Getting charged bank charges because im poorer

louthguy25

I just received a letter from AIB who are now charging me for every time i use my laser card and withdraw from an ATM. I have queried this and it is beacuse i have less than €2000 euro in my account for the whole month. So because i dont have the funds to keep €2000 in my account i get charged even more? Seems like the rich stay rich and the poorer pay for it :mad:

FatherLen

the banks are

davet82

louthguy25 wrote: »

I just received a letter from AIB who are now charging me for every time i use my laser card and withdraw from an ATM.

withdraw all your cash on pay day, the charge of 80 cent a month will be the result, not ideal but fcuk them

Mr Benevolent

I'm with AIB and I'm not being charged. Don't have €2000 in my account either.

akelly02

theres another thread on this somewhere. I actually thought it was €2500 you had to have in your account. I ran up €40 bill for the last quarter! Under the mattress from now on!!!

Tomk1

Change to Ulster bank or PTSB switch, no charges and treated like a human being.
I'm suprised AIB/BOI havn't come up with entrance fee at the door yet.

davet82

Confab wrote: »

I'm with AIB and I'm not being charged. Don't have €2000 in my account either.

Not being charged?!?

Just hold on sir, we'll rectify that mistake in just a moment...

....


....


....


There all done, we've also taken the arrears

Have a nice day

Mr Benevolent

davet82 wrote: »

Not being charged?!?

Just hold on sir, we'll rectify that mistake in just a moment...



There all done, we've also taken the arrears

Have a nice day

I forgot to mention I know people working in AIB. Makes things... cheaper

davet82

Confab wrote: »

I forgot to mention I know people working in AIB. Makes things... cheaper

bloody corruption :rolleyes:

fishy fishy

this is what to do.

go to your aim bank and withdraw all your money VIA THE ATM

if you withdraw over the counter, they will take further charges from you for the "charges that occurred since the last charges" don't let them do that - take
your money out from the ATM. That way you will get all your money.

Then toddle on up to Ulster bank - who are a much more friendly, fair bank who do not have charges and lodge your money there.

Sergeant

You can change banks. It isn't some mysterious contract for life. Some don't charge fees, and even BOI have less punitive terms and conditions.

frag420

Thank you for reading this post.

You have not been charged for this privilege.

fishy fishy

Confab wrote: »

I forgot to mention I know people working in AIB. Makes things... cheaper

I wouldn't be so smug about it - they are failing fast.

floggg

How short are peoples memories when they are saying ulster bank are fair and friendly?

Not two months ago they ****ed over all of their customers and then spent the next month lying and fibbing about when it would be fixed, stringing everybody along while they had no access to their own cash.

AnonoBoy

fishy fishy wrote: »

Then toddle on up to Ulster bank - who are a much more friendly, fair bank who do not have charges and lodge your money there.

Ulster Bank where you can get your money anytime!*














*money may not be accessible at any time.

seven_eleven

Its one of the reasons why I changed banks

CreepingDeath

Tomk1 wrote: »

Change to Ulster bank or PTSB switch, no charges and treated like a human being.

Ulster Bank were going to bring in charges, but their recent I.T. disaster has postponed it until July 2013 I believe.
The last thing they want to do it further annoy their customers at this time.

I don't know about PTSB.

LoonyLovegood

I set up an Ulster Bank account last week, asked about the charges. Said they were probably being brought in next summer, but that they would only affect large withdrawls. Now, whether that'll remain the same I don't know, but it's what they said to me.

LaHaine

Easy solution. Stfu and change bank.

matrim

If you don't trust Ulster after the problems they had, Bank of Ireland have a reasonably accessible fee waver structure, 9 online transactions per quarter or have at least 3000 lodged into your account per quarter.

Here's a list of all current accounts and their charges.

If you continue to stick with AIB, then you can't really complain as there is plenty of choice out there.

BizzyC

They all have to bring in charges.
There's an amazing amount of people out there who think banking should just be free.

They offer an optional service and do so to make money.
The reason it's free when you have over X amount is that the bank can make money off of the balance you've put on their books if it's large enough.
If the amount you've got in your account is too low, they can't make money from it and have to charge you fees instead.

If you dont want to pay for the service, then dont use it.

Annasopra

floggg wrote: »

How short are peoples memories when they are saying ulster bank are fair and friendly?

Not two months ago they ****ed over all of their customers and then spent the next month lying and fibbing about when it would be fixed, stringing everybody along while they had no access to their own cash.

Yeah but they don't have charges!

folan

free banking looks like a thing of the past, until some other foreign bank comes in and creates some proper competition again.

luckily, my savings cover the min aib amount. but that wont last forever.

Change your account, its bloody easy. seems to be a thing of the past that its a lot of trouble.

ive changed mine 4 times in my life so far. And can see myself doing it again.

folan

mango salsa wrote: »

Yeah but they don't have charges!

maybe if they did they wouldnt have lost my money!

matrim

folan wrote: »

free banking looks like a thing of the past, until some other foreign bank comes in and creates some proper competition again.

luckily, my savings cover the min aib amount. but that wont last forever.

Change your account, its bloody easy. seems to be a thing of the past that its a lot of trouble.

ive changed mine 4 times in my life so far. And can see myself doing it again.

You're possibly losing more on Interest by not having your savings in a proper saving account than you are saving on not paying fees

fishy fishy

floggg wrote: »

How short are peoples memories when they are saying ulster bank are fair and friendly?

Not two months ago they ****ed over all of their customers and then spent the next month lying and fibbing about when it would be fixed, stringing everybody along while they had no access to their own cash.

they did have access to their cash - they just had to inform the bank.
they have also compensated their customers which is no bad thing.

I'll take them anyway over banks that charge you to use your own card.

:D

but everyone has a choice - if you want to be screwed daily and pay up to 100 in charges every three months or so, then fire ahead. nobody's stopping you.

folan

matrim wrote: »

You're possibly losing more on Interest by not having your savings in a proper saving account than you are saving on not paying fees

possibly, but probably not.

at 4%, the 2500 would earn 100 per year.

going by some posts (and i use my account a fair bit, similar to said posts) i could be paying around 30 per quarter, making 120 per anum.

fishy fishy

Sergeant wrote: »

You can change banks. It isn't some mysterious contract for life. Some don't charge fees, and even BOI have less punitive terms and conditions.

believe me, bank of ireland are just the same - Ive done my research. huge charges

Elessar

Aaaaaand it's gone.

Solair

Just watch as the banks go from throwing money at crazy high risk ventures to becoming so ridiculously conservative that they strangle all economic growth by over charging consumers and businesses and refusing to grant sensible loans.

My only conclusion is that they're a bunch of total muppets!!

This fee hike move will just drive people back to a black market cash economy!! It's totally counter productive for the banks in the medium to long term and bad for revenue and the state as it means less tax income and more cash related crime from petty theft to shop raids to cash in transit robberies.

For years Irish banks also hampered ecommerce developments through totally uncompetitive pricing for merchant accounts, credit card handling facilities and by issuing customers with a totally useless debit card (Laser).

I have absolutely zero confidence in the wisdom of our banks. It's all about short term profits and not about economic growth, long term prospects or anything else!

folan

Solair wrote: »

My only conclusion is that they're a bunch of total muppets!!

thats unfair on Kermit!

Solair

folan wrote: »

thats unfair on Kermit!

True. He'd run a sensible banking operation.

Miss Piggy on the other hand .... She's definitely more in the mould of the global banking elite!

Miss Piggy, the Muppets wrote:

Many people have been to schools where they were taught useful phrases, how much to charge and – most important – what to wear.

If she hadn't made it in show biz, Wall Street would have been the next best thing!

caff

Bank Fees
http://www.moneyguideireland.com/current-bank-account-charges-and-fees.html

Ulster Bank offer free personal current accounts. They have no admin fees or charges for any day to day transactions on current accounts and you don’t have to meet certain criteria to qualify for free banking.

Bank of Ireland : The BOI criteria for fee free banking is

a) Lodge at least €3,000 into the account each quarter AND make nine payments from that account using either phone or online services

OR b) maintain a minimum credit balance of €3,000 throughout the full quarter

The BOI fees are 28 cents for each of the following transactions:
Debit Card ; ATM ;Standing order ; Direct debit ; Cheque ; Branch transaction ; Internet transaction ; Phone transaction

So – someone with a BOI account that didn’t meet the fee free banking criteria – using a debit card ten times a week , using the ATM twice a week, writing one cheque a week and with 4 direct debits a month , would be charged €50.68 in transaction fees in a quarter for those 181 transactions . (€202.72 a year). Those BOI fees are on “the pay as you go “ account – but BOI also have a flat rate charge of €11.40 per quarter, for up to 90 transactions All transactions over the 90 still costs 28c each. So the above example would still cost €36.88 per quarter. (€147.52 a year) . See below for a way to avoid BOI transaction fees.

PTSB charge a flat rate of €12.00 a quarter – but PTSB customers can avoid this fee if in each quarter they : lodge at least €3,000 AND make at least 18 card purchases AND make at least 1 financial transaction through online banking (Open24) AND keep the account within agreed limits. So the most anyone would be charged by PTSB is €48 a year.

AIB a balance of at least €2500 is required at all times to avoid fees.
If you don’t qualify for free banking with AIB – you will be charged €4.50 a quarter (admin) plus 20 cents for each of the following transactions:
Debit Card ; ATM ;Standing order ;Direct debit ; Internet transaction ; Phone transaction and 30 Cents for each Cheque and Branch transaction. For the transactions given in the BOI example – an AIB customer who didn’t meet the free banking criteria would be charged €42 a quarter or €168 a year

Some tips here too
http://www.irishtimes.com/newspaper/finance/2012/0522/1224316492020.html

fishy fishy

its not rocket science to see who you should be banking with.

Thumby

Sorry caff, but i'm gonna have to ask ya where you got the aib requirement of 2.5k for fee fee banking? I've never had that in my bank account but because i am registered for online banking and make a minimum of 3 transactions per month either online or top up by text through my bank a/c i don't get charged fees.

folan

Thumby wrote: »

Sorry caff, but i'm gonna have to ask ya where you got the aib requirement of 2.5k for fee fee banking? I've never had that in my bank account but because i am registered for online banking and make a minimum of 3 transactions per month either online or top up by text through my bank a/c i don't get charged fees.

check out the pdf located here

caff

Thumby wrote: »

Sorry caff, but i'm gonna have to ask ya where you got the aib requirement of 2.5k for fee fee banking? I've never had that in my bank account but because i am registered for online banking and make a minimum of 3 transactions per month either online or top up by text through my bank a/c i don't get charged fees.

No you don't have to ask, you read the post and follow the links to where I copied and pasted it from, then follow more links to this AIB one... which interestingly also mentions more fees arriving in NOV 2013 http://www.aib.ie/personal/current-accounts/Personal-Current-Acc-Fees-Charge

Kenny Logins

louthguy25 wrote: »

AIB

20c

Confab wrote: »

AIB

20c

Tomk1 wrote: »

AIB

20c

Confab wrote: »

AIB

20c

preddy

Do you get charged for laser transactions or just withdrawals?

Thumby

Thanks caff, i may check it out later damn thing won't open on my phone. Lol

Shenshen

Tomk1 wrote: »

Change to Ulster bank or PTSB switch, no charges and treated like a human being.
I'm suprised AIB/BOI havn't come up with entrance fee at the door yet.

This.
A colleague of mine was complaining this morning as AIB apparently just started charging (or she just noticed, don't know which), so I suggested moving your account to a bank that doesn't charge.

At the end of the day, the banks make money with the money you've got in your account, and they charge you for it on top? Forget it.

fishy fishy

boi had the charge applying if you had 500 or less in the account - they then switched it to either 2,000 or 2,500. Never knew until I saw 30 Euro coming out of my account one day for charges (charges = using my OWN MONEY to pay for things).

My money didn't last long enough for them to try and rob me again.

tunedout

BizzyC wrote: »

If you dont want to pay for the service, then dont use it.

Or switch to someone who will give you the service for free.

BrunoGeist

In other words: Wunch of Bankers! Don't make me wrong, I understand these services are not (and shouldn't be) free, just the requirements too keep them free are plain stupid - how many of us have 2.5k to just sit useless on the account? I'm not poor but it'll average on 250 euro a year for my household - it's a fair sum to me. A 250 I could spend on:
- my bills, or;
- my car tax, or;
- my fuel, or;
- flight ticket(s), etc.
Not to mention that because some of the customers are exempt from paying fees, the ones that can afford 2.5k to sit on C/A, the rest pays for them. I think that "the inventor" of this system should be proud of her/himself and deserves another special bonus at the end of the year, what do you think of it Ireland? Golden Rolex or maybe K-Club membership? And btw gas is going up by 8.5% on top of everything.
Is there any hope for this country to recover or it'll gonna be a backbreaking experience for all of us?

BizzyC

BrunoGeist wrote: »

Not to mention that because some of the customers are exempt from paying fees, the ones that can afford 2.5k to sit on C/A, the rest pays for them.

Nope.

People with more money in their accounts enable the banks to build revenue in other areas.
Since the bank is already making money off of their accounts, they dont need to charge.

On other accounts that they cant make money on, they charge fees....
If you pay fees, you're paying for your own account.

BizzyC

tunedout wrote: »

Or switch to someone who will give you the service for free.

Soon enough there wont be anyone left offering it for free, what will you do then?

stmol32

I believe this suits the title of the thread.

http://www.youtube.com/watch?v=Y_-1l_SlA7c

BrunoGeist

BizzyC wrote: »

If you pay fees, you're paying for your own account.

You're 100% right but if everybody would pay for their personal C/A regardless of having 2.5k or not, then the overall cost per customer could be made smaller (read more affordable). And this 2.5k is not saving by any means as there's a penalty of withdrawing it any time during the quarter (the fees). And of course I'm not talking about business accounts as there are much different fees and charges.

This policy does not promote saving, I think it's a nail to AIB coffin as I defo switch my accounts soon like many other so called "valued" customers, judging by the vibe on various internet forums.

If I had more money I would definitely invest it, pay my company taxes and fees, give people jobs and still have something left for my family. But I don't. It's sad that 250 quid a year makes a huge difference to me, but it does, full stop.

tunedout

BizzyC wrote: »

Soon enough there wont be anyone left offering it for free, what will you do then?

Sorry what do you mean by this? When is 'soon enough' ? Can you show me a link to back up your claims that there will be no free banking?

'Soon enough'all the banks are going to revert to free banking so all is grand. :cool:

tunedout

BrunoGeist wrote: »

Not to mention that because some of the customers are exempt from paying fees, the ones that can afford 2.5k to sit on C/A, the rest pays for them. I think that "the inventor" of this system should be proud of her/himself and deserves another special bonus at the end of the year, what do you think of it Ireland? Golden Rolex or maybe K-Club membership? And btw gas is going up by 8.5% on top of everything.
Is there any hope for this country to recover or it'll gonna be a backbreaking experience for all of us?

Don't be fooled Bruno, the 2.5kers are also paying for their account in lost interest seeing as AIB Current Account products now offer 0% interest rate. To maintain 2500 in your account , a balance which you can't go under, is to lose 100€ a year (@4%), €70 (after DIRT) in interest.
€70 would pay for the four quaterly maintenance charges (€4.50) each + 260 more 20c transactions. It's probably costing the people who keep 2500 in their account more than it's costing many of those who don't meet the 'free' banking criteria.

Just switch bank. That's what I did.

Linoge

tunedout wrote: »

To maintain 2500 in your account , a balance which you can't go under, is to lose 100€ a year (@4%),.

What savings account is paying 4%??