MBNA - the good, the bad and the...

I have an MBNA crdit card and I (nearly) always pay it off each month in full to avoid paying interest. In general I find that MBNA offer very good customer service, but woe betide anyone who falls the slightest bit behind in their repayments.

The Good. Option to manage your account entirely online eliminating paper with robust security. Option to notify MBNA when you're going abroad as they can and do contact you if an unusual transaction (e.g. one from a foreign country) appears on your statement.

The Bad. For no other reason than human error, I forgot to pay MBNA by the due date one month. This would be the first time I had been late with a payment in literally years of having the card. I received a phone call from a machine asking me to commit to a payment, which I did. The same (very irritating) machine rang me at least four subsequent times even though I had already made the payment and gone through the long process of "Press 1 for this, Press 2 for that" several times.

If you're unfortunate that you end up in arrears with an MBNA credit card, it can turn positively ugly.

Verdict? A fine service as long as you make sure to pay on time every time.

Deposit Guarantee Scheme extended

The Department of Finance has announced that the Credit Institutions (Eligible Liabilities Guarantee) Scheme (the ‘ELG Scheme’) has been extended from its original end date of 29th September 2010 to 31st December 2010.

It's important to note that there are two deposit guarantee schemes in operation - the Deposit Guarantee Scheme, which covers all deposits up to €100,000 and does not have an end date and this ELG scheme which covers deposits in excess of €100,000 and has been extended to 31/12/2010.

It's also important to make sure you know if your own bank is part of either or both schemes. Not all banks operating in Ireland are part of both schemes and some are part of neither, as they participate in their own country's deposit guarantee scheme.

See the Department's press release here.

Feel free to talk to us about your deposits and their security. We are authorised to arrange deposit accounts and have attractive rates for demand, notice and fixed rate accounts for individuals, corporate customers, charities and pension funds.