Free banking rules in AIB changed

chasm

I see AIB announced yesterday that they will be closing the Cashsave account

http://www.independent.ie/business/personal-finance/latest-news/up-to-200000-customers-face-bank-charges-after-aib-moves-to-close-cashsave-account-3096884.html

"Half of the 400,000 who have a Cashsave account use it for day-to-day banking as the account comes with a Laser card.

Those whose Cashsave accounts have debit or Laser cards, or who have direct debits set up, will now be moved to a current account.....

Those using the account for saving only, and who do not have a debit card or direct debit set up, will be moved to the bank's demand deposit account...

AIB will be writing to all customers who have a Cashsave account. It said customers did not have to take any action."

So glad i went to UB yesterday and opened an account

wmpdd3

we looks like they will close my cashsave for me then.

JTMan

So AIB are moving 200,000 free banking 'CashSave' customers to fee-paying current accounts without the customers consent. Unbelievable.

cookie1977

Fungus wrote: »

So AIB are moving 200,000 free banking 'CashSave' customers to fee-paying current accounts without the customers consent. Unbelievable.

Well to be honest the fees that AIB were introducing were going to hit the cashsave accounts. I had a cashsave account and that's why I moved to BOI. I suppose while it's disappointing they introduced fees (with tougher conditions to meet for free banking then other banks) it was the next logical step by AIB to dump the cashsave accounts. They've wanted to do this for a long time. I stand to be corrected but I think the cashsave accounts stopped being available to new customers in 1998.

chasm

cookie1977 wrote: »

Well to be honest the fees that AIB were introducing were going to hit the cashsave accounts. I had a cashsave account and that's why I moved to BOI. I suppose while it's disappointing they introduced fees (with tougher conditions to meet for free banking then other banks) it was the next logical step by AIB to dump the cashsave accounts. They've wanted to do this for a long time. I stand to be corrected but I think the cashsave accounts stopped being available to new customers in 1998.

The article states it was 1998 too, so you are probably right...although the article also states that a cashsave account pays 0.25% interest, which it doesn't

BarackPyjama

Will be interesting to see how many people leave AIB as a result. The lady I spoke to in UB told me that they were inundated with people switching over. AIB are probably happy enough to be honest as they probably view those leaving them as 'low quality' customers. Which is pretty typical of what we've come to expect from the banking sector as a whole. A nationalised bank discriminating against poor people. Nice f**king work lads.

JTMan

Fair point Cookie.

AIB Cashsave pays 0.025% ...
http://www.aib.ie/servlet/BlobServer?blobcol=urldata&blobtable=MungoBlobs&csblobid=1214425393856&blobkey=id&blobwhere=1214425393856&blobheader=application%2Fpdf

wmpdd3

When the lady on the phone offered to explain boi internet banking to me and i said, no you're grand, i've been using aib 24 for 10years, she asked was i moving too, she said they were inundated too.

stevenmartin99

Just wondering, why isn't there a facebook page etc set up about this?

does nobody really care? is everyone just accepting it or moving silently?

im invisible

yrah, i really care about this, you set up the facebook page, and i'll 'like' it..

stevenmartin99

i will if i knew id have alot liking it, because its very late to be trying to change anything...

someone was complaining to me, and i said - "join a facebook group about it!"
but they searched..... there isn't even 1...

cookie1977

My wife and I moved. Also charges dont kick in until May 28th so there's plenty of time left for people to move or help change AIB's mind (unlikely)

stevenmartin99

do you know if you move within a quarter will you pay for partial fees incured during that quarter?

If anybody can give me a good title for this Facebook Page/Group, ill set it up

cookie1977

If you move after the 28th of May then I'd imagine so.

wmpdd3

from aib website:

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.

A Account Maintenance Fee* €4.50 per quarter
This covers the cost of running or part thereof
your account.
B Account Transaction Fees
Automated/Self Service Transactions €0.20 each
This fee applies to the following transactions:
• ATM Withdrawals
• Standing Orders
• Direct Debits
• Automated Lodgements (e.g. salary)
• AIB Phone & Internet Banking** Transactions
• AIB Debit Card Transactions.
Paper/Staff Assisted Transactions €0.30 each
This fee applies to the following transactions:
• Cheques
• Withdrawals
• Lodgements
• Incoming Credit Transfers
• Staff Assisted Transactions at any AIB branch counter
or in the Post Office.

When are Account Fees charged?
Account fees are calculated quarterly on the last working
Friday of February, May, August and November. Fees are
charged to customer accounts in March, June, September
and December. The fee will be charged on the 16th or
where the 16th is not a business day, the next business day.
If in any quarter the fees and charges exceed €12.70, we
will provide you with a detailed breakdown of the amount
being charged at least ten business days before they are
charged. A breakdown of amounts of €12.70 or less is
available on request.
Fees and charges are also calculated and charged upon
closure of your account.

looks like I'm going to have to pay some charges as the child benefit isn't moved yet.... I presume i can pay these fees when i close the account in June, not wait till the fees post in sept, i want rid of my aib account asap.

dublin daz

I can't see them changing their minds now. Fees will become the norm across all banks eventually. National Irish Bank who were the only Bank to offer free banking in the truest form - Ulster Bank eventually changed their policy in the last few years - have had to charge - from June.

I don't like bank fees but I suppose when you are expected to pay for water then I can't see why banks would offer a private service free.

cookie1977

Yes they'll charge the fees at closing.

Read fees. I just feel that aib's requirements to attain no fees are too high. Zeroing my current account at 2500 is way to hard and even if I could I'd rather the cash in a savings account

stevenmartin99

i understand but i feel i was lied to

only a few years ago they begged us to "move to internet banking and you will have free fees" , presumably because it costs less to maintain an online account with automation, less use of brick and mortor banks etc...

but now they are saying that it costs the same regardless if you use online banking or not??

BuffyBot

dublin daz wrote: »

I can't see them changing their minds now. Fees will become the norm across all banks eventually. National Irish Bank who were the only Bank to offer free banking in the truest form - Ulster Bank eventually changed their policy in the last few years - have had to charge - from June.

I don't like bank fees but I suppose when you are expected to pay for water then I can't see why banks would offer a private service free.

Ulster (for now) still offer fee free banking. But realistically, your statement is correct. Simply put, we've all had a pretty good ride up to now, but the money was always coming from somewhere, it's just more visible and up front now.

gozunda

dublin daz wrote: »

I can't see them changing their minds now. Fees will become the norm across all banks eventually. National Irish Bank who were the only Bank to offer free banking in the truest form - Ulster Bank eventually changed their policy in the last few years - have had to charge - from June.

I don't like bank fees but I suppose when you are expected to pay for water then I can't see why banks would offer a private service free.

FREE?????

Look at it this way - AIB will have the free use of 2500 Euro per customer for free and naught on their balance sheet PLUS they will NOT be giving interest on any of this amount to current account customer BUT they will be able to use this combined capital to float their own investments from which they will able to earn interest and or dividends (Your money just doesnt sit in a little hole with your name on it!)

A customer failing to keep the whole 2500 euro during the fee period WILL be charged BUT still wont recieve a cent of interest for any savings in their Current Acoount they do have so AIB are in effect charging customers twice.

AIBs Online Savings account I believe gives 4.3% AER up to 10,000 Euro - however they are now insisting that all customers lodge 2500 Euro without interest or they will charge for services including those which have no customer / bank employee interaction including Automated Lodgements (e.g. salary) and are in the interest of the Bank (they in effect are getting FREE positive capital)

hardly a free service considering they get both the potential interest on ANY positive balance and then charge as well if that amounts falls even briefly below a whopping 2500 Euro

Oh And every Tax payer in this country has made a whopping donation to keep this now state owned bank open for business!

Bunch of Sharks imo...

saml1

stevenmartin99 wrote: »

Just wondering, why isn't there a facebook page etc set up about this?

does nobody really care? is everyone just accepting it or moving silently?

I definitely care about this. Rang AIB to see if anything could be done as have been a loyal customer for decades and hold a current account, credit card, savings etc with them. No luck; the directions came 'from management'.
So I've voted with my feet and went into Ulster Bank and switched. They were most helpful and are handling all the details (direct debit switchovers etc). I'll be switching over all my banking activity eventually.

dingding

Closed my current account and savings account. I still have a credit card but I can't access it on line anymore

There is no way to keep an eye on I for fraud.

Twenty10

I moved to BOI, very straightforward.

BuffyBot

I still have a credit card but I can't access it on line anymore

You should be able to have 24 hour banking with just a credit card - it's how their Click card operates!

cookie1977

You can have online banking account with AIB and your credit card alone but I was told you might have to re apply for it once your current/cashsave and any savings account close. Call 24 hour banking and they'll sort you out.

emy

I just left my AIB current account balance 0. Transferred all financial stuff to PTSB. If the balance is 0 all the time let it inactive, there is any charge that it might occur? Or should i close it?

cookie1977

emy wrote: »

I just left my AIB current account balance 0. Transferred all financial stuff to PTSB. If the balance is 0 all the time let it inactive, there is any charge that it might occur? Or should i close it?

Close it or you'll be charge the 4.50 per quarter for having it even with zero balance

28064212

emy wrote: »

I just left my AIB current account balance 0. Transferred all financial stuff to PTSB. If the balance is 0 all the time let it inactive, there is any charge that it might occur? Or should i close it?

4.50 quarterly charge. Plus more charges if you don't have an overdraft facility. And stamp duty if you've any cards issued on the account

emy

28064212 wrote: »

4.50 quarterly charge. Plus more charges if you don't have an overdraft facility. And stamp duty if you've any cards issued on the account

If there is not funds in it, how can they force me to pay. Maybe they are going to cancel it, or send me in court! Who knows.
I know lots of guys that left the country and their current account is 0. I never heard that the AIB chased/traced them to recover the yearly €5 stamp duty. Maybe from now on they will set up a special unit to deal with this issue, to recover €4.50 each quarter of the year. All is possible with AIB nowadays.

28064212

emy wrote: »

If there is not funds in it, how can they force me to pay. Maybe they are going to cancel it, or send me in court! Who knows.
I know lots of guys that left the country and their current account is 0. I never heard that the AIB chased/traced them to recover the yearly €5 stamp duty. Maybe from now on they will set up a special unit to deal with this issue, to recover €4.50 each quarter of the year. All is possible with AIB nowadays.

Why on earth would you risk it? Just close the account