Danske Bank's Customer Service and Operations Concerns

Author

Reads 8K

Unrecognizable male in casual clothes standing with money near cash register in grocery store while making purchase near glass showcase
Credit: pexels.com, Unrecognizable male in casual clothes standing with money near cash register in grocery store while making purchase near glass showcase

Danske Bank's customer service has been a concern for many customers. The bank's customer service is available 24/7, but some customers have reported long wait times and unhelpful representatives.

The bank's operations have also raised some red flags, with a 2020 scandal revealing that Danske Bank had been involved in a massive money laundering scheme in Estonia. This has led to increased scrutiny of the bank's operations and management.

Danske Bank has a large network of branches and ATMs, with over 2,000 locations across Denmark. However, some customers have reported difficulties in accessing their accounts and getting help from bank staff.

The bank's digital services are also available, with online banking and mobile banking apps allowing customers to manage their accounts and conduct transactions.

Money Laundering Scandal

Danske Bank faced a large-scale money laundering scandal, with authorities in Denmark, Estonia, France, and the United Kingdom launching investigations.

The bank's branch in Estonia was at the center of the scandal, with €200bn of non-resident money flowing through it.

Credit: youtube.com, €200 BILLION Danske Bank Fraud!! Money Laundering Machine 💶

In 2018, the bank was under criminal investigation by the United States Department of Justice.

Danish prosecutors filed four preliminary charges in November 2018.

The money laundering scandal led to Danske Bank being named the most corrupted actor of 2018 by the Organized Crime and Corruption Reporting Project.

A Danish woman was remanded in custody in relation to the scandal in December 2021.

Danske Bank pled guilty and agreed to a $2 billion fine in a case from the United States Department of Justice in December 2022.

Customer Service Issues

Danske Bank has faced criticism for its customer service. Long waiting times on the phone have left customers frustrated, with one user reporting waiting for an hour with no response.

The bank acknowledges the issue, citing an increase in customers trying to call them. However, this doesn't excuse the long waiting times, which can be particularly problematic for those with emergencies.

Customers have also reported difficulties in getting help with specific issues, such as stopped payments. The bank suggests sending an email to get assistance, but this may not be a satisfactory solution for those who need immediate help.

Terrible Customer Service

Credit: youtube.com, Why Is Customer Service So Bad Today | Blake Morgan #CX

Long waiting times on the phone can be frustrating, and in this case, a customer was left on hold for an hour with no response.

Denmark Bank's customer service was criticized for being unhelpful, with a customer trying to make a transfer for four days with no success.

The bank acknowledged the issue, citing an increase in customers trying to call them as the reason for the long waiting times.

If you're experiencing similar issues, you can try sending an email to [email protected] explaining your problem, and the bank will look into it.

Catrine, a customer service representative, suggested that customers reconsider leaving the bank after a negative experience, and instead have a talk with an advisor about their issues.

Unfair Treatment and Lies

Danske Bank customers have reported unfair treatment and lies.

3 months ago, a customer was promised a car loan after a financial check, but the bank later went back on their promise, claiming they couldn't approve the loan due to the customer's finances.

A building with a large sign that says bank of america
Credit: pexels.com, A building with a large sign that says bank of america

The customer saved 10,000 if they wanted to, but the bank's promise was broken.

Customers who have had similar experiences with Danske Bank have reported being told to send an email to [email protected] to resolve the issue.

In one case, a customer was told to send an email with their contact information to receive a response.

The bank's response to customer complaints often involves asking for more information, rather than providing a clear explanation or resolution.

A customer who stopped a PBS (pre-authorized payment) was still charged for two months of payments, and the bank withdrew the amount in one month, double the original amount.

The bank's response to this complaint was to ask the customer to send an email with more information about the issue.

For more insights, see: Bank One Mauritius

Share Buy-Back Programme

Danske Bank has embarked on a significant share buy-back programme to enhance shareholder value. This initiative aims to repurchase shares worth DKK 5.5 billion.

The programme was announced on February 2 and will run from February 5 to January 31 of the following year. This structured approach demonstrates confidence in the bank's business model and strengthens market perception.

Credit: youtube.com, Danske Bank's CFO: We Are Very Confident in our Buyback

The primary aim of the share buy-back programme is to enhance shareholder value by repurchasing company shares. This may help stabilize or increase stock prices.

Danske Bank has set a budget of DKK 5.5 billion for the share buy-back programme. This is a substantial investment in the company's own shares.

The repurchased shares represent approximately 3.01% of Danske Bank A/S's total share capital. This is a notable portion of the company's overall value.

Bank Operations

Danske Bank operates its banking operations in multiple countries, including Denmark, Finland, Norway, Sweden, and the UK. They offer a range of services, including personal banking, corporate banking, and private banking.

Danske Bank's digital banking services allow customers to manage their accounts, pay bills, and transfer money online. This includes mobile banking apps and online banking platforms.

Danske Bank has a strong presence in the Nordic region, with over 5 million customers across its operations.

Explore further: PNC Financial Services

Operations

Danske Bank group operates a number of local banks around the Nordic region, including Denmark, Norway, Sweden, and Finland, as well as in Northern Ireland.

Credit: youtube.com, Bank Operations Officers, Business Executives and Managers, & Credit Managers

The bank's major expansion in Denmark occurred in 1990 after the merger with Kjøbenhavns Handelsbank and Provinsbanken.

Most of the international operations were established by a series of acquisitions, including Östgöta Enskilda Bank in Sweden in 1997 and Fokus Bank in Norway in 1999.

In 2004, Danske Bank acquired Northern Bank in Northern Ireland, and in 2007, it acquired Sampo Bank in Finland, the Baltic countries, and Russia.

However, in February 2019, Danske Bank announced that it would cease all its banking activities in the Baltic countries and Russia following a money laundering scandal at its Estonian branch.

The bank also underwent a rebranding process, merging Northern Bank and National Irish Bank in 2012, and closing 27 branches to focus on corporate and private clients.

Check this out: Northern Rock

Accumulated Transactions

Danske Bank's buy-back programme has seen a significant number of transactions over its duration.

The total accumulated shares for the programme now stand at 25,941,321, demonstrating a thorough execution of the bank's planned activities.

Credit: youtube.com, The business of transaction banking

This impressive figure not only highlights the bank's financial acumen but also sets a strong foundation for future strategic initiatives.

The series of transactions is a testament to the bank's ability to plan and execute complex financial activities with precision and efficiency.

This lays the groundwork for further enhancements to investor returns in the long run, a key objective of the bank's overall strategy.

Finding My IBAN Number

To find your IBAN number, you can work it out based on an example, but it's better to check with your bank or ask the recipient for the details.

You can also log into your online banking or check your bank statement for your IBAN number.

Make sure to get the right IBAN number, as using the wrong one might result in a payment being returned or sent to the wrong account.

Any IBAN or BBAN account numbers used in this article are just examples and shouldn't be used for a transfer.

If you're unsure about your IBAN number, don't hesitate to ask your bank for help.

Suggestion: What Is Bank Check

Country Operations

Credit: youtube.com, Danske Bank case study

Danske Bank operates in 15 countries across Northern Europe and the Baltic region, including Denmark, Norway, Sweden, Finland, Estonia, Latvia, and Lithuania.

The bank has a significant presence in the Baltics, with a large customer base and a wide range of financial services offered.

In Denmark, Danske Bank is one of the largest banks, with a long history dating back to 1871.

Discover more: Denmark Banking

IBAN Code for As, Sverige Filial in Sweden

If you're looking to send money to someone in Sweden, you'll need to know the IBAN code for Danske Bank As, Sverige Filial.

The IBAN code for Danske Bank As, Sverige Filial in Sweden consists of 24 characters.

The IBAN code breaks down into several components, including a 2-letter country code, a 2-digit check number, a 3-character bank code, and a 17-digit bank account number.

You can find the IBAN code by logging into Danske Bank As, Sverige Filial online banking or checking your bank statement.

To give you a better idea, here's an example of a Danske Bank As, Sverige Filial IBAN code: SE4550000000058398257466.

Here's a breakdown of the IBAN code:

Remember to double-check the IBAN code to avoid any issues with your payment.

Estonia

Detailed view of a historic Polish bank facade with classic architectural columns.
Credit: pexels.com, Detailed view of a historic Polish bank facade with classic architectural columns.

Estonia's banking history is a fascinating story. Danske Bank's operations in Estonia date back to 1992 when Eesti Forekspank was established.

Danske Bank's Estonian branch has a complex history, with several mergers and acquisitions taking place over the years. Eesti Forekspank merged with Raepank in 1995, and then with Eesti Investeerimispank (EstIB) in 1998 to create Optiva Bank.

Optiva was acquired by Finnish Sampo Bank in 2000 and was renamed Sampo Pank. This marked a significant change for the bank, but it wouldn't be the last. In 2007, Danske Bank acquired Sampo's banking business, and Sampo Pank became a branch of Danske Bank.

Danske Bank's Estonian branch has been at the center of a major money laundering scandal. In 2014, the Estonian Financial Supervision Authority found "large-scale, long-lasting systemic violations of anti-money laundering rules" in the bank's operations.

The bank's activities decreased after the authority requested it to target the violations, but the scandal continued to unfold. In 2017, French authorities began investigating the bank's involvement in money laundering, and in 2018, Estonia's prosecutor general opened a criminal investigation.

Related reading: LHV Pank

Building of Bank of America
Credit: pexels.com, Building of Bank of America

The scandal led to significant changes within the bank. Thomas Borgen, the CEO of Danske Bank, resigned in September 2018 due to the scandal. The bank also faced investigations from Denmark's Financial Supervisory Authority, the United Kingdom's National Crime Agency, and the United States Department of Justice.

The Estonian Financial Supervisory Authority ordered the bank to cease its operations in the country within 8 months in February 2019. Danske Bank announced that it would cease its banking operations in Estonia in February 2019, and by October 2019, the bank had closed down all its banking activities in the country.

A different take: Danske Bank (Ireland)

Latvia

In Latvia, Danske Bank's origins date back to 1996 with the establishment of Maras banka.

Maras banka was acquired by Sampo in 2004.

Danske Bank took over Sampo Bank, and Sampo banka became a branch of Danske Bank.

Danske Bank announced in February 2019 that it would be ceasing its banking operations in Latvia.

Suggestion: Bank of Latvia

Frequently Asked Questions

Is Danske Bank legal in the UK?

Danske Bank is a legitimate banking institution in the UK, authorized by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. This ensures Danske Bank operates within UK financial laws and regulations.

Elena Feeney-Jacobs

Junior Writer

Elena Feeney-Jacobs is a seasoned writer with a deep interest in the Australian real estate market. Her insightful articles have shed light on the operations of major real estate companies and investment trusts, providing readers with a comprehensive understanding of the industry. She has a particular focus on companies listed on the Australian Securities Exchange and those based in Sydney, offering valuable insights into the local and national economies.

Love What You Read? Stay Updated!

Join our community for insights, tips, and more.