rustbucket
Registered User
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What is the official legal requirement or is there one?
Should banks be obliged to give more than same day notice of interest rate changes (increases and decreases?)
Surely they dont just decide on the day that they are increasing or decreasing?
Utility Companies such as ESB and UPC etc have to give longer notice than that dont they? I know its not the same but it doesnt leave the customer (mortgage holder) much time to make an informed decision or seek advice.
Especially 1. As the bank wont provide advice themselves or comment on interest rates when you ask them (despite the fact that they know well before when they are going to raise them) and
2. The process of switching/changing/re-negotiating can take over two weeks depending on what is required.
Is there any legal requirement on them to provide any notice?
Should banks be obliged to give more than same day notice of interest rate changes (increases and decreases?)
Surely they dont just decide on the day that they are increasing or decreasing?
Utility Companies such as ESB and UPC etc have to give longer notice than that dont they? I know its not the same but it doesnt leave the customer (mortgage holder) much time to make an informed decision or seek advice.
Especially 1. As the bank wont provide advice themselves or comment on interest rates when you ask them (despite the fact that they know well before when they are going to raise them) and
2. The process of switching/changing/re-negotiating can take over two weeks depending on what is required.
Is there any legal requirement on them to provide any notice?