangement. The outstanding amounts will continue to be repaid within the existing agreed terms and conditions. We are writing directly to all customers in the coming weeks to confirm this position.
http://www.danskebank.ie/en-ie/Pages/danske-announcement.aspx
What the small print says is 'there is no need for you to take any action today. We will write to you in the coming weeks to clarify the position regarding your facilities with us.' When you call the business customer care line, however, they say that your business account is fine, because that's all the information they have. When I mentioned the closure of business accounts to the customer care agent, she knew nothing about it. It was only when I spoke to an agent from another section and went higher up the food chain that I got the full facts.
My offset stopped working 2 months ago and they cannot seem to fix it.
Just received my termination letters today and it includes the offset accounts.
So - they clearly haven't thought it out.
If I cannot offset my mortgage (I traded in my tracker to get the offset product) there we shall be having stong words !
Contract:
TERMINATION
"We will ensure when removing an account from an offset portfolio that validation will take place to ensure that the account is not the last mortgage account of linked account causing an UNWANTED termination off the offset portfolio."
My actual contract mentions little else about it.
Edit : Reread today's letter, they are trying to say they will charge 1% less interest than currently in return for having NO offset accounts - think solicitor is next stop.
Just received my termination letters today and it includes the offset accounts.
So - they clearly haven't thought it out.
If I cannot offset my mortgage (I traded in my tracker to get the offset product) there we shall be having stong words !
Contract:
TERMINATION
"We will ensure when removing an account from an offset portfolio that validation will take place to ensure that the account is not the last mortgage account of linked account causing an UNWANTED termination off the offset portfolio."
My actual contract mentions little else about it.
Edit : Reread today's letter, they are trying to say they will charge 1% less interest than currently in return for having NO offset accounts - think solicitor is next stop.
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Read the same thing on another site, thats BS to be honest, the offset to my own situation is work multiples of 1% over the term of the loan.
I have already had legal advice over the phone and my solicitor is saying they are breaching the contract as the accounts are part of the contract and/or package.
Going to link this thread to the boards thread.
Facebook page to see how many people we can group.
I think we all need to contact the ombudsman to see what they are willing to do on this.
Letter came at home, that they are closing our 3 accounts,
1 is my wifes, the other is mine and the 3rd is the one which services the mortgage.
They said that the mortgage product will remain and it states the account.
ZERO mention of Offset and/or a reduction in interest rate.
1 is my wifes, the other is mine and the 3rd is the one which services the mortgage.
They said that the mortgage product will remain and it states the account.
ZERO mention of Offset and/or a reduction in interest rate.
These guys are getting better. I noticed a "stamp duty on cheques" charge on my account and yesterday I got the "get lost" package in one envelope and, wait for it, a lovely new cheque book in another. I wonder what they think I'm going to do with all these cheques, I use about three a year!!
Sorry I was blind! I have seen the few posts about the credit cards.
Has anyone had confirmation that if you pay the balances off over two years that these will be "Bad marks" on your credit history?
Is there no way that Danske could just transfer the balances to a personal loan arrangement and let you pay them over 2 years.
Has anyone had legal advice or similar on this matter - it seems terribly terribly unfair to get landed with a bad credit rating essentially on the decision of Danske to move, and your inability to pay something off immediately which you have serviced up until now, paid high interest on and also genuinely believed you could pay off over a longer period
I am just after getting my letter re closure of current snd savings account and effectively removal of offset part of offset mortgage. Like others not very happy and interest rate decrease of 1% not nearly good enough. I am interested in the idea of a group to get together to oppose it.
My plan for the moment is to write to the bank myself this week and tell them that I do not accept their offer. If I get no joy I will not withdraw my savings and see how the bank reacts. I would assume that Danske will not want 'good' mortgages going into arrears as a result of their actions which is a definite possibility if they continue to be unreasonable.
The other thing I have noted is that two months notice has been given for closure of savings accounts but three months for my current account. Is the additional month to give Danske more time to handle the closure of accounts? Or is it to see if savings will be withdrawn when savings accounts are being closed, and then giving an extra month for them to sort out 'problem' accounts before the operation closes? I know savings can be transferred to current accounts but it gives them an opportunity to test the water before final closure.
My plan for the moment is to write to the bank myself this week and tell them that I do not accept their offer. If I get no joy I will not withdraw my savings and see how the bank reacts. I would assume that Danske will not want 'good' mortgages going into arrears as a result of their actions which is a definite possibility if they continue to be unreasonable.
The other thing I have noted is that two months notice has been given for closure of savings accounts but three months for my current account. Is the additional month to give Danske more time to handle the closure of accounts? Or is it to see if savings will be withdrawn when savings accounts are being closed, and then giving an extra month for them to sort out 'problem' accounts before the operation closes? I know savings can be transferred to current accounts but it gives them an opportunity to test the water before final closure.
Some offset mortgage customers with low savings are likely to be happy with today's letter, given the 1% discount on the interest rate. However I would advise to bear two things in mind before conceding the offset element of your mortgage. While you may not have significant savings at present, in the future this will hopefully change and you may regret loss of the offset element then. Secondly, there is no guarantee that from May, Danske or anybody who may buy the mortgage book, will not raise the interest rate again.
While you might be currently agreeable to the changes it may be worth asking Danske for either a favourable fixed rate for a number of years or alternatively a tracker mortgage linked to the ECB rate for the duration of the mortgage - I think 2% above would be a fair point to start negotiations.
It seems to me that offset mortgage holders are in a good position to negotiate - I have not read anything that would lead me to think otherwise. However if customers co-operate with Danske's instructions now they will be left in a much weaker position if they change their mind in the future.
While you might be currently agreeable to the changes it may be worth asking Danske for either a favourable fixed rate for a number of years or alternatively a tracker mortgage linked to the ECB rate for the duration of the mortgage - I think 2% above would be a fair point to start negotiations.
It seems to me that offset mortgage holders are in a good position to negotiate - I have not read anything that would lead me to think otherwise. However if customers co-operate with Danske's instructions now they will be left in a much weaker position if they change their mind in the future.