PTSB 'hold on to revenue refund'

[Andyeire]

I took out a mortgage with PTSB last year and i forgot to send off tax form for interest relief.I eventually sent it off and after a couple of months the relief began to be paid into my account.When i contacted the revenue about the refund due for the months i had missed they informed me that they had sent payment to PTSB 3 months before.PTSB have a policy that they sit on this money until you contact them looking for it .In my case it was 600 euros which they had for 3 months until i contacted them.While i know there is nothing illegal about this i wonder how much they are holding on to for there customers?When i rang PTSB about this they said it was normal practise to wait for the customer to contact them about the refund as it is your money and we cannot pay it to you without you requesting it .Is it me or does this sound like sharp practise

 

[ClubMan]

Surely they simply deduce any refund from your mortgage repayments thereby granting the backdated relief at source?

 

[Andyeire]

I was told by the fella that i spoke to in revenue that they send a cheque to the mortgage provider and in most cases they apply the credit straight away.He said that PTSB are one of the only ones who wait for the customer to ask for the credit to be applied.He was the reason i rang PTSB other than that i would have presumed the credit would have been automatic.My reason for posting this is too bring it to PTSB's customers notice if you were late sending back your tax relief forms there might be a credit waiting to be applied to your account.I asked PTSB why they did not apply the credit and she said since it was my money they could not decide to apply it to the account or send you a cheque.It was up to me to ask .The relief is applied in my case as a payment in my bank account i thought they no longer applied it at source.

 

[sharecarer]

I was in the exact same situation as you but my mortgage is with IIB. A few weeks after I sent off my late TRS forms, the backdated amount due to me was credited straight into the account from which my mortgage payments are taken. Didn't have to do any chasing at all so can't see why PTSB would say it is normal practice!