AIB Student Mastercard - Direct Debit

Sully

Hey,

Quick question. Got an AIB Mastercard there about a year ago. I pay my bills on time (once was a day late) through internet banking. The original limit was €500 but because I was good repaying (and because I repay with more then the required amount) they increased it to €600.

My statement for December could not be paid until the 27th (appeared on my statement on the 28th, which is correct. The transaction is done in the early morning of the 28th if payment is received before 5PM the previous day) - due on the 30th - simply because of the banks being closed over Christmas.

The statement was for €163 and I paid over €300 (over the internet on the 27th, completed the 28th as explaiend above). More money arrived on the 31st from a previous payment.

Under my credit cards terms and conditions, the bank will take 5% of my credit card bill as a "minimum payment" if my bill is not paid on time. In my case, this was €8 and was taken from my account (offical transaction date was the 31st) before my bills due date. The Credit Card Center said as its automatic, it happened a few days before the due date. He advised I pay my bills at least 5 days in advance of the due date to avoid this. He also said I will not receive the money back.

Iv learned now that I should pay a week before the due date, and the due date isn't really the due date - your still charged 5% from the bill. I'm just rather annoyed that the bank would take it, even if its paid on time.

wheres me jumpa

They have told you, you wont get it back? If Im right, you paid the bill and then the min payment was taken out? This happened me previously and the money was refunded.

cazzy

All them things are just automatically generated by a system - same with most bank accounts and things that attract a charge.
If it sees no payment on due date it applies a charge - doesnt matter how good youvre been cause it automated.
I usually call MBNA when his happens as they charge a 15euro late fee or something like that and they retun it to me but AIB only charge 3.81 anyway so the phone call might cost more.

im assuming you were charged the 3.81 late fee and this is only charged if payment arrives after due date - are u sure it wasnt held up in clearing cause of christmas and didnt actually hit ur account till January 2nd? you shud pay your bill a few days before due date if paying from non aib account as it takes a few days to go through clearing system.

VanHeusen

I'm confused. How was that €8 payment applied? Was it a fee that the bank took or did they credit your account for that amount?

wheres me jumpa

8euro was the minimum payment taken off his credit card bill, its a percentage of his total bill.

cazzy

AIB dont charge 8 euro fee for anything (and it s not interest according to poster)
thats the minimum payment being applied to a credit card - so the 8 euro taken out of your bank account will be a credit to your credit card if this is what it is.
The posters post is not clear.

Sully

cazzy wrote: »

AIB dont charge 8 euro fee for anything (and it s not interest according to poster)
thats the minimum payment being applied to a credit card - so the 8 euro taken out of your bank account will be a credit to your credit card if this is what it is.
The posters post is not clear.

Sorry, the 8euro was a percentage of my credit card bill. The direct debit takes 5% of my credit bill if its not paid - or at least, thats what I assumed it was. They take the 8euro not on the due date, but a few days before the due date.

I was unaware I needed to pay my bill a fair few days before the due date. I thought I could leave it until such a time that when I pay it, it will be completed for the due date.

wheres me jumpa

As above, Im sure I have done this in the past and the money is returned to me.

Sully

VanHeusen wrote: »

I'm confused. How was that €8 payment applied? Was it a fee that the bank took or did they credit your account for that amount?

Revised the post. 5% of my credit card bill, a direct debit I agreed to, supposed to be taken if payment is late. In this case, it didnt.

wheres me jumpa wrote: »

As above, Im sure I have done this in the past and the money is returned to me.

I would have expected them to return the cash, but I was told on the phone it wont. I asked for him to clarify and he said "As I already said Mr. O'Sullivan..." and indeed confirmed it wont be given back. Avoiding it? Pay a week early.

Sangre

I'm not fully clear on this as its a tad confusing.

The €8 or whatever DD % you have setup should be taken on the day of the due date. However it will start processing payments a few days before to ensure it does go out on time. This means this system is working off old information and can't take into account payments made just before the due date. If you want to have a DD and make manual payments you should make your payments 5 working days before the due date.

As far as I can work out the €8 is not a fee but just a percentage of your bill. This means it has been credited to your card. So if you have paid it off yourself then your card should be €8 in credit. If you kicked up a fuss I'm sure they'd return to your accounts as its very easy to do so. Or you could just transfer over another €14 and then take out the €20 from an ATM free of charge.

Personally I just wouldn't have a DD setup on it for the reasons above (and many more). Just pay it manually yourself. Make sure you allow for the time to transfer in WORKING days.

wheres me jumpa

Sully wrote: »

Revised the post. 5% of my credit card bill, a direct debit I agreed to, supposed to be taken if payment is late. In this case, it didnt.



I would have expected them to return the cash, but I was told on the phone it wont. I asked for him to clarify and he said "As I already said Mr. O'Sullivan..." and indeed confirmed it wont be given back. Avoiding it? Pay a week early.

But the cash isnt gone, even if the payment wasnt returned, it would just appear on your credit card as a surplus?

VanHeusen

Well, they probably will not transfer it back to your checking account. The bright side is that if you have the DD you will not have to pay any late payment fee ever.

wheres me jumpa

VanHeusen wrote: »

Well, they probably will not transfer it back to your checking account. The bright side is that if you have the DD you will not have to pay any late payment fee ever.

I have DD option at 100%.

Sully

Sangre wrote: »

I'm not fully clear on this as its a tad confusing.

The €8 or whatever DD % you have setup should be taken on the day of the due date. However it will start processing payments a few days before to ensure it does go out on time. This means this system is working off old information and can't take into account payments made just before the due date. If you want to have a DD and make manual payments you should make your payments 5 working days before the due date.

The system started the transaction to early. Fair enough it if was the day before it was due, and I take it they dont have a system in place to take the money.

As far as I can work out the €8 is not a fee but just a percentage of your bill. This means it has been credited to your card. So if you have paid it off yourself then your card should be €8 in credit. If you kicked up a fuss I'm sure they'd return to your accounts as its very easy to do so. Or you could just transfer over another €14 and then take out the €20 from an ATM free of charge.

8euro has been taken from the total amount of money I paid in, for that DD. So im 8euro short, and its not been credited because I paid on time..

Personally I just wouldn't have a DD setup on it for the reasons above (and many more). Just pay it manually yourself. Make sure you allow for the time to transfer in WORKING days.

From what I understand, I dont think I can. Im required to have a DD. Could be wrong tho.

wheres me jumpa wrote: »

But the cash isnt gone, even if the payment wasnt returned, it would just appear on your credit card as a surplus?

8euro was taken from the money left over from the paid CC bill.. so im 8euro short. He said I wont get that money back..

I know its a very small amount, tis a matter of principal really!

VanHeusen

wheres me jumpa wrote: »

I have DD option at 100%.

Even better. No interest and no late fee ever!

Sully

VanHeusen wrote: »

Well, they probably will not transfer it back to your checking account. The bright side is that if you have the DD you will not have to pay any late payment fee ever.

How though? Isnt the DD taking the full payment out, if set to 100%? And if I dont have enough funds in my CC to pay this bill?

Sangre

Sully wrote: »

The system started the transaction to early. Fair enough it if was the day before it was due, and I take it they dont have a system in place to take the money.

Eh?

When did the money physically leave your account? If it actually left before the due date this would only because the due date fell on a weekend/banking holiday.

8euro has been taken from the total amount of money I paid in, for that DD. So im 8euro short, and its not been credited because I paid on time..

I'm sorry, I really have no idea what you're trying to say here. A DD takes money from your account and puts in on your credit card. It can go nowhere else. If you'd already cleared your credit card in full then the card will be €8 in credit. What is your current credit card balance?

From what I understand, I dont think I can. Im required to have a DD. Could be wrong tho.

Unlikely, unless it is a student card requirement. Which I doubt. Even it it is just cancel it from the current account end online and pay manually. They won't care if they get the payments. Or just get them to cancel and say you're moving accounts and need to change the DD account details.

8euro was taken from the money left over from the paid CC bill.. so im 8euro short. He said I wont get that money back..

So where has the 8e gone if not to your credit card?

How though? Isnt the DD taking the full payment out, if set to 100%? And if I dont have enough funds in my CC to pay this bill?

Don't you mean funds in your current account? If you don't have enough the DD may be rejected and you could be charged referrals fees on your current account and late/referrals fees on your card. Not worth it.

Sully

Sangre wrote: »

When did the money physically leave your account? If it actually left before the due date this would only because the due date fell on a weekend/banking holiday.

The 31st. Payment was made the 27th and completed the 28th. Then they took the 8euro out a few days later.

I'm sorry, I really have no idea what you're trying to say here. A DD takes money from your account and puts in on your credit card. It can go nowhere else. If you'd already cleared your credit card in full then the card will be €8 in credit. What is your current credit card balance?

Iv no money in my account for it to be taken. I put money in the bank to pay of the CC bill, and leave it at that. So I put the money in and payed the bill straight away. So iv no idea where it got the money for the DD. I assumed the DD was a charge to my card. I cleared it in full, then made other transactions so the balance reflects that. Unless the money will be credited in a few days, but at the moment there is no sign of the 8euro being credited..

Bottle_of_Smoke

Just cancel the dd, they'll never follow it up with you if you pay on time. If you miss a payment they'll just tell you lodge

Sully

Can i cancell the DD? I think its a requirement.. ill double check tmrow. Thanks.

cashback

DD is a requirement on an AIB student mastercard. It must be set to at least take the min payment each due date.

You should allow 3-4 working days if you're making a manual payment so that the dd does not take as well.