Bankers with a W

MacKozer has been doing a fair amount of bitching about Irish banks lately. In his last post he surmises that AIB stands for Absolutely Incompetent Bank-staff.

Well it’s my turn now. Step away from the keyboard, Mac.

Let’s face it. The AIB runs the Financial Regulator. Just as eircom runs ComReg. AIB are the big boys. They can do what they want and get away with it. They pwn the regulator! Extrapolate that and you realise they pwn the government too.

When other banks offer better rates and deals to attract customers, the AIB just might, if they feel they can spare 0.00001% of their billion euro profits, do the same, months later.

Because AIB are the biggest player they can offer the biggest range of services. With the exception of BoI the other banks are just credit unions with alloys, spots and go-faster stripes. AIB has it all and that’s why I’ve stuck with them this long.

When AIB announced they would be offering free banking I looked into it immediately. All I would have to do would be to pay one bill online or by phone once a quarter. No problem. I do that anyway. And I would have to make one purchase per quarter using my Laser card. Oops! A snag here. I didn’t have one. I had an old fashioned Banklink card. But the nice people in AIB knew this and wrote to me telling me how to replace my Banklink with a Laser. So I phoned the nice people and asked them to go ahead. No problem, sir. You will have your new card in two weeks.

That was so long ago I can’t remember what year it was. God was still sporting short trousers then. And I know we’ve all passed a lot of water under the bridge since.

I do remember calling six weeks later for an update. We are unable to process you request over the phone, sir. You will have to visit your branch. My account was opened at a branch in another town 24 years ago. With internet and phone banking there was no point transferring it to a local one. I couldn’t be bottomed visiting my branch so I left it at that.

This gave me time to think. I pay a government stamp duty of €10 on my Banklink card. I would have to pay €20 on a Laser card. Well, not exactly. I could pay €10 if I used the Laser only in ATMs or if I used it only for purchases, but if I used it for both I would pay €20. But to qualify for free banking I would have to use it for purchases and it would be no use to me if I didn’t use it at ATMs. So free banking was going to cost me €10 extra. The difference between the extra duty and the savings I’d make wasn’t great enough for me to bother switching.

The nice people in AIB wrote to me again this week. I am being automatically switched to a Laser card. I have no choice. The letter was dressed up to look like AIB were doing me a favour. I would have greater protection against fraud with chip and PIN technology.

I can’t help wondering if AIB are pandering to the revenue commissioners on this one. Here lads, how’s about we get you €10 extra from all our customers and you can owe us a favour?  We have a few things in mind.

The thing that’s really bugging me is the government stamp duty was brought in by Charlie McCreevy as a tax on banks. Not on customers. Or at least that’s what he told us at the time. But neither he, nor his successor, batted an eyelid when AIB et alia passed these taxes onto the consumer. But then, AIB pwns the government.