AIB plans to introduce 1c fee on contactless payments this year 2 months ago

AIB plans to introduce 1c fee on contactless payments this year

Maintenance and transaction fees are also on the way.

AIB is making changes to charges for its current account holders later this year, including a small fee for contactless purchases.

A charge of 1c is to be introduced on all contactless transactions by current account holders.

It's understood the charge will cost around €2.20 per year in total for most regular users.

Other changes include maintenance and transaction fees, all of which will be introduced on 30 May.

“We have written to our customers to let them know of changes to the charges for their current accounts and have advised them how they can keep their fees to a minimum," an AIB spokesperson said.

The bank said the reason for the introduction of the maintenance and transaction fees was the European interest rate environment.

At present, AIB current accounts provide no maintenance or transaction fees if you keep a minimum balance of €2,500 in each quarter. However, from 30 May this year, this option will be withdrawn and customers will pay a €4.50 quarterly maintenance fee.

"We continue to provide banking free of maintenance and transactions fees for student, graduate, advantage and basic bank accounts," an AIB spokesperson said.

"Customers who have a mortgage with us and pay their Mortgage Direct Debit from an AIB current account will also be exempt from these changes.”

A full guide to all the changes can be read here.