Free banking rules in AIB changed

average_runner · 21-03-2012 3:20pm #1

To avail of free banking in AIB, you need to keep a balance of 2,500 in credit for the full quarter!!

Time to move banks

charlietheminxx · 21-03-2012 3:22pm

What? They haven't notified me of this

What are the charges going to be like?

MarkR · 21-03-2012 3:25pm

Ouch. You're right!

From Monday 28th May 2012:
Personal current account (including cashsave account) customers who maintain a minimum daily credit statement balance of €2,500 in the account for each fee quarter3 can qualify for maintenance and transaction free banking.

http://www.aib.ie/personal/current-accounts/A-way-to-bank-for-free

prestigio1977 · 21-03-2012 3:25pm

Just heard and I'm not impressed, another way to squeeze the last few pennies out of me, think I'll be shopping around, but are all the banks going to follow suit??

average_runner · 21-03-2012 3:28pm

Is that 2500 to mantain between all your accounts or just your current account?

phonypony · 21-03-2012 3:30pm

'From Monday 28th May 2012:
Personal current account (including cashsave account) customers who maintain a minimum daily credit statement balance of €2,500 in the account for each fee quarter3 can qualify for maintenance and transaction free banking.'

'What happens if my account falls below the €2,500 credit threshold?

Your account will be charged account maintenance and transaction fees for the entire fee quarter. For example, fees will post on the 17th September (for the fee quarter from 28th May - 31st August 2012) if the account has not met the revised criteria.'

That's disgusting and unjustified. More punishment for having what little money one may have in savings accounts or bonds, etc. and keeping their current account balance to a minimum. Personally that's an extra €60 a year in charges for me. I hope people vote with their feet.

prestigio1977 · 21-03-2012 3:32pm

Not sure, but I would imagine it's per account.

average_runner · 21-03-2012 3:33pm

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

jaykay74 · 21-03-2012 3:36pm

Might look into moving my banking then! Does anynow know of a good comparison website of the charges by the different banks for maintaining a current account ? Thanks

average_runner · 21-03-2012 3:37pm

Ulster bank is free banking

Alun · 21-03-2012 3:39pm

It says here that they expect that 40% of their customers will still qualify for free banking after this change. Who in their right mind keeps a minimum buffer of €2,500 in a current account for christ's sake? Absolutely ludicrous.

prestigio1977 · 21-03-2012 3:40pm

phonypony wrote: »

'From Monday 28th May 2012:
Personal current account (including cashsave account) customers who maintain a minimum daily credit statement balance of €2,500 in the account for each fee quarter3 can qualify for maintenance and transaction free banking.'

'What happens if my account falls below the €2,500 credit threshold?

Your account will be charged account maintenance and transaction fees for the entire fee quarter. For example, fees will post on the 17th September (for the fee quarter from 28th May - 31st August 2012) if the account has not met the revised criteria.'

That's disgusting and unjustified. More punishment for having what little money one may have in savings accounts or bonds, etc. and keeping their current account balance to a minimum. Personally that's an extra €60 a year in charges for me. I hope people vote with their feet.

My fees would have been €41 last week were it not for free banking, that means €160 per year. I'm lucky to have a tenner in credit, never mind €2,500, if I had, then I could afford the fees, fecking typical...hitting the vulnerable AGAIN. I've already started looking at other banks, but they appear to be similar in charging, so unless I close my account altogether and go back to dealing in cash, then I think I don't have much choice.

21-03-2012 3:40pm

moved from politics

john.martin · 21-03-2012 3:40pm

BOI is 3k per quarter... http://personalbanking.bankofireland.com/current-accounts/standard-current-account/

charlietheminxx · 21-03-2012 3:45pm

I really don't want to change banks - I've had this account since I was 16. I have all my direct debits etc set up too..... but I cannot justify €60 a year on nothing.

average_runner · 21-03-2012 3:46pm

Dump the irish banks and move to Ulster bank

cookie1977 · 21-03-2012 3:47pm

john.martin wrote: »

BOI is 3k per quarter... http://personalbanking.bankofireland.com/current-accounts/standard-current-account/

BOI is lodge 3k per quarter, not maintain every day 3k in the account. AIB is maintain 2500 every day in the account or else you get charged

van_beano · 21-03-2012 3:52pm

+1 on Ulster Bank, have been with them since the Henry Hippo phase in the mid-80's, have never been charged for banking with them, they've a very good banking app aswell.In so far as switching, I thought the bank has to arrange all that for you ie moving Direct Debits etc

prestigio1977 · 21-03-2012 3:53pm

I've just filled in an application online for Ulster Bank account, so simple.:)

Padraig Mor · 21-03-2012 3:55pm

Alun wrote: »

It says here that they expect that 40% of their customers will still qualify for free banking after this change. Who in their right mind keeps a minimum buffer of €2,500 in a current account for christ's sake? Absolutely ludicrous.

Note that "this figure [40%] includes students accounts, graduate accounts and accounts for customers over 60" - all of which automatically attract free banking IIRC. I'd imagine the proportion of "normal" current accounts that will continue with free banking will be a LOT less than 40%!

jameshayes · 21-03-2012 3:55pm

The national consumer agency have a good comparison for daily banking...

van_beano · 21-03-2012 3:56pm

prestigio1977 wrote: »

I've just filled in an application online for Ulster Bank account, so simple.:)

Hope you requested a Henry Hippo money box aswell....

godtabh · 21-03-2012 3:59pm

I'm with AIB. I moved from TSB after they started increasing interests rates off their own bat in 2009.

I'll let my feet do the talking and will be switching soon. Do Ulster Bank do visa debt cards? Might be a chance to dump the credit card as well

heebusjeebus · 21-03-2012 4:00pm

jameshayes wrote: »

The national consumer agency have a good comparison for daily banking...

Ya, Ulster bank looks like the best option

http://compare.nca.ie/CurrentAccount

van_beano · 21-03-2012 4:00pm

godtabh wrote: »

I'm with AIB. I moved from TSB after they started increasing interests rates off their own bat in 2009.

I'll let my feet do the talking and will be switching soon. Do Ulster Bank do visa debt cards? Might be a chance to dump the credit card as well

Yes, Ulster Bank do VISA Debit cards, they were actually the first to do it in Ireland, I've has mine since mid-2010

sombaht · 21-03-2012 4:05pm

godtabh wrote: »

I'm with AIB. I moved from TSB after they started increasing interests rates off their own bat in 2009.

I'll let my feet do the talking and will be switching soon. Do Ulster Bank do visa debt cards? Might be a chance to dump the credit card as well

Ulster Bank do Visa Debit cards.

Cheers,
sombaht

jameshayes · 21-03-2012 4:07pm

just a personal experience of UB - they seem to operate each branch independently, i know that sounds stupid but everything seems to be hassle unless you go to your own branch...

I am with PTSB and my GF is with UB and I can just ring up PTSB and do whatever needs to be done, but if she needs simple things like check the balance on a loan, or a recent example is turn off an overdraft facility she needs to go to the branch she signed up in which is a pain because she has moved to the other side of Dublin since. Getting the OD removed took weeks and countless visits & phonecalls.

She is moving from UB now after all the hassle and is thinking of joining PTSB

Slunk · 21-03-2012 4:07pm

So if I have a student account with them I wont be charged? Opened a student account years ago and haven't once been charged fees. If they do, Ill be over to UB

Lenny · 21-03-2012 4:12pm

This is a disgrace, have a few accounts with aib and would not keep 2.5 k in my current account in case my card was swipped

tunedout · 21-03-2012 4:20pm

AIB just seem to be in a process of broadening the list of people they can screw. If I remember correctly, AIB stopped applying interest to current accounts a few months ago. So now your current account is a 0% interest rate. Probably this made people move money out of their current accounts and now they are just counteracting this effect.

2 scenarios are (they are screwing you either way):
You keep greater than 2500 and get free banking but lose out on 2-3% interest rate €50-€75 per year.
You keep less than 2500 and lose out on free banking they charge you fees etc.

It's a tax on your current account, that is all, scumbags.

cookie1977 · 21-03-2012 4:22pm

Cashsave accounts too

Korvanica · 21-03-2012 4:40pm

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

cookie1977 · 21-03-2012 4:42pm

Ulster Bank

van_beano · 21-03-2012 4:44pm

cookie1977 wrote: »

Ulster Bank

Agree...

tunedout · 21-03-2012 4:51pm

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.

cookie1977 · 21-03-2012 4:57pm

tunedout wrote: »

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.

Becuase if the have access almost permanently to 2500 euro from your account it'll make their balance sheets look very good. Plus they can loan out more

TheChrisD · 21-03-2012 4:59pm

They have to bring this out just as my AIB Graduate Account is about to lose it's fee-free banking period... Looks like I'll be switching to UB as well.

One thing I'm not looking forward to though is trying to change my details with the DSP for my Disability payments...

tunedout · 21-03-2012 5:05pm

cookie1977 wrote: »

Becuase if the have access almost permanently to 2500 euro from your account it'll make their balance sheets look very good. Plus they can loan out more

Not almost. Just permanently.

Thankfully, with Ulster Bank, it seems it is not left to the customer to make the balance sheets look good, that's the job of the management (as it should be).

The balance sheet for AIB will show one less customer with AIB and one more customer with Ulster Bank this evening anyway due to this announcement - I can only speak for myself.

tunedout · 21-03-2012 5:07pm

TheChrisD wrote: »

They have to bring this out just as my AIB Graduate Account is about to lose it's fee-free banking period... Looks like I'll be switching to UB as well.

One thing I'm not looking forward to though is trying to change my details with the DSP for my Disability payments...

It looks like theirs some sort of a migration option during the current account application that Ulster Bank carry out on your behalf. I selected no to that option but maybe all lodgements/direct debits etc get sorted? Just a thought.

TheChrisD · 21-03-2012 5:23pm

tunedout wrote: »

It looks like theirs some sort of a migration option during the current account application that Ulster Bank carry out on your behalf. I selected no to that option but maybe all lodgements/direct debits etc get sorted? Just a thought.

Unfortunately, that's only for payments out of your account, not in to your account. I haven't had to bother the DSP with anything since I got my disability over four years ago!

I'll be keeping an eye on the Accessibility and Disability forum in case other pop up with the same concerns as me!

therecklessone · 21-03-2012 5:38pm

Mark me down for another who'll be migrating, I'm an AIB customer since 1995 but I'm not sticking around to be gouged.

tunedout · 21-03-2012 5:48pm

therecklessone wrote: »

Mark me down for another who'll be migrating, I'm an AIB customer since 1995 but I'm not sticking around to be gouged.

I wonder could we add one of those surveys to this thread? Like the pie chart that boards do? Out of curiosity? I know response numbers might not be huge but it might be interesting.

"Will you move bank due to this announcement?"

or something like that?

johndoe99 · 21-03-2012 6:01pm

so if your well off you get away with charges, and if your poor you get hit with charges.

Nothing new here, way the country's always been.:mad:

Tefral · 21-03-2012 6:05pm

johndoe99 wrote: »

so if your well off you get away with charges, and if your poor you get hit with charges.

Nothing new here, way the country's always been.:mad:

The bank is run by the government.. apple doesnt fall far from the tree.
Im with them since the early 90s had a savings account with them as a kid that i paid into.

They can go F-off now.

godtabh · 21-03-2012 6:17pm

VISA debt card here I come

Yawns · 21-03-2012 6:31pm

I shall be switching myself soon enough so. This migrating option for Ulster Bank. Am I right in thinking that all direct debits outgoing of my aib current account will be switched over? The only thing I have coming out is bills but it would be nice not to have to ring each provider and change details, but I would do it if I had to anyway.

I assume for any setups for money incoming into the AIB current account I will have to change myself. Such as the children's allowance at the beginning of the month. Not too bad if so. Less sources incoming than outgoing, typical...

Ooh just spotted Visa Debit. Why the hell I didn't look around sooner and change. Life would be so much simpler!

chasm · 21-03-2012 6:34pm

TheChrisD wrote: »

They have to bring this out just as my AIB Graduate Account is about to lose it's fee-free banking period... Looks like I'll be switching to UB as well.

One thing I'm not looking forward to though is trying to change my details with the DSP for my Disability payments...

Same as that regarding the disability payments

I've been with AIB since 1987 and i've never done this "migration" thing before so i am a bit worried that once i move everything over, payments in and DD out etc, will the transition be smooth or am i going to end up with a load of late or unpaid bills. Any advise on the best way to do this?

2moreMinutes · 21-03-2012 6:49pm

How long does it normally take for a payment to go from AIB to Ulster Bank? My employer banks with AIB, as do I, and I have my wages in my account on the same day that they are paid. I assume there will be a few days wait before they would hit my Ulster Bank account but anyone know how long?

kelzer · 21-03-2012 6:59pm

Is there any UB branch in Dublin that anyone would recommend to open an account?

datk · 21-03-2012 7:05pm

2moreMinutes wrote: »

How long does it normally take for a payment to go from AIB to Ulster Bank? My employer banks with AIB, as do I, and I have my wages in my account on the same day that they are paid. I assume there will be a few days wait before they would hit my Ulster Bank account but anyone know how long?

My company banks with AIB and I'm with NIB - my pay is always there the day it's supposed to be.

amod · 21-03-2012 7:35pm

AIB is retarded. Has AIB Management lost its senses completely ? No person in right mind would have 2500 every day in current account. Why not open a savings account and dump 2500 into it. I hope AIB lose 500,00-600,000 accounts by May 2012 and come to their senses. Else its bye-bye to AIB completely. For me, Ulster Bank is the way to go. I looked at online banking demo anmd Since thats the only bank without charges, it will be not long before they start charging too. We need to find a way out of this. Does anybody know of a credit union which has better banking facilities ? Else open account in online only bank.

Free banking rules in AIB changed

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