AIB Bank Charges

Dinny76

Just coming out of our free banking period and AIB are charging 0.45% on notes lodged. I read in Shelf life magazine each customer must negotiate their own deal.

Has anyone been successful in getting the rates down with their manager?

We are an independent convenience store and would be mostly cash we lodge.


We are paying as many suppliers as possible by cash to reduce the need to lodge it.

Any tips on avoiding charges would be great.

Dinny

relaxed

I have a basic savings deposit account in bank of Ireland and they charge nothing for deposits and it costs very little to open and maintain the account. You could filter your cash through that, they have online banking so you can transfer it on again to your business account.

One revenue see X being lodged and the same X being transferred along they shouldn't have an issue AFAIK.

As I now have a business account with bank of Ireland they are watching my deposit account but as I still have my free banking I am ok for the moment.

cgriffin

Interesting that you posted that today as I also got my quarterly charges statement from AIB today and noticed the same thing for the first time. Not sure if its new or if I have not being paying enough attention.
Eventhough they charge 200 Euro a year to use Internet Business Banking they are also charging 15 cent for every transaction you make through it.
I think I will take the advice from Shelf-Life and see what happens.

Dinny76

Thanks Relaxed,

We will look into that but I think the bank will be watching as we lodge a good bit of coin and also have to withdraw coin which is even more expensive at around 2%.

aidan.connolly

Hi,

have you looked at offering cash back to your customers or look at getting an ATM Machine that you can fill yourself, which would also help to reduce the notes you are having to lodge.

Aidan

Dinny76

We do offer cash back, perhaps will try to up sell this.

Regarding the ATM would not be to pushed in installing one due to security risks. Had an attempted break in couple of months ago and had to frighten them off.
We live beside the shop.

sandin

All banks are now charging their published fees. Very difficult to get around it unless you have serious lodgements, all banded and all notes facing the right way, even then it only will drop slightly.
In a way it fairer as before they over charged for some things and under charged for others - now you pay a going rate for everything.

JD Dublin

You can lodge cash to the EBS without being charged, then if you are stuck you can withdraw it as a cheque - AFAIK they didn't charge for cheques in the past, they may do now.

Karen23

I was shocked to receive a letter from AIB yesterday informing me my bank charges came to €53 for the quarter. I use banking on line to pay all my bills, shopping etc. Looks like I might have to start withdrawing my wages and start using cash transactions from now on because there's no way I could keep paying charges like that every quarter.

ScouseMouse

I pay as many suppliers as possible by cash.

I occasionally lodge cash to my personal account and then write a cheque to lodge.

Pay any loans or mortgage you may have, over the counter in cash.

Pay staff in cash not DD.

Get any coin you need from the a cash and carry.

Bandara

You'll get a discount on the fees, it seems that all the banks have blanketly increased their lodgement rates to the same figure.

BOI did it to me via letter about 2 months ago, went from 16c to 48c, but I managed to negotiate a 60% discount with the manager. So it ended up being 19c. The manager was offering 40% straight off the bat and I got the impression they are doing it for everyone.

I think they are just making the rates look good on paper to the people they answer to.

Have you looked into using cash collection options? I've changed one site to GSLS, basically they collect my cash and do the lodging etc, it works out at about 30c and removes the security issues aspect. And coin delivery/collection is free, Im very happy with the service. You have an additional day or two wait before it hits your account but it might suit in some cases.

Dinny76

Thanks for the reply's.

we are trying to pay as much cash to people as possible and we are trading coin with other shops. Will ask the cash and carry for coin. Never thought they would keep much

Hammertime is there a fixed cost with GSLS per month on top of the rate?

ScouseMouse

My cash and carry takes payment in coin and gives coin out if you ask.

relaxed

What a joke the banks are. The more they try and fleece people the more we find ways around it.

Cash and carrys taking coin in and giving it out - nice one!

An associate of mine gets stuff from a company in Northern Ireland, sometimes my customers in northern Ireland send me sterling. So now we try and swap the sterling at the mid market rate quoted on RTE each day and he can pay his suppliers in cash. No poor exchange rates from the banks for us where possible.

Avoid banks and deal in cash where possible seems to be the way to go, apart from the security aspect unfortunately.