Q & A: I moved €21,000 from a high interest deposit account in Bank A to a holding account in my mortgage bank. (Bank B) (I was transferring a chunk of money to avail of a better LTV rate).
Bank B forgot to transfer this money into my mortgage account. They eventually did - after six weeks - when I alerted them, and they refunded me the additional mortgage interest I had paid. However, they are refusing to refund me the deposit interest I lost in the six weeks when the money was transferred from Bank A. Do you think I have any grounds for seeking a refund on the deposit interest forgone?
Mr N.F., Dublin
You could try but, realistically, I don't think you have a real case to argue in this instance.
Look at it this way. You were transferring the €21,000 to the second bank to reduce the loan to value (LTV) of your mortgage and so avail of a more attractive interest rate. If this had gone according to plan, you would have benefited from the lower rate but clearly would not have received any deposit interest on money that was no longer held on deposit.
As it happens, Bank B has compensated you for the excess interest you paid over this short period. It would be a bit much to expect them to pay out on both sides of the deal. Either they pay the deposit interest due or refund the mortgage interest you have inadvertently been charged. This they have done.
Shares for sons
I bought some shares for my adult sons (on their behalf) as they do not have accounts with any stockbroker. At present, the shares are held in nominee accounts. My sons intend to keep the shares for some time and, to enable them to avail of their tax free allowances, can you please tell me how I go about transferring them to their names? Also, do you have any idea of the cost involved?
Mr M.B., Tipperary
The easiest and most cost-effective way of transferring shares is by contacting a Revenue stamp branch and completing a stock transfer form. The cost is a nominal sum for each company in which you wish to transfer stock.
You will also be liable to stamp duty at 1 per cent on the value of the transaction.
