AIB - Charges

tech

We are writing to update you about a change to maintenance and transaction fees on our personal current account.
Previously, we have waived these fees for customers who kept a minimum daily balance of €2,500 in their account throughout the fee quarter. However, from 28 November 2020, regardless of the minimum daily balance maintained throughout the fee quarter, we are going to start applying these fees which will be charged quarterly from 29 March 2021.
You can find out more about our current account fees and charges, including how to keep fees to a minimum, in ‘A Guide to Fees and Charges for Personal Accounts', which is available on aib.ie/Fees-and-Charges and in our branches.
Here's a reminder of what the maintenance and transaction fees enable us to do for you:
• We continue to develop Ireland's leading and awarding-winning mobile banking app, adding options like card freeze capability that allows you to manage your money more easily;
• We give you access to your account through online banking 365 days a year;
• We provide debit cards for use online, at home and abroad including access to cash;
• We offer free contactless transactions, including using contactless on a device (for example on an enabled smartphone or smartwatch);
• We answer your questions through our dedicated customer support on the phone, in over 200 branches and on social media.
Just to let you know, we do not charge maintenance and transaction fees for customers who pay their AIB primary home mortgage from their AIB personal current account. So if that sounds like something you would be interested in, you can find out more on aib.ie/mortgages
We also continue to waive maintenance and transaction fees for:
• AIB Advantage Accounts for customers aged 66 or over;
• AIB Student Accounts;
• AIB Student Plus Accounts;
• AIB Graduate Accounts;
• AIB Basic Bank Accounts, provided as part of the Government's Strategy for Financial Inclusion and National Payments Plan.
If we do not hear from you before the date of these changes (28 November 2020), we will take it that you have accepted them. If you do not accept them you have the option to close your account free of charge.
We understand this change may affect you, so we are happy to discuss these fees further with you. You can call us on 0818 300107 (or 00 353 818 300107 if you are calling from outside Ireland). Phone lines are open between 09:00 and 17:00, Monday to Friday excluding bank holidays. Alternatively you can contact us on Ask AIB on Facebook and AIB Customer Support on Twitter, or visit aib.ie/help-and-guidance/personal-current-account-fee-changes-faqs for more information.
Thank you for Banking with AIB
Yours sincerely,

feelings

Inevitable.

I wonder if Ulster, PTSB, KBC etc will follow shortly as well?

feelings

feelings wrote: »

Inevitable.

I wonder if Ulster, PTSB, KBC etc will follow shortly as well?

You may as well ask if Revolut are going to substantially increase their market share. I do believe it's inevitable that the Bricks and Mortar banks increase their fees, but it was also inevitable that the person on the Titanic's Tiller was going to try to turn out of the way of the iceberg.

Quantum Erasure

So, they're not bringing in the 1c contactless fee?
Might look at changing anyway.,..

Limpy

Im with them 25 years. I'm gonna jump ship if these charges come in.

silver2020

Deleted User wrote: »

You may as well ask if Revolut are going to substantially increase their market share. I do believe it's inevitable that the Bricks and Mortar banks increase their fees, but it was also inevitable that the person on the Titanic's Tiller was going to try to turn out of the way of the iceberg.

Revolut are losing hand over fist and are not an official bank in Ireland. They area digital banking facilitator. Money is held by lloyds in the UK, so theorectically safe enough.

They had losses last year of over £100m. Three times the previous year's losses and they have yet to make a profit.

Despite having 10m customers, revenue was just a paltry £160m last year. So losses were massive in comparison.

Shareholders and investors continue to pump money into it, so everything is fine for now, but they will have to increase charges at some stage

silver2020

silver2020 wrote: »

Revolut are losing hand over fist and are not an official bank in Ireland. They area digital banking facilitator. Money is held by lloyds in the UK, so theorectically safe enough.

They had losses last year of over £100m. Three times the previous year's losses and they have yet to make a profit.

Despite having 10m customers, revenue was just a paltry £160m last year. So losses were massive in comparison.

Shareholders and investors continue to pump money into it, so everything is fine for now, but they will have to increase charges at some stage

If not Revolut another provider will come to market that does not have a branch network and be able to have lower/no fees due to smaller running costs. It's, imho, inevitable.

tugii20

we give our savind to bank's hand and bank makes money out of it to lending to businesses.
in return bank has started customers charging even more
riducolous

Delta2113

Mr.S wrote: »

Give it another year and the only ones offering free banking will be the CU's.

EBS Money Manager will still be FREE I reckon.

Some Credit union's already have charges.

danielgalway

This infuriates me. I just opened an account with them 5 days ago because of bank of irelands new fees from November!

antimatterx

I don't mind the fees. They are the superior bank in this country, and I'm not going to switch over a small amount of money.

Hibernicis

antimatterx wrote: »

They are the superior bank in this country

Superior in way way/s ?

antimatterx

Hibernicis wrote: »

Superior in way way/s ?

Their technology services (arguably the most important factor these days)are way ahead of anybody else. Banking with them is simple.

Limpy

If KBC dont change and charge, i would imagine plenty of people will jump to them.

AIB dont even have Garmin pay, thats pretty lame in this day and age.

callaway92

Hi folks

Just an FYI for people who didn't see the email today from AIB, the €2500 in your Current Account leading to waived fees is now gone.

We are writing to update you about a change to maintenance and transaction fees on our personal current account.
Previously, we have waived these fees for customers who kept a minimum daily balance of €2,500 in their account throughout the fee quarter. However, from 28 November 2020, regardless of the minimum daily balance maintained throughout the fee quarter, we are going to start applying these fees which will be charged quarterly from 29 March 2021.

You can find out more about our current account fees and charges, including how to keep fees to a minimum, in ‘A Guide to Fees and Charges for Personal Accounts', which is available on aib.ie/Fees-and-Charges and in our branches.
Here's a reminder of what the maintenance and transaction fees enable us to do for you:

• We continue to develop Ireland's leading and awarding-winning mobile banking app, adding options like card freeze capability that allows you to manage your money more easily;

• We give you access to your account through online banking 365 days a year;

• We provide debit cards for use online, at home and abroad including access to cash;

• We offer free contactless transactions, including using contactless on a device (for example on an enabled smartphone or smartwatch);

• We answer your questions through our dedicated customer support on the phone, in over 200 branches and on social media.
Just to let you know, we do not charge maintenance and transaction fees for customers who pay their AIB primary home mortgage from their AIB personal current account. So if that sounds like something you would be interested in, you can find out more on aib.ie/mortgages

We also continue to waive maintenance and transaction fees for:
• AIB Advantage Accounts for customers aged 66 or over;
• AIB Student Accounts;
• AIB Student Plus Accounts;
• AIB Graduate Accounts;
• AIB Basic Bank Accounts, provided as part of the Government's Strategy for Financial Inclusion and National Payments Plan.
If we do not hear from you before the date of these changes (28 November 2020), we will take it that you have accepted them. If you do not accept them you have the option to close your account free of charge.

Spocker

Thread on this already here:-> https://www.boards.ie/vbulletin/showthread.php?t=2058111173 (the emails have been coming out for a few weeks)

hblock21

That's a shame. They'll be rolling it in even more now!

Francie Barrett

This is the last straw for me, money grabbing filth of the highest order.

TheBigEvil

When they mooted the introduction of fees just before the pandemic, it was only a matter of time. Even though they rolled back on the contactless fees because every one was encouraged to use card payments, it was only a matter of time before they announced the full introduction of fees.

I switched to KBC over a month ago. I'm sure KBC will have to look at fees on a current account at some point, but I will be with them for as long as I can while they offer it fee free.

Henry Ford III

Threads merged.

Francie Barrett

Francie Barrett wrote: »

money grabbing filth of the highest order.

Beyond harsh. Its a business like any other. What professional services do you provide for free?

Quantum Erasure

They have access to the use of your money to provide loans and generate profits, and want to charge you for the privilege

Francie Barrett

Deleted User wrote: »

Beyond harsh. Its a business like any other. What professional services do you provide for free?

AIB don't provide anything for free. They have the use of several thousand Euro in my current account that they don't pay interest on and lend out at extortionate rates. I also pay them thousands in interest every year on the mortgage that I have with them.

Henry Ford III

Francie Barrett wrote: »

AIB don't provide anything for free. They have the use of several thousand Euro in my current account that they don't pay interest on and lend out at extortionate rates. I also pay them thousands in interest every year on the mortgage that I have with them.

Why would they? They are in business to make profits.

If you don't like their products you are free to take your business elsewhere.


p.s. I think they should be offering offset mortgages, but that's another issue.

Quantum Erasure

Henry Ford III wrote: »

Why would they?
.

They don't. No bank does, that's the point

Jim2007

tugii20 wrote: »

we give our savind to bank's hand and bank makes money out of it to lending to businesses.
in return bank has started customers charging even more
riducolous

Francie Barrett wrote: »

AIB don't provide anything for free. They have the use of several thousand Euro in my current account that they don't pay interest on and lend out at extortionate rates. I also pay them thousands in interest every year on the mortgage that I have with them.

That is just not true, as demonstrated by the audited accounts of everything bank in Western Europe.

Interest rates are so low right now because the system is awash with money from quantitative easing and no one wants to borrow money. The result is that banks in several countries have introduced negative interest rates for companies and government bodies to discourage them from placing money on deposit.

Giving away services to people whom you were never likely to sell other fee paying products to was always a dumb idea. It’s just taken a while to sink in.

Quantum Erasure

Quantum Erasure wrote: »

They have access to the use of your money to provide loans and generate profits, and want to charge you for the privilege

Francie Barrett wrote: »

AIB don't provide anything for free. They have the use of several thousand Euro in my current account that they don't pay interest on and lend out at extortionate rates. I also pay them thousands in interest every year on the mortgage that I have with them.

If Boards existed in the 80s and 90s and you'd posted this then you'd have a valid argument. The banking system is FUBAR compared to those days. It costs banks money to hold deposits. And if you think paying fees are bad it's not beyond the bounds of possibility that banks will charge negative interest on your balances. Some banks are already doing this for commercial customers.



I pay negative 0.5% on a deposit share account. So, no they are not making money from your few thousand euro.

The J Stands for Jay

antimatterx wrote: »

Their technology services (arguably the most important factor these days)are way ahead of anybody else. Banking with them is simple.

Then why is it so difficult to send a payment from AIB to an IBAN that doesn't start with IE?

Francie Barrett

Henry Ford III wrote: »

Why would they? They are in business to make profits.

If you don't like their products you are free to take your business elsewhere.


p.s. I think they should be offering offset mortgages, but that's another issue.

These guys don't have to do anything they don't want to, they operate in an oligopoly with little competition.

seraphimvc

Jim2007 wrote: »

That is just not true, as demonstrated by the audited accounts of everything bank in Western Europe.

Interest rates are so low right now because the system is awash with money from quantitative easing and no one wants to borrow money. The result is that banks in several countries have introduced negative interest rates for companies and government bodies to discourage them from placing money on deposit.

Giving away services to people whom you were never likely to sell other fee paying products to was always a dumb idea. It’s just taken a while to sink in.

I am scratching my head here because 'interest rate is so low/negative in this age' is the exactly the biggest reason NOT to put more charges i.e. to piss off the customers. The banks (out there) lower the rates to encourage people/business to get loan etc.

It is shocking in 2020 that some banks are introducing more fees. Such incompetency that's all I have to say - if that happens in UK let's say, people will leave such bank mass exodus and the bank would be f*cked. AIB did this because they knew people wouldn't be bothered and they knew they can get away with it and (gullible) people allow that to happen.

seraphimvc

Henry Ford III wrote: »

Why would they? They are in business to make profits.

If you don't like their products you are free to take your business elsewhere.


p.s. I think they should be offering offset mortgages, but that's another issue.

They are in the business to invest to make profit, not to make profit off people using their basic service. The basic service is a way to get people (i.e. customers) to stay with them and then, anything else (loan etc) yes sure they make profit from there - all these are minor profit to the bank by the way while it is more applicable to the average people out there. The real profit are the big accounts and whatever investments they do there.

So all in all, it is a way that AIB is telling the people that 'we don't care about you small customers' and 'yes we are bad at the business therefore we need your support on running the most basic service that we provide'.

Incompetency.