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AIB transaction/interest query.

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  • 24-08-2012 8:18pm
    #1
    Farotz
    Registered Users Posts: 22 ✭


    Hello,

    My partner and me were going through her AIB current account transactions online and we have noticed that during the past two months three lines have appeared with description 'Lending @ 11.850%'.
    We find this quite strange, because she has not taken out any loan and because my AIB current account does not show anything like that.
    Any ideas?
    Thank you


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    #2
    Cushie Butterfield
    Registered Users Posts: 1,861 ✭✭✭Cushie Butterfield


    Farotz wrote: »
    Hello,

    My partner and me were going through her AIB current account transactions online and we have noticed that during the past two months three lines have appeared with description 'Lending @ 11.850%'.
    We find this quite strange, because she has not taken out any loan and because my AIB current account does not show anything like that.
    Any ideas?
    Thank you
    This is nothing to worry about. The lending rate only appears on statements for the month that the lending rate changes, though I can't explain why it appears on her's & not yours.


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    #3
    dotsman
    Registered Users Posts: 3,636 ✭✭✭dotsman


    Cushie Butterfield wrote: »
    This is nothing to worry about. The lending rate only appears on statements for the month that the lending rate changes, though I can't explain why it appears on her's & not yours.

    At a guess, her account has an authorized overdraft facility, his does not?


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    #4
    Farotz
    Registered Users Posts: 22 ✭Farotz


    dotsman wrote: »
    At a guess, her account has an authorized overdraft facility, his does not?
    This observation makes me think: a couple of months ago we transferred into her Deposit Account some savings from me and her parents to be used in the near future as a deposit to buy our first home. Could that have triggered a change in the terms and conditions of her current account?


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    #5
    dotsman
    Registered Users Posts: 3,636 ✭✭✭dotsman


    Farotz wrote: »
    This observation makes me think: a couple of months ago we transferred into her Deposit Account some savings from me and her parents to be used in the near future as a deposit to buy our first home. Could that have triggered a change in the terms and conditions of her current account?

    No, her deposit a/c would be separate. Has she ever applied for an overdraft? What does she see on her internet banking? If you click on the account, and then "view pending transactions", as well as listing incoming debit card transactions, it also displays what overdraft limit is on the account (if an overdraft facility is present).

    Just looking at my own accounts with regards the interest rate notification, it is a bit strange. On one account account (which has an overdraft facility, although I have never used it), I see 3 notices regarding the Lending rate in just the last 2 months. On another account (which doesn't have an overdraft facility), I can only see one notice and that was all the way back in March.

    Either way, I wouldn't be too worried about seeing the notification. All it's doing is informing you of the basic interest rate that will be applied if the account was to go into the red (although extra charges and a surcharge interest rate would also apply if the overdraft was unauthorised).


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    #6
    Farotz
    Registered Users Posts: 22 ✭Farotz


    dotsman wrote: »
    If you click on the account, and then "view pending transactions", as well as listing incoming debit card transactions, it also displays what overdraft limit is on the account (if an overdraft facility is present).

    Hi, in 'Pending Transactions' it says that she doesn't have any pending transactions and it only shows Balance and Available Funds (same figure in both cases).


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    #7
    Cushie Butterfield
    Registered Users Posts: 1,861 ✭✭✭Cushie Butterfield


    dotsman wrote: »
    At a guess, her account has an authorized overdraft facility, his does not?
    Or it could be that she had a cheque guarantee card symbol (now defunct) incorporated into her laser card. Even though the cheque guarantee was not an overdraft facility per se, it was a way to obtain an unauthorised overdraft simply because cheques up to €130 written in conjunction with it were guaranteed to be paid by the bank.


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