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Child Item

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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28064212

Zab wrote: »

Oddly this Irish Times article dated today doesn't mention the Ulster Bank charges even though with the title I expected it to: http://www.irishtimes.com/newspaper/finance/2012/0522/1224316492020.html

So all we have is the Independent article (which flat out gets other things wrong) and Newstalk (could they have got it from the Independent? They do have a newspaper review).

Worse, the Irish Times makes the exact same mistake as the Independent on the BOI requirements for no-transaction fees. The requirements are:

1. Lodge at least €3,000 in your Personal Current account AND make 9 debit payments from that account using 365 Phone/Online and/or Mobile banking over the course of a fee quarter
OR
2. Maintain a minimum credit balance of €3,000 in your Personal Current account throughout the full fee quarter.

Both papers claimed the "9 debit payments" applied to the 2nd option, and never mentioned the first option

Zab

The Irish Times article actually does mention both even if the structure of the sentence is a little ambiguous.

28064212

Zab wrote: »

The Irish Times article actually does mention both even if the structure of the sentence is a little ambiguous.

You're right, it does mention both, but still gets the overall statement wrong

The deal here is that you have to maintain a balance of €3,000 in your current account for the duration and run at least €3,000 through the account per quarter (say, your salary), as well as contrive to manually perform nine payments, to qualify for free banking.

It's or, not and

Zab

Ha, I didn't notice that. I'm still of the opinion that BOI could be the best bet. Their free fees qualification is readily attainable and I'm slightly less worried that they'll suddenly change the rules than I am with Ulster.

cookie1977

Zab wrote: »

Ha, I didn't notice that. I'm still of the opinion that BOI could be the best bet. Their free fees qualification is readily attainable and I'm slightly less worried that they'll suddenly change the rules than I am with Ulster.

I'd agree. They only changed the T&C's recently enough so hopefully will keep them in place for longer. It's why I moved to them from AIB rather than UB.

snubbleste

snubbleste wrote: »

Is it possible to convert an AIB current account to a demand deposit and still use online banking? Would it attract charges?

To answer my own question..it is not possible to convert.
So, I opened a demand deposit and closed the current account, no additional documentation was needed. Demand deposit is available online, attracts no fees/charges, there is no laser card and it allows me to satisfy the t&c's of AIB's online savings products.

chasm

I'm wondering why i bothered with the switcher process, i think it would have been a lot quicker to just open an a/c with UB and manually transfer the direct debits myself. My a/c has been up and running 2 weeks now and i haven't a clue which DDs have actually moved over as AIB haven't sent me a list. Just phoned them and asked them and they said if i call into my branch they will tell me which ones have moved - so much for the code of conduct for switching accounts! Looks like i will get stung for the maintenance fees as i cannot see me being able to close the a/c before friday :mad:

cookie1977

chasm wrote: »

I'm wondering why i bothered with the switcher process, i think it would have been a lot quicker to just open an a/c with UB and manually transfer the direct debits myself. My a/c has been up and running 2 weeks now and i haven't a clue which DDs have actually moved over as AIB haven't sent me a list. Just phoned them and asked them and they said if i call into my branch they will tell me which ones have moved - so much for the code of conduct for switching accounts! Looks like i will get stung for the maintenance fees as i cannot see me being able to close the a/c before friday :mad:

totally agree. AIB screwed up my transfer. I definitely should have done a manual switch. My wages hit my aib account same day it shut down (that's unfortunate but fine). AIB should have forwarded them on or reversed the wages back to the originator but instead my branch and AIB 24 kept saying it would have bounced back to the originator (work bank account) for almost two weeks while I rang AIB and BOI and my work every day trying to locate my wages. Each blaming the other and saying they didn't have it. Eventually the branch admitted they'd lodged it into a holding account as they didn't have my account details.

Long story short AIB admitted they screwed up but blamed it on the fact that the switching team who transfer funds are not based in a branch but elsewhere within the AIB behemoth. So the branch didn't actually have my new BOI details. They manually transferred it in after a whole two weeks. During which time I was jiggling around money trying to make sure all bills and mortgages were paid.

Goes without saying I got my wife to switch manually which went smoothly.

saml1

cookie1977 wrote: »

totally agree. AIB screwed up my transfer. I definitely should have done a manual switch.

Switched from AIB to UB recently. Picked a week in which few bills were due out and before salary was due. Ulster Bank were most helpful while they took care of the switching process.
However AIB closed my current account before they were supposed to and this left me without access to my funds for a short while.
If you are switching I would recommend:

Pick a quiet time of the month (middle maybe) to switch in which few direct debits come out
Have a little cash handy in case your new account is not activated yet and AIB pull the stunt of closing your old one prematurely.
If you have an on-line savings account with AIB be aware that these may require that you have a current account with AIB. In my case my 7 day notice account which I plan on closing can only be transferred to an AIB current account. Otherwise I believe I have to go to the bank and request a manual withdrawl after the notice period.

I'm pretty mad that before my switch was even complete that I heard that Ulster Bank are supposed to be introducing banking fees/conditions for free banking at some point. No regrets to be leaving AIB though.

chasm

Well went to aib, all my dds are still with them and there is nothing noted on my account about switching! What a great start! Phoned my branch of UB, but the number rings through to the main customer service, so i cannot even speak to the lady who processed my app for me. I explained to the guy on CS that i will be charged fees with aib now as i wont get all the DDs moved etc before friday, he told me to cancel the DDs and when i get a call back tomoro they can sort them out. The way this process has gone so far i'm not willing to risk cancelling this close to their payment date as i could end up paying out more fees to aib and the companies involved for unpaid/returned direct debits.

wmpdd3

I printed off the sheet in internet banking that details all payments out. It has the sort codes and account no.s for all my bills. I then set each one up on Bank of Ireland. Bit of effort as I had to get a code texted to me for each company. I cancelled each dd with AIB.

But, as I also have a Cashsave account, which will be made into a current account. I can use this account without charge until Sept. This should be enough time for the Child Benefit to switch to my new account. They really have been the slowest to deal with.

I was still able to get 3 of my accounts closed so far. Dont think the branch appreciated me and my 2 crying babies!!

chasm

wmpdd3 wrote: »

But, as I also have a Cashsave account, which will be made into a current account. I can use this account without charge until Sept. This should be enough time for the Child Benefit to switch to my new account. They really have been the slowest to deal with.

Are you sure you wont be charged until september? The letter stated "You will not be charged maintenance and transaction fees on your a/c in the fee quarter FOLLOWING conversion to the personal bank account. The is no mention of the period May 28th (when fees are being introduced) up to this period.

keith_d99

AIB f*cked up mine too! Missed my mortgage payment as a result ... myy dds are in limbo now!

I still have my credit card with AIB - does anybody know how to pay a Aib Visa bill from an Ulster Bank account???

I see you can pay Bank Of Ireland/Tesco etc., but no sign of AIB.

BuffyBot

You just set it up in UB anytime. You'll need the sort code and a/c number for AIB (found on your credit card statement, or by calling them) and you use your card number as the reference.

wmpdd3

Ring AIB visa and they will give you a sort code and an account number for your AIB VISA bill, you make a transfer then with your cc number as the 'message to appear on payment'. Or you set up a dd.

Are you sure you wont be charged until september? The letter stated "You will not be charged maintenance and transaction fees on your a/c in the fee quarter FOLLOWING conversion to the personal bank account. The is no mention of the period May 28th (when fees are being introduced) up to this period.

I have re-read this letter a few times and as far as I can make out:

I will close my current account now
There are no trans charges on the cashsave
On July 27th, it will become a current account
From sept on there will be changes on this current account

chasm

wmpdd3 wrote: »

I have re-read this letter a few times and as far as I can make out:

I will close my current account now
There are no trans charges on the cashsave
On July 27th, it will become a current account
From sept on there will be changes on this current account

I'm not so sure. The cashsave a/c is liable for transaction fees from May 28th, as per their new rules.
http://www.aib.ie/personal/current-accounts/A-way-to-bank-for-free

I re-read it again myself and this is my understanding of it:
The fee quarter runs until August 31st so going by the dates they give in the letter and the new rules they are introducing from monday :

affected quarter May 28th- Aug 31st
changes to Current a/c July 28th, with no fees on a/c following conversion.
So, fees from May 28th - July 28th
No fees July 29th - August 31st

New fee quarter begins Sept 3rd- fees applied

s_carnage

Planning on closing my AIB accounts today. Does anyone know if this can be done over the phone or do I have to go into a branch to do it. Also do I need photo ID as I don't have any with me so would need to make a trip home first.

wmpdd3

^^^, you can write a letter and post it, or you can just go into branch, as long as you have your card, that seems to be OK.

@Chasm, Sounds right too, but I just called the number on the letter and the lady (who's name I have)said:

'No charges on my Cashsave - New Current account from 28th of May until 3rd of Sept'

So I will hand back my laser card today, the current account will close on Monday.
I'll request a letter saying I have paid my government tax on my laser so I can claim a rebate when BOI charge me.

I will get the person in the bank to confirm there will be no charges from the 28th of May till 3rd of Sept.

Zab

I think there's no quarterly charge but you'll pay the transaction charges.

scoopmine

I have a student account but I am finished in May I cannot find any information about charges etc but I am thinking of switching accounts to Ulster is it worth my time moving or will UB pull the same trick 6 months down the line!

chasm

wmpdd3 wrote: »

@Chasm, Sounds right too, but I just called the number on the letter and the lady (who's name I have)said:

'No charges on my Cashsave - New Current account from 28th of May until 3rd of Sept'

So I will hand back my laser card today, the current account will close on Monday.
I'll request a letter saying I have paid my government tax on my laser so I can claim a rebate when BOI charge me.

I will get the person in the bank to confirm there will be no charges from the 28th of May till 3rd of Sept.

Thanks, Keep us updated please, although i think im going to end up paying fees no matter what, waiting on a call back from UB at the moment. I told the guy yesterday i would be out yet when i returned last night they had phoned me twice, but then considering i told him at the start that i had spoken to aib about my DDs not transferring, he said " i don't see any DDs on your a/c, have you spoken to AIB?" ...i felt like asking him was he even listening to what i was saying! If i hadn't already applied to have my disability payment transferred i would just close the flipping a/c and stay with AIB, better the devil you know and all that....
AIB's letter is not very clear is it, as they say "if you can't boggle them with brilliance baffle them with bullsh*t" lol

wmpdd3

Agree, both me any the guy from internet banking had to read the letter 3 times before we agred on what it meant.

Between tax and charges, I think its going to cost me €30 to leave AIB.

wmpdd3

Massive queue at the customer service desk in waterford today, try again tomorrow.

TheDoc

Well called AIB just there too give them one last chance to see if they wanted to keep my custm.

Lady on the phone was very informative, but she mentioned Ulster Bank have brought in charges too, and I could check http://compare.nca.ie/CurrentAccount to see AIB were the best.

As you can see, AIB are terrible, and Ulster Bank still do free banking.

Also rang Ulster Bank and guy confirmed that is misinformation they are aware AIB are spreading, and there are no plans at this time to introduce fees. In the event fees do arrive, having a Ulster Bank current account, as your main account, will negate any fees.

I've been away with work etc. so havnt got around to it, but filling in forms when I get home and using their switcher pack

Ulster bank will close my AIB accounts, transfer my money into my new UB accounts and organise all direct debits and payment from my salary etc.

And no charge or fee

Petter

Just changed from AIB to Ulster bank. I would had no problem with a monthly fee, but these are just insane:
- 20c per Laser card purchase (Doesn't the shop pay also for the bank every time customer uses the card).
- 20c for internet transfers (Really? Why bother easy customers that never go to branch?).
- 20c for incoming transfer (Never seen this anywhere else, couldn't even imagine some bank would be stupid enough to try something like this).

If they had some sense, no fees for customers who just use laser + internet banking + e-statements. These are the easy customer who cause no work or costs for the bank. AIB could just increase the fees for all the servives in branches 3-5 times higher (and close half of the branches also).

thebourke

i was getting a small amount of interest (30e approximately)every 3 months on my aib cashsave...i was using the cashsave account as a savings account the next interest is due the middle of june...does anybody know whil i get this interest as the cashsave accounts are closing down?

cookie1977

thebourke wrote: »

i was getting a small amount of interest (30e approximately)every 3 months on my aib cashsave...i was using the cashsave account as a savings account the next interest is due the middle of june...does anybody know whil i get this interest as the cashsave accounts are closing down?

Upon closing the account they'll apply any interest due to you up to the date it closes and add it to your account so you wont loose anything.

dublin daz

thebourke wrote: »

i was getting a small amount of interest (30e approximately)every 3 months on my aib cashsave...i was using the cashsave account as a savings account the next interest is due the middle of june...does anybody know whil i get this interest as the cashsave accounts are closing down?

You know if you use the Cashsave as a deposit based account AIB can convert it to a savings account and therefore you will avoid fees?

The only cashsave accounts being migrated are those operated as current accounts i.e. use of Debit Cards and Direct Debits.

AIB offer deposit accounts with ATM cards but no Direct Debit facility.

Also, the deposit based accounts usually pay more than the cashsave has in the past.

Necronomicon

Called into my local UB branch today. It was near closing so I made an appointment about transferring for later in the week. Without prompting her the cashier brought up the fees issue, talked about how they offer free banking though there was no guarantee that this won't change in the future.

I'm not too worried though - if they do introduce fees in the future I'll evaluate the situation again, and in the meantime I'll have gotten another few months/years of free banking. Hopefully in the scenario that they do introduce fees, they'll be structured fairly. I reckon if I was a BOI customer I would have stayed with them when they introduced fees, but AIB's are just ridiculous to me.

wmpdd3

Arranged for the current account to be closed on friday, everyone in the queue was closing their accoint too. Lady just asked for a reason 'for the comments box', i said 'expensive tranaction charges'. She asked did i mean end of free banking and i said no, if there was a reasonable flat rate for electronic transactions i would have stayed. All she said was 'interesting'.