Bank current account fees

JPMc15

Hello everyone, thanks in advance for reading

I have a current account with a local bank in NI and was just wondering if it was normal to be charged for each direct debit that I have set up in my account?

I have made a total of 85 direct debits and it says there is a fee of £0.43 for each one. 'Automatic lodgements' (I've made 75 of them) are also £0.43, does anyone know what this means?

Thanks again

Jack

grumbler

85 DDs?! How have you found so many companies to pay by a DD to?

No, it's not normal here in GB. Quite the opposite, for DDs banks charge companies, not customers, and pay bonuses to customers switching accounts with DDs. That's why many people jump through hoops to get useless DDs on the accounts they want to switch for a bonus.

If you have made 75 'Automatic lodgements', how do you not know what it means?

ceredigion

Certainly wouldn't be normal on this side of the puddle , in fact one provider even pays you for paying a DD.


Automatic lodgements , haven't a clue , no doubt somebody will educate us both.

meer53

Account Fees

Taken from AIB t & c's, looks like you pay for all electronic payments. Would imagine other banks operate the same system ?

What are Account Fees?
These are fees which are charged for the processing of
lodgements and withdrawals and the maintenance of
your account. Not all of these fees necessarily apply to
your account but below is a detailed breakdown of what
they are and how much they cost.
A. Account Maintenance Fee*
This covers the cost of running
your account.
€4.50 per quarter
or part thereof
B. Account Transaction Fees
Automated Transactions €0.20 each
This fee applies to the following transactions:
• Debit Card purchases
• Contactless transactions(1)
• Me2U transactions(1)
• Standing Orders
• Direct Debits
• Automated Debit & Credit transactions including
transactions through:
– AIB Phone & Internet Banking
– AIB Mobile Banking
– AIB Kiosk Banking
– AIB Tablet Banking
(1) The transaction fee for Contactless transactions and for sending and
receiving money using the Me2U service with your AIB Debit Card will
be waived until the 29th May 2015.
Self–Service Transactions €0.35 each
This fee applies to the following transactions:
• ATM Withdrawals(2)
• Cash & Cheque Lodgement Machine Transactions(3)
(2) Includes: Domestic, Eurozone and Non-Euro Automated Teller Machine
(ATM) transactions.
(3) Items in lodgements fees also

ceredigion

Google it is informative


Quick Banking with AIB.

There is so much you can do in your AIB Branch without going to your branch teller. Our Quick banking machines, available in our branches nationally, allow you to conduct your banking securely in a fast and convenient way.
Drop into your local AIB Branch and we’ll be on hand to show you how to use our Quick Banking machines.

Please note that certain transactions may cost more than other channels. For a full list of charges please see our Guide to Fees and Charges for Personal Accounts.

colsten

85 DDs? surely not. Do you mean 85 Faster Payments? What time period are we talking about - a month, a year, lifetime of account?

No idea what an 'automatic lodgement' is - can you provide more information?

What bank is it?

JPMc15

grumbler wrote: »

85 DDs?! How have you found so many companies to pay by a DD to?

If you have made 75 'Automatic lodgements', how do you not know what it means?

I own a restaurant/hotel business even though the current account is ran through the personal division of First Trust (AIB in Rep. of Ireland).

I genuinely don't know what 'Automatic Lodgments' is..

It's for the quarter 29 November 2014 to 27 February 2015.

ceredigion wrote: »

Certainly wouldn't be normal on this side of the puddle , in fact one provider even pays you for paying a DD.


Automatic lodgements , haven't a clue , no doubt somebody will educate us both.

That is interesting to know - thank you very much. May be safer to move to a bank which doesn't charge because our banking system is fairly similar to the mainlands.

ceredigion wrote: »

Google it is informative

I did Google and came across that page. That's for a ROI bank and isn't very useful. I came here because I found it very difficult to find any UK banks which mention about charges for direct debits and it appears that this may be correct.

colsten wrote: »

85 DDs? surely not. Do you mean 85 Faster Payments? What time period are we talking about - a month, a year, lifetime of account?

No idea what an 'automatic lodgement' is - can you provide more information?

What bank is it?

It's First Trust Bank. The only real way we receive/send money is via Direct Debit, Faster Payments & cheques (which are charged at 65p).

Thanks for your help everyone.

colsten

JPMc15 wrote: »

I own a restaurant/hotel business even though the current account is ran through the personal division of First Trust (AIB in Rep. of Ireland).

I don't know what the First Trust conditions are for a business account, but if you have a hotel/restaurant business, you would certainly need a business account.

Most people on here are very knowledgeable about personal accounts but for business accounts, you would probably do better on
http://forums.moneysavingexpert.com/forumdisplay.php?f=27

JPMc15

colsten wrote: »

I don't know what the First Trust conditions are for a business account, but if you have a hotel/restaurant business, you would certainly need a business account.

Most people on here are very knowledgeable about personal accounts but for business accounts, you would probably do better on

I eventually will switch to a business account but I don't think there's any set requirement that for having a business it has to be a business account? Maybe if it's a limited company but surely not if a sole trader/partnership?

colsten

What do the terms of your existing account say? NI might be different, but every single account in the rest of the UK says you cannot use your personal account for business purposes. Doesn't matter what the business formation is - sole trader, limited company, partnership or whatever. Business is business.

agrinnall

colsten wrote: »

85 DDs? surely not. Do you mean 85 Faster Payments? What time period are we talking about - a month, a year, lifetime of account?

No idea what an 'automatic lodgement' is - can you provide more information?

What bank is it?

I think the 85 just means that over whatever period the OP is referring to there have been a total of 85 separate DD payments taken by one or more organisations, each of which has been charged at 43p.