aib variable rate update

AIB website now quoting variable rate 3.25%.
My online banking is also reflecting this on my mortgage today.
 
I have to get on to AIB...not on variable, but on tracker. In the past they have been good about passing on the decreased rate, but seem to have ignored the Jan cut completely. No letter and my mortgage payment is the same as last month (before the latest cut). I checked the T&Cs of my contract and there is nothing to say that they have a floor on the interest rate, but interestingly enough it DID say that interest rate changes will be passed on within 5 days? Just wondering if anyone else with AIB tracker has had the cut passed on?
 
I thought AIB's standard variable was 4.00% in December and since then there has been a .5% drop, but i see now its 3.25%. Did they drop the SV by an extra .25% or am i mistaken and they have only dropped it by the amount of each ECB drop? (so it was 3.5% in Dec)
 
The AIB home loan variable rate was 3.75% and now 3.25%.
Perhaps the 4% variable you are speaking of was the buy-to-let rate?
 
Geld, I am also on a tracker with AIB and they didn't pass on the cut in my payment yesterday. I rang them and was told that it didn't process in time and the amount that should have been deducted would be reduced... over the term of the mortgage! I said no way and I asked for a refund of the amount either direct to my account or taken off next months payment, I'm still waiting on a return call and that was yesterday morning.
Think I'll ring again, will update....
 
Sam Sprout...that is very opportunistic of them thinking they can get away with it. I don't have mortgage details with me at the moment at work, but will def get on to them tomorrow to have it clarified and will make a similar demand to what you have done. The cheek of it?!
A family friend (retired ex-banker) said to me a few years ago that a bank's biggest asset is the complacency of its customers...you have to watch them (all banks) like hawks...it is really tiring that you cannot trust them to do the right thing. I have only had the mortgage almost two years and this is the fourth 'big issue' that I have had to challenge them on...if not, then I would have lost quite a bit of money in the process. And every few 100 euro counts....
 
How did you get on with AIB Geld? Are you also on a tracker?
I was told they cannot refund the amount and that it will be taken off my loan amount which I don't feel is right, it should have been deducted from my Feb payment and if the Direct Debit wasn't changed in time, I feel I am entitled to have the amount refunded to my current account now.
I am waiting a week now on a return call!
 
Copied from my AIB mortgage Internet Banking statement.

28-01-09 New Interest Rate

28-01-09 Lending @ 2.600%

Am on a tracker LTV. Originally on a variable and submitted an Estate Agent valuation and was changed to more competitive LTV rate. Don't know if this is still available.

Was in contact with bank previously to above date and they told me they had 10 days to implement new rate.
 
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