NIB LTV - have to set up NIB account and take laser card?

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askalot

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NIB LTV mortgage requires that you use one of their bank accounts to service the mortgage. Their "Easy" account which offers free banking is fine for this but I notice that this comes with an combined ATM, Laser, cheque guarantee and Maestro card.

I assume that this will be hit for government duty so if your only reason for opening the account is to pay the mortgage, can you refuse to take the card and cheque book, thereby avoiding the duty?
 
SD is only charged on an ATM/debit card if you actually use it other than just to check your bank balance. If you ever withdraw cash or use the debit card facility then the relevant SD charge will apply. You can take the card and never use it (other than to check your balance - or presumably as a cheque guarantee card) and will not be charged the SD. The Revenue summary guide to SD on bank cards covers this. Keep a close eye on your statements to ensure that you are not mistakenly charged the SD if you should not be.
 
I have an NIB LTV mortgage and had to open an Easy account. I was never asked to avail of any current account facilities such as ATM, Lazer etc. but I was clear that I did not wish to avail of these facilities and that the account was only going to be used as a feeder account. Stamp duty has never been applied to the account.

I think if you just make it clear that it is only a feeder account and you don't wish to avail of the facilities there won't be a problem.
 
I'm the same...just use the account as a feeder for the mortgage with no laser or ATM card. See if they'll drop the Laser card idea as online banking is part of the free account service so you can check your balance online that way. Murphy's Law if have a Laser card and don't use it you'll still be charged SD and have to chase all and sundry to get it back. Everything goes like clockwork for me and the product is the cheapest around.
 
If you look [broken link removed] it is spelled out pretty clearly.

The minimum requirement to avail of our LTV pricing is the current account within the Easy package. All elements of the Easy current account are optional and, if you wish, you can choose to use your Easy current account solely as an account for servicing your loan repayments. You are not required to transfer your banking business or mandate your salary to your Easy current account.
Click to expand...
 
Note the ATM and Laser are treated seperately;
If you use the card as an ATM , but do not use the laser function, you only pay ATM SD
 
I have a mortgage feeder account with them and I asked them not to provide the ATM card facility on it and no problem.
 
soy said:
Note the ATM and Laser are treated seperately;
If you use the card as an ATM , but do not use the laser function, you only pay ATM SD
Click to expand...
Interesting. I wasn't sure if any use of the card triggered ALL relevant charges or just the charge relating to the specific use (e.g. ATM versus Laser etc.).
 
paddywhacker said:
I have a mortgage feeder account with them and I asked them not to provide the ATM card facility on it and no problem.
Click to expand...

Same here.
I check both balances of my feeder account and mortgage online. Their online banking is far superior to 365online; for example you can make extra payments against your mortgage from the feeder directly, which I couldn't do with Bank of Ireland, for example).
 
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