What rights does have a Bank in relation to customer deposits.

A decent amount was placed on term deposit, where papers were signed to stop tax being paid overseas as tax was paid on the Interest earned in Ireland. This was ongoing for the past five years without any problems. Deposits matured last November, and requests were made to confirm balance and the current Interest Rate.

Interest rate was given but total amount wasn't. Despite dozens of requests, I received an e-mail last week, from Manager quoting the balance and was advised that foreign Tax was deducted and paid. I was then advised to reclaim the Tax as there was nothing the Bank could do about it.

What rights does a customer have in cases like this ??

I don't really understand what you are trying to ask... If you placed money on deposit with an Irish bank, then how does foreign taxes come into it? If you had them place money for you on deposit abroad, then of course foreign taxes would apply. The Irish bank would have no say in the matter and the foreign tax authorities could not care less about what taxes you pay in Ireland. That is what double tax agreements are for - reclaiming taxes.

Basically the Bank have changed the modus operanda of the account. The Interest was, as in previous years left to accumulate without deduction, but in the last two months a deduction was made to pay the UK Revenue but the account was in previous years where interest was paid without deduction, but a cert of interest was provided for submission to he Revenue.

If all was working fine, but why do they feel and are they allowed to make changes without advising the customer, especially without advising the deposit holder ??

mercman said:

If all was working fine, but why do they feel and are they allowed to make changes without advising the customer, especially without advising the deposit holder ??

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Maybe they had to do it? Why can't you claim it back from UK revenue?

Bronte said:

Maybe they had to do it? Why can't you claim it back from UK revenue?

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The interest was always paid Gross for the past four - five years. And you're suggesting that I should pay a firm of accountants to deal with a reclaim when all that was required was to Carry on Regardless.

Moreover, the customer is entitled to be advised as to what is actually going on, rather than a chasing game.

Mercman;

Customer focus by Banks is something from a kinder past.Customers are entitled to very little , customers may expect Banks to act well , but they do not.
Re-ask in writing to Bank to sort /explain.If reply is still unsatisfactory you will be left to sort.
If you have substantial deposit and it suits you ,move the account.

mercman said:

The Interest was, as in previous years left to accumulate without deduction, but in the last two months a deduction was made to pay the UK Revenue but the account was in previous years where interest was paid without deduction, but a cert of interest was provided for submission to he Revenue.

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So can we assume you are talking about a UK bank then? If so did you complete a form R105 and submit it to the bank?

UK and Irish Bank. Yes the form was signed previously and that what was worked on, and forms the basis of my dissatisfaction.

mercman said:

UK and Irish Bank. Yes the form was signed previously and that what was worked on, and forms the basis of my dissatisfaction.

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Well the UK bank should be able to give you an explanation for why the form was found to be unacceptable...