I used to have an account with AIB so it will be easier for me to talk about this particular bank. One thing I like about their website is the colour and how everything is well organised. You cannot get lost on the website.
Now, charges. Obviously hidden in the bottom right corner where nobody looks at. So again it is a PDF file difficult to read as it is in a funny format so you have to zoom in. But luckily you dont have to do it as I will tell you in this article how much you actually pay for your account.
So basically you will pay €4.50 per quarter just for having your account open. Whenever you use your account you will pay €0.20 for automated and self service transactions such as ATM Withdrawals, Standing Orders, Direct Debits, Automatic Lodgements (e.g. salary) AIB Phone & Internet Banking Transactions, AIB Debit Card Transactions or if it requires paperwork/member of staff you will pay €0.30 PER TRANSACTION and that includes Cheques, Withdrawals, Lodgements, Incoming Credit Transfers, Staff Assisted Transactions at any AIB branch counter
or in the Post Office. 20 or 30 cent doesn’t seem much but just think how many transactions do you have on your statement weekly, monthly and how many quarterly. It will build up to a significant amount.
Fees are applied quarterly on the last working Friday of February, May, August and November and charged in the following month. They must have worked out that majority of the accounts will be charged €12.70 or less so they decided not to provide you with any breakdown of the fees if your charge is that much or less unless you ask for it.
When you go on holidays they will charge you €0.20 each time you use your debit card - which is fair enough for abroad transactions, however you pay that regardless if you are abroad or home. In my opinion 20 cent charge abroad is fair, at home - NOT! On top of that if your transaction abroad is in other currency than euro 1.75% (Minimum €0.46, Maximum €11.43) - which again is fair.
When you withdraw some cash from the ATM abroad you will pay a commission of 1% of value
(Minimum €1.27, Maximum €6.35) and if it is a foreign currency you will also pay “up to 3% of value depending on the currency” - which means they can charge you ANYTHING they like up to 3%. If you have a Master Card under the Master Card Scheme then you should also know that there are additional charges. Master Card executives need their holidays funded too. And if you have a Banklink Card there are some additional stupid charges too. After all noone has a clue how much they will be charged for the dinner they buy in a hotel restaurant unless paid by cash.
Of course they are so generous they make their banking free from maintenance and transaction fees under certain criteria: at least one purchase transaction using the debit card (fair enough) AND at least one transaction using AIB phone and Internet Banking (also fair enough). Unfortunately these criteria were too easy to meet AIB introduced new criteria. And as from Monday 28th May 2012 the new criteria are:
Maintain a minimum daily credit statement balance of €2,500 in the account for each fee quarter - that means keep over €2,500 in your current account every day all the time you want your account to be free. Go below €2,500 even once and you will be paying all the maintenance and transaction fees - NOT NICE AT ALL. Who keeps that amount of money in a low interest current account? This is a very big minus for AIB as meeting free banking criteria is very unlikely for an average person. What is more it widens the gap between poor who will have to pay fees and rich who will avoid to pay fees.
And just so you know they also say that By qualifying for this offer customers will benefit from free mobile top up transactions. WERE YOU GOING TO CHARGE ME FOR TOPPING UP MY PHONE?! Not only that you are making money from each top up as a sales partner to mobile companies but you also want to charge me for topping up? Not cool at all.
Then they give you some tips on how to minimise your fees... use your debit cards instead of writing cheques (who writes cheques?), make payments online, use their credit card as there are no transaction fees and you can just pay it back at the end of the month in one transaction (and get into more debt), or take my tip: switch your bank account.
You can find more traumatic AIB current account fees and charges (such as overdraft) on their website.














