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Swedbank customers positive balance turned into negative due to an update

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Re: Swedbank customers positive balance turned into negative due to an update

#61

Post by moogly »

fest wrote: post #18
mschuster91 wrote: post #16

Earlier quoted context omitted.

Deutsche Bank still is going strong, despite being involved in virtually every scandal of the last decades - hell their offices got raided again just an hour ago [1]. Ordinary consumers don't give a damn about shady dealings of their banks, mostly because unlike phone numbers bank account numbers are not portable. Yes there exist regulations that banks have to assist with direct debit and automated order migration, b…

My Swedbank mortgage agreement even goes as far as to require that I use my account with them as the primary salary account.

That... seems illegal.

Re: Swedbank customers positive balance turned into negative due to an update

#62

Post by moogly »

marginalia_nu wrote: post #33
sgt wrote: post #26

Earlier quoted context omitted.

Not at all? Even in Norway, cash is still used to a small degree.

I haven't handled physical cash for probably ten years. They redesigned the bills around 2015 and to be honest I'm not even sure how they look anymore.

Same, except I never knew how they looked...

Re: Swedbank customers positive balance turned into negative due to an update

#63

Post by sgt »

marginalia_nu wrote: post #33
sgt wrote: post #26

Earlier quoted context omitted.

Not at all? Even in Norway, cash is still used to a small degree.

I haven't handled physical cash for probably ten years. They redesigned the bills around 2015 and to be honest I'm not even sure how they look anymore.

I spent some cash in both Norway and in Amsterdam only last month. Last two times for chocolates, believe it or not.

Re: Swedbank customers positive balance turned into negative due to an update

#65

Post by jdmoreira »

sgt wrote: post #26
JimWestergren wrote: post #8

Most popular bank in Sweden. Keep in mind that you don't use cash in Sweden.

Not at all? Even in Norway, cash is still used to a small degree.

I've been living in Sweden for 6 years. Never touched any Swedish cash. I don't even know what it looks like.

Re: Swedbank customers positive balance turned into negative due to an update

#66

Post by makeitdouble »

aaaaaaaaata wrote: post #21
JimWestergren wrote: post #8

Most popular bank in Sweden. Keep in mind that you don't use cash in Sweden.

You do, today....

Irregular events can’t be a barometer though. On the other side of the fence, India also rendered 80+% of its cash unusable overnight.

Re: Swedbank customers positive balance turned into negative due to an update

#67

Post by fest »

jonwachob91 wrote: post #43
fest wrote: post #18

Earlier quoted context omitted.

My Swedbank mortgage agreement even goes as far as to require that I use my account with them as the primary salary account.

Does Swedbank require you to have your primary salary account with them to have your mortgage, or do they require you to have an account with them to receive a discount on your mortgage? B/c those are 2 different things... Thanks in advance for the clarification <3

The mortgage rate calculation is intentionally opaque (at least the bank clerks lead you to believe that) and it becomes just one of a multitude of criteria to evaluate my risk of default (and the bank having an advance estimation of any changes in my financial well-being).

This paragraph probably can be contested, if done in advance of signing the agreement, but if every other bank you approach have such a condition (to be fair, the only other bank I approached was SEB, also Scandinavian bank) spending time on arguing about trivialities while selling my soul to get an even worse rate did not seem like a worthwhile pursuit.

Re: Swedbank customers positive balance turned into negative due to an update

#68

Post by fest »

dagw wrote: post #22
nollbit wrote: post #20

Earlier quoted context omitted.

Why would you ever sign that?

You get a lower interest rate. Banks generally can't require you to have an account there to get a mortgage, however they can give 'discounts' to customers that also have their accounts at the bank. Close your account and you are no longer a customer and lose the discount.

Banks frame it as "it's one of the factors used by our opaque black box algorithm to determine your rate". To find out the exact weight of every factor beforehand, I would have to submit N applications, processing of which is on the order of a week or so.

Re: Swedbank customers positive balance turned into negative due to an update

#69

Post by fest »

jonwachob91 wrote: post #43
fest wrote: post #18

Earlier quoted context omitted.

My Swedbank mortgage agreement even goes as far as to require that I use my account with them as the primary salary account.

Does Swedbank require you to have your primary salary account with them to have your mortgage, or do they require you to have an account with them to receive a discount on your mortgage? B/c those are 2 different things... Thanks in advance for the clarification <3

There is not a particular interest rate discount tied to this factor- once negotiated, it becomes a part of agreement. And negotiating this requirement beforehad would to submit another mortgage application.

I don't think any banks here allow you just to have a mortgage agreement without an account at them- they deduct the monthly payment automatically. It might be possible with other types of loans, but I don't think it can be done with mortgages.

Re: Swedbank customers positive balance turned into negative due to an update

#70

Post by dagw »

fest wrote: post #68
dagw wrote: post #22

Earlier quoted context omitted.

You get a lower interest rate. Banks generally can't require you to have an account there to get a mortgage, however they can give 'discounts' to customers that also have their accounts at the bank. Close your account and you are no longer a customer and lose the discount.

Banks frame it as "it's one of the factors used by our opaque black box algorithm to determine your rate". To find out the exact weight of every factor beforehand, I would have to submit N applications, processing of which is on the order of a week or so.

When I was 'shopping' for a loan (in Sweden) I got an explicit price list. As in "our base rate is X%, if both of you move your main account here we'll offer you Y% and if also you move your home and car insurance to the insurance company we own then we'll offer you Z%"
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