From May 28th 2012 – AIB are revising the rules on fee free personal banking. Allied Irish Bank’s current account customers will now have to keep €2500 or more in their current account at all times to avoid paying fees. If the balance drops below €2500 at any time in a quarter – customers will be charged fees for the whole quarter.
What are the AIB Fees and Charges?
There will be a €4.50 a quarter admin fee .
Plus 20 cents for each of the following transactions:
Debit Card ; ATM ;Standing order ;Direct debit ; Internet transaction ; Phone transaction and 30 Cents for each Cheque and Branch transaction.
For example – after May 28th – an AIB current account holder that doesn’t keep €2500 in the account could incur charges like these :
If they use a debit card ten times a week , use an ATM twice a week, write one cheque a week and have 4 direct debits a month , they will be charged €42.80 in fees in a quarter. (€171.20 a year)
See how these fees compare to other Current Account fees in Ireland. Many customers of AIB may be switching to Ulster Bank where personal current accounts are still free of any fees.
Using prepaid debit cards is another way to cut banking fees . Read more about prepaid debit cards here
Note: Up until May 28th Allied Irish Bank charge no fees on personal current accounts IF customers use their AIB debit card to make at least one purchase each quarter AND make at least one debit transaction using AIB Phone or Internet Banking in each quarter.