AIB - no more interest on current accounts?

zacseph

Hi all,
Just wanted to check this, as it could be a situation of me completely missing letters or adverts, or it could be banking CSRs lying to me, so... :cool:

I logged into my AIB online account today and saw the below message broken across several lines just as it shows below:

16/06/11 New Interest Rate
16/06/11 Credit @ 0.000%
16/06/11 as at 15/06/2011
16/06/11 Credit Interest no
16/06/11 longer applies to
16/06/11 this account.

I called up AIB to find out what this was all about. Apparently they no longer offer even a low interest rate on their current accounts, and this was communicated to everyone by letter 2 months ago as well as advertisements in newspapers.
I don't recall ever seeing a letter that mentioned this, and I generally don't read newspapers, so I just wanted to see if anyone else knows about this, and see if it's happened to everyone else with AIB current accounts (she did tell me it was all current accounts), and have I just had my head in the sand the last couple months??

MissFlitworth

zacseph wrote: »

I called up AIB to find out what this was all about. Apparently they no longer offer even a low interest rate on their current accounts, and this was communicated to everyone by letter 2 months ago as well as advertisements in newspapers.

I got this letter - it gave me a good chortle as it was phrased something like 'in order to simplify our range of financial products & reduce confusion, we will no longer be paying interest on current accounts'

Didn't mind so much that they were stopping paying interest as clearly they're broke but the way they put it!

dotsman

Yes, got a letter as well. All over the newspapers, radio and tv (ie, not just the actual announcement by AIB, but numerous discussions about it). Finally, there were threads about it here!

The days of banks paying people to be their customers are (thankfully) over.

Have a CA with them, got no letter.

dotsman

RoverJames wrote: »

Have a CA with them, got no letter.

Where you already receiving interest (not all current accounts would have received interest in the first place)? Do you receive statements to your current address for that particular account? It could be that your bank do not have your current address. If that is the case, give their phone banking a shout and confirm your address with them.

eamon11

I didnt get any letter an I didnt know about it. I also have a mortgage ac with them which I always keep at 4000 credit an they have canceled the interest on that too!

PCPhoto

dotsman wrote: »

Where you already receiving interest (not all current accounts would have received interest in the first place)? Do you receive statements to your current address for that particular account? It could be that your bank do not have your current address. If that is the case, give their phone banking a shout and confirm your address with them.

I didn't get any letter - and continued to get bank statements (at my new address) after I moved house 2months ago.

have to say I'm a bit annoyed by this - I didn't know about this until I spotted it on my own online statement last night, there isn't a whole lot that I'm going to do because I have so many different people pay into my current account (would be very difficult/annoying for me to change - especially as I've had the same account number for almost 30years)

parsi

COnsidering that we're all paying bank charges to the tune of 30 or 40 billion this year , a wee bit of interest isn't going to make that much difference.

However it was fairly well known - I certainly received a letter.

zacseph

Thanks all - At least I know I'm not being lied to or anything
Must start actually paying attention to things around me... :P:)

raymix

Could someone please explain this to me? What is it? Is it good or bad? Also just noticed this on my internet banking statement.
Sorry not very good with bank terms.