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.

coffee_cake · 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

Free banking rules in AIB changed

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