NIB Ditch Free Banking For New Customers and now existing customers

CiaranT said:
You have said that you are retired? You can get free OAP banking with AIB and some other banks.
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Thanks for the pointer. Hadn't been looking thoroughly enough.
AIB is out for historical personal reasons. BOI 'Golden Years' looks good.
There's a lot of reading in all this.
 

Can anyone give me more details on this. Possibly some links.
 
Disgraceful outfit NIB. Really low lifers now. They told me I had had to do a telephone interview to get the gold credit card which I understood was part of the Easy Plus account offering which was one of the options I HAD to select..... per their documentation. Well after being a customer for more than 20 years and having my mortgage with them and never once haven fallen into arrears and having a good proportion of my salary paid to them directly, one would expect to be treated with a bit of respect. No chance. They spent half an hour interviewing me over the phone and made it clear that if I didn't answer all of their questions the account wouldn't be progressed. They wanted to know how much my car insurance costs, how much car tax I pay, how much I spend on food drink etc etc etc for half an hour. Not exactly the happy clappy come do business with us types. Then they INSISTED that I listen to them read out some legal stuff for what seemed like an age. They went too far when they wanted to know where the remainder of my salary was paid to ! Nasty outfit now and I will be doing minimum business with them from now on. Sad after all of the years I've been with them. Certainly wont be recommending them to anyone EVER !
 
DingDing said:
Can anyone give me more details on this. Possibly some links.
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See my earlier post at http://www.askaboutmoney.com/showpost.php?p=1248922&postcount=44

I was told on the phone that they were dropping the requirement to have a current a/c with them if it's only to service a mortgage with them.

However: make sure you get this in writing before closing any a/c, as it is a breach of one of the terms of the mortgage agreement for their tracker mortgages.
 
Got my letter today...grr.
What are the pitfalls of getting rid of the current a/c? We write less than half a dozen cheques pa. Only the DD to the electricity provider on the current a/c, all others on the CC. Use mostly cash, some laser.

I'm so angry about this, and 'all the banks are doing it' was never going to appease me, Mr Customer Service Operator, if you're reading this!
 
You need to move - first choice would be Ulster Bank then BOI but you would need to feed 3,000 in qrtly and do 9 transactions even if they are only 1 cent for BOI.

PTSB option is as bad as AIB for free banking if not worse.
 
Have been with NIB 15 years and am fed up with these new charges. Thinking of options to move. Ulster Bank and AIB have been mentioned. What about the EBS Money Manager Acccount? Is it a realistic alternative?
 
redandblack said:
Have been with NIB 15 years and am fed up with these new charges. Thinking of options to move. Ulster Bank and AIB have been mentioned. What about the EBS Money Manager Acccount? Is it a realistic alternative?
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Ulster bank, currently, have zero transaction frees for their 'Step' current account.

AIB have recently changed their free banking conditions.

See here for all the conditions for free banking.

For the moment, Ulster is the best choice.
 
Just my options booklet in the post, seems to be a 1% overdraft setup fee and a €20 renewal fee , bit steep I think on top of 11% interest .
I am assuming this set up fee does not just apply to a new customer and renewal is pa or am I reading it wrong
Do hope ub don't follow suit
 
The NIB overdraft fees vary depending on the current account type.

All the NIB overdraft fees are very steep to say the least.
 

I've now received notification that I will be taken off the 'easy' account and switched over to their 24/7 product.

Are there others here who are using that account exclusively to fund an NIB mortgage? That's the sole reason I setup this account. I don't use it for any other purpose.

Can they still insist that people who use the account as it was a condition of receiving mortgage financing from NIB - and have only used it exclusively for this purpose - that they must maintain an account even though charges now apply? Can I not just setup a direct debit from my U.B. current account?
 
No bank can insist on an account being maintained with them to service an existing mortgage. If you already have a UB account just advise NIB of change of DD payment and close the existing account. Unless the retention of this account was included in your loan offer letter (unlikely) they cannot insist on you retaining it.
 
Spoke to nib last week and they're putting in place facility accounts to service the mortgage these will be fee free, was weighing up options myself as also have a current account with ub but reckon they'll be charging in 6 months
 
potnoodler said:
Spoke to nib last week and they're putting in place facility accounts to service the mortgage these will be fee free, was weighing up options myself as also have a current account with ub but reckon they'll be charging in 6 months
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That's good to hear - but the way they're going about it is a bit disingenuous. It's clear that the account is being used exclusively for mortgage servicing.

I'm waiting on a response from them.....
 
I too received this letter yesterday 10/04/2012(Letter dated 30/03/2012).
I have the ltv tracker also, and was informed at the time that I had to open the account to service the mortgage, but that it was free, so it didn't bother me. To save on hassle of transferring from my old bank to NIB, I moved all my banking to NIB on the understanding that it was free.

I too have a term in my mortgage agreement stating that a current account must be maintained throughout the lifetime of the mortgage.

Now, I see this as a change in the original agreement(although verbal), and I hate the idea of not having the freedom to move my current account while having to pay NIB for a fee based account that is a requirement of my mortgage.

Has anyone had confirmation in writing, that they will remove the term in the mortgage agreement?

Also, would you trust an email, as compared to headed letter?

Has anyone who used the account for more than servicing the LTV mortgage, managed to have this clause removed ?
 
There is a FAQ page relating to their current account migration on their website at [broken link removed]#

Where it says:

I only use my account to pay my mortgage/personal loan. Will I still move to 24/7 ?
In this instance your account will migrate to a similar non-fee paying account. If however, you have a chequebook or card attached to your account you will move to 24/7.
 
Ok, that's good to know. I was contacted this morning by someone from NIB. They confirmed that no charges would be applied. Furthermore, they said that there was nothing stopping me in setting up a direct debit from my UB current account.


I've asked for this in writing via email (just for 100% coverage) - as it doesn't make a whole lot of sense to keep this other NIB a/c.

One drawback he did point my attention to is the fact that I will have to get the interest relief updated and transferred on to the new account.
 
serotoninsid said:
Furthermore, they[NIB] said that there was nothing stopping me in setting up a direct debit from my UB current account.
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I asked for this to be confirmed in writing - and the outcome of that is that the above is NOT the case. I was directed to the T&C's of my mortgage agreement which necessitates the maintenance of an NIB current a/c to service the mortgage.

Whilst I was told that no charges would apply so long as I continue to use the feeder a/c solely for the purposes of maintaining mortgage repayments, I wasn't told that the account was changing to a separate facility account as such (although perhaps that was what was intended? ....I guess it doesn't matter either way)....just that it will be 'marked' as a servicing a/c.
 
My AIB account was free for years but I just noticed two quarterly charges there now when I checked my statements - one for €11.90 and one for €12.15.

I also have an NIB account that's used for two things - the servicing of my LTV mortgage and my annual life insurance premium.

The majority of my dealings is with a Northern Irish bank as I work and get paid in the North.

I know Ulster Banks product is free but, to avoid the hassle of setting up an account which will, presumably, only remain free for a brief period of time, I'm considering just closing my AIB account and moving all my banking to NIB.

This will avoid any worries about potentially losing my LTV mortgage. I'm assumming that NIB won't switch me to the free servicing account since I have an annual direct debit coming from it.

My thoughts are, within the next few months, I'll end up paying similar 'per-transaction' charges no matter where I bank so I might as well stick with NIB who may work out more expensive by €20 per year.

Do you see any problems with this?
 
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