Aib allows transfer from loan a/c to current a/c?

fro9etb8j5qsl2

I have a personal loan from AIB for the last few years that I recently added to my internet banking profile. I was making an online fund transfer this morning from my savings account to my current account but accidentally selected the money to be withdrawn from my loan account instead of my savings account. To my astonishment, they allowed the transfer to go through! Is this normal or was it just a computer glitch? I thought that I would have had to contact the bank to request a further top-up or drawdown on the loan?

BuffyBot

If it's a variable rate loan, and you've paid extra into it at any stage it will let you do that (up to the loan limit) if I remember correctly. Certainly did for me a few years back, but things may have changed.

Simply, if you borrowed 5000 over 3 years and were paying back by choice 80 euro a month instead of the 50 that is scheduled to be paid or lobbed a lump sum into the loan to reduce the balance, the "limit" on the loan still reduces as if you were paying 50 euro a month. So although you may have only 1500 left to pay on the loan because you've chucked in extra, in theory you should have 2000 if you were paying the scheduled amount, and that's still what AIB's systems have you down for. So you almost have a 500 euro "credit" floating around.

nlgbbbblth

Major flaw in their systems if that is the case.

Unless it's a stocking loan funds should only be drawn down once. Repaying back additional sums above the standard repayment does not entitle somebody to re-draw monies.

StupidLikeAFox

Just tried this, no luck unfortunately

MvsC3

Yeah i tried this too and it was a non runner, paid the odd tenner and twenty here and there to be about 300euro ahead, when i went to try to transfer it back to current account when i was stuck for cash, it just said 'insufficient funds'... Probably for the best tbh, i owe them enough

BuffyBot

Things may well have changed and in the current climate they probably have got wise to this. however, no need to zombie a thread from a while back for this in breach of the forum charter