PSD2

Tarotus

Hello.

I wish to ask about PSD2.
email form AIB:

What action do I need to take?
We will assume that you accept the changes to the terms and conditions when you use the products and services affected by these changes after 13 January 2018. You may cancel a card or account at anytime free of charge, provided you pay any balance or fees that you owe on it.

What does law says about this? Do i have to pay overdraft balance before closing account? What if I don't have money to do that before 13th of january and I still want to close account? Does the law allows me to pay that balance after account close or does it force me to still use this account just because I'm poor at the moment?
My overdraft agreement will pass in 1,5 year from today.

Thank you for your help.

Konata

My reading of the above is that the deadline of 13 January 2018 is only for accepting the terms and conditions of the changes brought about by PSD2. In other words, if you use your card to pay for something on 13 January or after, then you are accepting the changes and you can't turn around to AIB a few weeks later and claim you never accepted the terms and conditions.

There's no deadline on closing your account. You can close it anytime provided you pay balance or fees you owe on it. From your post I'm assuming you're currently in an overdraft and want to close your account. Just pay off your overdraft whenever you can and then close your account. There's no timeframe to do so i.e. this isn't a special offer because of the upcoming change in terms and conditions.

TheChizler

I don't think AIB are releasing the new terms and conditions until next week, what makes you look to close your account? PSD2 will affect all banks the same way.

Tarotus

My overdraft agreement- I need to pay overdraft balance after I finish school (student acc).

So i was wondering can I close this account without paying this overdraft now. I was hoping that I can close this account now, don't pay interest rates for this overdraft and repay this balance in 1,5 year or sooner.

AIB in this email says that I can't but you know... I would rather ask someone outside AIB. They will say anything to avoid people closing accounts. It sounds strange to me- agreement conditions changes, they allow to close accounts, but they give condition- repay your balance. I'm wondering is this repay balance condition their invention or is it backed by the law?

I'm from another EU country and when mobile phone operator changes agreement conditions (also because of new EU law), people were allowed to leave without paying remaining months of subscription (even when they took phone with 24 months agreement). So I was wondering is it the same here.

Thanks for your help.

TheChizler

This isn't like Eir upping rates and giving you an opportunity to get out of a 12 month contract, this is just giving you notice of changes to terms and conditions and if you don't agree you should close the account by this date. It has no effect on what charges you've incurred and balances you owe.

Tarotus

Thanks.