AIB - Charges

tech

We are writing to update you about a change to maintenance and transaction fees on our personal current account.
Previously, we have waived these fees for customers who kept a minimum daily balance of €2,500 in their account throughout the fee quarter. However, from 28 November 2020, regardless of the minimum daily balance maintained throughout the fee quarter, we are going to start applying these fees which will be charged quarterly from 29 March 2021.
You can find out more about our current account fees and charges, including how to keep fees to a minimum, in ‘A Guide to Fees and Charges for Personal Accounts', which is available on aib.ie/Fees-and-Charges and in our branches.
Here's a reminder of what the maintenance and transaction fees enable us to do for you:
• We continue to develop Ireland's leading and awarding-winning mobile banking app, adding options like card freeze capability that allows you to manage your money more easily;
• We give you access to your account through online banking 365 days a year;
• We provide debit cards for use online, at home and abroad including access to cash;
• We offer free contactless transactions, including using contactless on a device (for example on an enabled smartphone or smartwatch);
• We answer your questions through our dedicated customer support on the phone, in over 200 branches and on social media.
Just to let you know, we do not charge maintenance and transaction fees for customers who pay their AIB primary home mortgage from their AIB personal current account. So if that sounds like something you would be interested in, you can find out more on aib.ie/mortgages
We also continue to waive maintenance and transaction fees for:
• AIB Advantage Accounts for customers aged 66 or over;
• AIB Student Accounts;
• AIB Student Plus Accounts;
• AIB Graduate Accounts;
• AIB Basic Bank Accounts, provided as part of the Government's Strategy for Financial Inclusion and National Payments Plan.
If we do not hear from you before the date of these changes (28 November 2020), we will take it that you have accepted them. If you do not accept them you have the option to close your account free of charge.
We understand this change may affect you, so we are happy to discuss these fees further with you. You can call us on 0818 300107 (or 00 353 818 300107 if you are calling from outside Ireland). Phone lines are open between 09:00 and 17:00, Monday to Friday excluding bank holidays. Alternatively you can contact us on Ask AIB on Facebook and AIB Customer Support on Twitter, or visit aib.ie/help-and-guidance/personal-current-account-fee-changes-faqs for more information.
Thank you for Banking with AIB
Yours sincerely,

feelings

Inevitable.

I wonder if Ulster, PTSB, KBC etc will follow shortly as well?

feelings

feelings wrote: »

Inevitable.

I wonder if Ulster, PTSB, KBC etc will follow shortly as well?

You may as well ask if Revolut are going to substantially increase their market share. I do believe it's inevitable that the Bricks and Mortar banks increase their fees, but it was also inevitable that the person on the Titanic's Tiller was going to try to turn out of the way of the iceberg.

Quantum Erasure

So, they're not bringing in the 1c contactless fee?
Might look at changing anyway.,..

Limpy

Im with them 25 years. I'm gonna jump ship if these charges come in.

silver2020

Deleted User wrote: »

You may as well ask if Revolut are going to substantially increase their market share. I do believe it's inevitable that the Bricks and Mortar banks increase their fees, but it was also inevitable that the person on the Titanic's Tiller was going to try to turn out of the way of the iceberg.

Revolut are losing hand over fist and are not an official bank in Ireland. They area digital banking facilitator. Money is held by lloyds in the UK, so theorectically safe enough.

They had losses last year of over £100m. Three times the previous year's losses and they have yet to make a profit.

Despite having 10m customers, revenue was just a paltry £160m last year. So losses were massive in comparison.

Shareholders and investors continue to pump money into it, so everything is fine for now, but they will have to increase charges at some stage

silver2020

silver2020 wrote: »

Revolut are losing hand over fist and are not an official bank in Ireland. They area digital banking facilitator. Money is held by lloyds in the UK, so theorectically safe enough.

They had losses last year of over £100m. Three times the previous year's losses and they have yet to make a profit.

Despite having 10m customers, revenue was just a paltry £160m last year. So losses were massive in comparison.

Shareholders and investors continue to pump money into it, so everything is fine for now, but they will have to increase charges at some stage

If not Revolut another provider will come to market that does not have a branch network and be able to have lower/no fees due to smaller running costs. It's, imho, inevitable.

tugii20

we give our savind to bank's hand and bank makes money out of it to lending to businesses.
in return bank has started customers charging even more
riducolous

Delta2113

Mr.S wrote: »

Give it another year and the only ones offering free banking will be the CU's.

EBS Money Manager will still be FREE I reckon.

Some Credit union's already have charges.

danielgalway

This infuriates me. I just opened an account with them 5 days ago because of bank of irelands new fees from November!

antimatterx

I don't mind the fees. They are the superior bank in this country, and I'm not going to switch over a small amount of money.

Hibernicis

antimatterx wrote: »

They are the superior bank in this country

Superior in way way/s ?

antimatterx

Hibernicis wrote: »

Superior in way way/s ?

Their technology services (arguably the most important factor these days)are way ahead of anybody else. Banking with them is simple.

Limpy

If KBC dont change and charge, i would imagine plenty of people will jump to them.

AIB dont even have Garmin pay, thats pretty lame in this day and age.

callaway92

Hi folks

Just an FYI for people who didn't see the email today from AIB, the €2500 in your Current Account leading to waived fees is now gone.

We are writing to update you about a change to maintenance and transaction fees on our personal current account.
Previously, we have waived these fees for customers who kept a minimum daily balance of €2,500 in their account throughout the fee quarter. However, from 28 November 2020, regardless of the minimum daily balance maintained throughout the fee quarter, we are going to start applying these fees which will be charged quarterly from 29 March 2021.

You can find out more about our current account fees and charges, including how to keep fees to a minimum, in ‘A Guide to Fees and Charges for Personal Accounts', which is available on aib.ie/Fees-and-Charges and in our branches.
Here's a reminder of what the maintenance and transaction fees enable us to do for you:

• We continue to develop Ireland's leading and awarding-winning mobile banking app, adding options like card freeze capability that allows you to manage your money more easily;

• We give you access to your account through online banking 365 days a year;

• We provide debit cards for use online, at home and abroad including access to cash;

• We offer free contactless transactions, including using contactless on a device (for example on an enabled smartphone or smartwatch);

• We answer your questions through our dedicated customer support on the phone, in over 200 branches and on social media.
Just to let you know, we do not charge maintenance and transaction fees for customers who pay their AIB primary home mortgage from their AIB personal current account. So if that sounds like something you would be interested in, you can find out more on aib.ie/mortgages

We also continue to waive maintenance and transaction fees for:
• AIB Advantage Accounts for customers aged 66 or over;
• AIB Student Accounts;
• AIB Student Plus Accounts;
• AIB Graduate Accounts;
• AIB Basic Bank Accounts, provided as part of the Government's Strategy for Financial Inclusion and National Payments Plan.
If we do not hear from you before the date of these changes (28 November 2020), we will take it that you have accepted them. If you do not accept them you have the option to close your account free of charge.

Spocker

Thread on this already here:-> https://www.boards.ie/vbulletin/showthread.php?t=2058111173 (the emails have been coming out for a few weeks)

hblock21

That's a shame. They'll be rolling it in even more now!

Francie Barrett

This is the last straw for me, money grabbing filth of the highest order.

TheBigEvil

When they mooted the introduction of fees just before the pandemic, it was only a matter of time. Even though they rolled back on the contactless fees because every one was encouraged to use card payments, it was only a matter of time before they announced the full introduction of fees.

I switched to KBC over a month ago. I'm sure KBC will have to look at fees on a current account at some point, but I will be with them for as long as I can while they offer it fee free.

Henry Ford III

Threads merged.

Francie Barrett

Francie Barrett wrote: »

money grabbing filth of the highest order.

Beyond harsh. Its a business like any other. What professional services do you provide for free?

Quantum Erasure

They have access to the use of your money to provide loans and generate profits, and want to charge you for the privilege

Francie Barrett

Deleted User wrote: »

Beyond harsh. Its a business like any other. What professional services do you provide for free?

AIB don't provide anything for free. They have the use of several thousand Euro in my current account that they don't pay interest on and lend out at extortionate rates. I also pay them thousands in interest every year on the mortgage that I have with them.

Henry Ford III

Francie Barrett wrote: »

AIB don't provide anything for free. They have the use of several thousand Euro in my current account that they don't pay interest on and lend out at extortionate rates. I also pay them thousands in interest every year on the mortgage that I have with them.

Why would they? They are in business to make profits.

If you don't like their products you are free to take your business elsewhere.


p.s. I think they should be offering offset mortgages, but that's another issue.

Quantum Erasure

Henry Ford III wrote: »

Why would they?
.

They don't. No bank does, that's the point

Jim2007

tugii20 wrote: »

we give our savind to bank's hand and bank makes money out of it to lending to businesses.
in return bank has started customers charging even more
riducolous

Francie Barrett wrote: »

AIB don't provide anything for free. They have the use of several thousand Euro in my current account that they don't pay interest on and lend out at extortionate rates. I also pay them thousands in interest every year on the mortgage that I have with them.

That is just not true, as demonstrated by the audited accounts of everything bank in Western Europe.

Interest rates are so low right now because the system is awash with money from quantitative easing and no one wants to borrow money. The result is that banks in several countries have introduced negative interest rates for companies and government bodies to discourage them from placing money on deposit.

Giving away services to people whom you were never likely to sell other fee paying products to was always a dumb idea. It’s just taken a while to sink in.

Quantum Erasure

Quantum Erasure wrote: »

They have access to the use of your money to provide loans and generate profits, and want to charge you for the privilege

Francie Barrett wrote: »

AIB don't provide anything for free. They have the use of several thousand Euro in my current account that they don't pay interest on and lend out at extortionate rates. I also pay them thousands in interest every year on the mortgage that I have with them.

If Boards existed in the 80s and 90s and you'd posted this then you'd have a valid argument. The banking system is FUBAR compared to those days. It costs banks money to hold deposits. And if you think paying fees are bad it's not beyond the bounds of possibility that banks will charge negative interest on your balances. Some banks are already doing this for commercial customers.



I pay negative 0.5% on a deposit share account. So, no they are not making money from your few thousand euro.

The J Stands for Jay

antimatterx wrote: »

Their technology services (arguably the most important factor these days)are way ahead of anybody else. Banking with them is simple.

Then why is it so difficult to send a payment from AIB to an IBAN that doesn't start with IE?

Francie Barrett

Henry Ford III wrote: »

Why would they? They are in business to make profits.

If you don't like their products you are free to take your business elsewhere.


p.s. I think they should be offering offset mortgages, but that's another issue.

These guys don't have to do anything they don't want to, they operate in an oligopoly with little competition.

seraphimvc

Jim2007 wrote: »

That is just not true, as demonstrated by the audited accounts of everything bank in Western Europe.

Interest rates are so low right now because the system is awash with money from quantitative easing and no one wants to borrow money. The result is that banks in several countries have introduced negative interest rates for companies and government bodies to discourage them from placing money on deposit.

Giving away services to people whom you were never likely to sell other fee paying products to was always a dumb idea. It’s just taken a while to sink in.

I am scratching my head here because 'interest rate is so low/negative in this age' is the exactly the biggest reason NOT to put more charges i.e. to piss off the customers. The banks (out there) lower the rates to encourage people/business to get loan etc.

It is shocking in 2020 that some banks are introducing more fees. Such incompetency that's all I have to say - if that happens in UK let's say, people will leave such bank mass exodus and the bank would be f*cked. AIB did this because they knew people wouldn't be bothered and they knew they can get away with it and (gullible) people allow that to happen.

seraphimvc

Henry Ford III wrote: »

Why would they? They are in business to make profits.

If you don't like their products you are free to take your business elsewhere.


p.s. I think they should be offering offset mortgages, but that's another issue.

They are in the business to invest to make profit, not to make profit off people using their basic service. The basic service is a way to get people (i.e. customers) to stay with them and then, anything else (loan etc) yes sure they make profit from there - all these are minor profit to the bank by the way while it is more applicable to the average people out there. The real profit are the big accounts and whatever investments they do there.

So all in all, it is a way that AIB is telling the people that 'we don't care about you small customers' and 'yes we are bad at the business therefore we need your support on running the most basic service that we provide'.

Incompetency.

The J Stands for Jay

seraphimvc wrote: »

They are in the business to invest to make profit, not to make profit off people using their basic service. The basic service is a way to get people (i.e. customers) to stay with them and then, anything else (loan etc) yes sure they make profit from there - all these are minor profit to the bank by the way while it is more applicable to the average people out there. The real profit are the big accounts and whatever investments they do there.

So all in all, it is a way that AIB is telling the people that 'we don't care about you small customers' and 'yes we are bad at the business therefore we need your support on running the most basic service that we provide'.

Incompetency.

Banks don't need to provide current accounts in order to sell loans to people. It's been decades since you needed to open bank accounts so the manager would know you to give you a loan.

coylemj

I'm with BoI and crunched the numbers for my current a/c to see if it would be worth switching to AIB.

A summary of the main charges from November....

AIB €4.50 per quarter (€18 p.a.) with 20c per transaction for debit card purchases (contactless or otherwise), SOs and DDs and inbound and outbound EFTs. 35c for ATM withdrawals.

BoI €6 p.m. (€72 p.a.) which covers virtually all domestic transactions.

Which is better is going to depend on your transaction profile. Like me, you've probably seen a huge increase in your usage of contactess for retail transactions and that will probably skew the numbers in favour of BoI. Though if you combine a current a/c in one of the main banks with the likes of a Revolut account, you can avoid the AIB transaction charges for most of your retail transactions. In which case AIB might come in as the better option.

But if you're doing your transactional banking through an AIB current account and refuse to have any truck with the likes of N26 or Revolut, I'd give a serious look at switching to BoI.

An example of a transaction profile where you'd be in neutral territory, where both banks would charge you more or less the same in annnual charges....... five debit card purchases per week and two direct debits per month. Throw in just one ATM withdrawal per week and BoI comes out better.

Delta2113

EBS Money Manager is totally FREE - no need to do any calculations.

manster

Going to avail of the no fees AIB current account as I have a mortgage with AIB. Just have to close BOI and transfer my salary to AIB and pay my mortgage from there. Goodbye BOI

coylemj

Delta2113 wrote: »

EBS Money Manager is totally FREE - no need to do any calculations.

You know well that I'm almost as big a fan of the EBS Moneymanager account as you and have recommended it on umpteen occasions in this forum.

But the downside of no fees is that (as you and I always point out) EBS have no mobile app and their website is not mobile friendly. And they don't have anything like as many branches as AIB and BoI so there's lots of people who will never switch to them for their current account. And even though I also have an EBS MM a/c, for tactical reasons I need to also have a current account with one of the major banks. So the comparison on fees is relevant for all sorts of reasons.

chasm

Does it always take a long time for EBS to get back to you after you fill in the contact form on their website?

Was hoping to move to them but my dealings with them so far do not inspire much confidence tbh.

JTMan

chasm wrote: »

Does it always take a long time for EBS to get back to you after you fill in the contact form on their website?

Was hoping to move to them but my dealings with them so far do not inspire much confidence tbh.

EBS still require an in person meeting to open a current account.

There are posts elsewhere that there are delays in setting up these meetings at the moment with some branches.

The Haven

All you need to do for EBS is to get a Curve card to have google pay and apple play on the card, to link to the EBS debit card.

I am thinking about changing banks from AIB to EBS.
In person meeting, I don't fancy however, in the current climate.

JTMan

The Haven wrote: »

In person meeting, I don't fancy however, in the current climate.

Yeah, it's total madness with EBS insisting on in-person meetings during a pandemic when KBC, BoI, AIB, N26, Monese and Revolut will all do the process digitally/remotely.

Stewball

JTMan wrote: »

Yeah, it's total madness with EBS insisting on in-person meetings during a pandemic when KBC, BoI, AIB, N26, Monese and Revolut will all do the process digitally/remotely.

I've been told by AIB I need to go to my local branch to close a current & savings account.

breezy1985

Quantum Erasure wrote: »

They have access to the use of your money to provide loans and generate profits, and want to charge you for the privilege

Exactly this. Charging for every card use is a money grab and I was shocked when I returned from the UK to find out it was just considered normal here

Limpy

Stewball wrote: »

I've been told by AIB I need to go to my local branch to close a current & savings account.

As far as I know savings accounts are free to maintain. When you are on the app it shoes you what you get charged for. All my charges are from current account only. So I am leaving savings in AIB and moving current to KBC to avail of the free banking.

Stewball

Limpy wrote: »

As far as I know savings accounts are free to maintain. When you are on the app it shoes you what you get charged for. All my charges are from current account only. So I am leaving savings in AIB and moving current to KBC to avail of the free banking.

Yeah I know they're free but AIB made their bed - I'm moving everything elsewhere.

It won't be a big loss to them anyway - for all I have

JTMan

Stewball wrote: »

I've been told by AIB I need to go to my local branch to close a current & savings account.

The closing process should be online too. If you can open an account online (and you can open a current account online with AIB) then you should be able to close online too.

Stewball

JTMan wrote: »

The closing process should be online too. If you can open an account online (and you can open a current account online with AIB) then you should be able to close online too.

I did close another savings account last week through internet banking - but that account had been opened online.

Accounts opened in branch have to be closed at a branch apparently.

Asus X540L

Ok I just realized I got charges on my AIB account.

I thought they were being waived during the pandemic but I got my quarterly fees (that weren't refunded).

I'm annoyed as I definitely did not get a letter in the post and i don't remember getting an email about them.

After googling I just found out they were re-introduced last November. They seemed to have done this on the sly.

Probably only going to get worse now with ulster Bank pulling out so less competition.

I'm just to load my Revolut card from now on.

antimatterx

I got charged ~€20 in fees, but got the entire amount refunded for some reason.

tech

antimatterx wrote: »

I got charged ~€20 in fees, but got the entire amount refunded for some reason.

Have you a mortgage? If so no fees I believe

antimatterx

tech wrote: »

Have you a mortgage? If so no fees I believe

I don't. These should have been my first set of fees after coming off a graduate account. Anyway I'm not complaining.

Bubbaclaus

Asus X540L wrote: »

Ok I just realized I got charges on my AIB account.

I thought they were being waived during the pandemic but I got my quarterly fees (that weren't refunded).

I'm annoyed as I definitely did not get a letter in the post and i don't remember getting an email about them.

After googling I just found out they were re-introduced last November. They seemed to have done this on the sly.

Probably only going to get worse now with ulster Bank pulling out so less competition.

I'm just to load my Revolut card from now on.

You can't expect a business to waive their fees for a year or more.