Free banking rules in AIB changed

KillerShamrock

john.martin wrote: »

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

In Fairness to BOI there is at least an option, there is not one with AIB.
BOI say lodge 3k over a quarter in one or multiple lodgements doesn't have to stay at that balance all the time and do 9 phone or internet debt transactions OR maintain a minimum balance of 3K at all times not the best either but at least they give a choice.

Also everyone jumping ship to Ulster bank I remember seeing an article at the start of the year that they are considering charging but no dates or anything as to when might not happen for a while might never happen

imitation

Its not too surprising really, they have to pay for all those branches, ATM's and staff somehow. It would nice if they took into account the fact the tax payer bailed them out, but I guess that counts for little to them.

I can't really see ulster banks free banking lasting too much longer if they get a mass influx of people from AIB, especially of they are "low value" customers who don't keep much in the bank on a regular basis.

always

I moved some time ago to ptsb, they have visa debit and their rules are similar to BOi but no matter how many transactions you have they will never charge you more than €12 per quarter.

PCPhoto

imitation wrote: »

Its not too surprising really, they have to pay for all those branches, ATM's and staff somehow. It would nice if they took into account the fact the tax payer bailed them out, but I guess that counts for little to them.

I can't really see ulster banks free banking lasting too much longer if they get a mass influx of people from AIB, especially of they are "low value" customers who don't keep much in the bank on a regular basis.

if you were a shareholder of a bank would you prefer that you had 1,000,000 customers each with little amounts or would you prefer 1 customer with loads of money .... personally I'd prefer to make a little bit of money off loads of people rather than "bank" on one person staying with the bank.

I'm sure corporate clients will eventually think about how much they can save if they switch their accounts to other banks and then the bank will have lost out in a big way (Chances are the bank already offers deals to corporate clients...some deals which may actually be costing the bank), I would like to know if this new "initiative" was proposed before the last AGM ?

imitation

PCPhoto wrote: »

if you were a shareholder of a bank would you prefer that you had 1,000,000 customers each with little amounts or would you prefer 1 customer with loads of money .... personally I'd prefer to make a little bit of money off loads of people rather than "bank" on one person staying with the bank.

Yeah, but the reality of it is that probably looked at the numbers and decided to gamble that better off customers wouldn't be bothered to switch banks over the loss of interest on €2500, while customers who only had a low amount on deposit (who were probably generating a loss for the bank) would leave.

tunedout

I reckon, given my current banking behaviour. My charges would easily come to €170 per year.
Look what I could get with ulster bank for the same price
ubaccounts.png

why should i pay aib for no extra benefits when for less i can get loads of extras on my account and not have to worry about the number of transactions i make.

snubbleste

tunedout wrote: »

....why should i pay aib for no extra benefits when for less i can get loads of extras on my account and not have to worry about the number of transactions i make.

Because you are patriotic and donning the green jersey. :cool:

thebiglad

cookie1977 wrote: »

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

I am with BOI and very easy to avoid a charge - the other option (which is also under your link) is 9 debit transactions quarterly - this is easy to achieve with online banking. At worst you just pay your credit card via online banking with 3 payments each month.

Sure folk'll see it as hassle but the point is that it is very easy to avoid the fees.

PCPhoto

I know I shouldn't suggest this ...but should a protest be organised.

what I was thinking was..... a mass withdrawal of funds ...a specific day any customers upset/annoyed withdraw a specific amount or just withdraw as much as possible (you can return it to the bank the next day if you are still with them) ...but a mass withdrawal would show them the people who bank with them do not want charges.

Pablo1802

imitation wrote: »

(who were probably generating a loss for the bank) would leave.

How you can be so sure about AiB losses from the people without 2500 deposit or less on their current acc??

DanWall

cookie1977 wrote: »

Ulster Bank

Don't forget Ulster Bank was one of the last to drop their charges

nlgbbbblth

State-owned bank.
Massive losses.
Letting go 2,500 staff.

No surprise they've gone down this route. They have to increase their income.

Monkey Business

I'm with AIB years now but after reading this news will be looking elsewhere.

I'm currently in the process of applying for rent allowance and have my AIB account down. Will I be able to keep my AIB account active until I get accepted for rent allowance then get it switched to the Ulster Bank account I'll be applying for and have at that stage?

byhookorbycrook

Am with PTSB, find them good, no charges for me.

panda_cub

Can someone clarify if this is going to apply in the same way to student and graduate accounts?

Encrypted Pigeon

Have an old cashsave that I abandoned years ago with only 10 - 20 cent left in it now, guess Ill be closing it so. Damn, was trying to save that.

dingding

Was on to them earlier. I have a savings account with them that I need a current account to access the funds. So as well as closing the current account I will also have to close the savings account.

The only account that they had that did not need a current account had 1.5% interest. Almost as bad value as leaving 3K in a 0% CA to get free fees.

I will be going into them on Friday to close the account.

I hope the share price plummets after this.

I will probably move to UB or NIB where I already have an account.

wmpdd3

no students, graduates and over 60s are fine according to the earlier post.

ive been with them since my confirmation! love their internet banking.

but will apply to another bank tonight, no way will i pay charges. i do everything online. last 1/4 chargers were €21.

only thing is im not working at the moment, on maternity leave, its going to be such a hassle to change the account it is paid into.

i remember when i used to get a call every 6 months to see if i was happy... been a long time since they happened.

complaints in letter form go here:
http://www.aib.ie/personal/home/complaints-reporting

EDIT: just got declined for a ulster bank standard account!!
the online application form is really buggy, kept freezing....

right ptsb then.....


PTSB, dont do online applications...have to call into the bank.

smokin ace

i am an aib customer for many many years and wont be staying around for them to rape me with charges the last quarter charges would have been €74 and ulster bank looks like the obvious choice but i can see ulster bank bringing in charges sooner or later so i think Permanent TSB will get my business i wont lodge 3k per quarter (because i have a **** paying job) into my account to apply for free banking with ptsb but €12 per quarter dont seem to bad

Meredith

I am infuriated by this announcement by AIB. I've been an AIB customer for over 26 years and I've always had my current account with them. I NEVER have €2,500 in my account every month, mostly thanks to the fact that us poor lower paid eejits are paying out more in tax now than we ever did to bail out said bank, not to mention everything else we are paying through the nose for. As usual those of us who are lesser off and had absolutely no role to play in the crisis that ruined this country are being targeted.

Please stop hitting those with less and start picking on those who are better off!!!!!

tunedout

snubbleste wrote: »

Because you are patriotic and donning the green jersey. :cool:

ha, fair point I guess.

I would have kept donning the green jersey if they didn't try screwing me. It works both ways.

tunedout

Meredith wrote: »

I am infuriated by this announcement by AIB. I've been an AIB customer for over 26 years and I've always had my current account with them. I NEVER have €2,500 in my account every month, mostly thanks to the fact that us poor lower paid eejits are paying out more in tax now than we ever did to bail out said bank, not to mention everything else we are paying through the nose for. As usual those of us who are lesser off and had absolutely no role to play in the crisis that ruined this country are being targeted.

Please stop hitting those with less and start picking on those who are better off!!!!!

Meredith, there is no need to be infuriated atall, just be objective, and financially efficient. Take your business elsewhere. Survival of the fittest. AIB might figure it out someday. I'll be with Ulster Bank by then though.

danjo-xx

tunedout wrote: »

Meredith, there is no need to be infuriated atall, just be objective, and financially efficient. Take your business elsewhere. Survival of the fittest. AIB might figure it out someday. I'll be with Ulster Bank by then though.

oh by jebus there is, there certainly is, we need much more than to just get angry, we need to get even but it aint goin to happen not while bankers and politician's and developer's are all the one.:mad:

Power corrupts, and community/society looses/we all loose to a great extent but those in their ivory towers think they have won

tunedout

danjo-xx wrote: »

oh by jebus there is, there certainly is, we need much more than to just get angry, we need to get even but it aint goin to happen not while bankers and politician's and developer's are all the one.:mad:

Power corrupts, and community/society looses/we all loose to a great extent but those in their ivory towers think they have won

Just close your current account.

When a state owned bank is introducing transaction charges and its government is increasing VAT rates in an economy that is crippled by poor domestic demand I think you are gone past the point of rescue. They are well able to deal with protest and anger at this stage. They have become immune to it. Take action. It is illogical not to.

Elessar

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.

almalahide

If only the customers in this thread actually left AIB (and BOI when they did the same) the banks might offer better deals. I left for Halifax in '06 and then Ulster, unfortunately most people will put up with things AIB/BOI will do cause they are too lazy to change account. It will only take 5 mins!

Meredith

I agree I should talk with my feet and move banks but I don't think that's the solution here. I am sure many people will move banks as a result but the government should force AIB into a u-turn on this. Or if they insist on charging customers again, fair enough. But at the very least they MUST do so fairly and don't exclude those who actually have the capacity to pay these fees.

It's just like everything else in this country, household charge, tax bands, parking tickets etc etc etc, everyone gets charged the same regardless of income. I believe some Scandanavian countries have a proportional method of charging its citizens for parking fines etc so it's based on a percentage of your weekly or monthly income.

I've never considered joining a political party but this is the last straw for me so I emailed People Before Profit this evening to inquire about signing up.

Hitting everyone with the same fees/taxes etc has to stop. Enough is enough.

tunedout

Meredith wrote: »

I agree I should talk with my feet and move banks but I don't think that's the solution here. I am sure many people will move banks as a result but the government should force AIB into a u-turn on this. Or if they insist on charging customers again, fair enough. But at the very least they MUST do so fairly and don't exclude those who actually have the capacity to pay these fees. .

I'm sorry Meredith, but I have to disagree with the point of "if the must insist on charging customers again, fair enough". Why fair enough? The same product (and better as it has interest applied) is out there for free. What's the logic in paying for one when the free alternative exists?

Also I can't see Ulster Bank introducing charges anytime soon like another poster said- I'd say their market is the premium accounts they offer ( I might be wrong here).

van_beano

I can see PTSB coming in with charges soon, if they are forced (by the government) to put down their Variable Interest Rates on mortgages they'll have to offset the losses they're making on the tracker mortgages from another avenue!

I have my mortgage with AIB, I was told at the time of applying for the mortgage by the AIB person that I needed to have an AIB current account set-up to pay into the mortgage account, I've been transferring money from my UB account into the AIB one every month for this and paying €8.30 every quarter for the pleasure. I only discovered today that I could have been paying the AIB mortgage straight from my UB account, no need for an AIB current account or paying fees!!! I was sold an account I didn't need, that account is to be closed now, can't believe I've paid unnecessary fees up to this!

Every day is a school day:cool:

Mimikyu

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