IIB new fees for processing insurance details

[micamaca]

Hi there,

has anyone else received a letter from IIB Bank advising that there will be new fees introduced from 1st September 2007. Basically if you change interest rates, life insurance or general insurance details, they will charge 30-38 euros per transaction that leads to them amending a record.

Having worked in a bank and knowing how long it takes to amend a customer record regarding a change of insurance details, this is a cheap shot. The worst bit is that they will be adding the charge to the mortgage which will attract interest at the prevailing rate for the remaining term of the loan. Customers do have the right to pay off the 30 euros but they have no online banking so we'll have to pay by cash or cheque.

They sneaked this information in rather sneakily under the last letter regarding a raise in interest rates. My husband didn't even notice it!

Anyone else unimpressed? I rang them and got the standard response about other banks passing on fees to them, blah, blah, blah.

Do other banks charge for these record amendments? mica

 

[swordshead]

Can you read about this on their website by any chance? My mortgage is with IIB...havent begun paying yet as havent moved in but am curious to see what changes are happening!

 

[AnAthas]

Has anyone else any updates on this thread? Is there anyway around this charge or has anyone got any worthwhile response on complaining about these charges to IIB.

I have recently changed my house insurance and they want to slap a €30 charge for changing my details. I threatened that unless they waived the fee that I would not send in the details of my new insurance for them to change it. To this they said that they would then instate their own house insurance policy (dual policies) and add the premiums to my outstanding mortage. Can they do this?

 

[Towger]

At that rate it won't take them long to make their losses from lending to doughy solicitors.

 

[ClubMan]

I guess that if existing IIB customers don't like the new charges they should complain to them and/or consider switching to another lender which may cost little or nothing (and maybe even save money if there is a more competitive offer out there). Obviously this is not the case for people in the middle of fixed rate terms.

 

[asdfg]

You don't have to take their insurance policies, you are free to go with whoever to want. Their interest is just noted on the policy. I think it is known as the mortgage clause. See Consumer Credit Act 1995 sub section 1 See also sub section 4.

Why don't you try contacting the insurance company direct and see if they are imposing any fees