Danske Bank/NIB to close down - hold onto your tracker


This happened me also. Call me paranoid, but I wonder if it has anything to do with the legislation/CPC regarding payments/charges associated with bundled products and feeder accounts?

Consumer Protection Code, 2012, Chapter 3, “BUNDLING AND CONTINGENT SELLING”, (3.17 - 3.23),
particularly Art. 3.18:
Where a credit institution requires a consumer to open a feeder account in order to avail of another product, this shall not be prevented by Provision 3.17 where all of the following conditions are met:
a) the consumer must not be obliged to use the feeder account for purposes other than facilitating payments to the product concerned;
b) charges cannot be applied for using the feeder account for the purpose for which it was established;
c) where additional facilities are available on the feeder account they must be optional and only activated if requested by the consumer; and
d) these conditions must be communicated clearly to the consumer.


Also - One other question - if one decides to pay by electric transfer, and they intend closing the online banking application in December. How does one know what amount to transfer when an increase in the ECB rate occurs ?
 
Wolverine said:
Also - One other question - if one decides to pay by electric transfer, and they intend closing the online banking application in December. How does one know what amount to transfer when an increase in the ECB rate occurs ?
Click to expand...


Danske previously sent out letters about changes in rates and subsequent repayments. I assume they will still do the same?
 

I've now written to them stating exactly this. I also included a statement in relation to the clause in the mortgage account requiring me to have this account open.

I await their response with interest.
 
Quick Update: Danske reimbursed me the €10 today.
 
Squonk said:
Quick Update: Danske reimbursed me the €10 today.
Click to expand...

Hmm...that's three of us that have gotten reimbursed. Two of us were categorically told that they were definitely applying this charge. I know wolverine mentioned that applying the fee may get them in bother as per this;

"b) charges cannot be applied for using the feeder account for the purpose for which it was established; "

I would have thought that the mortgage contract would probably have something in it - to allow them to apply a charge? (sorry - I know its lazy - but I don't have the compulsion to actually check right now!).


My conspiracy theory (and perhaps I'm as far out as a lighthouse) is that by 'tidying up' these charges, they can categorise an increased percentage of their existing loan book into a "never defaulted on payment" classification. Would that presentation make their book look more attractive?

Anyways - apologies in advance -as I guess It's complete speculation on my part....
 
Just wondering if anyone has managed to negotiate a discount on their outstanding capital by paying off their tracker early with Danske?
A reliable little bird told me Danske are doing deals with people in arrears which doesn't appear to have hit the media as yet.
Of course it's doubtful that there's anything there for up-to-date accounts but surely it would be in Danske's interest to get these loss-making trackers off their books?

I'm probably hoping for an unrealistic miracle here!
 
@Butter: Probably a case of seeing if they sell off their loan book - and what the new owners disposition is in this regard at that stage....
 
serotoninsid said:
@Butter: Probably a case of seeing if they sell off their loan book - and what the new owners disposition is in this regard at that stage....
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Which may not suit my moving plans unfortunately!

I just so dislike dealing with Danske. Got a snotty letter from them this morning saying they have been unable to set-up a DD for my mortgage (despite me giving the details previously) & my mortgage "may go into arrears". I'm still waiting on written confirmation that the T&Cs of my mortgage are unaffected by the closure of my servicing account. And every time I hear their ad on the radio telling us what a fantastic bank they are for commercial & investment customers I just roll my eyes.
 
Say we ll have a better chance with whoever buys the mortgage book . Have been bumping trying them for ages
With no luck
 
serotoninsid said:
Are they not entitled legally to make this charge?
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Dunno about the legal position, but I made it clear to them that I wasn't going to have a DD, and I would set up the SO myself, so they should really have cancelled the old SO at that point.
 
My first DD came out of my UB current account the other week. No hassle ..no fuss. Dankse feeder account closed.
 
Hello,

Have some of you now successfully commenced payments on your homeloans via standing order from other (non-Danske Bank) current accounts ?

Also, have you successfully had your TRS payments paid into your non-Danske Bank current accounts ?

I just want to be absolutely certain in what I'm saying to Danske Bank as they are trying to force me into a direct debit payment arrangement.

Thank you.
 
MrEarl said:
Hello,

Have some of you now successfully commenced payments on your homeloans via standing order from other (non-Danske Bank) current accounts ?
Click to expand...
Yes
MrEarl said:
Also, have you successfully had your TRS payments paid into your non-Danske Bank current accounts ?
Click to expand...
No, though as I'm nearing the end of my mortage, the TRS amounts are fairly tiny anyway.
 
A girl called from dansk to ask me to set up the dd . I said i dont like direct debits and was setting up a so .
She said no bother she will flag me account to state this
 
MrEarl said:
I just want to be absolutely certain in what I'm saying to Danske Bank as they are trying to force me into a direct debit payment arrangement.
Click to expand...

They accepted a SO from an external account for me OK, so I doubt they're forcing you to have a DD.
 
The one thing that concerns me about the so is when the vulture fund buy the mortgage book could they use
An a too early or late payment due to bank holidays etc
As a reason deem the loan t&c violated and possibly call in the loan
Is it going to be true that it may not be under the financial regulators remit
 
I'm pretty sure I say my most trs payment come into my non-Danske account. I'll double-check that today & confirm.
I've gone with the DD for my mortgage - why are people so against setting up a DD mandate, as a matter of interest?
I've also told Danske I won't be closing my servicing account as it's one of the T&Cs of my tracker mortgage. I've asked for a letter to confirm that them closing the account doesn't affect the T&Cs. I may never see that of course!
 
potnoodler said:
could they use
An a too early or late payment due to bank holidays etc
As a reason deem the loan t&c violated and possibly call in the loan
Click to expand...

An early payment would mean you are ahead of schedule with your repayments, can’t see that event been used as a reason to call in the loan.

A late repayment would be a breach, but in this event my T&c’s state the loan will become immediately due and payable on demand only when I am in default for 2 months.
 
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