Hi. I have a mortgage account with NIB. When I log in to their online facility I am told that they are proposing to change the terms and conditions on my account and am given a few links to new terms and conditions and an option to accept them. I cannot access the online banking facilities without accepting the new terms and conditions.
I haven't contacted NIB yet about this but I would be interested in getting feedback here. Can they block me from their online facility like this? I am more than happy with the terms and conditions we agreed when I first took out the mortgage - what if I don't want to change?
Also, I had a look at the new terms and conditions. I don't like the look of the following - any opinions on this? I have a tracker rate which is quite good compared to some of the rates available at present and do not wish to change from this. Some sections highlighted in bold by me.
Thanks.
6. Variation
6.1 We may at any time, for any reason set in Clause 6.5 below: (a) add to the number of products and benefits which we offer to you; (b) remove or change or impose restrictions on the number of and/or nature of products and benefits which we offer to you; (c) introduce a fee or charge applicable to an Arrangement and/or products and benefits comprised in that Arrangement from time to time and/or vary the amount, frequency or time for payment of such fees or charges; (d) make any change to the Agreement; (e) make any change to a Mandate; (f) vary the interest rate or exchange rate applicable to a product or service; (g) without prejudice to the foregoing, in the case of our Direct Banking services 24/7 Telephone Banking or eBanking, add to, remove, change or impose restrictions on their functionality; or (h) vary our Terms and Conditions.
6.2 We may introduce additional products and benefits in accordance with Clause 6.1 (a) without notice to you.
6.3 If we vary a rate in accordance with Clause 6.1 (f) and
(i) the change to the interest rate or exchange rate is beneficial to you, then the change will be effective without prior notice to you; or
(ii) the change is due to a change in an agreed reference rate which we have advised you is tracked by the interest rate or exchange rate, then the change will be effective without notice to you however after any such change to an interest rate, we will inform you of the change at the earliest opportunity in writing, by advertisement in the press, by notice in any of our branches, by our website, by email or any other reasonable means we may select.
6.4 Save as set out in Clauses 6.2 and 6.3, we will always give you notice in writing in accordance with all applicable laws and regulations before making a change described in Clause 6.1 and any changes will be effective on the expiry of the notice period. If you (or, if appropriate, any Nominated User), do not notify us within the notice period and continue to use our services after notification of any of the changes set out in Clause 6.1, it means that you (and, where appropriate, such Nominated User) will be deemed to have agreed to the change. Any notice we provide of proposed changes in accordance with this clause may, if stated in the notice, serve as notice of termination to you in accordance with Clause 4.1 if you notify us within that period that you do not accept the proposed changes.
6.5 The changes referred to in Clause 6.1 above will be made for one of the following reasons: (a) by agreement with you; (b) to reflect the introduction or development of new systems, methods of operation, services or facilities; (c) to maintain or improve operating conditions or service levels; (d) to reflect a change or an expected change in market conditions, general banking practice or the cost to us of providing services to our customers; (e) to conform with or anticipate any changes in the law or taxation, or codes of practice or recommendations of the Financial Regulator or other regulatory body; (f) to ensure our business is run prudently and remains competitive; (g) to take account of a ruling by a court, ombudsman, regulator or similar body; (h) to make the Agreement fairer or clearer for you; (i) to enable us to harmonise our banking, interest (debit or credit) or other charging arrangements; (j) to rectify any mistake that might be discovered in due course; (k) to add to, remove, change or impose restrictions on the functionality of our Direct Banking services 24/7 Telephone Banking or eBanking ; (l) to amend/update our Website from time to time (this may mean that at any one time a stored or retained copy of any of the pages or the Terms and Conditions may be out of date); (m) to withdraw our Direct Banking services 24/7
I haven't contacted NIB yet about this but I would be interested in getting feedback here. Can they block me from their online facility like this? I am more than happy with the terms and conditions we agreed when I first took out the mortgage - what if I don't want to change?
Also, I had a look at the new terms and conditions. I don't like the look of the following - any opinions on this? I have a tracker rate which is quite good compared to some of the rates available at present and do not wish to change from this. Some sections highlighted in bold by me.
Thanks.
6. Variation
6.1 We may at any time, for any reason set in Clause 6.5 below: (a) add to the number of products and benefits which we offer to you; (b) remove or change or impose restrictions on the number of and/or nature of products and benefits which we offer to you; (c) introduce a fee or charge applicable to an Arrangement and/or products and benefits comprised in that Arrangement from time to time and/or vary the amount, frequency or time for payment of such fees or charges; (d) make any change to the Agreement; (e) make any change to a Mandate; (f) vary the interest rate or exchange rate applicable to a product or service; (g) without prejudice to the foregoing, in the case of our Direct Banking services 24/7 Telephone Banking or eBanking, add to, remove, change or impose restrictions on their functionality; or (h) vary our Terms and Conditions.
6.2 We may introduce additional products and benefits in accordance with Clause 6.1 (a) without notice to you.
6.3 If we vary a rate in accordance with Clause 6.1 (f) and
(i) the change to the interest rate or exchange rate is beneficial to you, then the change will be effective without prior notice to you; or
(ii) the change is due to a change in an agreed reference rate which we have advised you is tracked by the interest rate or exchange rate, then the change will be effective without notice to you however after any such change to an interest rate, we will inform you of the change at the earliest opportunity in writing, by advertisement in the press, by notice in any of our branches, by our website, by email or any other reasonable means we may select.
6.4 Save as set out in Clauses 6.2 and 6.3, we will always give you notice in writing in accordance with all applicable laws and regulations before making a change described in Clause 6.1 and any changes will be effective on the expiry of the notice period. If you (or, if appropriate, any Nominated User), do not notify us within the notice period and continue to use our services after notification of any of the changes set out in Clause 6.1, it means that you (and, where appropriate, such Nominated User) will be deemed to have agreed to the change. Any notice we provide of proposed changes in accordance with this clause may, if stated in the notice, serve as notice of termination to you in accordance with Clause 4.1 if you notify us within that period that you do not accept the proposed changes.
6.5 The changes referred to in Clause 6.1 above will be made for one of the following reasons: (a) by agreement with you; (b) to reflect the introduction or development of new systems, methods of operation, services or facilities; (c) to maintain or improve operating conditions or service levels; (d) to reflect a change or an expected change in market conditions, general banking practice or the cost to us of providing services to our customers; (e) to conform with or anticipate any changes in the law or taxation, or codes of practice or recommendations of the Financial Regulator or other regulatory body; (f) to ensure our business is run prudently and remains competitive; (g) to take account of a ruling by a court, ombudsman, regulator or similar body; (h) to make the Agreement fairer or clearer for you; (i) to enable us to harmonise our banking, interest (debit or credit) or other charging arrangements; (j) to rectify any mistake that might be discovered in due course; (k) to add to, remove, change or impose restrictions on the functionality of our Direct Banking services 24/7 Telephone Banking or eBanking ; (l) to amend/update our Website from time to time (this may mean that at any one time a stored or retained copy of any of the pages or the Terms and Conditions may be out of date); (m) to withdraw our Direct Banking services 24/7
