AIB - Charges

The J Stands for Jay

seraphimvc wrote: »

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.

Banks don't need to provide current accounts in order to sell loans to people. It's been decades since you needed to open bank accounts so the manager would know you to give you a loan.

coylemj

I'm with BoI and crunched the numbers for my current a/c to see if it would be worth switching to AIB.

A summary of the main charges from November....

AIB €4.50 per quarter (€18 p.a.) with 20c per transaction for debit card purchases (contactless or otherwise), SOs and DDs and inbound and outbound EFTs. 35c for ATM withdrawals.

BoI €6 p.m. (€72 p.a.) which covers virtually all domestic transactions.

Which is better is going to depend on your transaction profile. Like me, you've probably seen a huge increase in your usage of contactess for retail transactions and that will probably skew the numbers in favour of BoI. Though if you combine a current a/c in one of the main banks with the likes of a Revolut account, you can avoid the AIB transaction charges for most of your retail transactions. In which case AIB might come in as the better option.

But if you're doing your transactional banking through an AIB current account and refuse to have any truck with the likes of N26 or Revolut, I'd give a serious look at switching to BoI.

An example of a transaction profile where you'd be in neutral territory, where both banks would charge you more or less the same in annnual charges....... five debit card purchases per week and two direct debits per month. Throw in just one ATM withdrawal per week and BoI comes out better.

Delta2113

EBS Money Manager is totally FREE - no need to do any calculations.

manster

Going to avail of the no fees AIB current account as I have a mortgage with AIB. Just have to close BOI and transfer my salary to AIB and pay my mortgage from there. Goodbye BOI

coylemj

Delta2113 wrote: »

EBS Money Manager is totally FREE - no need to do any calculations.

You know well that I'm almost as big a fan of the EBS Moneymanager account as you and have recommended it on umpteen occasions in this forum.

But the downside of no fees is that (as you and I always point out) EBS have no mobile app and their website is not mobile friendly. And they don't have anything like as many branches as AIB and BoI so there's lots of people who will never switch to them for their current account. And even though I also have an EBS MM a/c, for tactical reasons I need to also have a current account with one of the major banks. So the comparison on fees is relevant for all sorts of reasons.

chasm

Does it always take a long time for EBS to get back to you after you fill in the contact form on their website?

Was hoping to move to them but my dealings with them so far do not inspire much confidence tbh.

JTMan

chasm wrote: »

Does it always take a long time for EBS to get back to you after you fill in the contact form on their website?

Was hoping to move to them but my dealings with them so far do not inspire much confidence tbh.

EBS still require an in person meeting to open a current account.

There are posts elsewhere that there are delays in setting up these meetings at the moment with some branches.

The Haven

All you need to do for EBS is to get a Curve card to have google pay and apple play on the card, to link to the EBS debit card.

I am thinking about changing banks from AIB to EBS.
In person meeting, I don't fancy however, in the current climate.

JTMan

The Haven wrote: »

In person meeting, I don't fancy however, in the current climate.

Yeah, it's total madness with EBS insisting on in-person meetings during a pandemic when KBC, BoI, AIB, N26, Monese and Revolut will all do the process digitally/remotely.

Stewball

JTMan wrote: »

Yeah, it's total madness with EBS insisting on in-person meetings during a pandemic when KBC, BoI, AIB, N26, Monese and Revolut will all do the process digitally/remotely.

I've been told by AIB I need to go to my local branch to close a current & savings account.

breezy1985

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

Exactly this. Charging for every card use is a money grab and I was shocked when I returned from the UK to find out it was just considered normal here

Limpy

Stewball wrote: »

I've been told by AIB I need to go to my local branch to close a current & savings account.

As far as I know savings accounts are free to maintain. When you are on the app it shoes you what you get charged for. All my charges are from current account only. So I am leaving savings in AIB and moving current to KBC to avail of the free banking.

Stewball

Limpy wrote: »

As far as I know savings accounts are free to maintain. When you are on the app it shoes you what you get charged for. All my charges are from current account only. So I am leaving savings in AIB and moving current to KBC to avail of the free banking.

Yeah I know they're free but AIB made their bed - I'm moving everything elsewhere.

It won't be a big loss to them anyway - for all I have

JTMan

Stewball wrote: »

I've been told by AIB I need to go to my local branch to close a current & savings account.

The closing process should be online too. If you can open an account online (and you can open a current account online with AIB) then you should be able to close online too.

Stewball

JTMan wrote: »

The closing process should be online too. If you can open an account online (and you can open a current account online with AIB) then you should be able to close online too.

I did close another savings account last week through internet banking - but that account had been opened online.

Accounts opened in branch have to be closed at a branch apparently.

Asus X540L

Ok I just realized I got charges on my AIB account.

I thought they were being waived during the pandemic but I got my quarterly fees (that weren't refunded).

I'm annoyed as I definitely did not get a letter in the post and i don't remember getting an email about them.

After googling I just found out they were re-introduced last November. They seemed to have done this on the sly.

Probably only going to get worse now with ulster Bank pulling out so less competition.

I'm just to load my Revolut card from now on.

antimatterx

I got charged ~€20 in fees, but got the entire amount refunded for some reason.

tech

antimatterx wrote: »

I got charged ~€20 in fees, but got the entire amount refunded for some reason.

Have you a mortgage? If so no fees I believe

antimatterx

tech wrote: »

Have you a mortgage? If so no fees I believe

I don't. These should have been my first set of fees after coming off a graduate account. Anyway I'm not complaining.

Bubbaclaus

Asus X540L wrote: »

Ok I just realized I got charges on my AIB account.

I thought they were being waived during the pandemic but I got my quarterly fees (that weren't refunded).

I'm annoyed as I definitely did not get a letter in the post and i don't remember getting an email about them.

After googling I just found out they were re-introduced last November. They seemed to have done this on the sly.

Probably only going to get worse now with ulster Bank pulling out so less competition.

I'm just to load my Revolut card from now on.

You can't expect a business to waive their fees for a year or more.

NSAman

Bubbaclaus wrote: »

You can't expect a business to waive their fees for a year or more.

Agreed but as someone with a business account in AIB the fees they have started racking up in the past nine months on our accounts are pure extortion.

Looking around for alternative banking facilities, their credit card transaction fees are crazy, not to mention the stupid fact you have to have money in an account to refund a customer...madness.

Then take their 6.35 on every wire transfer despite people paying full fees and it adds up to FECK OFF AIB I’m leaving.

Jim2007

NSAman wrote: »

Agreed but as someone with a business account in AIB the fees they have started racking up in the past nine months on our accounts are pure extortion.

Looking around for alternative banking facilities, their credit card transaction fees are crazy, not to mention the stupid fact you have to have money in an account to refund a customer...madness.

Then take their 6.35 on every wire transfer despite people paying full fees and it adds up to FECK OFF AIB I’m leaving.

I may regret asking... but if you don’t have money in the account how would you expect to refund a customer?

NSAman

Jim2007 wrote: »

I may regret asking... but if you don’t have money in the account how would you expect to refund a customer?

Traditionally you didn’t have to have money in a merchant credit card account, it was charged back through a direct debit or taken out of whatever payments you had taken that day. Now you have to have money IN a merchant credit card account to refund.

AIB as far as I know only introduced this in the last few months. It is the only bank that we deal with that operates this system. It’s annoying for us as a business and for customers too..it delays refunds/credits.

Jim2007

NSAman wrote: »

Traditionally you didn’t have to have money in a merchant credit card account, it was charged back through a direct debit or taken out of whatever payments you had taken that day. Now you have to have money IN a merchant credit card account to refund.

But presumable they don't do it for free?

NSAman

Jim2007 wrote: »

But presumable they don't do it for free?

Of course they don't. They charge your current account automatically with a refund. (well they USED to)

Any other bank we deal with has the traditional business account model, so its bye Bye AIB!

TempAc

NSAman wrote: »

Of course they don't. They charge your current account automatically with a refund. (well they USED to)

Any other bank we deal with has the traditional business account model, so its bye Bye AIB!

I enquired with some large banks that are not AIB for merchant DDs recently and the policy for both was a hold of 8 weeks as the transactions can be reversed....

NSAman

TempAc wrote: »

I enquired with some large banks that are not AIB for merchant DDs recently and the policy for both was a hold of 8 weeks as the transactions can be reversed....

They are holding merchant funds for 8 weeks?

TempAc

NSAman wrote: »

They are holding merchant funds for 8 weeks?

Yes.

NSAman

TempAc wrote: »

Yes.

Will check into this. If true, credit card processing will be moved out of Ireland completely.

TempAc

NSAman wrote: »

Will check into this. If true, credit card processing will be moved out of Ireland completely.

To clarify, this relates to DDs, not credit card processing.