# AIB change Conditions for Free Banking



## Lightning

AIB are changing the conditions for free banking from May 28th 2012.

The new condition is:
"Maintain a minimum daily credit balance daily of 2,500 EUR each day for a full fee quarter". 

The fee quarter ends on the last business day, that is a Friday, in February, May, August and November.


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## uptomyeyesin

So thats the end of free banking? Great, I will have to start paying real attention now to how to reduce fees. 
I have a second current account that always gets hit with charges but because I dont use it much, its usually only less than €5 charges per quarter.


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## jhegarty

So you need to have €2,500 in your account every day , never going under this ?


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## PolkaDot

That is ridiculous. Hopefully BOI don't do the same. It's currently handy enough to just do 9 online transfers a quarter.


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## PolkaDot

With BOI you have to receive €3k into your account each quarter (but not maintain a minimum balance) and do 9 online bank transfers each quarter.

See here: http://www.askaboutmoney.com/showthread.php?t=21774

Their online banking is also fairly good. I have never used the AIB online banking. BOI don't have a mobile app yet though, which I see that AIB recently released.


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## PaddyW

Unbelievable, the one good thing they had left and now it's all gone. Time to find ways of cutting down the fees then!


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## STEINER

I have accounts with AIB for 20 years, I don't fancy switching banks or keeping 2.5k in current account.  My AIB current account charges are about 80euro pa but refunded each quarter under free banking.  2.5k in their online savings ac gets me about 50euro pa interest after DIRT, so the end of AIB free banking for me means about 30 euro pa cost which is reasonable.


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## Sue Ellen

I think its dreadful telling people over 60 to apply for an AIB Advantage account to avail of free banking and then leading on to say the following:

"To avail of these additional benefits you must advise staff at the time of each transaction that you are an AIB Advantage customer. The additional financial benefits are only available on face to face transactions undertaken
at the branch and cannot be applied for in any transactions undertaken at ATM, AIB Self-Service Banking or through any other electronic means."

They are also applying the same face to face transactions rule to student accounts.

They are cutting back on staff, have closed branches and now introduce this stupid rule.


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## STEINER

AIB's latest fees/charges for personal customers.

[broken link removed]


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## Gondola

Account must be in credit of 2,500 for a full Quarter in a year, correct? 
So are they debiting the banking cost first, and then - provided u meet the conditions outlined - are they refunding?


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## Alias

So who has the most reasonable free banking conditions at the moment? My coworker is recommending Ulster Bank...

Gondola, I checked my account and the refund seems to come through before the debit.

ETA Checking out the link about now, and reviewing my options!


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## boomboom4780

After reading through the latest AIB Fees & charges, I don't see any mention of joint accounts. Does anybody know if a joint current account will need to have 2500 in the account at all times as well?

Cheers


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## AlbacoreA

I think Ulster bank is going to be suddenly busy.


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## TarfHead

PolkaDot said:


> BOI don't have a mobile app yet .


 
True, but it's on the way.

Free banking became a source of competitive advantage in the good times. The good times are gone. The competition is gone. Back to how it once was.


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## Sunny

It's not so easy to switch current accounts these days. This is turning into a competition problem just like mortgages. Might be time for the strongest and safest credit unions to be allowed access to the market if banks aren't willing to facilitate new customers. Having said that, the days of free banking are fast coming to a close for everyone. It only works when banks make money off other provided services to customers like loans. Those days have gone.


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## AlbacoreA

I can see the Ulster bank turning it off once they grab a load of AIB customers.


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## Brendan Burgess

I don't see the point of free banking. If the bank offers you something cheap, they are making it up some other way.

Take the thousands of people who switched to Ptsb to avail of free banking. As they were with ptsb, they probably bought other services from them. If they took out a variable rate mortgage with them, they are now paying around €300 per month more than average. That is €300 per month, every month. 

I have looked at my AIB account, which would be busy enough. 



Account maintenance| €4.50 
43 automated/self service transactions at 20 cents each |€8.60
14 paper/staff assisted transactions @ 30  cents each  |€4.20
Total for a quarter | €17.30Rough annual cost: €70 

Steiner above estimates his fees at €80 per annum, so it's probably representative enough.

That is not a high cost for supplying a current account service including access to cash machines. 

I don't know what the fuss is about. 

(And I will be saying that on the 6.1 News on RTE TV tonight) 


I would much prefer if the prices charged were linked to the costs incurred.


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## Time

It is only a matter of time before UB stop free banking.


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## pator

Time said:


> It is only a matter of time before UB stop free banking.


 
Do you have a source for this? Or inside info or work for the bank?  Or is it just a guess?


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## uptomyeyesin

Brendan Burgess said:


> I don't see the point of free banking.



Does this not count as going off topic  

Its not about whether you agree with free banking, just discussing that AIB are changing their terms.


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## Lightning

uptomyeyesin said:


> So thats the end of free banking?



No, Ulster still offer free banking. Free banking is still possible, subject to conditions, with all other banks, except NIB.



uptomyeyesin said:


> Great, I will have to start paying real attention now to how to reduce fees.
> I have a second current account that always gets hit with charges but because I dont use it much, its usually only less than €5 charges per quarter.



You can reduce that to zero.



cashier said:


> That is disgusting, how many people can leave that much money lying idle in a current account



It is excessive to leave 2,500 EUR in your account. You are forgoing interest in a savings account.



cashier said:


> Is there any other Irish bank that offers free banking or at least reduced charges for the ordinary punter



Ulster Bank for now. 



jhegarty said:


> So you need to have €2,500 in your account every day , never going under this ?



Yes, exactly. 2,500 EUR each and every day.



PaddyW said:


> Unbelievable, the one good thing they had left and now it's all gone. Time to find ways of cutting down the fees then!



or switch bank.



Gondola said:


> Account must be in credit of 2,500 for a full Quarter in a year, correct?



Yes, a full billing quarter. 



Gondola said:


> So are they debiting the banking cost first, and then - provided u meet the conditions outlined - are they refunding?



Yes, on the same day.



Alias said:


> So who has the most reasonable free banking conditions at the moment? My coworker is recommending Ulster Bank...



Yes, Ulster for now.



pator said:


> Do you have a source for this? Or inside info or work for the bank?  Or is it just a guess?



The Sunday Times said that Ulster might end free banking. However, this might only apply for new Ulster customers from a future date. This is the way PTSB applied fees. i.e. the fees only applied to new customers.



Brendan Burgess said:


> I don't see the point of free banking. If the bank offers you something cheap, they are making it up some other way.
> 
> I would much prefer if the prices charged were linked to the costs incurred.



I see your points Brendan and agree but I think one also needs to consider the profit to the bank form their current accounts. 'Free' retail bank accounts are still profitable, and in some cases hugely profitable for banks. 

For example, banks pay 0% interest to the customer, with a current account, while the bank invests the money in deposits and money market funds at a higher rate. 

I would be happy to pay reasonable fees but only if the bank pays me reasonable interest on positive balances in my current account. 

Anyway, as the option exists to get free banking, consumers should seek to avail of that option !!


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## Cedrina

The main problem I have with this change is, if you are going to make 60% of your customers pay to use your services, why not go the whole hog and make everyone pay.  Surely 100% fee paying customers is the ideal sceanrio as opposed to 60% if you need to recoup costs?  While I may have 2,500 to sit in my current a/c everyday for the quarter, I'm certainly not going to do for zero % since they stopped paying interest on credit balances.  By the way which a customer service representative (who called me to see if I needed help) tried to convince me I was not getting in the first place.  Time to move methinks, I've paid AIB enough over the last 25 years, time to give someone else a go even if I still have to pay fees.


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## Brendan Burgess

CiaranT said



> I would be happy to pay reasonable fees but only if the bank pays me  reasonable interest on positive balances in my current account.



I think that this is a valid point which is an extension of the point I was making.

The charges should be linked to the costs. And the payments should be linked to the income to the bank.

So let the banks charge for transactions but pay interest on balances. 

The reality is that the charges only recover a very small portion of the costs of running a current account system.

I am amazed by the reaction.  People will close their AIB accounts to move to a bank which also charges but which probably has an inferior service.


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## theresa1

PolkaDot said:


> That is ridiculous. Hopefully BOI don't do the same. It's currently handy enough to just do 9 online transfers a quarter.


 



I agree - BOI will take some of AIB's customers now - no doubt about it.


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## uptomyeyesin

It won't be enough for me to change, the hassle of changing loands/mortgage etc to another account would be too much. But I will definitely look at minimising the costs e.g. limiting withdrawals, use of laser card which I use freely now. On my main account I get a charge of approx €30 per quarter, refunded. I will look to reduce that down as much as I can now.


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## PaddyW

I'd love to be able to switch bank Ciaran T, but same as uptomyeyesin above, the hassle of changing mortgages, credit cards, loans etc is too much. I will just use my laser card and internet banking less often!


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## Sunny

uptomyeyesin said:


> It won't be enough for me to change, the hassle of changing loands/mortgage etc to another account would be too much. But I will definitely look at minimising the costs e.g. limiting withdrawals, use of laser card which I use freely now. On my main account I get a charge of approx €30 per quarter, refunded. I will look to reduce that down as much as I can now.


 


PaddyW said:


> I'd love to be able to switch bank Ciaran T, but same as uptomyeyesin above, the hassle of changing mortgages, credit cards, loans etc is too much. I will just use my laser card and internet banking less often!


 
Switiching current accounts is easy. The banks do everything for you. Even if something went wrong and a DD went wrong because of the switch, you would not suffer financially as the banks are responsible.

The problem with switching at the moment is getting a bank to give you a current account at all. 

As for the introduction of charges, there are a couple of problems with AIB's statement. They claim is due to the cost of providing cash. Well then, why are they charging for debit card use considering they already charge the retailer merchant fees? Why are they charging for standing orders and direct debits that happen automatically and there is no manual intervention unless something goes wrong? Why are they charging for on-line banking transactions? Especially when they are going to be charging a quarterly maintenance fee on top of transaction charges. 

By all means, charge people for using ATM's, Branch and telephone services and that way we might become less reliant on cash and cheques just like the banks and Government want us to.


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## Leper

munstershug said:


> Banks have once again demonstrated a complete lack of consideration for their customers. Brendan is correct when he says that they make their profit from other products - but this to me just undermines the argument for ending free current accounts.
> 
> For example I became an AIB current account customer 10 years ago when I got a mortgage with them. Purely for convenience since then I have taken out and repaid two car loans and opened multiple online savings accounts (interest rates were comparable to elsewhere)
> 
> However I will close my current account and move elsewhere rather than be taken for a granted once again by a bank. Hence all future online savings and car loans etc. will more than likely go with a bank that provides the most competitive current account. I am ,sorry was! a profitable customer for AIB, I almost never use a bank counter, do all my banking online, have never missed loan repayments etc. etc. So hopefully the initial revenue they gain may well be overtaken by the lost profits from other products - we live in hope!!
> 
> We should start a movement to encourage as many AIB customers as possible to move their current accounts. At least a small effort towards teaching a bank a lesson?


 
I am with AIB since 1970 and I am not going to pay fees just to keep some college graduate "justifying" his/her existence in the bank. Neither can I afford to keep €2500 continuously on "deposit." I'm changing my account to cheaper banking and I am not waiting until May 28th. I'm moving within a few days. The €90 charge is ludicrous especially when you see what you have to earn (after tax, usc, prsi, levies, etc). Goodbye AIB and it's not Adios.


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## uptomyeyesin

I disagree that its easy to switch. The money laundering docs you have to provide are a pain in the proverbial. From opening a Rabo account a couple of years ago I remember I had to fill in a form, get a stamped copy of an ID and proof of address/current bill.


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## Sunny

uptomyeyesin said:


> I disagree that its easy to switch. The money laundering docs you have to provide are a pain in the proverbial. From opening a Rabo account a couple of years ago I remember I had to fill in a form, get a stamped copy of an ID and proof of address/current bill.


 
That's setting up an account. You said switching was the problem because you have to change all your DD's individually. You don't.

If you don't think filling out a form, providing a form of ID and a current bill is not worth the hassle for saving approx €90 a year, then that is up to you.


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## dec1892

uptomyeyesin said:


> It won't be enough for me to change, the hassle of changing loands/mortgage etc to another account would be too much. But I will definitely look at minimising the costs e.g. limiting withdrawals, use of laser card which I use freely now. On my main account I get a charge of approx €30 per quarter, refunded. I will look to reduce that down as much as I can now.


 

Whats the best way to go about so of keeping this quarterly charge at a minimum??

Also, can anyone confirm that there will be no charges on savings accounts at AIB? I have 2 different savings accoutns with them at the moment......


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## ClubMan

dec1892 said:


> Whats the best way to go about so of keeping this quarterly charge at a minimum??


Pages 7 to 9:

[broken link removed]


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## Mongola

cashier said:


> That is disgusting, how many people can leave that much money lying idle in a current account



According to AIB, this applies to 40% of their account holders...which I absolutely don't believe!


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## mehaul

From the "Guide to Fees and Charges for Personal Accounts", Page 6 (Page 8 of the PDF). Account transaction fees may also apply:

"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"

So does this mean that when I transfer money from my AIB Current account to my Rabo Direct Savings account, I get charged €25.39 each time?? Plus a €0.20 transaction charge? And another €0.20 when I transfer money back??

And if I transfer money to a friend who's loaned me cash on a night out I'll be charged either €12.70 or €25.39 plus €0.20???

Yeeeeikes!

I do a lot of this kind of transferring, but do it all exclusively online, never in branch or over the phone.

I don't like the idea of setting bills up for direct debit - I prefer paying bills when I choose (and when I know the funds are there!!) but it doesn't look like it's any cheaper to DD than go and pay online manually. Is the only way of reducing this by Paying all bills by Credit Card and then paying the Credit Card bill in on €0.20 transaction? Or are CC transactions going to be charged at €0.20 a go now too?


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## TarfHead

mehaul said:


> So does this mean that when I transfer money from my AIB Current account to my Rabo Direct Savings account, I get charged €25.39 each time?? Plus a €0.20 transaction charge? And another €0.20 when I transfer money back??


 
I'm not a customer of AIB, but assume a Same Day Value Payment to be a premium service, hence the premium charge. A transfer from an AIB account to a RABO account, for something later than same day value, would incur the 20c charge (if you don't meet the criteria for free banking).


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## pator

uptomyeyesin said:


> I disagree that its easy to switch. The money laundering docs you have to provide are a pain in the proverbial. From opening a Rabo account a couple of years ago I remember I had to fill in a form, get a stamped copy of an ID and proof of address/current bill.


 
 
Are you being serious? 

If someone is against the charges then an option is to switch,  too easy to say that one is against the charge and happy to write about it here but not happy to spend some timeopening a new account. 

I gotta think you were being flipant when you said you had to fill in a form - hardly a herculian task and understandable that a new business would new some details of their customers,
- bills I have loads of them
- stamp id,  ok gotta pop in to station but only takes minutes

Being for or against the charges is one thing,  opening an account hardly a pain in the greater scheme of things


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## pc7

I just rang my branch there to complain, I said if you get enough agro will you roll back. She said they have been told today to log the complaints, so get onto your branch and complain, it might work!

I said the amount of 2500 is extortionate and if I had it why would I keep it in an account with no interest. She said she wouldn't even have it herself. But that they are bringing themselves in line with other banks. (this seems untrue as Ulster seem to have zero fees) She said I would have to cancel and reset up all my direct debits on my current and joint account. (again it seems Ulsters switching team can do this).


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## Time

Switching is not that easy. When I switched away from AIB many of the DD's did not switch as the providers would not accept the information provided by the new bank. Cue me having to set up new mandates with each company. 

The only thing that switched properly was the end balance at AIB to UB.


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## Joe Nonety

Can't complain, it was good while it lasted.
Some of the ideas that banks brought in during the boom were loss making such as free banking and tracker mortgages, so it's only right that they've gotten rid of such terrible business practices.


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## kceire

Im leaving AIB now. My 1/4 fees are always over €30 and this terms (26th Nov - 24th Feb) they were €31.10. (currently free so fees were returned)

So that leaves me with an approx annual charge of €125.

I went along with the green choice, no bills, online transactions etc etc laser card and no paper statements, but to get it thrown back in your face, bye bye AIB.


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## Lightning

mehaul said:


> From the "Guide to Fees and Charges for Personal Accounts", Page 6 (Page 8 of the PDF). Account transaction fees may also apply:
> 
> "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"
> 
> So does this mean that when I transfer money from my AIB Current account to my Rabo Direct Savings account, I get charged €25.39 each time?? Plus a €0.20 transaction charge? And another €0.20 when I transfer money back??
> 
> And if I transfer money to a friend who's loaned me cash on a night out I'll be charged either €12.70 or €25.39 plus €0.20???
> 
> Yeeeeikes!
> 
> I do a lot of this kind of transferring, but do it all exclusively online, never in branch or over the phone.



This fees are for guaranteed same day transfers. 

You get charges 20 cent per electronic transfer and 30 cent per manual transfer plus 4.50 EUR per year.



mehaul said:


> I don't like the idea of setting bills up for direct debit - I prefer paying bills when I choose (and when I know the funds are there!!) but it doesn't look like it's any cheaper to DD than go and pay online manually. Is the only way of reducing this by Paying all bills by Credit Card and then paying the Credit Card bill in on €0.20 transaction? Or are CC transactions going to be charged at €0.20 a go now too?



Paying your credit card bill will cost 20 cent, if done electronically.


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## Lightning

From reading this thread, reading similar threads on boards.ie and talking to friends, it is clear that a significant number of customers are planning on closing their AIB account and switching. 

If you are going to switch, the sooner you start the process, the better, to ensure your AIB account is fully closed by May.


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## uptomyeyesin

pator said:


> Are you being serious?


Deadly  
Just being honest I guess, charges would not upset me enough to move my account. Too much hassle for me. 
Fair play to those who vote with their feet


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## potnoodler

pator said:


> Are you being serious?
> 
> If someone is against the charges then an option is to switch,  too easy to say that one is against the charge and happy to write about it here but not happy to spend some timeopening a new account.
> 
> I gotta think you were being flipant when you said you had to fill in a form - hardly a herculian task and understandable that a new business would new some details of their customers,
> - bills I have loads of them
> - stamp id,  ok gotta pop in to station but only takes minutes
> 
> Being for or against the charges is one thing,  opening an account hardly a pain in the greater scheme of things



From someone who has has opened a out 5 current accounts in the last 7 years , it is not made easy at all , it is more then forms and proof of address , As happens the last one I opened was ub after Halifax legged it , and then I HAD to come in for an interview/meeting so they could discuss options but I had to go in during bank hours


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## Lightning

potnoodler said:


> From someone who has has opened a out 5 current accounts in the last 7 years , it is not made easy at all , it is more then forms and proof of address , As happens the last one I opened was ub after Halifax legged it , and then I HAD to come in for an interview/meeting so they could discuss options but I had to go in during bank hours



Bank hours with Ulster now include Saturdays. 

I think you might now be able to do the whole process with Ulster online and by post rather than in-branch.


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## pator

uptomyeyesin said:


> Deadly
> Just being honest I guess, charges would not upset me enough to move my account. Too much hassle for me.
> Fair play to those who vote with their feet


 

Oh, ok, thats different, I misunderstood you, thought you wanted to change but not the minor hassle of a new account. 

Anyone that is happy to pay the charges has no issue or concern with the changes to charges.


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## spinmaster

If I move my current account with AIB to another bank, can I still  maintain their other accounts (Regular Saver, Online Notice Deposit A/C). Can I withdraw money from these without having a Current Account?


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## Lightning

spinmaster said:


> If I move my current account with AIB to another bank, can I still  maintain their other accounts (Regular Saver, Online Notice Deposit A/C). Can I withdraw money from these without having a Current Account?



Most AIB account types require you to have a current account with AIB. Hence, you will need to close all the AIB accounts if you close your current account.


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## castleforbes

Why did no one cause a outcry when BOI increased their range of fee's on accounts.  Banking used to be free, but now to give the taxpayer a return, they have to reintroduce fee's that were cut in the good times.

Does any other business provide a service for free?


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## pator

castleforbes said:


> Why did no one cause a outcry when BOI increased their range of fee's on accounts. Banking used to be free, but now to give the taxpayer a return, they have to reintroduce fee's that were cut in the good times.
> 
> Does any other business provide a service for free?


 
There was somewhat of an outcry - the B of I didnt have such stringent conditions in that whilst you have to lodge 3k over the charging quarter you dont have to maintain a minimum balance to avoid the charges provided you do 9 online transactions . So if people want to avoid the charges they just have to remember to do at least 9 transaction (and this forum usually has a reminder near the end of the quarters). Ten page thread on the b of i charges here -- http://www.askaboutmoney.com/showthread.php?t=148721&page=10

Others here are more qualified to contribute to your points on giving tapayer a return (for me not sure thats the rationale) and providing services has been discussed above with regard to the fact that as its a zero interest accout they have free use of the money whilst charging for the customer to use it. This point about a balance between the two has been discussed above by the mods


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## Lightning

castleforbes said:


> Does any other business provide a service for free?



'Free banking' is not free !!

For example ...


Banks pay you zero interest, but invest your deposit, or loan your deposit, frequently at a high rate. 
Banks charges retailers each and every time you use your card. This pushes up retail prices which you ultimately pay. 
Banks charge huge FX margins with non-EUR transactions. 
Banks charge huge fees to access your cash abroad.

The service is anything but free. One aspect of it is free but you ultimately pay through stealth tactics.

Again, 'free banking' is highly profitable for retail banks for the above mentioned reasons and other reasons. 

Consumers should not tolerate paying fees on top of zero interest and other stealth charges. Switch.


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## castleforbes

CiaranT said:


> 'Free banking' is not free !!
> 
> For example ...
> 
> 
> Banks pays you zero interest, but invest your deposit, or loan your deposit, frequently at a high rate.
> Banks charges retailers each and every time you use your card. This pushes up retail prices which you ultimately pay.
> Banks charge huge FX margins with non-EUR transactions.
> Banks charge huge fees to access your cash abroad.
> 
> The service is anything but free. One aspect of it is free but you ultimately pay through stealth tactics.
> 
> Again, 'free banking' is highly profitable for retail banks for the above mentioned reasons and other reasons.
> 
> Customer should not tolerate paying fees on top of zero interest and other stealth charges. Switch.




Point 1: the banks use deposits to issue lending.
Point 2:Banks have to pay interbank lending rates which very day to day
Point 3: Banks provide a service where business do not need to hold cash on their premises.  
Point 4: FX margins can be hedged against just like ryanair and fuel


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## DrMoriarty

castleforbes said:


> Point 1: the banks use deposits to issue lending.
> Point 2:Banks have to pay interbank lending rates which very day to day
> Point 3: Banks provide a service where business do not need to hold cash on their premises.
> Point 4: FX margins can be hedged against just like ryanair and fuel



Point 1:  ...on which they make further profit.
Point 2: ...and which they build into their own lending rates.
Point 3: This is one of the reasons why they typically charge business customers far more than private customers.
Point 4: The fees referred to have nothing to do with currency fluctuations, against which all banks "hedge" very profitably indeed in setting their daily FX rates.

+1 to CiaranT's points.


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## castleforbes

you should not re edit my answers


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## DrMoriarty

OK, fixed.


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## Kkma

A few questions relating to this topic - I'm actually really upset about the new fees situation as money is pretty tight here. Sorry if this should be a new thread rather than sticking it on the end of this one.

Just wondering if you have a personal loan with AIB can you still switch your current account to another bank?

I was looking at BoI current account and wondering if I'm right in thinking total lodgements adding up to 3000 a quarter plus 9 phone/internet banking transactions will qualify for free banking? As in as long as the lodgements are made the money can be used as opposed to AIB wanting there to be a constant balance of 2500?

 I'm reluctant to actually close my AIB a/c as I've had it for 18 years and have a vague notion that having the same account is beneficial to me in some way perhaps when applying for a mortgage or something. I've had a personal loan with AIB, a car loan, and a visa card and a substantial overdraft facility all at different times and I've got a good record with them so should I keep it open and suck up the fees/ keep it open and barely use it?


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## vfillafan

I would have assumed that the AIB if it was in trouble finaincially would have stopped all the bonuses and perks (like free golf club memberships) before targeting the customer. They obviously dont want to stay in business. The annual charges are not large eh? Well it is similar in amount to the Household charge and look at the opposition to that! 

I for one will be looking at switching banks. If the AIB wants to sy in business then it needs customers. I say "consumer vote with your feet"....


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## Lightning

Kkma said:


> Just wondering if you have a personal loan with AIB can you still switch your current account to another bank?



You should be able to. 



Kkma said:


> I was looking at BoI current account and wondering if I'm right in thinking total lodgements adding up to 3000 a quarter plus 9 phone/internet banking transactions will qualify for free banking?



The conditions for BoI are here:



> Day-to-day banking:
> €11.90 per quarter for the first 90 transactions and then €0.28 per transaction thereafter
> OR free if you comply with the below conditions:
> (1) Maintain a balance of at least €3,000 every day during the 'BoI billing quarter'.
> The BoI "quarter" is defined by BoI as a "billing quarter" and does not correspond to a calendar quarter and does not start at the start of any particular month. The "billing quarter" periods vary from year to year.
> OR free if you comply with the below conditions:
> (1) Make at last 9 debits online/via telephone banking each 'BoI billing quarter'. 9 transactions does not include standing orders and direct debits when calculating a number of transactions. Transaction counting method does not include transfers to BoI accounts or 'internal transfers', the transfers must be to external accounts.
> AND
> (2) Lodge at least €3,000 to the account during the 'BoI billing quarter'.



Ulster Bank, currently, have condition-free, free day-to-day banking. 



Kkma said:


> As in as long as the lodgements are made the money can be used as opposed to AIB wanting there to be a constant balance of 2500?


 
With AIB you need a balance of at least 2,500.00 EUR each and every single day. 
With BoI you need 3,000.00 EUR each and every single day OR comply with the alternative conditions above. 



Kkma said:


> I'm reluctant to actually close my AIB a/c as I've had it for 18 years and have a vague notion that having the same account is beneficial to me in some way perhaps when applying for a mortgage or something. I've had a personal loan with AIB, a car loan, and a visa card and a substantial overdraft facility all at different times and I've got a good record with them so should I keep it open and suck up the fees/ keep it open and barely use it?



Banks will generally accept evidence of a savings record from any bank.


----------



## Lightning

vfillafan said:


> I for one will be looking at switching banks.



Act fast. The whole switching process will take weeks from accounting opening to AIB account closure. Your AIB account needs to be closed by May to avoid fees.


----------



## kimmage

castleforbes said:


> Why did no one cause a outcry when BOI increased their range of fee's on accounts.  Banking used to be free, but now to give the taxpayer a return, they have to reintroduce fee's that were cut in the good times.
> 
> Does any other business provide a service for free?



I thought the same. I wondered why AIB was the villain on every news channel in Ireland and paper etc.

Its a business and its purpose is to return profits. Its not a charity.


----------



## DrMoriarty

Oh, I don't know. They can be charitable enough...

http://www.independent.ie/business/irish/bailedout-aib-to-pay-top-staff-40m-bonus-2454086.html
http://businessetc.thejournal.ie/ai...alary-above-e500000-threshold-236537-Sep2011/
http://www.thejournal.ie/aib-staff-in-line-for-promotions-and-salary-rises-275606-Nov2011/
http://www.thejournal.ie/aib-still-paying-millions-for-staff-gym-and-golf-club-fees-371875-Mar2012/

I don't mean for a minute to suggest that BoI are any better, or that AIB are not entitled to withdraw their fee-free banking. I presume they won't mind if minnows like me withdraw their custom.


----------



## Lightning

DrMoriarty said:


> http://www.thejournal.ie/aib-still-paying-millions-for-staff-gym-and-golf-club-fees-371875-Mar2012/



I like this quote from Ann Fitzgerald, the NCA chief executive ...



> The bank wins if we as consumers accept this. The bank does not win if we as consumers look at our other options and move our money to wherever suits us best.


----------



## kimmage

DrMoriarty said:


> Oh, I don't know. They can be charitable enough...
> 
> http://www.independent.ie/business/irish/bailedout-aib-to-pay-top-staff-40m-bonus-2454086.html
> http://businessetc.thejournal.ie/ai...alary-above-e500000-threshold-236537-Sep2011/
> http://www.thejournal.ie/aib-staff-in-line-for-promotions-and-salary-rises-275606-Nov2011/
> http://www.thejournal.ie/aib-still-paying-millions-for-staff-gym-and-golf-club-fees-371875-Mar2012/
> 
> I don't mean for a minute to suggest that BoI are any better, or that AIB are not entitled to withdraw their fee-free banking. I presume they won't mind if minnows like me withdraw their custom.



Thanks! lots of clips there.

I think its a personal choice, if someone is happy with the service they receive from an Irish Bank the price will be negligible.  Others may find they are not willing to pay for the service and switch to the only fee-free bank in Ireland which is not Irish.

The bank cite transaction processing charges as a significant factor in their consideration for the reintroduction of fees.  If people do leave because of this perhaps AIB will reduce those transaction processing fees and so overall cut costs.  I dont know the ins and outs of this but I am sure AIB had considered this before they introduced fees.  They done a similar U turn on fees around 2003/04 (I think) and they didn't collapse - people went for NIB and PTSB at that time for their free-alternative.

I think if you consider this in the current context it may be acting in haste - I have been told the alternative is to introduce fees later this year.  I have no proof of this yet.  Like the PTSB example earlier.

The offered an alternative to the AIB fees - now PTSB charge a flat fee of €12.

The cost of convenience here is switching banks and not just the annual / quarterly fees.

I just think its personal really.  I would consider the entire arrangement before moving banks.


----------



## Henrys Cat

May or may not be a silly question but can you switch banks if you currently have a loan out. Can you transfer the loan account with your current/deposit account?


----------



## boomboom4780

CiaranT said:


> Act fast. The whole switching process will take weeks from accounting opening to AIB account closure. Your AIB account needs to be closed by May to avoid fees.


 
Hi, has anybody left AIB to move to another bank recently?

I could do with some advice on my situation:

I have 3 AIB savings accounts that are due to accrue interest on April 1st and have also recently got a mortgage in principal from AIB that we will be hopefully drawing down on in the middle of May.

I have been in contact with the bank regarding the issues with fees on joint current accounts and unfortunately the fees will be charged on joint account as well if 2,500 is not left in joint account at all times. 
This means I will need to leave 2,500 in my own account, the other half will need to leave 2,500 in her account & we will also need to leave 2,500 between us in our joint account.

I want to close my AIB accounts & move to Ulster or BOI but still plan to go ahead and draw down the mortgage from AIB but am reluctant to close any of my accounts before doing so incase this jeopardises the deal in principal.
If I draw down the mortgage in middle of May & then close all my AIB accounts before the 25th of May will I be liable for any fees owed?

Any advice would be much appreciated.


----------



## AlbacoreA

Personally I'd wait to see if the other banks increase their fees. Be a pain to move all the acccounts only to find the others match the charges on AIB, or close enough to make no difference.


----------



## boomboom4780

AlbacoreA said:


> Personally I'd wait to see if the other bands increase their fees. Be a pain to move all the acccounts only to find the others match the charges on AIB, or close enough to make no difference.


 
Thanks for the reply. I've never had a problem with AIB, am over 20yrs saving with them but I can't justify or afford to have 7,500 from the household sitting idle in the current & joint accounts.

I can take a one off hit on the fees for the 1st quarter before closing my accounts if I don't get to close them in time but I will definitely have to leave & move to BOI or Ulster were the conditions of the free banking are much more achievable as I use 24hour banking alot.

Thanks, BB


----------



## AlbacoreA

I guess it comes down to the cost of the transactions for each individual. I don't make that many myself.


----------



## 44brendan

BoI requirement for free banking is quite stringent. UB are currently the best in the market, but personally I can't see that continuing. Provision of "free banking" makes no sense commercially for a bank. It is a legacy of the "silly season" where marketers dictated bank pricing policy. I don't see UB continuing with their practise as provision of a banking service is expensive and they are likely to amend their policy in line with other banks.


----------



## Sue Ellen

Have there been any developments on the Sunday Times article a few months back about Ulster Bank ending free banking?


----------



## Lightning

Sue Ellen said:


> Have there been any developments on the Sunday Times article a few months back about Ulster Bank ending free banking?



No news. 

Ulster with either
(1) Not introduce fees or
(2) Introduce fees for new customers only or
(3) Introduce fees for all customers. 

I think Ulster will 
(1) Wait a while and 'land grab' AIB customers over the next few weeks/months and
(2) Then introduce fees for new customers only. 

Why?

PTSB could not retrospectively apply fees to their legacy 'Switch' customers as it would have violated the sales documentation for this product.

NIB could not retrospectively apply fees to their legacy 'FreeBank' customers (not 'Easy' customers) as it would have violated the sales documentation for this product.

Similarly, the existing Ulster 'Step Account' is clearly stated as a "Transaction fee free banking" account. People have opened it on this basis. Hence, like old legacy 'NIB FreeBank' and 'PTSB Switch' accounts, which still do not carry fees, I think Ulster Bank will struggle to introduce fees to 'Step' customers as it is likely to violate the sales documentation. (I would think)

All the more reason to switch now while 'Step' accounts are still available.


----------



## Kkma

CiaranT said:


> You should be able to.
> 
> 
> 
> The conditions for BoI are here:
> 
> 
> 
> Ulster Bank, currently, have condition-free, free day-to-day banking.
> 
> 
> 
> With AIB you need a balance of at least 2,500.00 EUR each and every single day.
> With BoI you need 3,000.00 EUR each and every single day OR comply with the alternative conditions above.
> 
> 
> 
> Banks will generally accept evidence of a savings record from any bank.


 
I was looking up the BoI website and I couldn't see anything that said the nine transactions have to be to external accounts?


----------



## Lightning

Kkma said:


> I was looking up the BoI website and I couldn't see anything that said the nine transactions have to be to external accounts?



Your are right, they do not need to be external accounts. 

BoI orginally said they need to be external accounts but then changed this to also allowing internal accounts. 

I have made this point clear in the best buys.


----------



## Threadser

Which bank did you move to?


----------



## zag

I spent the last few months moving *to* AIB, after several decades of banking with BoI.

I closed out my current, credit & savings accounts with them.  It all started with getting an AIB mortgage a while back.  The AIB customer service seemed good compared to BoI, but not good enough to move everything.  Subsequently when we asked BoI for some investment advice on something, the guy who came to our house wasn't even in the slightest bit interested in finding out our situation, made loads of incorrect assumptions, didn't listen to our corrections and was effectively (and as expected) just a salesman trying to flog his wares.  Again though, not enough to get us to close everything out.

What started the switch was a conversation with someone where they talked about their AIB visa that gave them 0.5% back on their purchases.  Ever since Amex Blue (with 1% back) went away, I had been meaning to look for a replacement but was typically lazy.  I went along to AIB, got the form, filled it in, supplied the usual documentation and a few weeks later my new card was set up.  It took a short while to switch the few direct debit & repeat payments that we had setup on the credit card, but soon everything was sorted.

Then I started thinking about moving the current account too - AIB *was* free and I met the BoI terms for free banking also, so there was no difference there.  Switching was relatively straight forward - I did it myself as I didn't trust the banks to do it properly.  It was easy - just contact the various utilities that had my payment details and ask to update them (involving a new form for the direct debits & standing orders).  It did take about 2 months for everything to flush out.  Once the last transaction was cleared on the BoI stuff, I sent them in a letter saying "I want to close this account, that account and the other account" and that was that.

Relatively painless.

And then AIB introduced their fees.  Bah.

I'm not going through the process all over again to move everything back, but the 0.5% cashback will be largely used up paying the fees instead of going into my pocket.

Hey ho.

The moral of the story is - it's not that much trouble to switch.  Just stay focused, check the details, be thorough.  Oh, and don't do like I did and give your payroll department the wrong bank account number.  It's not a fun experience thinking your salary is floating off there in the ether somewhere.

z


----------



## castleforbes

JasonBK said:


> Well I have just gone through the process of switching from AIB to another bank. Its ridiculous to think they will charge customers but still pay out bonuses etc. I've been into my new bank a number of times since opening the account and I am delighted with the service so far! Much better than AIB and its free! Wish I switched sooner.



I am AIB staff, and proud of it.  I earn around 37k.  There has been no bonus for the last 3 years, 4 this year.  Every bank will bring back fee's, it is a matter of who blinks first.


----------



## random2011

Being with AIB for almost 15 years.

These new charges are disappointing but have decided to bite the bullet and stay with AIB anyway. Have had no issues since in the past with AIB.

So how can I try to keep the charges as low as possible.

For example taking out more money in one rather than smaller mounts more frequently. Less Internet usage Etc

Not sure if it is possible but open to suggestions.


----------



## Lightning

random2011 said:


> So how can I try to keep the charges as low as possible.



One way to reduce charges ...

Use your credit card for transactions rather than your debit card. 

Your credit card is free for transactions. Just pay the full balance off each month.


----------



## Lightning

castleforbes said:


> Every bank will bring back fee's, it is a matter of who blinks first.



4 of the 5 Irish clearing banks already apply fees on the majority of their current account products. Hence, it has already happened, bar Ulster Bank. Ulster will blink, but as I have said, they may struggle to apply fees to their 'Step' customers. 

In the medium to longer term, fees will hopefully go again. A proper single European banking market will open the door to, low-cost-to-operate, internet based current accounts with zero charges akin to KeyTrade Belgium but with pan European clearing abilities.


----------



## theresa1

"I'm not going through the process all over again to move everything back" - I would - go back to BOI or go to Ulster Bank.


----------



## kimmage

CiaranT said:


> Ulster will blink, but as I have said, they may struggle to apply fees to their 'Step' customers.



Why would they struggle to introduce fees for a specific account? NIB have done this to their freebank account. Would the name not imply you got free banking and therefore be contrary to decent marketing or advertising? Didn't stop NIB.

NIB have introduced fees, I can't see why UB would have a struggle.

Unless it expressly stated you're entitled to fee-free banking for life or the duration of holding the account I don't see how they would struggle. 

At least paying fees to AIB is actually helping the Irish economy.


----------



## PolkaDot

As a BOI customer who uses internet banking a lot, I would be very disappointed if they introduced 20c transaction fees for online transactions, similar to what AIB have done.

Banks have been encouraging us to use internet banking for the last few years. Why are AIB's transaction fees for this so high?


----------



## Lightning

kimmage said:


> Why would they struggle to introduce fees for a specific account? NIB have done this to their freebank account. Would the name not imply you got free banking and therefore be contrary to decent marketing or advertising? Didn't stop NIB.



PTSB did not introduce fees for their 'Switch' customers as the account was advertised as an "account with no transaction fees". 

NIB introduced fees for their 'Easy' account customers. Are you certain that NIB also did applied fees for their 'FreeBank' customers? I have read reports that they excluded, the very old legacy, 'FreeBank' customers? 

Ulster might be able to apply fees to their 'Step' customers but it would seem to be against the sales documentation for this product which advertises this product as a "free transaction fees" product. It is possible that Ulster will exclude 'Step' customers if they introduce fees akin to PTSB. Maybe they won't.


----------



## PolkaDot

CiaranT said:


> Similarly, the existing Ulster 'Step Account' is clearly stated as a "Transaction fee free banking" account. People have opened it on this basis. Hence, like old legacy 'NIB FreeBank' and 'PTSB Switch' accounts, which still do not carry fees, I think Ulster Bank will struggle to introduce fees to 'Step' customers as it is likely to violate the sales documentation. (I would think)
> 
> All the more reason to switch now while 'Step' accounts are still available.




CiaranT, with regards to your theory above, do you feel this applies to both the "Standard" and "Step" current accounts which UB offer?
[broken link removed]

Or do you feel it only applies to the "Step" account and if so, why?

Thanks


----------



## Lightning

PolkaDot said:


> As a BOI customer who uses internet banking a lot, I would be very disappointed if they introduced 20c transaction fees for online transactions, similar to what AIB have done.



BoI already have transaction fees of 20 cent per transaction. This is only applied if you do not satisfy their T&C's.


----------



## Lightning

PolkaDot said:


> CiaranT, with regards to your theory above, do you feel this applies to both the "Standard" and "Step" current accounts which UB offer?
> [broken link removed]
> 
> Or do you feel it only applies to the "Step" account and if so, why?
> 
> Thanks



Both. 

The sales blurb clearly states:


> *Transaction fee free banking - no monthly subscription. Charges for additional services may apply.*



I could be wrong, maybe Ulster will find a way to apply fees. However, the sales blurb clearly states that the *product* offers transaction free banking.


----------



## DrMoriarty

kimmage said:


> Why would they struggle to introduce fees for a specific account? *NIB have done this to their freebank account*. Would the name not imply you got free banking and therefore be contrary to decent marketing or advertising?


Not quite. NIB are _withdrawing_ the Freebank product and compelling customers to move to a choice of fee-charging alternatives. The only option is to move, which I will do once I've got written, duly authorised confirmation that keeping the Freebank account open is no longer a condition of my tracker mortgage contract. I wrote to ask them for this last week, when "the letter" finally dropped through my letterbox.



kimmage said:


> At least paying fees to AIB is actually helping the Irish economy.


No comment...


----------



## Lightning

DrMoriarty - Thanks for the clarrification about the FreeBank product. There was a lot of confusion/conflicting reports about what NIB were doing with their FreeBank customers. Interesting how NIB could not apply the fees to their FreeBank product so they forced all customers to move to a new product. I knew NIB were doing this with their Easy cusomers but not their FreeBank customers.


----------



## tall chapy

*has the world gone mad or is it just me...*

The banks are being allowed charge you for taking *your money* out of your virtually no interest account. 
I can understand them charging for a loan/overdraft, but for you to withdraw your own money!!!
We were all sold years ago (showing my age) on the benefits & security of having an ATM card, the risk of the armoured truck being robbed was of a great one, so the benefit to the employer and the bank was great and no impact on the employee. Now that the money is automatically in our account, we now have to pay to get it out!!!!!
I say to lets go back to the days of being paid cash by our employer. Then the banks can fight over what cash I have left to save.

So going forward would the best thing to do, (as there is little chance of them going back to us being paid in cash now that we are all roped in) be to put my wages straight in to my credit card account and pay for everything from this.


----------



## Lightning

cashier said:


> internet only banks will allow customers set up an online non fee paying current accounts and then just pay for everything else by visa debit card.



Matter of time until pan European internet only banks arrive on the scene and offer real competition.


----------



## Lightning

*Examiner: AIB fees drive account holders to switch banks*

http://www.irishexaminer.com/business/aib-fees-drive-account-holders-to-switch-banks-190113.html



> Ulster Bank and Permanent TSB look set to be the main beneficiaries of AIB’s decision to introduce fees on their current accounts.
> 
> Both recorded a sharp rise in the number of people inquiring about opening or switching accounts.



An often forgotten about point here, is that long term PTSB customers, even if they  currently don't have a current account, can open a 'Switch' current account and get free banking .... 



> Permanent TSB said that since the announcement, they had received an *increase of between 30% to 40%* in the number of people looking to switch accounts.
> 
> A spokesperson for the bank said these were not people looking to open new accounts but existing customers of the bank who were now using their Permanent TSB account as their primary bank account.
> 
> Any customer of Permanent TSB that opened an account over two years ago is entitled to free banking.





> *Ulster Bank, which is the only bank in the country that offers free banking, said they had received a notable increase in enquiries since the announcement that AIB were bringing back fees.* A spokesperson for Ulster Bank said: "We have seen a notable increase in both customer enquiries and switchers."
> 
> Ulster Bank was unable to guarantee it would keep banking free into the future. A spokesperson said: "Current account fees, like all our products and services, are continually under review."



The article goes on to say that NIB and BoI are not seeing a large amounb of switching. 

*Indo: Banks charging customers up to €200 a year for current accounts*





> *Annual bank charges can vary by as much as €168*, a survey by the Irish Independent has found.
> 
> Our survey found a typical customer spends between €28 and €196 a year just to operate a current account.





> We found Ulster Bank has both the lowest and highest prices, with their standard current account cheapest to run at €27.93
> 
> Ulster Bank has seen a "notable increase in both customer enquiries and switchers" since AIB announced the end to its free banking offer, she said.



Great to see that the amount of customers closing their AIB accounts seems to be soaring.


----------



## Lightning

No problem, glad the information helped you. All you now need to do is close the AIB account before fees begin in late May.


----------



## millieforbes

I read an article in the Sunday Business Post about re-introduction of fees (I can't access it online but I think it was "Banking on Transaction Fees" in last Sunday's paper (08/04)). Something that surprised me was that transaction fees were only dropped by AIB and BOI in 2005 / 2006. I had genuinely forgotten that "free banking" was such a recent phenomenon.

As others have said, free banking is going to become more and more scarce. Here's an article about Andrew Bailey - effectively Head of the UK prudential financial regulator - arguing why he thinks free banking is bad for the consumer

http://www.thisismoney.co.uk/money/...top-mis-selling-FSAs-Andrew-Bailey-warns.html


----------



## ronaldo

CiaranT said:


> An often forgotten about point here, is that long term PTSB customers, even if they currently don't have a current account, can open a 'Switch' current account and get free banking ....


 

You're providing some good useful information here.


I've been a PTSB customer for years - could be anything up to 20 years or more and my balance is 5 cents 


I've found a statement and it says it's the CashExtra account. According to the PTSB booklet, the charges on this are:


*Cashextra Account*
• An account fee of €3.81 applies if more than 10 chargeable
automated transactions are completed per quarter.​
• A cheque book is not available with this account


I assume this means I can't open the Switch Account but can continue to use my current account with a max charge of €3.81 per quarter (and possibly nothing if I have a low number of transactions).


Is this correct? 

https://www.permanenttsb.ie/media/permanenttsb/pdfdocuments/permanent-tsb-personal-and-business-banking-charges.pdf


----------



## Lightning

millieforbes said:


> As others have said, free banking is going to become more and more scarce.



Short-term, agree.

Long-term, disagree. Long-term, (1) there will be no bricks and mortar branches. (2) There will be online only banks that offer current accounts. (3) There will be pan European cash clearing and hence real pan European current account competition.  i.e. much lower cost for the bank and far more competition. Free transaction banking will return. Look at KeyTrade Belgium for a sign of things to come.


----------



## Lightning

ronaldo said:


> You're providing some good useful information here.



Thanks. 



ronaldo said:


> I've been a PTSB customer for years - could be anything up to 20 years or more and my balance is 5 cents



Is your account dormant at this stage? When was the last transaction? 




ronaldo said:


> I've found a statement and it says it's the CashExtra account. According to the PTSB booklet, the charges on this are:
> 
> 
> *Cashextra Account*
> • An account fee of €3.81 applies if more than 10 chargeable
> automated transactions are completed per quarter.​
> • A cheque book is not available with this account
> 
> 
> I assume this means I can't open the Switch Account but can continue to use my current account with a max charge of €3.81 per quarter (and possibly nothing if I have a low number of transactions).
> 
> 
> Is this correct?
> 
> https://www.permanenttsb.ie/media/permanenttsb/pdfdocuments/permanent-tsb-personal-and-business-banking-charges.pdf



I am reasonably certain that what you have said above is correct. Your account opening pre-dates the arrival of the 'Switch' account product.


----------



## ronaldo

If there's anything that automatically makes an account dormant, mine should be. 

I'm still receiving statements though - the latest this year (and my balance went from €0.04 to €0.05 a few years ago) 

I've a NIB LTV tracker so am trying to figure out whether to just stick with their new, chargeable account or try to get onto their free servicing account and re-awakening my PTSB account.

The only thing is, I don't have an ATM card, and never had. I also don't see any ATM related charges for this account so am unsure whether one is available. I think a call to the bank is in order.

EDIT: Just noticed the other main fee on the Cash Extra account is a DD/Standing Order set up fee of €5. I think I'll either stick with the NIB product, which is a fairly sub-standard offering but guarantees my ability to keep my tracker, or else, open an Ulster Bank free account. I'm thinking the free account won't be free for long so I'll probably save a maximum of €10-€15 by doing this.


----------



## irishguy

I presume AIB will be sending out letters to affected customers to notify them of the changes?


----------



## Lightning

irishguy said:


> I presume AIB will be sending out letters to affected customers to notify them of the changes?



AIB haven't done so thus far, they may not send out letters.


----------



## Mrs Vimes

CiaranT said:


> AIB haven't done so thus far, they may not send out letters.



They surely would be on very shaky ground bringing in new charges and not even informing their customers.

Not everyone reads AAM


----------



## Renter7

I have an AIB current account that I rarely use with small cash balance in it. If I don't use the account in the quarter, will I still be charged the €4 quarterly charge? I can't see any exemption anywhere so am thinking yes. I was exempt up until recently because it was still graduate account.


----------



## Lightning

Officially speaking, yes you will be charged. 

However, I have read here before that if there are zero transactions and a static balance for the quarter then you are not charged the ´maintenance fee´. 

Might be best to check with AIB or just close the account.


----------



## Lightning

Has anyone received a letter informing them of the charges that apply from next week? 

Are AIB able to change fees without writing to all effected customers?


----------



## irishguy

CiaranT said:


> Has anyone received a letter informing them of the charges that apply from next week?
> 
> Are AIB able to change fees without writing to all effected customers?



Nope


----------



## Brussels

A bank is not obliged to send out letters advising of new fees - they must put an ad in the national press at least two months in advance of the new fees applying


----------



## The Oggster

Has anyone closed their account? I'm going to close mine tomorrow by sending a registered letter. I know I left it late but I had to use my AIB credit card to pay my car insurance and then clear it.

My gf closed her acount and was told she'd have to pay an admin fee. I have €0 balance in my current account and €30 in my AIB visa card. I was going to cancel both tomorrow.

Anyway, I can't find anything in their T&Cs about an admin fee to close the account. I have met their criteria for free banking for this quarter.


----------



## busymam

I changed my current account to UB from AIB and it was relatively easy. A few glitches with the new Visa Debit card from UB not being activated properly and the activation code for UB online banking not being sent. All sorted now though.

However, I still have three other accounts with AIB - one online 7 day notice account and two savings accounts. I rang AIB yesterday regarding accessing the online 7 day notice account and was informed that the funds from this account can only be paid into an AIB current account (which I no longer have as it's closed!!!).

I was advised to go and open a current account with AIB, transfer the funds and then close it. Just a heads up for people who may have an online 7 day notice account with AIB. Transfer these funds into your AIB current account before you close it.


----------



## Time

I do remember AIB having a closing fee in the past.

They may insist you attend in person to close.


----------



## Brooklyn

I made the switch, relatively little hassle though it did take some time. I also closed my savings account as UlsterBank is offering one with a better rate and better conditions anyway. Had to attend in person to close the savings accounts but not the current account. A really small fee was debited from the current account.

Only major problem is I now cannot access my AIB visa account online, I'm told I can re-register for that but not bothering since I'm going to switch to an UlsterBank card too.


----------



## AlbacoreA

Whats the better rate and conditions?


----------



## Joe Nonety

A rememinder that today is the last working day with free fees for AIB current account holders (unless you keep €2500 in it continuosly for the 1/4).
I'm doing as many online payments today as I can!
I'll hopefully have a BOI account soon to avoid fees.


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## The Oggster

Don't forget, today is the last day that you can close your account to avoid the charges (unless you have a spare 2.5k sitting in your account).

You need to bring in a signed letter to your bank stating that you want your account closed.

I closed mine yesterday and didn't have to pay anything. I think that's because I had met their criteria for the free banking for this quarter.

My current account has already disappeared from my online banking. 

How much will they charge if I needed to get statements for the last few months?


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## The Oggster

Joe, you got in there just before me 

Edit: Sorry for the double post. I thought I was editing my previous message.


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## ronaldo

Just closed my account. Didn't bring a signed letter - just my ATM card and drivers licence.

They charged my 11.70 but, in looking at past statements, this is my average fees per quarter (I wasn't even aware they'd started charging me).

I have an NIB account which is moving to a 'with-fees' account soon too. However, I'm keeping this open as I have an LTV Tracker and there's a lot of confusion about the terms of it at the moment.

Ah well, I don't mind paying fees on ONE account.

They gave me the remaining cash after deducting the 11.70 and it's marked in my online banking with a comment "To Close".


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## DavyD_83

Does anybody know if these, or any fees will be applied to Graduate Accounts or Student Accounts? previously these have been completely fee free

I called AIB to ask this. But instead of answering my question, they started to question my entitlement to have a Graduate Account...


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## Lightning

DavyD_83 said:


> Does anybody know if these, or any fees will be applied to Graduate Accounts or Student Accounts? previously these have been completely fee free
> 
> I called AIB to ask this. But instead of answering my question, they started to question my entitlement to have a Graduate Account...



There are still no charges for 12-18 year old accounts, student accounts, graduate accounts and 60+ year old accounts. 

You are only entitled to a graduate account for a short period after graduation.


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## joeryan

*AIB current account Quarter Fee €33*

Just got a letter from AIB showing my current account fees for the quarter is over €33.

I'm going to look at changing my bank.

Has anyone else got high charges like this?


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## Lightning

Threads merged. 



joeryan said:


> Just got a letter from AIB showing my current account fees for the quarter is over €33.
> 
> I'm going to look at changing my bank.
> 
> Has anyone else got high charges like this?



This is the new AIB quarterly fee charge. 

Have a look at the best buys if you want to avoid charges. Ulster Bank will not change for day-to-day banking until at least July 2013.


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## joeryan

CiaranT said:


> This is the new AIB quarterly fee charge.
> 
> Have a look at the best buys if you want to avoid charges. Ulster Bank will not change for day-to-day banking until at least July 2013.



Looking at the sticky now it's very helpful, thanks.


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## random2011

43 euros for me.... Time to change

Is ulster bank still offering free banking....

How r BOI.


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## Mrs Vimes

My quarterly fees were always in the €30s as well when they weren't actually being charged but with careful management they came in at about €17 this time - mostly by withdrawing enough money for the week rather than using the laser in several different shops, also put the larger purchases (eg the dozens of transactions for back to school supplies) on the credit card which will be paid off in one go next week - charges will be 20c for that payment instead of dozens x 20c for using laser.


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## Lightning

random2011 said:


> Is ulster bank still offering free banking....



Yes, until at least July 2013.


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