No notification of tracker rate reduction from UB

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irishpancake

Guest
IrishPancake,

Enough of this freelance modding :) ! If you have a problem with a post, poster or thread or if you think posting guidelines have been breached please use the report post
facility to bring it to the attention of the mods/admins.

Thanks,
aj
(mod)
OK, aj :)

I get the message, once was enough.

I accept rameire's explanation.

I didn't mean to step over the line.

Since I started the thread, can I claim any credit for UB's apparant back-peddling on the rate decrease timing?
 

gally74

Frequent Poster
Messages
109
all i can say is ~Victory~

managed to get through to a manager friday or team leader,

i again voiced my issues and they way it was being dealy with,

he said that the rate cut decision was reversed since "all this blew up"

i reckon all the complaints did the trick,

well done to all and at least we can all benifit from the Euro's for Christmas.
 
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roebourne9

Guest
im new to this so please excuse if i posted in wrong place.
my payments come out on 1st of month and like everyone no change to nov payment, got same excuses as everyone when i rang but finally got the letter in the post today, little bit confused by it,
oct ecb reduction, effective from oct 25th, nov ecb reduction, effective from 22 nov "the new reduced interest rate on your mortgage is 4.20% (ecb +0.95). this reduction will be reflected in your dec repayment. the above two rate changes will decrease the monthly payment to xxxx amount at your next repayment date, in my case 1st dec. does that mean that i will see a further reduction again in Jan because of the date the rates were implemented.
second question, i thought having a ufirst account reduction on mortgage was standard at 0.95% above ecb but noticed in one thread theirs was 0.75%?
 

rameire

Frequent Poster
Messages
395
do you pay on the 1st of the month for the previous month or for the current month.
if you are paying for the previous month you will see a reduction on 1st jan, if you are paying for the current month you will see no further reduction, unless the rates change again,
which more than likely will change by about 0.25% at the next meeting of the ecb.
 
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roebourne9

Guest
when i rang to complain about no reduction in nov they told me i pay in arrears so that was why i wouldnt see it till dec payment.
 

rameire

Frequent Poster
Messages
395
i would suggest that everyone rings up their bank and ask for a copy of the t's and c's to be sent to you.
i am led to believe that ub most of their tracker rates state in the t's and c's, for an increase they have 30 days to pass on the increase, but usually do it after a few days, but for the decrease their t's and c's have to decrease within 7 to 10 days.
i also believe that ub forgot this was supposed to happen in 7 to 10 days as it hasnt happened for a few years, and they realised their error and are now correcting the error and backdating the interest.
 
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irishpancake

Guest
i would suggest that everyone rings up their bank and ask for a copy of the t's and c's to be sent to you.
i am led to believe that ub most of their tracker rates state in the t's and c's, for an increase they have 30 days to pass on the increase, but usually do it after a few days, but for the decrease their t's and c's have to decrease within 7 to 10 days.
i also believe that ub forgot this was supposed to happen in 7 to 10 days as it hasnt happened for a few years, and they realised their error and are now correcting the error and backdating the interest.
Are you sure, rameire, that clients of UB should rise above their place as mere customers, and actually ring the Bank :rolleyes:

Would the CSA's not percieve this action as unnecessarily provocative, and a sign that we customers had not read our ts & cs, and would they then treat us as an annoyance, who would/could threaten the aforementioned CSA's with good ould Joe Duffy!! see here

Of course, it's all in the ts & cs, which UB seem to be making up as they go along.
 

LennyBriscoe

Frequent Poster
Messages
108
i also believe that ub forgot this was supposed to happen in 7 to 10 days as it hasnt happened for a few years, and they realised their error and are now correcting the error and backdating the interest.
You re living in cloud cuckoo land if you think UB 'forgot' how to change the configurations in their system to pass on the ECB cuts.

They realised their error after, and only after, media coverage and a huge volume of calls and letters to the support team.
 

Bronte

Frequent Poster
Messages
13,686
I think rameire's post 77 in this thread is very good. Banks are in business to make money and they will do whatever they can to maximise profit. It may seem unfair but if it's in the terms and conditions there is no way of getting around it.

In this particular instance, and it is an extraordinary time, the bank seems to have caved into pressure. What is not clear is where the pressure came from, it's either a) the government, b)financial regulator or c) people complaining. Perhaps a person in Ulsterbank on this site who works in the complaints department would care to enlighten us.

As for banks forgetting or systems failures - pleaseeeee. We have enough historical evidence of systematic overcharging to not believe this. Funny how the 'systems failures' or banks 'overlooking something' never results in customers underpaying interest or bank charges.
 

kcb

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Messages
45
Got my letter yesterday too.

Great to see Ulster bank squirming a little bit.
 
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irishpancake

Guest
Was there any media coverage about this?
There was this in the Indo, and the issue was discussed on Newstalk and Today Fm.

And of course, all this here, on AAM, which the Banks take great notice of.

Also, they surely could not ignore the level of direct customer complaint, most of which would have ended up on the FSOB's desk.
 

Luckycharm

Frequent Poster
Messages
541
Yep got 3 letters from UB yesterday 2 about the rate changes and the other saying they were going to respond to my letter of complaint within 7/10 days :)
 

doogo

Frequent Poster
Messages
180
me too - glad to see them, sorry that we had to expend such energy in having the situation righted in the first place
 
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roebourne9

Guest
looking back at my notification letters of increases/decreases etc they say in general due to recent ecb rate rise your rate will increase to whatever with effect from a specific date say 15th july for example and you will be paying xxxx at next due date. 1st aug. i pay in arrears
1: does that mean from that the aug payment is made up of 15 days at old rate rate and rest of month at new one and come up with the figure for next payment date, (hope your still with me) if this is correct then why is the sept payment the same figure as the aug payment, should it not be higher because all of the month is calculated at new rate.
this occured to me because of the letter i got on mon which stated that my nov payment should have included a reduction for the last 7 days of oct because the rate drop came into effect from 24th
 

plant43

Frequent Poster
Messages
387
looking back at my notification letters of increases/decreases etc they say in general due to recent ecb rate rise your rate will increase to whatever with effect from a specific date say 15th july for example and you will be paying xxxx at next due date. 1st aug. i pay in arrears
1: does that mean from that the aug payment is made up of 15 days at old rate rate and rest of month at new one and come up with the figure for next payment date, (hope your still with me) if this is correct then why is the sept payment the same figure as the aug payment, should it not be higher because all of the month is calculated at new rate.
this occured to me because of the letter i got on mon which stated that my nov payment should have included a reduction for the last 7 days of oct because the rate drop came into effect from 24th
As far as I know, interest is calculated on monthly basis in arrears. I think this means that your entire Oct repayment should have been at the new rate.
 
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irishpancake

Guest
Well, got my form letter today from Mr. Paul Molumby, advising of the ECB rate reductions for Oct and Nov.

Effective dates are now 1st Nov and 1st Dec.

Cockup on effective dates due to an internal error :rolleyes:

They are currently investigating this error :p

Oh, and BTW, They Sincerely apologise for any inconvenience this may have caused :D

Perhaps someone will now take down the UB Press Release page to save themselves further embarrassment, thumbnail below, where they proudly announced in relation to the Oct. rate reduction.

In line with the European Central Bank’s decision to cut rates by 0.5% Ulster Bank customers with Tracker mortgages will also benefit from a reduction in their interest rate by 0.5% from 1st December.

 
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roebourne9

Guest
As far as I know, interest is calculated on monthly basis in arrears. I think this means that your entire Oct repayment should have been at the new rate.
so what you believe is that regardless of when the bank implement the new rate (taking the july increase for example effective from 14th july in their letter to me), my aug payment is calculated at the new rate for the whole of july not up to 14th at old rate and rest at new rate? and the sept payment will be the same as the aug payment. which by the way was the case.

im quoting the letter i got on mon below which is the reason for my persistance on this

ECB RATE DECREASE-OCTOBER ANNOUNCEMENT
PARAGRAPH 1....."we wish to advise you that following the ecb rate decrease announced on 8th of oct 2008 your mortgage rate was reduced by 0.5% with effect from 1st nov."
meaning payment on 1st of dec will be at new rate, calculated from 1st nov, correct?

same letter next paragraph
PARAGRAPH 2......"we also wish to advise you that this interest rate reduction should have been effective on your mortgage account from oct 25th 2008. due to an internal error, the reduction in your interest rate for the last 7 days of oct was not applied to your account. we are currently investigating this error and calculating the interest adjustment due. we will write to you in early dec with details of the resolution of this error. we sincerely apologise blah blah"

meaning i should have had 7days of my nov payment at lower rate but they messed it up, correct?{say nothing of the two different effective dates quoted.}
which by my understanding means they calculated interest for oct at 23 days at higher rate and 7 at lower.
they then go on about the nov increase which i am not even looking at at the moment

does this not contradict what plant43 believes and questions any previous rate increases and how they are calculated. please tell me someone else understands what i am talking about. and i do appologise for my long winded posts
 
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