AIB Personal current account customers will be able to carry out contactless payments for free

AIB has extended the facility to make free contactless payments for the current account customers. Though AIB had decided to charge one cent per transactions, owing to the present Covid-19 situation they repealed the decision.

 Jim O’Keeffe, Managing Director of Retail Banking at AIB said that their research shows that 77% of customers are using contactless on a weekly basis, this reflects transformed customer behavior and broadens the base of customers accessing digital channels.

“With this in mind, we are pleased to announce the extension of free contactless payments for all our customers,” he added.

Customers who have a daily balance of €25000 in their accounts and those who had avoided maintenance and transaction fees will face charges.

Over 10 % of the current account customers will be affected by the decision. The charges will be gained by the end of march next year.

The bank said in a statement that the average quarterly fees paid by personal customers, are €18, which amounts to less than 20 cent per day or approximately €6 per month.

Free banking will be provided to the customers with student accounts, graduate accounts, accounts for those over the age of 66 and those who pay an AIB mortgage from a personal current and other basic AIB account. About €780000 customers fall under this category.

“We have provided our customers with helpful tips on how to keep their fees as low as possible when using our current account and online services,” said Mr O’Keeffe.

 Account transaction fees will not be charged on personal current account holders with a balance of €3000 for an entire fee quarter.

Around four in every ten customers will face higher charges. The postponement of previously announced plans to start charging contactless payments is a glad news for Daragh Cassidy from Bonkers. but she reminded that due to the removal of the €2500 waivers the customers will have to pay far more each month for the service.

“Someone who makes five ATM withdrawals, five chip and pin transactions, and has 15 standing orders, direct debits and/or wage lodgments presented onto their account each month will now pay €22 every three months in quarterly fees when you include the €4.50 quarterly fee,” he stated.