NIB to charge for Custody Account

S

Slim

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I received a letter today from NIB telling me they are introducing a €20 bi-annual fee, i.e. €40 per year for maintenance of the Custody account. My CA holds a few thousand BoI shares which I consider a very long term investment. €40 p.a. may well eat into any possible upside that might occur.

Can I close the account and get a share certificate for my BoI Shares?

Slim
 
I would imagine that the introduction of a maintenance fee would mean they'd have to offer you a cost-free "out" (other than the reasonable cost of issuing a share certificate). Let us know what they say. €40 p.a. is still fairly competitive (cf. FEXCO, etc.), but if you don't see yourself buying/selling shares in the near future I suppose it's better in your pocket than in NIB's.
 
I have even less shares in my custody account and will have to close it. Does anyone else do per-transaction share-dealing these days? How difficult is it to transfer my shares?
 
Hi Slim,

Do you mind me asking what plan you're on with NIB? I have a paid one 18.75 per quarter and they told me when I got a custody account they would waive the fee because I was using that plan. I wonder if this applies now across the board. If so I will downgrade to a free plan.
 
kimmage said:
Hi Slim,

Do you mind me asking what plan you're on with NIB? I have a paid one 18.75 per quarter and they told me when I got a custody account they would waive the fee because I was using that plan. I wonder if this applies now across the board. If so I will downgrade to a free plan.
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Bog standard free current acc, when in credit of course. Slim
 
Thanks Slim.

I will call them. Didn't they always charge €40 annually for the custody account or was it just on their fees and charges brochure?

If they charge me then it will be cheaper to downgrade from easyplus to a free one and then pay €40 otherwise its €75+40 - no way!!

Cheers!
 
Slim said:
Can I close the account and get a share certificate for my BoI Shares?
Slim
Click to expand...

I have been on to NIB regarding my custody account, to close it must be empty, so three choices, sell, usual charges apply, transfer to another electronic provider at a cost of €25, or convert to certificate at a cost of £65 sterling each.

They do not as yet know what happens with Anglo shares, as things stand they cannot be sold, they don’t know if they can issue a certificate for them, they are waiting for clarification on this
 
I'll transfer to another provider if one's available without annual costs, but I'll be contesting that €25.
 
Kimmage:

Do let us know how you get on. I too am on quarterly charges of € 18.75.
 
I have just been talking with National Irish Bank now. They said this fee will apply to all account holders even if you're on a paid plan, Easy Plus or Prestige. They did have the €40 fee before but waived this for the majority of customers.

They will begin charging at the end of the month. This is another 40 on top of the 75 Easy Plus account holder are paying, so its becoming expensive. I think I will downgrade which I mentioned to them and they gave the usual sales talk of why its better to be on the Easy Plus..... Travel benefits etc.
 
But is there something to downgrade to that incurs less fees in NIB ?

I have a Mastercard with my pacage that entitles the family to free travel insurance as long as I hold the Mastercard.

I probably will just shut down my Custody Account before the 31st May - it was handy - but € 40 ?
 
Yeah there is the standard account with no fee but the Mastercard doesn't have the travel insurance. *Edit* NIB Gold card travel insurance does cover trips even if you dont use that card to book and or pay for the trip.



40 is a bit expensive, but Goodbody with AIB are similar in price. If you trade with it then I would keep it because the transaction fees aren't too bad. If its just to hold shares there may be cheaper options.
 
Anyone got any suggestions for cheaper options? I have only a few hundred long-term banking shares, unless I can find someone else that does transaction-only fees, I'll have to sell them
 
If you're an AIB customer you can use Goodbody and their annual fee is €26. The only downside is if you trade the minimum is more expensive. NIB charge €20 as a min, AIB charge €32.
 
That's not transaction-only though. I thought there was one other operator that did transaction-only?

If I sell my banking shares now it'll cost more than they're worth in transaction fees!
 
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I was on to NIB today about transferring my shares from my cusody account to another. I also enquired about getting shares in paper cert. They didn't have answers so called me back a couple of hours.
I was amazed with their responce. Per type of share to transfer to another custody acc would be €25 for irish and UK shares, european and american shares would cost more.
To get paper certs would cost on average st£85 per share.
As I have about 20 different shares (some of which are irish bank shares and are worth only a few euro to me), the cost to transfer would be huge.
It would pay for me to leave the shares with NIB and pay the bi-annual fee for 20 plus years.
 
Hi All,
Does anyone have anymore information on the NIB Custody Account or a way to reduce costs in a cost effective way given some of us now hold virtual junk shares in these Custody Accounts.
Regards
Mike
 
I accused them of deception, they replied with an "investigation response" letter received this morning stating that the €20 was stated in Ts&Cs when I signed up for the account, but waived. I don't believe them, but I haven't had a chance to check yet. They refuse to close my account, I refuse to pay them to transfer the shares out. I've informed them that if they bill me the €20, I'll report them to the Gardaí for fraud. Obviously I've withdrawn all of my funds from the tied current account.

I presume NIB wants to pull out of Ireland, and this is how they go about it?
 
No, I don't think NIB want to pull out of Ireland. I believe they are focusing on the higher end of customers i.e. those with still some money in the bank.

If you complain they will probably waive it or if enough people complain they might do something. I know I have made 20+ transactions in the last 12 months at €20 per transaction. Why they want to stick on a €40 fee is petty IMO. I complained to my branch manager and he is to get back to me on whether they will waive it.
 
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