AIB Student Plus Account Terms and Conditions and Associated Benefits
1. Terms and Conditions and associated Benefits
1.1 The AIB Student Plus Account Terms and Conditions and associated benefits are effective from 15/10/2007 and replace any other AIB Student Plus Account Terms and Conditions and benefits that may have previously been advertised.
1.2 The AIB Student Plus Account Terms and Conditions are in addition to AIB's 'Terms and Conditions for Current Accounts and Demand Deposit Accounts'. Should there be a conflict between the AIB Student Plus Account Terms and Conditions and the 'Terms and Conditions for Current Accounts and Demand Deposit Accounts', the AIB Student Plus Account Terms and Conditions shall prevail. A copy of the 'Terms and Conditions for Current Accounts and Demand Deposit Accounts' are furnished to you on the opening or conversion to an AIB Student Plus Account and are available at our branches and online at www.aib.ie.
1.3 Further terms and conditions will apply to any other service or facility provided by us in connection with your AIB Student Plus Account and you will be notified of any such terms and conditions if and when you request, and we provide, any additional service or facility.
1.4 We may alter these Terms and Conditions including the withdrawal or variation of the Benefits. If any alteration is to your disadvantage we will notify you in advance in accordance with Terms and Conditions for Current Accounts and Demand Deposit Accounts.
2. Eligibility
2.1 You are eligible to apply for an AIB Student Plus Account if you are enrolling or currently engaged in any full-time third level educational course, which includes full-time post-graduate studies with a minimum duration of one academic year. The Bank may at its discretion extend the benefits of the AIB Student Plus Account to other customers.
2.2 You may only hold one AIB Student Plus Account at any one time and this account must be in your sole name.
3. The associated Benefits of an AIB Student Plus Account
3.1 The associated benefits ('the Benefits') are the benefits which you enjoy when you hold an AIB Student Plus Account and they are only available to AIB Student Plus Account holders. In order to receive the Benefits you must satisfy the criteria described by the Bank for the relevant Benefit, identify yourself as an AIB Student Plus Account holder and request the benefit at the time of application/the transaction.
3.2 Any benefits or discounts that you may have previously been entitled to, will expire upon you converting to, or opening an AIB Student Plus Account. An exception to this is where at the time of converting to, or opening an AIB Student Plus Account you hold an existing AIB loan account. In this case all terms and conditions relating to that loan account will not change unless you request to increase the amount, extend the term, or otherwise amend the terms of that loan while you hold an AIB Student Plus Account, in which case this shall be a new application for an AIB Student Plus Account Loan.
4. Period of AIB Student Plus Account and Benefits
4.1 The AIB Student Plus Account and the Benefits are valid for a maximum period of four years from the date you convert to, or open your AIB Student Plus Account or when you graduate whichever is sooner. At the end of the period your AIB Student Plus Account will automatically convert to a personal Current Account, and the Bank's 'Terms and Conditions for Current Accounts and Demand Deposit Accounts' will then apply. We will advise you at least 30 days prior to your AIB Student Plus Account converting to a personal Current Account. If you are pursuing a course that is of a duration longer than four years, please advise us and, subject to our agreement, we will extend your AIB Student Plus Account and Benefits for an agreed period.
4.2 You will no longer be eligible for the AIB Student Plus Account and Benefits if you cease to be engaged in a full-time third level educational course. If you cease to be engaged in a full-time third level educational course, please advise us and we will convert your AIB Student Plus Account to a personal Current Account.
5.1 Bank Free of Maintenance and Transaction Fees
5.1.1 You will receive free maintenance and transaction banking from the date you convert to, or open an AIB Student Plus Account until the date your account is converted to one of our other personal Current Accounts. On conversion to one of our other personal Current Accounts, you may still qualify for 'A Way to Bank Free of Maintenance and Transactions Fees'. For full details please refer to the current edition of our booklet 'A Guide to Fee's and Charges for Personal Accounts'.
5.1.2 Free maintenance and transaction banking does not cover bank service charges or government charges. For details of bank service charges and government charges please refer to the current edition of our booklet 'A Guide to Fee's and Charges for Personal Accounts'.
5.2 Interest Free Authorised Overdraft up to EUR1,500
5.2.1 To qualify for the interest free overdraft benefit, you must apply for and we must approve in writing an authorised overdraft facility. The interest free overdraft benefit only applies to authorised overdrawn balances up to ?1,500 or the approved overdraft limit, whichever is less.
5.2.2 The interest free overdraft is only available on overdrafts approved on or after 15th October 2007 and during the period that you hold an AIB Student Plus Account. Once your account ceases to be an AIB Student Plus Account, any authorised overdraft will be charged interest at the Bank's Standard Variable 'A' rate for Personal Overdrafts.
5.2.3 If prior to conversion to the AIB Student Plus Account you were benefiting from an interest free overdraft facility greater than EUR1,500, upon conversion to the AIB Student Plus Account the interest free amount of your authorised overdraft facility will reduce to ?1,500 (unless otherwise agreed) and the Bank's Standard Variable 'A' rate for Personal Overdrafts will apply to all amounts over and above EUR1,500.
5.2.4 If you convert an existing account into an AIB Student Plus Account, any accrued debit interest on your existing account may be charged to your AIB Student Plus Account at the end of the next interest charging period.
5.2.5 If your account is overdrawn without our prior written approval to provide you with an overdraft facility or if you exceed an authorised overdraft limit, then debit interest will apply to the overdrawn balance at the Bank's Standard Variable 'A' rate for Personal Overdrafts together with surcharge interest on any excess balance. For details of current overdraft interest rates and borrowing charges please refer to notices displayed at our branches and in the current edition of our booklet 'A Guide to Fee's and Charges for Personal Accounts' as provided to you on the opening or conversion to an AIB Student Plus Account or as updated and available at our branches and online at www.aib.ie.
5.2.6 The standard overdraft facility fee of EUR25.39 will be waived for the period that you hold an AIB Student Plus Account.
5.3 Reduced Rate Loan
5.3.1 The loan rate offered to AIB Student Plus Account holders is the Bank's Standard Variable 'A' Personal Loan rate reduced by 1.5%.
5.3.2 To receive the reduced rate loan, you must apply for and be approved for the loan while you hold an AIB Student Plus Account.
5.3.3 Only loans in your sole name will be eligible for the reduced rate.
5.3.4 There is no limit to the number of reduced rate loans that you can apply for once they are approved and fully drawn while you hold an AIB Student Plus Account.
5.3.5 Existing loans held by you prior to converting to, or opening an AIB Student Plus Account, do not qualify for the rate reduction. However, if you request, and we approve, an increase in the amount or an extension of the term of that loan while you hold an AIB Student Plus Account, the reduced rate will then apply.
5.3.6 The maximum loan term is five years and the reduced rate will apply for the agreed life of the loan until it is repaid, subject to Condition 5.3.7 below.
5.3.7 If having ceased to hold an AIB Student Plus Account you want to borrow further money on your loan ('top up your loan') or if you want to materially change the terms of the loan, we will have to enter into a new credit agreement with you for the total amount which may change the interest rate that applies on your loan. The new credit agreement will set out the terms, conditions and rate applicable to the new loan.
5.4 Foreign Exchange
5.4.1 Commission-free foreign exchange applies only to the purchase and sale of foreign currency notes and the lodging of travellers cheques.
5.4.2 In addition non Euro and international transaction charges still apply. For full details of all such transaction charges please refer to the current edition of our 'Schedule of International Transaction Charges' brochure available at any AIB branch and online at www.aib.ie.