I have a similar issue and appear to have similar circumstances to Bgirl. Yesterday April 1st (appropriate), I got a letter from Ulster Bank, informing that ECB had
decreased rates from 0.05% to 0.00% and accordingly my monthly repayment would change by + €8.40 (
increase). I checked my feeder bank account and, yes, the increased amount had been taken out a few hours earlier. I rang UB to query the reason for the change and was asked if I had been in arrears. When I said that I hadn't, I was asked to hold whilst she would speak with a 'member of management'. When she reverted several minutes later, she said that they had no idea why the repayment amount had been increased and offered to get someone to get back to me. Whilst she was very polite and understanding, I asked that my query be reclassified now to a complaint as follows:
- ECB decreases rate, UB increases payment without explanation. Not acceptable
- Notice of new rate arrived on 1/4/2016 several hours after the unilaterally-declared increase had been taken from my bank account. Not acceptable.
- On making contact by phone, no explanation is available and call lasts (including answer time and hold time) 28 mins on expensive 1890 line.
I asked for a member of complaints to revert by close of business (time of request 930 a.m.) but this did not happen.
Am I missing something very obvious or have the great computer systems (programmed by real people) of UB cocked up again and increased all tracker mortgages when ECB have implemented a decrease? I would love to hear if there are others with a similar experience or even if someone who could explain that there is a good reason for UB's actions. Maybe it's as Cervelo explains but I have my suspicions especially when they were not able to offer a reason despite chewing over it whilst I was on hold.