Bank reassures customers over savings

INVESTMENTS:FOLLOWING THE decision to close its retail banking business in Ireland, Bank of Scotland and Halifax customers have been advised that they do not have to anything at this stage.

The bank has moved to reassure customers that all savings and investments will remain secure, and that it will start contacting customers by the end of the month to explain how they will be affected.

The group advised all mortgage and personal loan customers to make repayments as normal.

Customers who have home loans, motor finance and commercial asset finance with the group will not be required to move their accounts unless they wish to do so.

The bank’s branches will remain open until June and thereafter it is envisaged that these customers will be obliged to conduct transactions with Halifax over the telephone, through other banks or via post.

Customers who are due to complete a mortgage application with the bank in the next 30 days will have their application honoured and are entitled to draw down the mortgage if they still choose to do so.

However, customers with Halifax current accounts, variable rate savings accounts and credit cards will only be able to use their accounts for the next three months.

After that period in time the bank said it planned to close these accounts.

The group said they will assist customers when moving their accounts, adding that customers will be informed in writing of the options open to them.

“It is envisaged that, by June, we will have aided all customers in migrating to an account of their choosing,” a spokesman said.

In a separate statement, the Financial Regulator said it was working with the Bank of Scotland (Ireland) to ensure consumers’ interests are protected.

“Mortgages, personal loans and fixed rate savings with the bank will operate to maturity. Bank of Scotland (Ireland) has advised that customers do not need to do anything at this stage,” the regulator said.