AIB - SEPA Credit

U

Ualtar

Registered User
Messages
32
Hello everyone,

Does anyone know what this "SEPA Credit" charge that has been appearing on my fee statement since 2021 is about?

I have an account with AIB which I barely use, only to receive my salary and pay rent. I use Revolut for most other transactions. I never checked my fee statement until recently by chance, and I noticed that in 2021, there were 105 "SEPA Credit" transactions at 20 cents each. I called AIB, and no one could explain what these were about. They decided to refund me 70 euros as a "Gesture of goodwill", but I am under the impression that they were charging me to receive money in my account, which, according to the Central Bank of Ireland, no bank can charge fees for sending or receiving money between accounts within the SEPA area.

Knowing that banks don't just give away money, I didn't fully buy into this gesture of goodwill and am still keen to understand what these charges were for.

Does anyone here have an account with AIB? Have you checked if your fee statement includes this charge?

Thanks to everyone in advance for any information.
 
Ualtar said:
according to the Central Bank of Ireland, no bank can charge fees for sending or receiving money between accounts within the SEPA area.
Click to expand...
Not quite right.

The rule is that the fee (which can be zero) must be the same once the payee is in the SEPA.
Ualtar said:
105 "SEPA Credit" transactions at 20 cents each.
Click to expand...
Was the denomination of the transactions 20c? Or was it the charge per transaction?
 
I would write a letter asking for a proper explanation of the fee along with a copy of the terms & conditions covering their legal right to charge the fee, or for a complete refund.

It sounds like a transaction charge for card or online or perhaps a computer bug in their fee calculation programme.
 
Ualtar said:
Thank you @mrvinegar,

Transactions within the SEPA area should be free for both senders and recipients. I found this information on the Irish Central Bank website, but I forgot to save it. Now, when I want to read it again, I can't find it.
Click to expand...
I looked on the central bank's website, and what it actually says is that SEPA transfers to another country should not cost more than a domestic SEPA transfer
 
Fortune said:
I looked on the central bank's website, and what it actually says is that SEPA transfers to another country should not cost more than a domestic SEPA transfer
Click to expand...
That is exactly what I saw. So if a domestic SEPA transfer has zero fee, then to or from another country should be the same zero fee.
That's the reason I believe the SEPA charge to receive money is illegal.
 
Ualtar said:
That is exactly what I saw. So if a domestic SEPA transfer has zero fee, then to or from another country should be the same zero fee.
That's the reason I believe the SEPA charge to receive money is illegal.
Click to expand...
AIB charge to receive money into their accounts, regardless of the source.
 
You must log in or register to reply here.
Back
Top