AIB rolls back controversial maintenance fees after public outcry

AIB has reversed their plans to introduce maintenance and transaction charges for all current account holders. Photo by Sion Touhig/Getty Images

AIB has reversed their plans to introduce maintenance and transaction charges for all current account holders. Photo by Sion Touhig/Getty Images

The bank had planned to introduce maintenance and transaction fees for all current account holders from May 30.

Previously, those who kept at least €2500 in their account in each quarter were not subject to fees.

The planned fees included a quarterly maintenance fee of €4.50 on current accounts, an ATM withdrawal fee of 35c, and an over-the-counter transaction fee of 39c.

Today, the bank announced it has rolled back these plans.

"AIB has suspended the planned introduction of maintenance and transaction fees for customers who keep a minimum balance of €2,500 per fee quarter.

"Customers who received correspondence from the bank can disregard the changes to fees and charges advised."

Previously, Padraic Kissane, the consumer representative on the Irish Banking Culture Board, strongly criticised AIB's planned fees, saying it showed "a profound lack of understanding in what the entire country is trying to deal with at present."

Mr Kissane also wrote to the chairman of the Banking Culture Board to ask them to put pressure on AIB to pause the new fees and charges.

AIB also recently abandoned its plan to introduce a 1c charge on contactless payments, following a similar public backlash.