AIB - not automatically renewing overdrafts?

S

shesells

Registered User
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Anyone had an issue with AIB overdrafts?

Got a call from Direct Banking last week to do a customer satisfaction survey and it ended with, "by the way do you know your overdraft is due to expire next week - would you like to renew it?"

In the 8 years I've had the facility I've never had to renew it, never gone over it and have never missed a payment on anything. So I said yes and she said she'd get someone to call me about it this week because in the current times they are not automatically renewing overdrafts.

Anyone else hear this? My limit is quite small, €1k.
 
shesells said:
So I said yes and she said she'd get someone to call me about it this week because in the current times they are not automatically renewing overdrafts.
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Sorry but this sounds like rubbish - my AIB o/d was automatically renewed a few weeks ago (unless it's a very new rule).

I think think that overdraft decisions are taken in the branch where your account is held, so direct banking may not have been able to make that decision......
 
Yes my over draft with aib was renewed last month with no phone call (2k limit but hardly use it)
 
Am going to phone my branch this morning to sort of and then give direct banking a piece of my mind!
 
As far as I know, all overdrafts are for one year.

So it would be up to the bank to renew them.

It might have been the practice to renew them, but they would not be obliged to do so.

As far as I can recall, I get a call from my account manager relating to my commercial overdraft every year. They ask for accounts.

I don't remember any calls on my personal overdraft facility.

brendan
 
Like everything else with the banks it is one rule for one person and another for someone else. I had an overdraft facility with AIB for ages and there was such a song and dance about renewing it I said to forget about it. This is going back to the height of the boomn when doling out money was a national pastime so Brendan is right to say there is an annual renewal or BiAnnual at the most.
With interest rates so low it is not really worth the bank's while to manage an overdraft now expecially with no more bank charges (how long more will that last ?)
 
The last Letter of Sanction i got for my personal overdraft limit was in 2005 and under the heading "Repayment" it stated "your overdraft facility will continue until we contact you or until you wish to have it reviewed, but please remember that you must repay the facility on demand. I recall years ago when i worked in a bank all overdrafts were "at the pleasure of the bank" !
 
agentino said:
With interest rates so low it is not really worth the bank's while to manage an overdraft now expecially with no more bank charges (how long more will that last ?)
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You must be joking! Banks are making a lovely spread on their lending at the moment and that certainly includes overdrafts.

Interest rates may be lower for our mortgages but not on personal loans and overdrafts.

When they are lending money and their spread is very good.

I think they also charge for setting up overdrafts? and perhaps an annual account fee also.
 
All sorted. 20 seconds talking to my branch and no problem. Am looking forward to the next call from Direct Banking!
 
Jeez smiley it must be a while since you had an overdraft. There is no interest on overdrawn money on any overdraft that I had for years and my wife who has one currently does not pay any interest on hers.
 
agentino said:
Jeez smiley it must be a while since you had an overdraft. There is no interest on overdrawn money on any overdraft that I had for years and my wife who has one currently does not pay any interest on hers.
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I pay quarterly interest on mine! Anyone know which banks offer o% APR on overdrafts??
 
i just checked and bank of ireland charge over 13% for theirs.

0% overdraft!? Theres pigs flying! lol
 
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