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Free banking rules in AIB changed

average_runner

To avail of free banking in AIB, you need to keep a balance of 2,500 in credit for the full quarter!!

Time to move banks

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cookie1977

Yes

lotsofthegreen

If I have an aib account in x branch , can I go into y branch customer service desk with id and close accout

Kaner2004

Looks like the watchdog is saying they cant do that now.
They cant require you to leave 2500 in your current account as it
s clearly not in the best interest of the customers. It costs you around €100 a year to have that money left in a non interest paying current account.

charlietheminxx

Kaner2004 wrote: »

Looks like the watchdog is saying they cant do that now.
They cant require you to leave 2500 in your current account as it
s clearly not in the best interest of the customers. It costs you around €100 a year to have that money left in a non interest paying current account.

You're right.

http://www.independent.ie/business/personal-finance/latest-news/new-aib-fees-breach-banking-rules-says-watchdog-3059405.html

MOVES by AIB to charge its customers if they fail to keep a chunk of money in their current accounts are in breach of Central Bank rules, the head of the National Consumer Agency said.
Ann Fitzgerald claimed yesterday the nationalised bank was breaking the rule that required it to act in the best interests of its customers.

heebusjeebus

Kaner2004 wrote: »

Looks like the watchdog is saying they cant do that now.

Have you got a link to what the watchdog is saying?

charlietheminxx

heebusjeebus wrote: »

Have you got a link to what the watchdog is saying?

See above.

dublin daz

In fairness and I would love free banking myself, AIB is a business. A consumer in their own interest can decide to keep 0.01 in their account and incur fees.

AIB did not say you have to keep that as a minimum balance. You just have to fulfil a criteria to qualify for free banking.

wmpdd3

And those criteria are?....

Kaner2004

I was just on the AIB website.
I wanted to email them and tell them that myself and my wife have over €20,000 between all of our AIB accounts and see if they were willing to drop the fees on the current accounts without their stupid rules and we might stay. I do not think we should have to move 2500 each into AIB current accounts to avoid charges. That money earns us money in other accounts instead. Its the principal. We've banked with AIB for over 20 years each.

I couldnt find any way to contact them about it so now im just filling in the Ulsterbank online forms.
Congratulations AIB. May you choke on your new charges - if you have any customers left.

Kaner2004

wmpdd3 wrote: »

And those criteria are?....

That you tie up €2500 forever in your current account. Costing you around €100 in interest a year that it could be earning.

lotsofthegreen

lotsofthegreen wrote: »

If I have an aib account in x branch , can I go into y branch customer service desk with id and close accout

Anybody know?

dublin daz

lotsofthegreen wrote: »

Anybody know?

Yeah. Any AIB Branch can close your account. It will be done within minutes.

dublin daz

Kaner2004 wrote: »

I was just on the AIB website.
I wanted to email them and tell them that myself and my wife have over €20,000 between all of our AIB accounts and see if they were willing to drop the fees on the current accounts without their stupid rules and we might stay. I do not think we should have to move 2500 each into AIB current accounts to avoid charges. That money earns us money in other accounts instead. Its the principal. We've banked with AIB for over 20 years each.

I couldnt find any way to contact them about it so now im just filling in the Ulsterbank online forms.
Congratulations AIB. May you choke on your new charges - if you have any customers left.

Phone up the branch manager and they may waive the fee(s) on your account. Someone posted here already and confirmed that their branch manager waived the fees because of some negotiation.

parsi

Kaner2004 wrote: »

I was just on the AIB website.
I wanted to email them and tell them that myself and my wife have over €20,000 between all of our AIB accounts and see if they were willing to drop the fees on the current accounts without their stupid rules and we might stay. I do not think we should have to move 2500 each into AIB current accounts to avoid charges. That money earns us money in other accounts instead. Its the principal. We've banked with AIB for over 20 years each.

I couldnt find any way to contact them about it so now im just filling in the Ulsterbank online forms.
Congratulations AIB. May you choke on your new charges - if you have any customers left.

Why not ring your branch ? They're the folk who deal with your accounts and they're the folk whose figures will be affected if you close up. Frankly someone in a call centre or on a griuo email box won't care quite as much.

Kaner2004

parsi wrote: »

Why not ring your branch ? They're the folk who deal with your accounts and they're the folk whose figures will be affected if you close up. Frankly someone in a call centre or on a griuo email box won't care quite as much.

Im abroad at the moment and they never answer the phone anyway.
Im just going to open the ulsterbank accounts online.

[Deleted User]

i have closed aib current account before by posting a letter to my branch. straight forward enough.

bpb101

i am a second level student and even thought the fee wont effect me , im going. F uck them
The main problems is that people who do 2500 in their account , if they do buy something expensive they will have the fees ,(as far as i can tell)

dingding

Elessar wrote: »

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.

I have been with NIB for the past 13 years and always had free banking, however they are now starting to charge for banking.

Rebel1977

People I feel sorry are the ordinary staff on the ground, apparently branch managers knew about this for last few weeks and the ordinary staff were only informed of this during the week.

dingding

Rebel1977 wrote: »

People I feel sorry are the ordinary staff on the ground, apparently branch managers knew about this for last few weeks and the ordinary staff were only informed of this during the week.

The customers still have not been informed.

You would think they would write to the customers and not break the news in he media.

However the ordinary staff are the real victims. Probably even more will have to be let go now.

ash777

Haven't quite gotten through this whole thread yet, and I know from a previous poster posting the link to the AIB Pdf re: charges that it says this

- "Same Day Value Payments
• Inter-Branch transfer (a payment
from an AIB account to another
AIB account) €12.70 per item
• Inter-Bank transfer (a payment from
an AIB account to a non-AIB account
within the Republic of Ireland) €25.39 per item"

I'd often transfer money from my account to a relative's account (in AIB) (through internet banking), does that mean that it'll cost E12.70 to do so? I'm just not sure, my charges were about E17 this quarter, but were refunded because I'd done enough internet banking/Laser transactions. I might have only transferred money the once, but maybe twice. Obviously if it was twice, then this charge wasn't part of my charges. Does anyone know for sure what these charges are about? Cheers!

And just in terms of savings/cashsave a/cs in Ulster bank, what would be the best one? Is there a comparison website with all this sort of thing convernietly written up for poor, clueless moi?!

Also, does anyone know if you have an AIB credit card, is there due to be any other charges added onto that? And can you pay it online from Ulster Bank? Is the Ulster Bank Visa Debit Card basically the same thing (only able to be used on more foreign sites and physical shops) as a Laser card - ie as an ATM card, at a point of sale instead of cash, and to get cashback when purchasing goods? Would the cashback max amount typically be E100? Thanks very much, and sorry for all the questions. I'm not really read up on bank stuff, but no way Jose is AIB getting their greedy, grubby little mitts on any of my moolah, ugh.

JTMan

ash777 wrote: »

I'd often transfer money from my account to a relative's account (in AIB) (through internet banking), does that mean that it'll cost E12.70 to do so?

No, the fees you talk about, are for 100% guaranteed same day transfer. This service is aimed at business customers mainly.

You will pay 20 cent per electronic transfer and 4.50 EUR per quarter or free with Ulster Bank.

ash777

Thanks, Fungus. Just filled out the application for a current account with Ulster. Do you have to apply separately/on the physical form for the Visa debit card, because there was an option online for cheque books, but none for debit cards. Do you've to apply separately for cashsave/savings a/cs as well? Thanks.

JTMan

1) I think you need to first open your current account.
2) Then you can apply for a debit card and open savings accounts.

Everything feeds from your current account. Hence, your current account is step one.

You could call Ulster, for free, to confirm:

Call 1800 303 004
Lines are open:
8am - 6pm Mon to Fri
9am - 2pm on Saturday

granturismo

Kaner2004 wrote: »

Looks like the watchdog is saying they cant do that now....

charlietheminxx wrote: »

You're right.
http://www.independent.ie/business/personal-finance/latest-news/new-aib-fees-breach-banking-rules-says-watchdog-3059405.html

A quote from the Irish Independent article;
'The change follows similar moves at Bank of Ireland, EBS and National Irish Bank.
And Permanent TSB has abolished fee-free banking for new customers'.

There now seems to be at least 3 possibilities:

AIB will have to do a complete u turn amd abolish these fees

Alternatively AIB will have to reduce these fees.

The options for AIB customers who wish to move are restricted IF the Indo is correct in stating that new customers to BoI, NIB and TSB wont get free fees.

JTMan

The 'watchdog', the NCA, has very little power over AIB. The Central Bank of Ireland has the power and they are not kicking up a fuss.

The NCA will not be able to stop AIB with their fee structure. It will happen.

The options for AIB customers who wish to move are restricted IF the Indo is correct in stating that new customers to BoI, NIB and TSB wont get free fees.

The Indo is right to say that BoI, NIB and PTSB apply fees.
NIB to all customers.
BoI to customers that do not comply with their conditions.
PTSB to customers that do not comply with their conditions.

Ulster are the only bank to offer condition-free free day-to-day banking.

forgetful1

average_runner wrote: »

Be moving to Ulster bank so, also removing all my savings etc from them.

sure what's point of moving to ulster bank there's no competition between the banks in ireland full stop

cookie1977

forgetful1 wrote: »

sure what's point of moving to ulster bank there's no competition between the banks in ireland full stop

To save on almost 100euro in fees if we stay with AIB. I think that's most people's point in here anyway. ANd I'd call free fees versus fees, competition

Elessar

Looks like it's true. NIB will be charging fees and forcing customers to change to different accounts :mad: But it looks like they're all heading the same way, including Ulster Bank:

Ulster Bank recently admitted it may impose charges on its current account customers.

http://www.independent.ie/business/irish/national-irish-bank-ends-feefree-banking-on-all-current-accounts-3038435.html

JTMan

forgetful1 wrote: »

sure what's point of moving to ulster bank there's no competition between the banks in ireland full stop

There is significant competition and product differentials for deposit products in Ireland. Significant.

There are big differences between the 5 current account products on offer.