Moving Banks

fionny

So considering AIB's dispicable move to further rip people off I want to move to a different bank, probably ulster bank.

However I have an AIB Credit Card and Loan, what are my options. How viable is it for me to actually have my current account elsewhere. Will I just get stung twice by having to transfer money into an aib account to pay of these bloody debts?

Thanks,

Tefral

fionny wrote: »

So considering AIB's dispicable move to further rip people off I want to move to a different bank, probably ulster bank.

However I have an AIB Credit Card and Loan, what are my options. How viable is it for me to actually have my current account elsewhere. Will I just get stung twice by having to transfer money into an aib account to pay of these bloody debts?

Thanks,

Surely if you setup in your Ulster bank your Loan and Credit Card accounts in AIB as a payee, then it wont cost you any money.

fionny

Fair point, I have never moved banks before so didnt really know what my options are.. regardless im going to get my wages paid in elsewhere, there is noway in hell I am letting them take .30c per transactions I carry out.

Meredith

I wrote to my branch manager to complain about AIB's decision re it's fees, it appears to be the only way to complain initially. My main question was why they were excluding those with more money from paying fees. I got a reply the other day and needless to say, this question was totally ignored and instead suggested I minimise my fees by using my credit card more....surely advising someone to use their credit card more is irresponsible especially in this day and age?!?! I have never lived off my credit card and certainly don't intend on doing so in the future. My money's gone before I see it these days (thanks for bailing out said bank and all the rest) but I make sure not to get myself into any debt.

I will be writing back to him asking for them to answer my question this time and as I said in my original letter, I will be closing all of my accounts if they don't reverse the decision, or at the very least be fair about it and charge everyone. Although in my opinion, I think they should only charge those with MORE than €2,500 in their accounts each month and not those who are already struggling with what little money they do have.

Marcusm

Meredith wrote: »

I wrote to my branch manager to complain about AIB's decision re it's fees, it appears to be the only way to complain initially. My main question was why they were excluding those with more money from paying fees. I got a reply the other day and needless to say, this question was totally ignored and instead suggested I minimise my fees by using my credit card more....surely advising someone to use their credit card more is irresponsible especially in this day and age?!?! I have never lived off my credit card and certainly don't intend on doing so in the future. My money's gone before I see it these days (thanks for bailing out said bank and all the rest) but I make sure not to get myself into any debt.

I will be writing back to him asking for them to answer my question this time and as I said in my original letter, I will be closing all of my accounts if they don't reverse the decision, or at the very least be fair about it and charge everyone. Although in my opinion, I think they should only charge those with MORE than €2,500 in their accounts each month and not those who are already struggling with what little money they do have.

The issue is that banking services carry a cost. Personally I haven't paid any fees to AIB in 20 years but having worked in a bank (and merely by thinking about it) I can see that the services I obtain (ATM, online banking, cards, direct debits etc) have a cost. Up until now, those with excessive amounts in their current accounts (earning little or no interest) have subsidised others. The same issues arose in the UK maybe 5 years ago and most free banking was abandoned, many current accounts now carry fees. Each bank has had to maintain a basic bank account which does not hae fees. They are free to impose restrictions (no chequebooks, use only same bank ATMs etc). Maybe the regulator should look at the same.

JTMan

Marcusm wrote: »

The issue is that banking services carry a cost.

There are two sides to that story.

AIB pay zero interest on their current account make use of funds. Hence, AIB make a profit at their customers expense.

AIB charge retailers each and every time a customer uses their card. This pushes retail prices up. Hence, customers indirectly already pay for card usage.

Day-to-day, non bricks and mortar, banking is profitable for banks when you consider both sides of the coin.