Terms and Conditions of Notice Deposit Accounts
These terms and conditions apply to all Notice Deposit Accounts (“the Account”) maintained by Allied Irish Banks, p.l.c. (“the Bank”) for its customers (“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. 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 Customer must conduct the account in credit at all times.
1.2 The Deposit Plus Account has a minimum account opening balance of EUR1,000; the Access Deposit 30 Account has no minimum account opening balance required but a maximum account balance of EUR2,000,000 is permitted and the Notice Deposit 90 Account has a minimum account opening balance of EUR6,000.
1.3 A personal customer may have no more than one Access Deposit 30 Account in his or her sole name or no more than two Access Deposit 30 Accounts jointly with another customer.A personal customer may not have both a sole Access Deposit 30 Account and a joint Access Deposit 30 Account. A Business Customer may have only one Access Deposit 30 Account in the business name.
2. Lodgement
2.1 The Bank will accept for credit of the Account – cash, money transfers (including Electronic Money Transfer System (EMTS) transfers), cheques and other negotiable items. In relation to the Access Deposit 30 Account EMTS transfers are not permitted. Cheques payable to third parties will only be accepted in lodgement at the discretion of the Bank.
2.2 The Bank may reverse an entry on the Account if any item credited to the Account is subsequently recalled and the Customer will be liable to pay the Bank any debit balance which arises on the reversal of any entry.
Payments & Withdrawals
3.1 To make withdrawals you must give a minimum of 7 days’ notice for a Deposit Plus Account, 30 days’ notice for an Access Deposit 30 Account and 90 days’ notice for a Notice Deposit 90 Account.
3.2With reference to a Notice Deposit 90 Account one withdrawal on demand of up to EUR2,500 may be made in any 90 day period without the required withdrawal notice being given.
3.3 Notice of withdrawal must be received in writing from the Customer by the Bank by means of a withdrawal instruction form which is available at any branch of the Bank.
3.4 Funds may be withdrawn to the credit of a bank account nominated in the withdrawal instruction form to which your money will be credited on the expiry of the withdrawal notice period or alternatively at the expiry of the notice period you may make a cash withdrawal from your branch of the Bank.
3.5 Should notice expire on a day on which the Bank is not open for business, access to funds or the funds transfer will be made on the following business day.
3.6 Payment outward by Standing Order or Direct Debit will not be permitted on the Accounts.
3.7 When the Customer lodges cheques, drafts or postal orders to the Account, the amount of the lodgement is shown on the Account at the date of the lodgement, however, at that time the Bank may not have received value for them. The Bank calls such items “uncleared effects” until we have received value. The Bank may at its discretion allow the Customer to draw against “uncleared effects” but reserve the right to withhold funds until we have received value.
3.8 The Bank reserves the right to cancel any payment instruction if there are insufficient funds available in the Account when the payment is requested or due.
Interest
4.1 Interest will continue to accrue during the notice of withdrawal period. The Bank pays interest calculated on the daily balance of Notice Deposit Accounts at the Bank’s variable Notice Deposit Account rate. The Bank pays variable interest annually in April for the Deposit Plus and Notice Deposit 90 Accounts and twice yearly for the Access Deposit 30 Account in April and October. In respect of the Notice Deposit 90 the Customer may opt to have interest paid on a monthly basis to a nominated AIB Account subject to a reduction in the interest rate payable.
4.2 Payment or crediting of interest is subject to deduction of Deposit Interest Retention Tax (DIRT) at the prevailing rate.
4.3 Companies (within the charge to 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.
4.4 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. 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.
4.5 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.
4.6 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.
4.7 Where interest is paid to an individual resident in an EU Member state (other than the Republic of Ireland) or certain dependant territories, that interest will be reported to the Revenue Commissioners in accordance with the European Union Council Directive 2003/48/ EC (EU Savings Directive).
Joint Accounts
5.1 Where the Customer comprises more than one person then:
(a) the obligations of the joint customers to the Bank under these terms and conditions, in respect of all operations on the Account and in respect of any indebtedness on the Account will be joint and several;
(b) on the death of a joint customer the money for the time being standing to credit of the Account will be paid to or to the order of the survivors or the sole survivor of the joint customers, without prejudice to the Bank’s rights of set-off or any other rights of the Bank acquired by operation of law;
(c) Correspondence and notices in relation to the Account will be sent by the Bank to the address of the first named joint customer unless all of the joint customers direct otherwise in writing. Such correspondence and notices will be deemed to have been received by all of the joint customers.
General
6.1 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.
6.2 The Customer will not be entitled to draw on one account in reliance on the balance in another account.
6.3 The Customer must advise the Bank if there is a forgery.
6.4 The Customer will be liable to indemnify the Bank for any loss, damage, cost or expense which the Bank may incur in connection with the collection of cheques and other items to the Account.
6.5 Information provided by the Customer will be used by the Bank only for the purposes requested under the Data Protection Act 1988, including business purposes, making credit decisions and marketing.
6.6 The Bank may disclose information about the Customer and the Account to any of the companies in the AIB Group.
6.7 In the interpretation of these terms and conditions, where the context allows, the singular shall include the plural and vice versa.
6.8 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.
Information for Customers
About Us
- We are Allied Irish Banks, p.l.c. Our principal business is the provision of financial services. Our registered offices are at Bankcentre, Ballsbridge, Dublin 4. We are registered at the Companies Registration Office, Dublin. The registered number of Allied Irish Banks, p.I.c. is 24173 and its VAT number is IE8E86432H.
- We are regulated by the Financial Regulator.
About Our Notice Deposit Accounts
- A Notice Deposit Account is an account to which you can lodge and withdraw money, provided that you give us appropriate notice before making withdrawals. Our different types of Notice Deposit Account are as follows:
AIB Access Deposit 30 Account
- No minimum account opening balance required and a maximum account balance of EUR2 million.
- 30 days’ notice required to withdraw some or all of your savings.
AIB Notice Deposit 90 Account
- Minimum account opening balance of EUR6,000.
- 90 days’ notice required for all withdrawals.
AIB Deposit Plus Account
- Minimum account opening balance of EUR1,000.
- 7 days’ notice required for withdrawals.
- No maximum account balance.
Interest is calculated on a daily basis and paid in accordance with the terms and conditions of the account.
- The minimum period of a Notice Deposit Account is the notice period for that account.
Tax on interest earned on deposit accounts
- We will deduct Deposit Interest Retention Tax (DIRT) at the prevailing rate from all interest earned, unless you are entitled to exemption from DIRT, and we will pay this directly to the Revenue Commissioners.
- To the extent that DIRT has been deducted there is no further liability to Irish income tax, but you may be subject to PRSI/Health levy.
- 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 EUR12,500.00 is maintained at all times in each account maintained by the non-resident.
- If you or your spouse are aged 65 or over in the current tax year, or permanently incapacitated, and you are exempt from income tax, you may apply to have all interest on the account paid without deduction of DIRT.
Cancellation
- If you are a consumer and have opened an AIB Notice Deposit Account without any face to face contact with us, you have the right to cancel the agreement within 14 days of your receiving a copy of the terms and conditions of the account by writing to the Manager of the branch where you keep your account, quoting details of the account.
- If you cancel or terminate the agreement we will pay you interest on the money you have deposited up to the date you withdraw it.
- If you do not exercise your right of cancellation, the terms of the agreement will continue to apply.
Termination
You can close the account at any time subject to the notice period. We can close the account giving you 30 days’ notice coinciding with the notice period, subject to any right we may have to set off the money in the account against any money you may owe us.
General
- The agreement will be governed by the laws of Ireland and the Courts of Ireland will have exclusive jurisdiction to resolve any disputes.
- The agreement and all information and communication with you will be in English.
Data Protection Notice- Use of Information
This Notice explains what “AIB” and “AIB Group” will do with your information so that you can decide whether or not to provide that information to us. “AIB” refers to Allied Irish Banks, p.l.c. and “AIB Group” refers to Allied Irish Banks, p.l.c., its Irish subsidiaries, affiliates and their respective parent and subsidiary companies.
The information that you provide will be held by AIB Group on a computer database and/or in any other way. We will use this information;
- To administer the products and services that we supply to you and any future agreements that we may have with you and to manage and develop AIB Group’s relationship with you.
- For direct marketing purposes, where you have given your permission to do so, to advise you of products or services of AIB Group. If you wish to change your preferences at any time, please write to us to let us know at your local AIB branch or the Data Protection Unit, Allied Irish Banks, p.l.c. Bankcentre, Ballsbridge, Dublin 4.
- To carry out searches (including verifying your identity and/or a credit search) and disclose information to credit reference agencies for the purpose of assisting applications for credit and credit related services and for ongoing credit review. We may use credit scoring techniques and other automated decision making systems to assess your application. If you borrow or enter into a financial obligation, or may do so, we may give details of your agreement(s)/account(s) and how you conduct your agreement(s)/account(s), to licensed credit reference agencies on a regular basis. Licensed credit reference agencies will record details of each type of search AIB Group makes whether or not your application proceeds.
- To prevent and detect fraud. Customer information can be used to prevent crime and trace those responsible. We may check your details with fraud prevention agencies. If you give us false or misleading information and we suspect fraud, we will record this.
- To carry out statistical analysis and market research; in this connection, we may use the services of a reputable external agency.
We may record telephone conversations to offer you additional security, resolve complaints and improve our service standards. Conversations may also be monitored for staff training purposes. Our websites use “cookie” technology. A cookie is a little piece of text stored by your browser on your computer, at the request of our server. We may use cookies to deliver content specific to your interests and to save your personal preferences so you don’t have to re-enter them each time you connect to the Internet.
Under the Data Protection Acts you have the right of access to information we hold about you on our records on payment of a nominal fee (currently EUR6.35). You can exercise this right by writing to your local AIB branch or to the Data Protection Unit, Allied Irish Banks, p.l.c., Bankcentre, Ballsbridge, Dublin 4. If anything is inaccurate or incorrect, please let us know and we will correct it. There is no fee for this.
If you decide to proceed with this application or have any other communication with AIB Group through or in relation to its products and services you consent to the use by AIB Group of your personal data as indicated above.
What to do if you have a complaint
In the event that you wish to make a complaint you may do so by writing to our Customer Support Centre at Bankcentre, Ballsbridge, Dublin 4. If you are still not satisfied you are entitled to take your complaint to the Financial Services Ombudsman, 3rd Floor, Lincoln House, Lincoln Place, Dublin 2.