AIB Charges and DIRT TAX

richiek67

Hi Folks,

Not sure if anyone else is pissed off with all the bank charges being incurred along with all the other rip off merchants waiting in line...

I've been charged 17.70 per quater on average now by AIB on my current account. I decided, after the last charges that it would be worth my while to take 2k from my savings and stick it into my current account to avail of the 'free' service for my a/c. ( given the interest on 2k per year would work out at less than 10euro !!!!! )They used to talk about not keeping a lot of money in your current a/c in the old days!! Now the interest on any money is a lot less on higher amounts. Its not even worth it, NOT to mention DIRT tax at 33%, what a F***** JOKE. So I earn 300e on interest ( I'm not ! ) and the government takes 100, thanks very much!!. Which incidentally used to be a fifth!!

I'm getting more and more pissed off with all the TAKE TAKE TAKE, what the F*** did the average punter do to deserve this?? And we still don't see any of the higher paid W*****S in the civil service getting cuts. Not to mention higher banking officials still getting Bonuses , FOR DOING WHAT???? F***** the country over...

the groutch

so you're complaining about a bank not providing their services for free, and the government taxing wealth instead of tax/cuts effecting the poorest.

richiek67

I see. So now I've offended someone have I ?
Well, For the answers....Eh, yes to the first on the grounds that we the public are bailing the banks out, and for the fact that they incur fees when they feel like it. By the way, IT'S free banking if you've over 2.5K in your account. So this may go up , depending if their profits aren't high enough for the quarter... !!
And yes to the second, in the following terms...
I pay my fair share of tax, always did and more then likely will as I'm sure you do too? Or maybe you don't. Tax the wealthy MORE as the middle class always get the brunt.
Of course, lets not fool ourselves, lol, the higher paid are the ones making the laws...Survival of the fittest...Always will be I guess..

Uriel.

richiek67 wrote: »

I see. So now I've offended someone have I ?
Well, For the answers....Eh, yes to the first on the grounds that we the public are bailing the banks out, and for the fact that they incur fees when they feel like it. By the way, IT'S free banking if you've over 2.5K in your account. So this may go up , depending if their profits aren't high enough for the quarter... !!
And yes to the second, in the following terms...
I pay my fair share of tax, always did and more then likely will as I'm sure you do too? Or maybe you don't. Tax the wealthy MORE as the middle class always get the brunt.
Of course, lets not fool ourselves, lol, the higher paid are the ones making the laws...Survival of the fittest...Always will be I guess..

Simple solution. Don't bank with AIB and invest your money rather than leave it in deposit/savings accounts.

richiek67

Lol, Yeah, I know there's many solutions....Well, most of my money would be in other institutions other than banks. Anyway, all these banks are the same so there's no real way of getting away from it. The banks give a dam about the majority of the customers because we are not the clients that are making them the money in the first place.

fletch

I feel your pain OP. I used to make sure I never had more than about €20-€40 in my current account so if my card was skimmed I would never be too much out of pocket. I never had more than €20 in my wallet either. I always have access to the internet so would just move money from my savings into the current account a few minutes before going to the ATM.
Now I've completely changed how I bank. I try to use my credit card for everything and withdraw a large amount of cash once or twice a month for day to day things. It annoys me as my previous system was a much safer way to bank. Now if my wallet is robbed, the thief is likely to get a large quantity of cash, or if my card is skimmed, again they can withdraw a large quantity of cash.
I haven't bothered with transferring €3k from savings though as I earn about €50 in interest on that a year (after DIRT) and using my new banking method I have brought my charges down to around €12 a quarter. So rather than risk dipping below €3k for one day and having to pay the charges for that quarter, I've left the €3k in my savings earning interest.

surferdudz

fletch wrote: »

I feel your pain OP. I used to make sure I never had more than about €20-€40 in my current account so if my card was skimmed I would never be too much out of pocket. I never had more than €20 in my wallet either. I always have access to the internet so would just move money from my savings into the current account a few minutes before going to the ATM.
Now I've completely changed how I bank. I try to use my credit card for everything and withdraw a large amount of cash once or twice a month for day to day things. It annoys me as my previous system was a much safer way to bank. Now if my wallet is robbed, the thief is likely to get a large quantity of cash, or if my card is skimmed, again they can withdraw a large quantity of cash.
I haven't bothered with transferring €3k from savings though as I earn about €50 in interest on that a year (after DIRT) and using my new banking method I have brought my charges down to around €12 a quarter. So rather than risk dipping below €3k for one day and having to pay the charges for that quarter, I've left the €3k in my savings earning interest.

Thanks! Think I'll borrow your fee avoidance methods, am currently being charged 20 per quarter!

Guy:Incognito

richiek67 wrote: »

....Eh, yes to the first on the grounds that we the public are bailing the banks out

So bail them out then stifle their income by letting everyone use it for free? Theres no way that could go badly...............

goodgolfer64

Uriel. wrote: »

Simple solution. Don't bank with AIB and invest your money rather than leave it in deposit/savings accounts.

BOI not much better...

ct5amr2ig1nfhp

Argh, one of my pet hates... bank charges.

@fletch, great idea but is it not a lot of hassle for you to save €2/year? Based on your example your fees are costing you €48/year, but sure if you're only earning €50/year after DIRT on 3K, why don't you just leave the 3K in your current account? Of course, leaving a little extra if you want to stop you going below the 3K mark. And also continuing to use the CC for most of your purchases so you minimise the risk further of going under the 3k. You'll be able to use your card as much as you want then without any transaction charges.

Maybe I've read your post wrong though.

Good suggestion about using your CC btw - I've been advising friends and family to do this to limit trans. fees. (if the topic ever comes up - which it has a lot recently!)

andmar

the groutch wrote: »

so you're complaining about a bank not providing their services for free, and the government taxing wealth instead of tax/cuts effecting the poorest.

This shower that got elected on the back of lies then proceed to go through peoples bank accounts..thing is if some other countrys gov were doing it we would be marching the streets looking for them to be removed..yet it happens to us ..nothing.

fletch

Brayan Massive Crystal wrote: »

@fletch, great idea but is it not a lot of hassle for you to save €2/year? Based on your example your fees are costing you €48/year, but sure if you're only earning €50/year after DIRT on 3K, why don't you just leave the 3K in your current account? Of course, leaving a little extra if you want to stop you going below the 3K mark. And also continuing to use the CC for most of your purchases so you minimise the risk further of going under the 3k. You'll be able to use your card as much as you want then without any transaction charges.

No it's a fair point. I have kinda adapted to my new way of banking and it works okay. I used to pay my credit card after each transaction however now I only make one payment at the end of the month so I earn a bit of interest on the money sitting in my account now. I could just transfer the €3k from savings but I would be worried that I might dip below the €3k for one day and then end up paying fees for the month. Or I might even just be tempted to spend it, whereas when it's in my savings account I'm not tempted to spend it.

john_cappa

andmar wrote: »

This shower that got elected on the back of lies then proceed to go through peoples bank accounts..thing is if some other countrys gov were doing it we would be marching the streets looking for them to be removed..yet it happens to us ..nothing.

So start marching on your own. Who knows who might join you.

richiek67

john_cappa wrote: »

So start marching on your own. Who knows who might join you.

The usual Irish laid back attitude. We should be on the streets marching....
The same old cronyism is going on eg. Look at the CEO of BOI now getting a nice little 910K for his role in making sure the poor bank claws back some profit, which the government own most off anyway...lol what a joke, O and there was Alan Dukes on TV commenting that the poor folk wouldn't find anyone willing to take on the job for less...o dear , the market trend out there was showing that they'd have to pay them this kind of money, yet the German and European counterpart are paid considerably less.
So in terms of finding anyone good enough for the job, what a load of B****X!!! I'm sure, if they bothered their arse's looking around they could find some one in Europe and throw then a sweater of 100K for relocation and and save themselves several hundred K. But as we all know, Dukesie was a director formally of one of these institutions and of course he's one of the LADS! Nough said if you ask me.
So its all just the same old same old jobs for the lads at the top and they are't bothered now , especially now that they own the bank, actually I',m sure they are laughing the fact that this is now the situation.
Getting back to the main subject, I just keep 4k in my current a/c its worth 23e per quarter in transactions I cannot really avoid so ......
Enough of my jibber...lol

2moreMinutes

I bank with AIB and my charges were €8.xx recently and havent gone over ~€15 since I started banking with them back when I was a chap. I always struggle to see how someone can rack up over twice the transactions that I have (standard wages in, dd's & so's out, using atms etc).

Pablo Sanchez

richiek67 wrote: »

The usual Irish laid back attitude. We should be on the streets marching....
The same old cronyism is going on eg. Look at the CEO of BOI now getting a nice little 910K for his role in making sure the poor bank claws back some profit, which the government own most off anyway...lol what a joke, O and there was Alan Dukes on TV commenting that the poor folk wouldn't find anyone willing to take on the job for less...o dear , the market trend out there was showing that they'd have to pay them this kind of money, yet the German and European counterpart are paid considerably less.
So in terms of finding anyone good enough for the job, what a load of B****X!!! I'm sure, if they bothered their arse's looking around they could find some one in Europe and throw then a sweater of 100K for relocation and and save themselves several hundred K. But as we all know, Dukesie was a director formally of one of these institutions and of course he's one of the LADS! Nough said if you ask me.
So its all just the same old same old jobs for the lads at the top and they are't bothered now , especially now that they own the bank, actually I',m sure they are laughing the fact that this is now the situation.
Getting back to the main subject, I just keep 4k in my current a/c its worth 23e per quarter in transactions I cannot really avoid so ......
Enough of my jibber...lol

The government only owns 15% of BOI

The 2 CEO's of Deutche Bank got €4.8m each last year. Im sure you could get plenty of people to take the job, the question is 'if you pay peanuts' will you get monkeys?

hfallada

I can't understand why OAPs are exempt from dirt tax but someone who earns so little that they don't pay income tax has to pay. It's a not a progessive tax in any shape or form. Make OAPs pay dirt tax. They already get a ton of reductions in the form of tax credits for income tax

Pablo Sanchez

hfallada wrote: »

I can't understand why OAPs are exempt from dirt tax but someone who earns so little that they don't pay income tax has to pay. It's a not a progessive tax in any shape or form. Make OAPs pay dirt tax. They already get a ton of reductions in the form of tax credits for income tax

Not all OAP's get DIRT free returns on their savings. They must be aged 65 and earning less than 18k pa as a single person or 36k as a couple to qualify.

narddog

the groutch wrote: »

so you're complaining about a bank not providing their services for free, and the government taxing wealth instead of tax/cuts effecting the poorest.

Are you serious? Talking about taxing wealth for someone with 2k in the bank. When someone tries to do the right thing, put some money aside for a rainy day, and the government tries to take even more of their money I would say the OP has every right to be pissed off. If it was truly a wealth tax, there should be a threshold below which the government can't touch any interest accrued. Even better still, tell the government to keep their sticky mitts out of hard earned money sitting in bank accounts.

As for bank charges, we need to change our banking habits to avoid, as much as possible, being caught for them. The banks are hoping we just go along wit whatever charges the think they can get away with.

sensormatic

could be worse but we are heading the same way as greece,,,,, so what about your savings it's ours now

whatnext

Try have a look at the bank charges in Canada 49 cent a day standing charge:eek:

http://www.boards.ie/vbulletin/showthread.php?p=83191684

Jane5

Change over to Permanent TSB-they have a new no fees current account as long as you lodge 1500 per month, all transactions, everything, is free.

We moved over from AIB when we saw somehow we got charged 120 euros in the year in fees!! Much better. Wages go into TSB which fulfills the requirement. All sorted. No fees whatsoever.

And another part of the offer is they pay you interest on the money in your current account!! unheard of but a very welcome gesture.

sandin

ECB interest rate is 0.75% per year - banks can borrow at that rate subject to capital controls.

Money in a current account is made available to you at a touch of a button - so it can;t really be used by the bank for other things.

Staff in banks have to get paid
Branches have rent rates and other charges
The technology employed by banks so that you can withdraw anywhere in the world costs money.

And you want it all for FREE??

Maybe you'll work for free too??

Sorry, but banks have to make money otherwise they can't function. The days of "free" banking are gone as there is NO SUCH THING - somebody pays for it.

BTW - my business banking charges for last quarter were almost 4k - 0.45% cash lodgement fee, 2.25% coin exchange fee, online banking fee, cheque fees, direct debit fees etc

No complaints as I understand that these services cost money. - Its quite simple.

sensormatic

only fools would put big money in todays banks

Tar.Aldarion

I have never paid bank fees. Shop around. That tsb offer is decent. I have 3 free accounts with them.

Jane5

sandin wrote: »

ECB interest rate is 0.75% per year - banks can borrow at that rate subject to capital controls.

Money in a current account is made available to you at a touch of a button - so it can;t really be used by the bank for other things.

Staff in banks have to get paid
Branches have rent rates and other charges
The technology employed by banks so that you can withdraw anywhere in the world costs money.

And you want it all for FREE??

Maybe you'll work for free too??

Sorry, but banks have to make money otherwise they can't function. The days of "free" banking are gone as there is NO SUCH THING - somebody pays for it.

BTW - my business banking charges for last quarter were almost 4k - 0.45% cash lodgement fee, 2.25% coin exchange fee, online banking fee, cheque fees, direct debit fees etc

No complaints as I understand that these services cost money. - Its quite simple.

Are you for real? Seriously?
Three words. Fractional Reserve Banking.
Banks create fictional money electronically,money which is backed by nothing because it never existed, then loan it out charging interest. They do this with loans, mortgages, everything. As much as they like. As often as they like. And-pay attention 'cos this step is crucial-if they manage to f*ck up fractional reserve banking at all-THE TAXPAYERS BAIL THEM OUT.

Goshdarn right I have free banking, and I always better. If they want my business, as in-me putting my real, actual money in their bank so they can loan out many multiples of that in the form of imaginary debts and charge extortionate interest-then they better offer me at the very least, somewhere to put my money that costs me nothing and earns me a bit of interest-which is still way, way less than the interest they are charging on the debts they create.

sandin

Jane5 wrote: »

Goshdarn right I have free banking, and I always better. If they want my business, as in-me putting my real, actual money in their bank so they can loan out many multiples of that in the form of imaginary debts and charge extortionate interest-then they better offer me at the very least, somewhere to put my money that costs me nothing and earns me a bit of interest-which is still way, way less than the interest they are charging on the debts they create.

I know how banking works, however money in current accounts is treated differently by ECB than money in savings accounts & notice accounts. Current account money can be withdrawn at any time and therefopre banks pay little or no interest. Usually the normal person would only have a small amount in a current account.

Plenty of savings accounts offering 3%+ interest these days - that's 4 times the ecb rate. However you need to give up to 30 day or sometimes 90 days notice to withdraw.

If someone constantly has 10k + in a current account, its their fault for not making the money work, not the bank's fault.

btw - free banking accounts = higher credit card / mortgage / loan rates as the banks have get their income somehow. The fairest way is to charge a fair fee to everything rather than penalise those who take loans or other services from the bank.

xpletiv

Gotta completely agree; banks, in no way, should have bank charges; they make enough money using our own money, which is saved with them, for interest on loans, credit cards, etc etc etc. They make a massive amount; its when you actually havent the ability to control the money, as BOI and AIB have, then it gets messy.

Last week I left AIB after being a customer with them for 15 years. This was completely down to their thievery; the bank charges, which should never have been allowed to be applied to my account as I am a student, and they wouldnt refund it despite 2 weeks worth of attempts on my end. As well as the 2.75% they put on foreign credit card charges (im sorry, this isnt your money, its all done electronically, in no way did I see this charge justified or make sense). The staff in the branches know this; they are very helpful yet they know you wont get money back.

I have moved to Ulster Bank, and rocked up to them with my savings withdrawn from AIB, and they were delighted to serve me. No bank charges other than the normal dirt and interest charges; the way it should be.

If you ask me, this is my advice; get your money out of Irish banks. They should have been let fail when we had the chance.

Pablo Sanchez

xpletiv wrote: »

I have moved to Ulster Bank, and rocked up to them with my savings withdrawn from AIB, and they were delighted to serve me. No bank charges other than the normal dirt and interest charges; the way it should be.
.

End of free banking as Ulster to charge for account

http://www.independent.ie/business/personal-finance/latest-news/end-of-free-banking-as-ulster-to-charge-for-account-26856006.html

xpletiv

Pablo Sanchez wrote: »

http://www.independent.ie/business/personal-finance/latest-news/end-of-free-banking-as-ulster-to-charge-for-account-26856006.html

Thats only if you do not have a positive bank balance. Since I work that wont be an issue, and thus I wont have fees.

xpletiv

Pablo Sanchez wrote: »

http://www.independent.ie/business/personal-finance/latest-news/end-of-free-banking-as-ulster-to-charge-for-account-26856006.html

Completely take it back; dont make 3k a month!!!

Going to take a walk down to them later. Disgraceful carry on, nothing was mentioned of fees coming up when I was creating account. If they dont make it so I wont have fees, they dont get me as a customer. Simple as. Everyone in this country should be taking this approach as well. Either take care of your stakeholders (AKA your customers) or go out of business. They should not have been bailed out in the first place imo, but certainly not a second time if they cannot take care of their customers.

Speaking of which; which banks in Ireland do NOT have fees that still come with a laser card?