Personally I disagree, the $4.50 a month is OK. ...
First, if clients choose to keep a low balance in their AIB account, say just enough to pay their regular monthly bills, then there's not much profit for AIB. The $4.50 offsets some of their overhead on low balance accounts. As an investor I want profitable growth, not growth at any cost.
Second, I bank with NationsBank and keep enough in my account to avoid regular monthly fees. But if I go with their electronic banking, then I pay $5.00 a month for that service regardless of the account balance, so AIB is no different from NB on this score. BTW, here in Texas, NB offers a proprietary electronic banking system which I tried and did not like. NB internet banking is 6 months away here I was told at my local branch.
Third, if you still pay by mail, which I do, then 10 stamps a month is $3.20 in addition to the hassle of mailing the bills. And I still have to go hunt for stamps once a month.
I am looking seriously at opening an account with AIB, but whether I do or do not, the $4.50 is not an issue for me; especially since the interest rate they pay on account balances is so competitive. Nonetheless, I am more interested in the ease of use of their web site, and their reliability in paying my bills.
IMO, John |
