AIB Online Banking, did you know you can set up and cancel DDs and SOs?

[mathepac]

I'm probably late to the party here but in swapping motor insurers I discovered options in my AIB Online Banking account settings that allow me to set up (and cancel) direct debits, standing orders and payees. I thought these things were still the preserve of PayPal etc or failing that clumps of hard-copy.

There is also an audit-trail of paymets made from the account (outside of your regular statements) and details of payee authorisation codes, etc. Is this a common facility across all banks or unique to AIB?

 

[RedOnion]

Ah, good old EU legislation! Payment services directive forced them all down this route. I'm with AIB as well, and not as familiar with all the other banks, but they should have varying degrees of this functionality.

 

[mathepac]

I guess in some small way it gives the notion that we (consumers) are in control of our finances and bank dealings.

 

[dub_nerd]

There is also an audit-trail of paymets made from the account (outside of your regular statements) and details of payee authorisation codes, etc. Is this a common facility across all banks or unique to AIB?

It's so far back in the mists of time I've forgotten, but I'm pretty sure I've been doing all that with BOI for at least twenty years and I've hardly seen the inside of a bank branch since. Certainly I've been keeping electronic copies of all my transactions since the introduction of euro notes in 2002. Does this mean you've been doing things the "old" way? It's no wonder they're trying to discourage people from using branches -- they should start some kind of information campaign to let people know about the online facilities.

I guess in some small way it gives the notion that we (consumers) are in control of our finances and bank dealings.

It's not just a notion. Online banking is the bee's knees. I don't know about you but I'd be bereft without it. The only fly in the ointment is transaction limits. Rabo had unparalleled security which made large online transactions feasible but none of the other banks seems to have it. (Open to correction on this, I know UB have some sort of hardware dongly thing, but I'm not familiar with it).

 

[New2This]

This has been available for years, not new at all and I believe AIB were one of the first with it.

The Irish banks all have pretty low daily transaction limits even though both AIB and UB use the card reader security code generators which makes them just as secure (if not more so than Rabo).

The limits are set by the banks and based on their appetite for risk, so their online limits are often lower than the in branch limit which is worth checking out if you need to transfer large sums