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22/03/2012
NCA Class AIB Charges An 'Insult'
Following yesterdays announcement by AIB bank that customers would need to maintain a balance of €2,500 for one quarter to qualify for free banking the National Consumer Agency (NCA) has said they will be writing to the Financial Regulator to see if AIB has breached its consumer protection code.
Chief Executive of the NCA Ann Fitzgerald described AIB’s decision to introduce banking charges as an "insult" and said people should explore the products offered by other banks.
The Central Bank said an institution that wishes to increase existing non-interest charges or introduce charges for services that did not previously exist must notify it of its proposals, and it may either approve or reject an institution's application.
However, an institution may choose not to apply charges for which it already has approval and then subsequently reapply such charges at its own discretion.
In reintroducing charges in this way an institution would not require approval from the Central Bank, although it is expected to inform us by way of a "courtesy notification".
It said AIB did submit a courtesy notification in relation to the application of current account fees earlier this week.
Chief Executive of the NCA Ann Fitzgerald described AIB’s decision to introduce banking charges as an "insult" and said people should explore the products offered by other banks.
The Central Bank said an institution that wishes to increase existing non-interest charges or introduce charges for services that did not previously exist must notify it of its proposals, and it may either approve or reject an institution's application.
However, an institution may choose not to apply charges for which it already has approval and then subsequently reapply such charges at its own discretion.
In reintroducing charges in this way an institution would not require approval from the Central Bank, although it is expected to inform us by way of a "courtesy notification".
It said AIB did submit a courtesy notification in relation to the application of current account fees earlier this week.
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