Free banking rules in AIB changed

cookie1977 · 23-03-2012 10:47am

Yes

lotsofthegreen · 23-03-2012 11:22am

If I have an aib account in x branch , can I go into y branch customer service desk with id and close accout

Kaner2004 · 23-03-2012 12:13pm

Looks like the watchdog is saying they cant do that now.
They cant require you to leave 2500 in your current account as it
s clearly not in the best interest of the customers. It costs you around €100 a year to have that money left in a non interest paying current account.

charlietheminxx · 23-03-2012 12:22pm

Kaner2004 wrote: »

Looks like the watchdog is saying they cant do that now.
They cant require you to leave 2500 in your current account as it
s clearly not in the best interest of the customers. It costs you around €100 a year to have that money left in a non interest paying current account.

You're right.

http://www.independent.ie/business/personal-finance/latest-news/new-aib-fees-breach-banking-rules-says-watchdog-3059405.html

MOVES by AIB to charge its customers if they fail to keep a chunk of money in their current accounts are in breach of Central Bank rules, the head of the National Consumer Agency said.
Ann Fitzgerald claimed yesterday the nationalised bank was breaking the rule that required it to act in the best interests of its customers.

heebusjeebus · 23-03-2012 12:24pm

Kaner2004 wrote: »

Looks like the watchdog is saying they cant do that now.

Have you got a link to what the watchdog is saying?

charlietheminxx · 23-03-2012 12:26pm

heebusjeebus wrote: »

Have you got a link to what the watchdog is saying?

See above.

dublin daz · 23-03-2012 12:28pm

In fairness and I would love free banking myself, AIB is a business. A consumer in their own interest can decide to keep 0.01 in their account and incur fees.

AIB did not say you have to keep that as a minimum balance. You just have to fulfil a criteria to qualify for free banking.

wmpdd3 · 23-03-2012 1:41pm

And those criteria are?....

Kaner2004 · 23-03-2012 1:44pm

I was just on the AIB website.
I wanted to email them and tell them that myself and my wife have over €20,000 between all of our AIB accounts and see if they were willing to drop the fees on the current accounts without their stupid rules and we might stay. I do not think we should have to move 2500 each into AIB current accounts to avoid charges. That money earns us money in other accounts instead. Its the principal. We've banked with AIB for over 20 years each.

I couldnt find any way to contact them about it so now im just filling in the Ulsterbank online forms.
Congratulations AIB. May you choke on your new charges - if you have any customers left.

Kaner2004 · 23-03-2012 1:47pm

wmpdd3 wrote: »

And those criteria are?....

That you tie up €2500 forever in your current account. Costing you around €100 in interest a year that it could be earning.

lotsofthegreen · 23-03-2012 2:18pm

lotsofthegreen wrote: »

If I have an aib account in x branch , can I go into y branch customer service desk with id and close accout

Anybody know?

dublin daz · 23-03-2012 2:40pm

lotsofthegreen wrote: »

Anybody know?

Yeah. Any AIB Branch can close your account. It will be done within minutes.

dublin daz · 23-03-2012 2:41pm

Kaner2004 wrote: »

I was just on the AIB website.
I wanted to email them and tell them that myself and my wife have over €20,000 between all of our AIB accounts and see if they were willing to drop the fees on the current accounts without their stupid rules and we might stay. I do not think we should have to move 2500 each into AIB current accounts to avoid charges. That money earns us money in other accounts instead. Its the principal. We've banked with AIB for over 20 years each.

I couldnt find any way to contact them about it so now im just filling in the Ulsterbank online forms.
Congratulations AIB. May you choke on your new charges - if you have any customers left.

Phone up the branch manager and they may waive the fee(s) on your account. Someone posted here already and confirmed that their branch manager waived the fees because of some negotiation.

parsi · 23-03-2012 3:07pm

Kaner2004 wrote: »

I was just on the AIB website.
I wanted to email them and tell them that myself and my wife have over €20,000 between all of our AIB accounts and see if they were willing to drop the fees on the current accounts without their stupid rules and we might stay. I do not think we should have to move 2500 each into AIB current accounts to avoid charges. That money earns us money in other accounts instead. Its the principal. We've banked with AIB for over 20 years each.

I couldnt find any way to contact them about it so now im just filling in the Ulsterbank online forms.
Congratulations AIB. May you choke on your new charges - if you have any customers left.

Why not ring your branch ? They're the folk who deal with your accounts and they're the folk whose figures will be affected if you close up. Frankly someone in a call centre or on a griuo email box won't care quite as much.

Kaner2004 · 23-03-2012 3:45pm

parsi wrote: »

Why not ring your branch ? They're the folk who deal with your accounts and they're the folk whose figures will be affected if you close up. Frankly someone in a call centre or on a griuo email box won't care quite as much.

Im abroad at the moment and they never answer the phone anyway.
Im just going to open the ulsterbank accounts online.

Random · 23-03-2012 7:36pm

i have closed aib current account before by posting a letter to my branch. straight forward enough.

bpb101 · 23-03-2012 8:56pm

i am a second level student and even thought the fee wont effect me , im going. F uck them
The main problems is that people who do 2500 in their account , if they do buy something expensive they will have the fees ,(as far as i can tell)

dingding · 23-03-2012 11:48pm

Elessar wrote: »

AIB were always robbers and I wouldn't bank with them if you paid me.

I've been with National Irish Bank since I was 16 and never looked back. They always had free banking and their online banking is second to none. They also have a great phone app to access your accounts and pay bills and lead the way with this as they were first to market.

NIB is another one to consider. Only keep in mind they have gone cashless and the post office now deal with their cash. It's actually worked out brilliantly as I never really dealt cash with them direct and there are never any queues at their branches anymore.

I've consolidated my current a/c, savings a/c and credit card with them and couldn't be happier.

I have been with NIB for the past 13 years and always had free banking, however they are now starting to charge for banking.

Rebel1977 · 24-03-2012 10:32am

People I feel sorry are the ordinary staff on the ground, apparently branch managers knew about this for last few weeks and the ordinary staff were only informed of this during the week.

dingding · 24-03-2012 10:52am

Rebel1977 wrote: »

People I feel sorry are the ordinary staff on the ground, apparently branch managers knew about this for last few weeks and the ordinary staff were only informed of this during the week.

The customers still have not been informed.

You would think they would write to the customers and not break the news in he media.

However the ordinary staff are the real victims. Probably even more will have to be let go now.

ash777 · 24-03-2012 11:21am

Haven't quite gotten through this whole thread yet, and I know from a previous poster posting the link to the AIB Pdf re: charges that it says this

- "Same Day Value Payments
• Inter-Branch transfer (a payment
from an AIB account to another
AIB account) €12.70 per item
• Inter-Bank transfer (a payment from
an AIB account to a non-AIB account
within the Republic of Ireland) €25.39 per item"

I'd often transfer money from my account to a relative's account (in AIB) (through internet banking), does that mean that it'll cost E12.70 to do so? I'm just not sure, my charges were about E17 this quarter, but were refunded because I'd done enough internet banking/Laser transactions. I might have only transferred money the once, but maybe twice. Obviously if it was twice, then this charge wasn't part of my charges. Does anyone know for sure what these charges are about? Cheers!

And just in terms of savings/cashsave a/cs in Ulster bank, what would be the best one? Is there a comparison website with all this sort of thing convernietly written up for poor, clueless moi?!

Also, does anyone know if you have an AIB credit card, is there due to be any other charges added onto that? And can you pay it online from Ulster Bank? Is the Ulster Bank Visa Debit Card basically the same thing (only able to be used on more foreign sites and physical shops) as a Laser card - ie as an ATM card, at a point of sale instead of cash, and to get cashback when purchasing goods? Would the cashback max amount typically be E100? Thanks very much, and sorry for all the questions. I'm not really read up on bank stuff, but no way Jose is AIB getting their greedy, grubby little mitts on any of my moolah, ugh.

JTMan · 24-03-2012 11:41am

ash777 wrote: »

I'd often transfer money from my account to a relative's account (in AIB) (through internet banking), does that mean that it'll cost E12.70 to do so?

No, the fees you talk about, are for 100% guaranteed same day transfer. This service is aimed at business customers mainly.

You will pay 20 cent per electronic transfer and 4.50 EUR per quarter or free with Ulster Bank.

ash777 · 24-03-2012 12:12pm

Thanks, Fungus. Just filled out the application for a current account with Ulster. Do you have to apply separately/on the physical form for the Visa debit card, because there was an option online for cheque books, but none for debit cards. Do you've to apply separately for cashsave/savings a/cs as well? Thanks.

JTMan · 24-03-2012 12:25pm

1) I think you need to first open your current account.
2) Then you can apply for a debit card and open savings accounts.

Everything feeds from your current account. Hence, your current account is step one.

You could call Ulster, for free, to confirm:

Call 1800 303 004
Lines are open:
8am - 6pm Mon to Fri
9am - 2pm on Saturday

granturismo · 24-03-2012 12:26pm

Kaner2004 wrote: »

Looks like the watchdog is saying they cant do that now....

charlietheminxx wrote: »

You're right.
http://www.independent.ie/business/personal-finance/latest-news/new-aib-fees-breach-banking-rules-says-watchdog-3059405.html

A quote from the Irish Independent article;
'The change follows similar moves at Bank of Ireland, EBS and National Irish Bank.
And Permanent TSB has abolished fee-free banking for new customers'.

There now seems to be at least 3 possibilities:

AIB will have to do a complete u turn amd abolish these fees

Alternatively AIB will have to reduce these fees.

The options for AIB customers who wish to move are restricted IF the Indo is correct in stating that new customers to BoI, NIB and TSB wont get free fees.

JTMan · 24-03-2012 12:30pm

The 'watchdog', the NCA, has very little power over AIB. The Central Bank of Ireland has the power and they are not kicking up a fuss.

The NCA will not be able to stop AIB with their fee structure. It will happen.

The options for AIB customers who wish to move are restricted IF the Indo is correct in stating that new customers to BoI, NIB and TSB wont get free fees.

The Indo is right to say that BoI, NIB and PTSB apply fees.
NIB to all customers.
BoI to customers that do not comply with their conditions.
PTSB to customers that do not comply with their conditions.

Ulster are the only bank to offer condition-free free day-to-day banking.

forgetful1 · 24-03-2012 4:25pm

average_runner wrote: »

Be moving to Ulster bank so, also removing all my savings etc from them.

sure what's point of moving to ulster bank there's no competition between the banks in ireland full stop

cookie1977 · 24-03-2012 5:23pm

forgetful1 wrote: »

sure what's point of moving to ulster bank there's no competition between the banks in ireland full stop

To save on almost 100euro in fees if we stay with AIB. I think that's most people's point in here anyway. ANd I'd call free fees versus fees, competition

Elessar · 24-03-2012 5:36pm

Looks like it's true. NIB will be charging fees and forcing customers to change to different accounts :mad: But it looks like they're all heading the same way, including Ulster Bank:

Ulster Bank recently admitted it may impose charges on its current account customers.

http://www.independent.ie/business/irish/national-irish-bank-ends-feefree-banking-on-all-current-accounts-3038435.html

JTMan · 24-03-2012 5:39pm

forgetful1 wrote: »

sure what's point of moving to ulster bank there's no competition between the banks in ireland full stop

There is significant competition and product differentials for deposit products in Ireland. Significant.

There are big differences between the 5 current account products on offer.

JTMan · 24-03-2012 5:43pm

Elessar wrote: »

Looks like it's true. NIB will be charging fees and forcing customers to change to different accounts :mad: But it looks like they're all heading the same way, including Ulster Bank:

http://www.independent.ie/business/irish/national-irish-bank-ends-feefree-banking-on-all-current-accounts-3038435.html

NIB already impose fees on all customers.

There has been speculation for about 2 years that Ulster will impose fees, they have not done it yet. If Ulster do apply fees in the future, the fees might only apply to new customers, like what happened at PTSB, as the existing Ulster account is marketed as been a "transaction fee free banking account".

Elessar · 24-03-2012 5:45pm

Fungus wrote: »

NIB already impose fees on all customers.

There has been speculation for about 2 years that Ulster will impose fees, they have not done it yet. If Ulster do apply fees in the future, the fees might only apply to new customers, like what happened at PTSB, as the existing Ulster account is marketed as been a "transaction fee free banking account".

I haven't been charged any fees with NIB. I'm on their FreeBank a/c which is a good few years old (before they were bought by Danske Bank). I wonder if they will apply to me? Any other freebank customers here?

I bet my bottom dollar Ulster will start charging fees soon.

Yawns · 24-03-2012 9:51pm

Completed the online form today for a joint account and filled in the details to close the old aib account. Just awaiting the pack via post now. If Ulster are smart they will wait and see what kind of reaction AIB gets from introducing fees. They are going to gain an awful lot of current account customers from the situation as it stands I bet.

My father and sister are with AIB and I will be making sure they are informed to the charges and I bet they will also switch. The father is only with AIB for the free fees as it is atm. He hasn't a clue about the charges being brought in yet.

BarackPyjama · 24-03-2012 10:10pm

Elessar wrote: »

I bet my bottom dollar Ulster will start charging fees soon.

If Ulster Bank introduce fees for day-to-day transactions, people will leave them in droves. It would be idiotic.

24-03-2012 10:16pm

BarackPyjama wrote: »

If Ulster Bank introduce fees for day-to-day transactions, people will leave them in droves. It would be idiotic.

Leave them for who exactly?

BarackPyjama · 24-03-2012 10:18pm

28064212 wrote: »

Leave them for who exactly?

Whoever. If everyone's introduced fees by then, I would leave them on principal. I want the same deal from my bank, more or less, that I got when I joined. Most likely though I'd look at an online a/c.

24-03-2012 10:22pm

BarackPyjama wrote: »

Whoever. If everyone's introduced fees by then, I would leave them on principal. I want the same deal from my bank, more or less, that I got when I joined. Most likely though I'd look at an online a/c.

Everyone's already introduced fees, Ulster Bank are the last man standing.

And an online account? How are you going to withdraw cash?

BarackPyjama · 24-03-2012 10:25pm

28064212 wrote: »

Everyone's already introduced fees, Ulster Bank are the last man standing.

They're free now. I'll move to them and stay with them while this is the case.

28064212 wrote: »

And an online account? How are you going to withdraw cash?

Telepathy.

24-03-2012 10:26pm

BarackPyjama wrote: »

They're free now. I'll move to them and stay with them while this is the case.

And then move where?

BarackPyjama · 24-03-2012 10:30pm

28064212 wrote: »

And then move where?

Nowhere if they don't introduce fees. If they do, and everyone else are charging fees, I'll still move elsewhere on principal.

24-03-2012 10:33pm

BarackPyjama wrote: »

Nowhere if they don't introduce fees. If they do, and everyone else are charging fees, I'll still move elsewhere on principal.

Kind of missed the question there. Assuming they do introduce fees, where will you move?

BarackPyjama · 24-03-2012 10:36pm

28064212 wrote: »

Kind of missed the question there. Assuming they do introduce fees, where will you move?

I'll decide if and when I need to.

24-03-2012 10:47pm

BarackPyjama wrote: »

I'll decide if and when I need to.

So you're going to leave the last bank to introduce fees to go to a bank that introduced fees before them, on a point of principle?

BarackPyjama · 24-03-2012 10:55pm

28064212 wrote: »

So you're going to leave the last bank to introduce fees to go to a bank that introduced fees before them, on a point of principle?

I would leave a bank that introduced fees while I'm their customer on principal, yes. That includes my savings account. Ulster Bank are a free bank at the moment. Let's allow the thread to take its course and stop dealing in hypotheticals. Thank you.

jonevin · 24-03-2012 11:22pm

tunedout wrote: »

Korvanica wrote: »

Well i'm moving bank then, anyone got any good suggestions ?

I just signed up for Ulster Bank. They look much more professional, competitive and appreciative. Application process has been simple so far aswell. Spread the word. This will cost most people more than the household charge. F*ck them. They should be appreciative enough of the almost guaranteed future business they would have got off of most of their current account holders:
Ulster Bank can now look forward to my business for the future, which will probably include personal loans, a new credit card, debit card and credit card fees from vendors, and probably even be the provider of choice for a mortgage now (not because of these charges but because I will have my current account with them)

People please vote with ye'r feet, send an email to people who are less financially aware.

It would be worth anything to see AIB reverse this decision and be short 200,000 customers. This day and age, no interest current account and "Phone and Internet transaction fees". Poorly run and not competitive, they stink of state ownership. They will be scratching their heads then wondering why their own financial situation is even worse than anticipated then in 12 months.

Honestly, how the hell is an account with €500 any more expensive to provide an internet transaction to than an account with €3000. Bullsh*t.

Do you definitley need two forms of photo i.d to open an ulster bank account? I only have one

JTMan · 24-03-2012 11:34pm

jonevin wrote: »

Do you definitley need two forms of photo i.d to open an ulster bank account? I only have one

Walk into an Ulster branch and they will accept passport ID only with proof of address.

BarackPyjama · 25-03-2012 7:23pm

A passport and a utility bill (not mobile bill) should be fine.

d1980 · 25-03-2012 10:50pm

BarackPyjama wrote: »

A passport and a utility bill (not mobile bill) should be fine.

It actually won't or should I say it wasnt the case for me. I am moving from AIB and went to UB yesterday morning. I had my drivers licence and passport as well as a print out of 2 on-line bills for Gas and electricity. As they were pdf print outs, they would not accept them. They wanted originals and as I have tv, phone, internet, gas, electricity, and credit card all set up for on-line billing I could not provide them with 'originals' so I walked out. I will move to BOI now instead....The girl in front of me had a similar issue.

BarackPyjama · 25-03-2012 10:54pm

d1980 wrote: »

It actually won't or should I say it wasnt the case for me. I am moving from AIB and went to UB yesterday morning. I had my drivers licence and passport as well as a print out of 2 on-line bills for Gas and electricity. As they were pdf print outs, they would not accept them. They wanted originals and as I have tv, phone, internet, gas, electricity, and credit card all set up for on-line billing I could not provide them with 'originals' so I walked out. I will move to BOI now instead....The girl in front of me had a similar issue.

Interesting. I'll be walking in with a Passport, drivers licence, UPC bill and Airtricity bill on Wed. If they're not accepted, that's the end of that. I don't have time to visit them more than once.

d1980 · 25-03-2012 11:09pm

BarackPyjama wrote: »

Interesting. I'll be walking in with a Passport, drivers licence, UPC bill and Airtricity bill on Wed. If they're not accepted, that's the end of that. I don't have time to visit them more than once.

I didnt either and after waiting 30 mins to get where I was, I wasnt going to come back again. As it turns out, I do have some original statements posted to me at home but as BOI is closer to where I work and easily fall under their requirements every quarter, they will get my business for now. To note, she did ask was I on the voting register, which I am, she checked her computer and found no record. Not sure why they would have that list but I wasnt on it. Registered in my current address and have voted every time in this period.

Finally, been a customer with AIB for 14 years since college, have a credit card and a couple of savings accounts but making the move. Couldnt have faulted them til now.

Free banking rules in AIB changed

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