AIB to charge 1c per use of contactless payment - best alternative banks?

Fireball81

callaway92 wrote: »

I do but I’m obviously not allowed to give them on a public forum.

Also - Yes, Banks are interested in average Joe coming up for small FXs - The mark-up made on them is ridiculous.

Of course.

Fireball81

callaway92 wrote: »

I do but I’m obviously not allowed to give them on a public forum.

Also - Yes, Banks are interested in average Joe coming up for small FXs - The mark-up made on them is ridiculous.

Of course...

TheChrisD

Given I've never had the level of income nor the nest egg to be able to leave so much money "just resting in my account" to avoid the transaction fees, having to start paying 1c on my contactless transactions isn't much really.

But, it's definitely the start of a slippery slope. The problem is switching won't really make a difference since pretty much all the other banks are already down at the bottom of that slope.

NabyLadistheman

Is N26 a legitimate bank? Do they have all the required banking licences that the main banks will have? I am definitely switching form AIB. It's not about the 1c it's about the exploitation. Oh look people are using tap now all the time lets charge them. If we accept it we will accept further hikes.

Spocker

Suarezistheman wrote: »

Is N26 a legitimate bank? Do they have all the required banking licences that the main banks will have? I am definitely switching form AIB. It's not about the 1c it's about the exploitation. Oh look people are using tap now all the time lets charge them. If we accept it we will accept further hikes.

Yes, they have a proper banking licence, and your deposits are protected under the German Financial Regulators Deposit Guarantee Scheme

HBC08

McGaggs wrote: »

What do you do in a branch?

I have a current,savings and business account with Ulster bank.
I'll give you one (ridiculous) example.
If i want to take cash out of business account and put a note on it ie what/who the money is for i have to go to the teller to do this.

JamesBond2010

HBC08 wrote: »

I have a current,savings and business account with Ulster bank.
I'll give you one (ridiculous) example.
If i want to take cash out of business account and put a note on it ie what/who the money is for i have to go to the teller to do this.

But @ least it keeps the teller in a job for the meantime.

Fol20

Mr.S wrote: »

Can you keep an AIB credit card without having an AIB current account? Tempted by KBC for the free banking + credit card cashback's but would like to keep the AIB platinum credit card for the benefits.

You can. My partner originally joined aib with just a credit card and no current account. I litterally just moved over my day to day banking for me and my partner for personal stuff. I think I’ll move to Ulsterbank as even though they charge. I find their app better to use particular around international transfers and it’s a set via vs loads of transactions with aib

kravmaga

virginmediapls wrote: »

I have been an AIB customer since birth. My parents opened an account in my name. I am going to close my account as I find this change abhorrent and unacceptable - https://www.independent.ie/business/personal-finance/aib-to-charge-fees-for-contactless-payments-and-current-accounts-39031416.html .

Especially announcing it in the current climate, hoping it will go under the radar. I am planning to change bank ASAP.

What are the best alternatives? I currently have a current a/c and savings a/c and am mortgage approved by AIB but happy enough to cancel that and go elsewhere as their rates are ****e anyway.

Thanks

Im with AIB since 1987, I think their service is going downhill pretty rapid, they are looking for redundancies, morale is rock bottom.

Customer service is non existent, they just want you to use the machines and cutting back on cash teller counters all over the country.

Just get a Revolut card online, dont use your AIB debit card for contactless payments or get a N96 card.

JamesBond2010

Folks used my aib Click credit card to open and top up my new revolut a/c twice y/day & still hasnt shown up on my online Aib a/c How long does it take to show up the transaction ??

enfant terrible

Does having a mortgage with AIB exclude you from every banking charge?

Infini

Im switching to KBC's Extra Current account its the same as AIBs former offering except they only require €2000 a month to be lodged into the account, got a N26 account as well and Revolut which has become my primary forex card expecially since AIB apply hidden exchange charges and since I found that out I've stopped using my AIB credit card except to top up my revolut.

I'm being pretty honest its better to just close any AIB accounts you have with this announcement and open with KBC for banking, have Revolut/N26 if needed and maybe have a credit union account to lodge cash to for transfer later on, its not as clean but AIB had this offer for 15 or more year and if they want to charge people just to access their own money your better off taking your buisness elsewhere.

Purple Mountain

I had a gripe with them because I noticed that on the fee statement we are charged .35c for ATM withdrawal and .39c for withdrawal from An Post outlets.
I was aggrieved by this because living rural, the local ATM is miles away, where there is a post office in the local village.
Plus aren't we supposed to be supporting the rural post office to keep them open?
I didn't get anywhere when I voiced my complaint anyhow.

beggars_bush

On the move again so
EBS crappy account and then use N62 or revolut.
I'm nowhere near a kbc 'hub'

Varik

So while the 1c charge is nothing, the quarterly and all the other transaction add up quick.

But was just reading through their FAQ, they say previously they offered a 100% discount on contact-less and now it's 95% discount (ie 1c). So in addition to the now mostly unavoidable fees, the tiny new contact-less fee will be increased at some point to 20c the same as chip&pin/online.

OttoPilot

I've been an aib regular current account customer for my whole life (mid 20s). Just realised last month how substantial the fees actually are. I paid €223 for the year and now with these extra fees which will undoubtedly creep up, it's just not worth it.

Switched to KBC and currently moving everything over. I think AIB will regret this decision because they are cannibalising their segment of the younger market who dont have 2.5k to keep in their accounts or a mortgage, but will be looking for a mortgage in 5-10 years.

NabyLadistheman

I too have opened a KBC account. I have a credit union acccunt I will use if I need to lodge (which is extremely rare) and I use revolut also

Digital Transactions
Paying by contactless or 'tap' 1c
Paying by debit card with a PIN (includes free cashback) 20c
Online payments incl. direct debit / kiosk / phone banking 20c

Manual & Cash Transactions
Taking cash out from an ATM 35c
Paying by cheque, not including government tax
of 50c per cheque. 39c
Over the counter transactions in branch – also called 'paper / staff assisted transactions' 39c

I did not realise all these other fees existed. I guess I'll move my entire salary into my revolut and use that.

OttoPilot

[Deleted User] wrote: »

I did not realise all these other fees existed. I guess I'll move my entire salary into my revolut and use that.

I wouldn't move to revolut just yet. Their app has gotten very buggy for me over the past two or three months. Also has the minimum top up gone up or is it just me imagining things?

KilOit

Never paid fees before since I've always had €2500 in the current account so shocking to hear I will now. Isn't there any point switching since the rest will likely follow suit?

bonjurkes

As a regular AIB user, customers will have to pay: 4.50 per quarter (which is OK), plus 1 cent for each tap transaction (which is also OK), paying by Debit Card aka any transaction over 30 euro will cost 20 cent (which is not OK), 35 cents per ATM withdrawal (which is not OK), having to pay 20 cents for each direct debit transaction + online payment (which is not OK)

In case any sane person is reading this, maintenance fee is for handling the cost of your transaction (tap payment, withdrawal, new debit card issued etc). You will get double charged for these costs and it's stupid move.

I will be moving my money and changing to a different bank (whatever left as an option)

Debub

if using Apple Pay on the AIB account - that will also be charged ?

JamesBond2010

OttoPilot wrote: »

I wouldn't move to revolut just yet. Their app has gotten very buggy for me over the past two or three months. Also has the minimum top up gone up or is it just me imagining things?

i just open new a/c with them & topped up by 10e but i was using gpay

Ten Pin

Shelved for now...

https://mobile.twitter.com/AskAIB/status/1238537040423194627

Not clear if the monthly fee will still apply regardless of balance

Qrt

Alun wrote: »

It's just an extension of your debit or credit card effectively. Not awkward at all, not sure how you thought that.

People make it awkward because they use it wrong. A lot of people flip the screen towards the reader, then it doesn’t read the chip because it’s actually on the back of the phone etc

JamesBond2010

Ten Pin wrote: »

Shelved for now...

https://mobile.twitter.com/AskAIB/status/1238537040423194627

Not clear if the monthly fee will still apply regardless of balance

it seems like it is only contactless fee that being waived due to current circunstances

road_high

I understand if your mortgage is coming out of your AIB account to an AIB mortgage account the fees are still “free”? Which must mean they’re getting it another way out of ya in spade loads

Worztron

van_beano wrote: »

It hasn’t, it ended this time last year

Thanks, VB.

JamesBond2010

lads when you finally get the Revolut physical card do u need to activate it before u use it ??

BarryD2

Have had various dealings with AIB over the years and always figured they know how to charge. They'd nearly charge you to stand in a queue to give them business!