Online Notice Deposit 7 Terms and Conditions
These terms and conditions apply to the AIB Online Notice Deposit 7 ("the Account") maintained by Allied Irish Banks, p.l.c. ("the Bank") for its customer ("the customer"); they may be changed by the Bank by notification to the customer by such means as the Bank considers appropriate. These terms and conditions are in addition to the terms and conditions of the banker-customer relationship implied by law, unless they conflict, in which case these terms and conditions will apply. These Terms and Conditions are supplemental to the Terms and Conditions governing AIB Phone & Internet Banking. Should there be any conflict between the Terms and Conditions of the AIB Online Notice Deposit 7 Account and the Terms and Conditions governing AIB Phone and Internet Banking the Terms and Conditions for the AIB Online Notice Deposit 7 Account shall prevail. Please note that there may be alternative products which have different benefits, restrictions and/or cost or income options. If you want any further information please ask at any AIB branch.
1. Operating the account
1.1 The account must be opened and operated through AIB Internet Banking. To open the Account, the customer must be a registered user of AIB Internet Banking.
AIB Internet Banking is the online system made available by AIB for approximately 20 hours a day to enable the Customer to access and utilise Banking Services via the internet and/or other internet technology based telecommunication media by accessing the website. Banking Services include enabling the Customer to access online information in relation to the Account including the balance of and recent transactions on the Account and make lodgements and furnish a Notice to Withdraw on the account.
1.2 In order to operate the account, the customer must also have a suitable AIB feeder account, which must be either a demand deposit account, a cashsave account or a current account. This feeder account must be in the sole name of the customer, or where the account is in joint names such joint account must have suitable signing authority ('any one to sign').
1.3 The Customer must conduct the account in credit at all times.
1.4 customer may only have one AIB Online Notice Deposit 7 Account.
1.5 The account must be in the sole name of the Customer. Joint Accounts are not permitted.
1.6 If a customer's Internet Banking profile is on joint number lines, a new number line will be selected for the purposes of this Account. The customer’s Internet Banking profile relates to accounts in the name of the customer or in the names of third parties maintained with the Bank, or with another credit institution, designated by the Customer as accounts which may be accessed by the Customer in availing of AIB Internet Banking services.
1.7A Customer must acknowledge that the terms and conditions pertaining to the account have been read and accepted, before account opening can proceed.
2. Lodgements
2.1 All lodgements must be made to the account through AIB Internet Banking.
2.2 Only lodgements from accounts held on the Customer' AIB Internet Banking profile are acceptable.
2.3 Branch lodgements will not be accepted into the account.
2.4 Lodgements cannot be made directly into the account from other financial institutions.
2.5 A customer may make unlimited lodgements to the account provided the balance at any one time does not exceed EUR100,000, which is the maximum balance permitted on the account, exclusive of interest payments.
2.6 Payments inwards by standing orders or direct debit are not permitted on the account.
3. Withdrawals
3.1 Notice to withdraw of 7 calendar days must be served and accepted online before a withdrawal can be made from the account.
3.2 The online system is made available by the Bank for approximately 20 hours a day to enable service of notice to withdraw by the Customer via the internet and/or other internet technology based telecommunications media by accessing the website.
3.3 Subject to the 7 day withdrawal notice period having been served and accepted online the customer may make one transfer for the stated amount during the 7 day period following service of Notice of Withdrawal. Transfers of up to a maximum of EUR100,000 may be made on any business day by the Customer for credit of any other account maintained with the Bank in the Customer’s name (held solely or jointly) and accessible by means of the Customer’s AIB Internet Banking profile. Fund transfers cannot be made by the Customer to a third party Account maintained with the Bank nor to an Account maintained with another Credit Institution in the Customer’s name or in the name of a third party. This daily transfer limit of Eur100,000 is inclusive of all transfers effected on the Accounts of the Customer on their AIB Internet Banking profile on any business day and for the avoidance of doubt "business day" is defined as a day that the Bank is ordinarily open for personal banking business in the Republic of Ireland.
3.4 Once the 7 day notice period has been served and accepted online, funds will be available to the customer for a period of seven clear calendar days thereafter.
3.5 No more than one withdrawal is permitted in any one 'notice to withdraw' period.
3.6 Payments outward by standing orders or direct debit are not permitted on the Account.
3.7 Bill Payments to third parties are not permitted on the Account notwithstanding such Accounts may be accessible by means of the Customer’s AIB Internet Banking Profile.
4. Notice Period
4.1 If you wish to make a withdrawal, 'notice to withdraw' must be served online.
4.2 7 calendar days notice to withdraw funds must be furnished and accepted online prior to funds being available for transfer.
4 .3 You may only have one 'notice to withdraw' outstanding at any one time.
4.4 You may cancel a 'notice to withdraw' at any stage during the 7 day notice period.
4.5 Only up to the requested amount of funds as specified in the notice to withdraw will be available after the notice period has been served and not the total account balance.
4.6 If the requested funds have not been withdrawn 7 calendar days after the notice to withdraw 7 day period has expired, (that is 14 clear calendar days after service of notice to withdraw online has been accepted) the requested funds as specified in the Notice to withdraw shall no longer be available and the Customer will need to complete a further 'notice to withdraw' to access their funds.
5. Statements
5.1 An e-Statement will be generated annually on the anniversary of account opening.
5.2 Paper statements will not be issued, as this is an online savings product.
5.3 A paper statement is automatically generated on account closure.
5.4 If you require a paper version of your e-statement, you can print a copy of it using your own computer and printer. Alternatively, you can contact AIB Direct Banking at 0818 724 724 (international +353 1 771 24 24). This will be a duplicate statement and will therefore incur a fee.
6. Interest
6.1 Interest will be posted to your account twice per annum - in April and October.
6.2 All interest is subject to Deposit Interest Retention Tax (DIRT) at the prevailing rate .
6.3 Companies (within the charge of corporation tax), Pension Schemes and Charities may receive interest without deduction of DIRT, by providing the Bank with the tax reference number assigned to them by the Revenue Commissioners.
6.4 If you, or your spouse, is aged 65 or over in the current tax year, or you, or your spouse is permanently incapacitated and satisfy the conditions exempting you from income tax, you may apply to have the interest on the account paid without deduction of DIRT.
6.5 The Bank will deduct DIRT from the accounts of non-residents unless a fully completed non-resident declaration form is held by the Bank, and a minimum balance of EUR12,500 is maintained at all times in the account. The minimum balance requirement will apply separately to each account that a Customer holds. Aggregation of balances will not be allowed. If an account balance falls below the minimum threshold the account will revert to paying DIRT at the prevailing rate of tax. In the event that the account balance subsequently rises above the minimum threshold, the account holder will have to re-apply for exemption and provide fresh confirmation of residential status.
6.6 Details of interest paid, along with details of the person to whom the interest was paid, may be reported to the Revenue Commissioners, in accordance with the requirements of S.891B of the Taxes Consolidation Act, 1997.
6.7 Where interest is paid to an individual resident in an EU member state (other than the Republic of Ireland) or certain dependent territories, that interest will be reported to the Revenue Commissioners in accordance with the European Union Council Directive 2003/48/EC (EU Savings Directive).
6.8 Interest is calculated daily at the Bank's published variable rate for the Online Notice Deposit 7 account.
6.9 Interest will also continue to accrue during any Notice to Withdraw period.
7. Account Closure
7.1 If a Customer wishes to close their account, they must first give 'notice to withdraw' online for the full account balance.
7.2 Once the 7 day notice period is served, you are obliged to visit your local AIB branch where any interest accrued and due shall be applied to your account before account closure.
General
- The Bank reserves the right to amend these terms and conditions. Amendments will normally be caused by changes in market conditions, changes in the cost of providing the service, changes in or our requirement to conform with general banking practice, expected or actual changes in legal or other requirements affecting us, promotional reasons, any system or product development or to enable use to conduct our business in a prudent or competitive manner or other good reasons.
- Any such amendments will be notified to the Customer by such means as the Bank considers appropriate by notice through our website or in writing or by publication in a national daily newspaper or by means required or permitted by law.
- Unless we are permitted by law to give shorter notification, where an amendment is being made to the terms and conditions which shall act to the Customer's disadvantage the Bank shall provide at least 30 days pre-notification before such amendment shall be effective and binding (other than an alteration in the fees and charges which shall be effective from the date as specified in the pre-notification).
- The Bank may at any time, without notice to the Customer, set off and apply the credit balance in any deposit account toward payment of the debit balance on any other account.
- The Customer will not be entitled to draw on one account in reliance on the balance in another account.
- The Customer acknowledges that the AIB Internet Banking online system enabling the customer to access and use Banking Services is only available for approximately 20 hours a day.
- The Customer must advise the Bank if there is any forgery.
- Information provided by the Customer will be used by the Bank only for the purposes registered under the Data Protection Act 1988 as amended, including business purposes, making credit decisions and marketing.
- The Bank may disclose information about the Customer and the Account to any of the companies in the Allied Irish Banks Group.
- In the interpretation of these terms and conditions, where the context allows, the singular shall include the plural, and vice versa.
- Any demand or notice sent by the Bank to the Customer by post to the last address notified by the Customer shall be deemed to have been received twenty-four hours after dispatch by ordinary post, or immediately upon hand delivery.