Refused credit by AIB

woothie

I know this is an old thread by now but aib just did the same to me today. With them 15years. Wages going in every month, never been in debt with them ever, have one credit card that is always paid off in time - I applied for €500 overdraft and was declined on the basis that I don't have wages in my account at the very end of the month. That if I had some saved I would get it. If I had some money saved I wouldn't need the bleedin overdraft. I even offered to pay the yearly overdraft fee but to pay the overdraft off at the end of the month and close it once paid off but they didn't care. Apparently another reason they declined me was because I went over my credit card limit by €2 last month. I didn't even know I COULD go over my limit -AND that was paid off straight away also. Aib are jokers. I'm switching banks on the basis that they are unhelpful and not based on being declined but the way I was treated in this whole situation.

Trhiggy83

i am with them as well and thinking of moving, it just feels to me they are out to rob you every chance they get. I looked at the current account fees i paid recently and they are now charging me. Their interest rates on savings accounts are ****e as well. no reason to stick with them to be fair

xpletiv

Move to PTSB; so long as you can lodge 1500 a month, then theres no fees.

I will be closing mine after I just got my first fees. Going to the Credit Union. Ive opened the PTSB account, and plan to withdraw it all (minus rent and two bills), and put it in the CU.

Yes it means using cash a lot more but it works better than giving these greedy monkeys money they dont deserve after taking the country for a ride for a decade. Shoulda burned those bondholders.

Deise Vu

People, there is a financial crisis going on and in the Summer the banks have to do stress tests again. I suspect the stress tests are going to reveal that the banks need tons more capital again so they are extremely reluctant to lend anything at all at the moment. A €500 O/D for a fella with no money in his account at the end of the month usually means he will have a nice end of month for a few months until €500 overdrawn becomes his new barrier. Multiply that by hundreds of thousands of customers and the fellas for whom €5K is the equivalent of €500 and you start getting into significant liabilities. Easy credit is what killed us in the first place.

This is a true story: a very canny property developer I know has a company with no debt, about 20 properties mostly let and about €2M in cash. An opportunity to buy an empty distressed property for €100K arose. Your man, being hungry by nature, likes to keep his money, invest it and spend it all at the same time so he asked his bank for a €50K loan and he would fund the rest. Bank of Ireland refused the loan on the grounds they do not fund speculative investments. That he could pay it off 40 times over or with 2 mths rents was irrelevant, they weren't interested. That will give you some idea where the Banks are at the moment.

BuffyBot

Don't resurrect old threads. I'll split this off

chris85

Deise Vu wrote: »

People, there is a financial crisis going on and in the Summer the banks have to do stress tests again. I suspect the stress tests are going to reveal that the banks need tons more capital again so they are extremely reluctant to lend anything at all at the moment. A €500 O/D for a fella with no money in his account at the end of the month usually means he will have a nice end of month for a few months until €500 overdrawn becomes his new barrier. Multiply that by hundreds of thousands of customers and the fellas for whom €5K is the equivalent of €500 and you start getting into significant liabilities. Easy credit is what killed us in the first place.

This is a true story: a very canny property developer I know has a company with no debt, about 20 properties mostly let and about €2M in cash. An opportunity to buy an empty distressed property for €100K arose. Your man, being hungry by nature, likes to keep his money, invest it and spend it all at the same time so he asked his bank for a €50K loan and he would fund the rest. Bank of Ireland refused the loan on the grounds they do not fund speculative investments. That he could pay it off 40 times over or with 2 mths rents was irrelevant, they weren't interested. That will give you some idea where the Banks are at the moment.

+1

Op, if you have no money left at the end of the month how do you expect the bank to get paid back? Overdrafts are generally for people who would usually have funds and use the overdraft in case of emergency. Going in and out of it every month is bad financial planning.