Danske Bank Closure

[mundogas]

Still haven't received the letter telling me to get lost but have started to check out where to go. I had a meeting with a Gentleman at PTSB this morning and he seems to be able to offer me everything I need with no fees once my wages are transferred every month. I guess it's a bit like things were in the old NIB days.

I am planning on having the same meeting with KBC next week.

If they offer the same package which is the better option? Has anyone else made the jump to either?

I am in the middle of switching to PTSB, no problems with them so far. Considered KBC also but as far as I can see they have quarterly charges on the current account. Also a charge of 30c for each ATM withdrawals if min balance of 2000 euro is not maintained. They have some hubs if you do have to visit a branch but only a 5 or so for the whole country

PTSB still have branches if you do need to visit one and no fees if lodging 1500 euro each months so seems to be the obvious choice.

Also hoping to get some sort of notice from Danske soon, keeping wages going to old current account presently to service tracker but everything else has been switched to PTSB.

 

[MrEarl]

Hello,

I have received nothing in writting from Danske regarding their intention to close my accounts and I won't be taking the first step by contacting them to discuss the matter.

When the time comes I will be very slow to move (other than taking the obvious steps to protect my own interests). Their deadlines to close all accounts or requests to clear credit card balances will mean little to me.

While it looks like PTSB is the most likely choice for me when the time does come to move, I am somewhat concerned by (i) the fact that I don't think Europe has approved the PTSB business plan for their future as yet & (ii) a bad past experience a family member had with them, which resulted in that family member taking all of their business from the Permo.

KBC also appeals to me in terms of trying to help ensure there is competition in the market, but only if the price is right and they produce the full range of financial services that I require - which at the moment they cannot do, but apparently they are launching further cards and services early in 2014, so things may change.

Good online banking (via PC, Android Phone & Tablet) is vital and given I am currently comparing everything to Danske's online offerings, I'm struggling to find a good alternative.

 

[serotoninsid]

Good online banking (via PC, Android Phone & Tablet) is vital and given I am currently comparing everything to Danske's online offerings, I'm struggling to find a good alternative.

Current Account Options
Currently with UB for current account. I plan on switching to PTSB (in the absence of a better option) for 4 reasons;
1. They have started to charge for current account. I've started to maintain 3k balance but like CiaranT says, you have to also have a buffer. It's very frustrating -as I've already briefly breached this 3k balance due to bills.
2. Last years shenanigans (with their I.T. problems) - followed up with their recent similar shenanigans. Although I was lucky - and was never stuck, I could have been (if I was overseas, etc).
3. Their debit cards. Whatever idiot is working in purchasing - their plastic cards are ridiculous! I have now broken 3 of them in a matter of weeks. Granted, I keep it in a wallet in my back pocket and so, it will bend a bit - but nothing like previous cards from UB or previous banks!
4. When the above happens - and I order up a replacement, they change my visa debit card number each time! Rather than direct debits, I have fixed visa payments going out. It messes up all of these - and I have to spend time contacting all those companies to get them to update my details again. In the past, other banks would simply issue a new physical card with the same visa debit number.


Danske Offset Mortgages
Until this shutdown of their retail banking, I was never aware of their offset mortgage product. This is something that would have made so much sense for me. I know it's immaterial now - but what sort of rates did they offer those mortgages at? Presumably not the same as tracker?

Is there anyone else on the irish market currently offering an offset mortgage?


What is the future for Danske Trackers?
Apologies in advance, but that perennial question....
What's the likely outcome for Trackers?
I know we are speculating here - but what do folks here think is likely from the following possibilities;
1. They simply maintain the tracker mortgage book - taking incoming payments from our current accounts with other banks
2. They offer a discount for the complete payment in full of a tracker mortgage (of course, this is only going to be an option for a small percentage of customers...which might of and in itself, mean they decide not to bother with this option
3. They offer a discount on the basis that tracker holders simply switch their complete mortgage to another bank or to another product
4. They contract another company (a la Certus) to manage and run down their mortgage book.....with that company possibly offering deals as per 2 and 3 above.
5. They sell their irish mortgage book in its entirety - with the new entity possibly offering deals as per 2 and 3 above?

 

[twofor1]

What's the likely outcome for Trackers?

Danske are maintaining a presence here for business customers.

Danske continue to operate up north for both business and personal customers. A lot of administration of southern accounts is already done up north.

Given that they have two options in place for collecting payments, either of which would probably be a lot more cost effective than discounting, contracting or selling, I think the first of your possibilities is the most likely.

 

[mundogas]

Have a Danske Tracker myself, I would also think that they will maintain the mortgage book.

On another note has anybody got a custody account with Danske for share trading? Happy enough with changing all other banking services over to a different provider, but not sure what to do or where to go with this. Davy is my first thought.

 

[mozzer]

Credit Card interest

Folks,

Just as a matter of interest, for those of you that have been given notice that your NIB credit cards are being withdrawn, have you enquired are they going to stop charging interest on the remaining balance?

It seems fair and reasonable that where they withdraw the credit card product, we shouldn't have to pay further interest on the balance.

 

[MrEarl]

....It seems fair and reasonable that where they withdraw the credit card product, we shouldn't have to pay further interest on the balance.

Good luck trying to explain that to Danske, or any other bank for that matter - I must admit, I'm struggling with the logic there myself and I'm one of their customers who would like to have a zero rate on whatever balance remains

 

[Codogly]

Its definately option 1 for me cant see Danske giving discounts or taking a hit in a mortgage book sale ...they will just unwind the loan book over its natural lifespan.

Does anyone know what happens with the payment of Mortgage Interest Relief that used to be paid into our Danske Current Accounts ...will Danske simply pay this into our new banks current accounts...?

Codogly

 

[car]

Folks,

Just as a matter of interest, for those of you that have been given notice that your NIB credit cards are being withdrawn, have you enquired are they going to stop charging interest on the remaining balance?

It seems fair and reasonable that where they withdraw the credit card product, we shouldn't have to pay further interest on the balance.

Be surprised if they dont do what MBNA did and halifax did when they left, either someone else will take it on or theyll convert the existing balance at date X into a loan at rate Y to be paid back by you. the account will exist until the loan is paid off.
It makes more financial sense to move to a 0% bal transfer cc like tesco.

I have the offset mortgage and recently noticed the addition of a kind of a dummy offset account when I logon to my online banking. Maybe Im wrong but I cant remember seeing that there before. Im guessing they might hold onto the offset mortgage and use that account as the offset account how theyre going to regulate that I dont know. only a guess though

 

[llgon]

Interesting to hear about the dummy account on your internet banking, Car. I only use the mobile banking app myself and it has not appeared on that. I will be delighted if I can continue with an offset mortgage but like you find it difficult to see how they will work it.

Danske Offset Mortgages
Until this shutdown of their retail banking, I was never aware of their offset mortgage product. This is something that would have made so much sense for me. I know it's immaterial now - but what sort of rates did they offer those mortgages at? Presumably not the same as tracker?

Is there anyone else on the irish market currently offering an offset mortgage?

I am currently paying 4.6% interest on my offset mortgage, I think Danske's SVR is 4.95%. I don't have a Prestige current account which would give me a discount. I'm not aware of anyone else providing this product in Ireland.

 

[car]

Interesting to hear about the dummy account on your internet banking, Car. I only use the mobile banking app myself and it has not appeared on that. I will be delighted if I can continue with an offset mortgage but like you find it difficult to see how they will work it.



I am currently paying 4.6% interest on my offset mortgage, I think Danske's SVR is 4.95%. I don't have a Prestige current account which would give me a discount. I'm not aware of anyone else providing this product in Ireland.

that prestige account was a no-brainer. 120e a year for all fees and I got a discount off my mortgage which resulted in 70e less off my monthly payments. = 840 per annum. think it brought me down to something like 4.1%

theyre not doing it any more now though since the announcement theyre pulling out.

Again, that discount is applying only complicates thing for any move, if they say some other providor is taking over, will I keep any discounts?

I rang again yesterday and still no news of what theyre going to do. like others, Im waiting til they force my hand, not in my interest (pun half intended) to do anything.

 

[MrEarl]

that prestige account was a no-brainer.....

Hi,

Was the reference to the discount for having a prestige account exclusively in the documentation for the current acount or also in the mortgage document ? ... if the later, I expect you have a strong hand to bargain with.

I have a tracker (thankfully) so the discounted rate offer was never available to me with the prestige account.

 

[car]

Hi,

Was the reference to the discount for having a prestige account exclusively in the documentation for the current acount or also in the mortgage document ? ... if the later, I expect you have a strong hand to bargain with.

I have a tracker (thankfully) so the discounted rate offer was never available to me with the prestige account.

I had to sign a load of forms to get the discount, including sending in bank statements (which were not from danske) and copies of passport to identify myself even though I was with them already, most illogical thing Ive ever had to do with a financial institution.
I must follow up with them on that, as to get the prestige discount i have to pay my salary into a current account with them. If theyre not going to have current accounts, then where does that leave us? If they just pull out altogether then I wont benefit from the discount OR the offset as I'll nowhere to put the money for them to offset against.

 

[Codogly]

Still no official word from Danske Bank re what is happening with Mortgages.
Has anyone received notice from them on Mortgages - what happening with statements going forward - what happening with Mortgage Interest Relief going forward.???
Thanks for any updates.

 

[Bonaparte]

Hi Codology, I had a call from Danske this morning wanting me to confirm an unusual deposit which thankfully was in order. I asked the caller what the position was as I still haven't received any communication about anything. He explained that they are progressing through customers at present and that the next traunch of "get lost letters" (my term, not his) are due to go out at the end of the month. He said nothing will change with mortgages, however, as I'm not in receipt of interest relief, I didn't ask.

 

[car]

I rang earlier this morning, the mortgages dont look as though theyre going to change or rather the official word is theres no change foreseen as of yet. How theyre going to do this with current account offsets is still beyond me.

On custody accounts, for anyone that has one, letters are going out 4-6 weeks from now, looks like some other stockbroker has expressed interest in taking on the accounts so you can either go with this "preffered" broker that will have similar conditions or switch to someone else yourself. June is the suggested deadline.

 

[lff12]

Can anybody recommend a lender for those of us "transiently" employed?

I'm an IT contractor (i.e. forcibly self employed) and earn really good money but so far the door has been shut in my face for even a basic credit card (which frankly, is all I need - not even a balance transfer, I'm cleared in full).

I'd really rather not go "round the houses" and clog up my credit record with failures. So far I've been turned down by Tesco Visa. I have a 5 figure sum of savings I'd like to find a home for as well as current account but I'd rather not gift it to any institution that is going to refuse me a full service.

 

[apollo11]

Danske Bank 'news'

I hear on the news this morning that I have one business day to sort out my accounts with Danske Bank and that I am one of 10,000 customers who have yet to move their accounts.

From reading this thread, I know others have got letters, but I have yet to receive any correspondence via any method advising me what my options are or giving me a 'hard stop' date; this despite asking them on at least two occasions what the situation was. On both occasions I got a standard reply of blah blah blah writing to customers in the coming weeks to explain next steps .... you will get at least 2 months notice before any products or services are withdrawn. Still waiting.

I mean, you'd want to have been living under a rock not to have heard that they were pulling out, but a precise date would certainly have focussed me [and perhaps the other 9,999 customers]. What do I do with my fixed term deposit account for example?

I'll have to leave work early today to get this sorted out. I get paid weekly, so I'm going to have to sort it quickly.

Thanks Danske.

 

[Kimmagegirl]

I have a credit card with them that actually might have a small credit balance. I have received the letters but no statement so I don't know my balance nor what happens with a credit balance. I have tried ringing them but I am left on hold every time.

 

[trigger]

I head that "news" as well apollo11. Sounds like someone in a newsdesk somewhere put 2 +2 together and came up with 5. There's still thousands of us who've heard nothing from Danske about when we need to move on. I very much doubt they're going to close up shop over one weekend.