I applied for and was granted a can loan with Ulster Bank. I wanted to pay my loan from my current account with BOI. 3 Days later I received a letter from UB, thanking me for opening a current account. I assumed it was a mistake, phoned UB and was told that I had opened a current account as well as a loan account. I said, "No, I never asked for a CA, I already have one with BOI". They said that the car loan had to be paid VIA an Ulster Bank Current account, there was no other way. They then levied a set up fee for the car loan, which left the current account overdrawn, without an overdraft facility. So, they charged me €4.44 for every transaction (the only transactions were the €205 being deposited from BOI and paid to the car loan. I wrote to the bank several times, but to no avail. They refused to write off the charges (total charges amounted to around €200). My argument was as follows:
1. Charges were being levied for the luxury of having an account which I did not request, did not want and certainly did not need.
2. The set up fee was never mentioned when I applied for the loan.
It was probably there somewhere in the small print, but I was not made aware of it.
I checked with BOI and PTSB to see if they had the same policy with regard to to payment of personal loans and they said no, they did not.
I am writing this to make people aware, who might not otherwise be, of the policy. I just received my SSIA, cleared the balance of my loan and vowed never to deal with Ulster Bank again.!
1. Charges were being levied for the luxury of having an account which I did not request, did not want and certainly did not need.
2. The set up fee was never mentioned when I applied for the loan.
It was probably there somewhere in the small print, but I was not made aware of it.
I checked with BOI and PTSB to see if they had the same policy with regard to to payment of personal loans and they said no, they did not.
I am writing this to make people aware, who might not otherwise be, of the policy. I just received my SSIA, cleared the balance of my loan and vowed never to deal with Ulster Bank again.!