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21/03/2012
AIB Tightens Conditions For Free Banking
AIB bank has announced changes to its free banking service.
From May 28 customers must keep their balance above €2,500 for a full quarter in order to avoid maintenance and transaction fees.
They have claimed the tightening of conditions is aimed at recovering costs, including what it calls the "significant" cost of providing money transmission services.
The current system requires customers to make at least one transaction per month on an AIB debit card and at least one payment using phone and internet banking.
With the changes customers will from May 28 need to maintain a credit balance of €2,500 for a full quarter to guarantee free banking services.
AIB have said 40% of their current account holders will qualify after the changes are implemented.
"While this was a difficult decision to make, nonetheless it is a necessary one if we are to continue to create the conditions in which we can become a strong and viable entity again," said AIB's Bernard Byrne.
(H/GK)
From May 28 customers must keep their balance above €2,500 for a full quarter in order to avoid maintenance and transaction fees.
They have claimed the tightening of conditions is aimed at recovering costs, including what it calls the "significant" cost of providing money transmission services.
The current system requires customers to make at least one transaction per month on an AIB debit card and at least one payment using phone and internet banking.
With the changes customers will from May 28 need to maintain a credit balance of €2,500 for a full quarter to guarantee free banking services.
AIB have said 40% of their current account holders will qualify after the changes are implemented.
"While this was a difficult decision to make, nonetheless it is a necessary one if we are to continue to create the conditions in which we can become a strong and viable entity again," said AIB's Bernard Byrne.
(H/GK)
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