AIB Student Plus Account Terms and Conditions and Associated Benefits
1. Terms and Conditions and Associated Benefits
1.1 The AIB Student Plus Account and Associated Benefits are effective from 15/10/2007 and replace any other AIB Student Plus Account Terms and Conditions and benefits that may have previously been advertised.
1.2 The AIB Student Plus Account Terms and Conditions are in addition to AIB’s ‘Terms and Conditions for Personal Current Accounts’. Should there be a conflict between the AIB Student Plus Account Terms and Conditions and the ‘Terms and Conditions for Personal Current Accounts’, the AIB Student Plus Account Terms and Conditions shall prevail. A copy of the ‘Terms and Conditions for Personal Current Accounts’ are furnished to you on the opening or conversion to an AIB Student Plus Account and are available at our branches.
1.3 Further terms and conditions will apply to any other service or facility provided by us in connection with your AIB Student Plus Account and you will be notified of any such terms and conditions if and when you request, and we provide, any additional service or facility.
1.4 We may alter these Terms and Conditions including the withdrawal or variation of the Benefits. If any alteration is to your disadvantage we will notify you in advance in accordance with Clause 15 of the Terms and Conditions for Personal Current Accounts.
2. Eligibility
2.1 You are eligible to apply for an AIB Student Plus Account if you are enrolling or currently engaged in any full-time third level educational course, which includes full-time post-graduate studies with a minimum duration of one academic year.
2.2 You may only hold one AIB Student Plus Account at any one time and this account must be in your sole name.
3. The Associated Benefits of an AIB Student Plus Account
3.1 The associated benefits (“the Benefits”) are the benefits which you enjoy when you hold an AIB Student Plus Account and they are only available to AIB Student Plus Account holders. In order to receive the Benefits you must satisfy the criteria described by the Bank of the relevant Benefit, identify yourself as an AIB Student Plus Account holder and request the benefit at the time of application/the transaction.
3.2 Any benefits or discounts that you may have previously been entitled to, will expire upon you converting to, or opening an AIB Student Plus Account. An exception to this is where at the time of converting to, or opening an AIB Student Plus Account you hold an existing loan account. In this case all terms and conditions relating to that loan account will not change unless you request to increase the amount, in which case this shall be a new application for an AIB Student Plus Loan.
4. Period of AIB Student Plus Account and Benefits
4.1 The AIB Student Plus Account and the Benefits are valid for a maximum period of four years from the date you convert to, or open your AIB Student Plus Account or when you graduate whichever is sooner. At the end of the period your AIB Student Plus Account will automatically convert to a personal Current Account and the Bank’s ‘Terms and Conditions for Personal Current Accounts’ will then apply. We will advise you at least 30 days prior to your AIB Student Plus Account converting to a personal Current Account. If you are pursuing a course that is of a duration longer than four years, please advise us and, subject to our agreement, we will extend your AIB Student Plus Account and Benefits for an agreed period.
4.2 You will no longer be eligible for the AIB Student Plus Account and Benefits if you cease to be engaged in a full-time third level educational course. If you cease to be engaged in a full-time third level educational course, please advise us and we will convert your AIB Student Plus Account to a personal Current Account.
5.1 Banking Free of Maintenance and Transaction Fees
5.1.1 You will receive free maintenance and transaction banking from the date you convert to, or open an AIB Student Plus Account until the date your account is converted to a Personal Current Account. On conversion to a Personal Current Account, you may still be able to qualify for ‘A Way to Bank Free of Maintenance and Transactions Fees’. For full details please refer to the current edition of our booklet ‘A Guide to Fees and Charges for Personal Current Accounts’.
5.1.2 Free maintenance and transaction banking does not cover Government charges or certain service charges. For details of applicable service charges and Government charges please refer to the current edition of our booklet ‘A Guide to Fees and Charges for Personal Current Accounts’.
5.2 Interest Free Authorised Overdraft up to EUR1,500
5.2.1 To qualify for the interest free overdraft benefit, you must apply for and we must approve in writing an authorised overdraft facility. The interest free overdraft benefit only applies to authorised overdrawn balances up to EUR1,500 or the approved overdraft limit, whichever is less.
5.2.2 The interest free overdraft is only available on overdrafts approved on or after 15th October 2007 and during the period that you hold an AIB Student Plus Account. Once your account ceases to be an AIB Student Plus Account, any authorised overdraft will be charged interest at the Bank’s Standard Variable ‘A’ rate for Personal Overdrafts.
5.2.3 If prior to conversion to the AIB Student Plus Account you were benefiting from an interest free overdraft facility greater than EUR1,500, upon conversion to the AIB Student Plus Account the interest free amount of your authorised overdraft facility will reduce to EUR1,500 (unless otherwise agreed) and the Bank’s Standard Variable ‘A’ rate for Personal Overdrafts will apply to all amounts over and above EUR1,500.
5.2.4 If you convert an existing account into an AIB Student Plus Account, any accrued debit interest on your existing account may be charged to your AIB Student Plus Account at the end of the next interest charging period.
5.2.5 If your account is overdrawn without our prior written approval to provide you with an overdraft facility or if you exceed an authorised overdraft limit, then debit interest will apply to the overdrawn balance at the Bank’s Standard Variable ‘A’ rate for Personal Overdrafts together with surcharge interest on any excess balance. For details of current overdraft interest rates and borrowing charges please refer to notices displayed at our branches and in the current edition of our booklet “A Guide to Fees and Charges for Personal Current Accounts” as provided to you on the opening or conversion to an AIB Student Plus Account or as updated and available at our branches.
5.2.6 The standard overdraft facility fee of EUR25.39 will be waived for the period that you hold an AIB Student Plus Account.
5.3 Interest paid on Credit Balances
5.3.1 You will earn interest on credit balances with your AIB Student Plus Account at the current AIB Student Plus Account rates. Rates quoted are subject to Deposit Interest Retention Tax (D.I.R.T.) at the prevailing rate.
Details of our credit interest Rates are contained in notices displayed in our branches.
5.4 Reduced Rate Loan
5.4.1 The loan rate offered to AIB Student Plus Account holders is the Bank’s Standard Variable ‘A’ Personal Loan rate reduced by 1.5%.
5.4.2 To receive the reduced rate loan, you must apply for and be approved for the loan while you hold an AIB Student Plus Account.
5.4.3 Only loans in your sole name will be eligible for the reduced rate.
5.4.4 There is no limit to the number of reduced rate loans that you can apply for once they are approved and fully drawn while you hold an AIB Student Plus Account.
5.4.5 Existing loans held by you prior to converting to, or opening an AIB Student Plus Account, do not qualify for the rate reduction. However, if you request, and we approve, an increase in the amount or an extension of the term of that loan while you hold an AIB Student Plus Account, the reduced rate will then apply.
5.4.6 The maximum loan term is five years and the reduced rate will apply for the agreed life of the loan until it is repaid, subject to Condition 5.4.7 below.
5.4.7 If having ceased to hold an AIB Student Plus Account you want to borrow further money on your loan (“top up your loan”) or if you want to materially change the terms of the loan, we will have to enter into a new credit agreement with you for the total amount which may change the interest rate that applies on your loan. The new credit agreement will set out the terms, conditions and rate applicable to the new loan.
5.5 Foreign Exchange
5.5.1 Commission-free foreign exchange applies only to the purchase and sale of foreign currency notes and the cashing and lodging of traveller’s cheques.
5.5.2 Commission-free foreign exchange does not extend to the purchase of foreign currency drafts, non euro currency card transactions (Purchase and ATM) or international payments (inwards and outwards). For details of these and other charges please refer to the current edition of our ‘Schedule of International Transaction Charges’ brochure available at any AIB branch.
Terms and conditions apply. Allied Irish Banks, p.l.c. is regulated by the Financial Regulator