Danske exit fears mount over phone banking cut
Published 19/08/2013 | 05:00
FEARS are mounting that another bank is considering an exit from the market here, as Danish-owned Danske is going to shut down another part of its business.
The bank shut its entire branch network last year, recently hiked its mortgage rates, and does not accept cash.
Now it has decided to close down its telephone banking service for customers.
This is despite emphasising the availability of the 24-hour telephone banking service when it closed its branches at the end of last year.
The bank, which had been called National Irish Bank, closed its 27 branches around the country and rebranded as Danske Bank last November.
It has recorded heavy losses in this market, and has now removed cash services, ended free banking and shut many deposit products.
The bank stopped accepting cheques a while ago.
Variable mortgage rates, overdraft interest rates and credit card interest rates have all been hiked this year. Savings rates have been reduced.
In July the variable rate rose by 0.65pc to 4.95pc – making it one of the highest in the market.
Now Danske has told customers it is changing its terms and conditions "to reflect the removal of Danske Bank's automated 24/7 banking service".
The service is due to end on October 15 next, customers have been told in newspaper adverts.
A spokesman for the bank denied the latest scaling back of its operations was a precursor to a full closure.
He claimed there was little demand for the telephone banking service, despite the close of the branch network.
The bank said customers with queries on the change could call 1850 812 022.