AIB change Conditions for Free Banking


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.


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

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.
 
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
Click to expand...


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.
 
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?
 
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?
Click to expand...

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.
 
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
 
castleforbes said:
Does any other business provide a service for free?
Click to expand...

'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.
 


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.
 
Last edited:
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?
 
Last edited:
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"....
 
Kkma said:
Just wondering if you have a personal loan with AIB can you still switch your current account to another bank?
Click to expand...

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?
Click to expand...

The conditions for BoI are here:


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?
Click to expand...

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 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.
 
You must log in or register to reply here.
Menu
Log in
Register