Instant Access Account Terms and Conditions
These terms and conditions apply to Demand Deposit Accounts (?the Account?) maintained by Allied Irish Banks, p.l.c. (?the Bank?) for its customers (?the Customer?); they may be changed by the Bank by notification to the Customer by such means as the Bank considers appropriate. These terms and conditions are in addition to the terms and conditions of the banker-customer relationship implied by law, unless they conflict, in which case these terms and conditions will apply. Please note that there may be alternative products which have different benefits, restrictions and/or cost or income options. If you want any further information please ask at any AIB branch.
1. The Account
1.1 On the night that your Special Savings Incentive Account (SSIA) matures, tax will be charged to your SSIA and it will then cease to be a SSIA. The Bank will automatically convert the SSIA to an Instant Access Account on the night of SSIA maturity.
1.2 The Instant Access Account will have the same account number and same customer name as the SSIA.
1.3 The Customer must conduct the Account in credit at all times.
1.4 After the SSIA matures and a valid Declaration Form or written confirmation of non-compliance with the conditions of the declaration has been received, an Account statement will be issued. This will contain details of all SSIA transactions since the Customer's last statement, including the closing transactions on the SSIA before conversion to an Instant Access Account. An annual statement for the Account will be issued on the anniversary of this date every year thereafter.
2. Withdrawals
2.1 The Customer may only withdraw funds from the Account (after SSIA tax has been deducted) on the day following maturity if the Bank has received a valid Declaration Form at least five working days before the maturity date.
2.2 Where the Bank has not received a valid Declaration Form or notification from the Customer of non-compliance with conditions of the declaration at least five working days before the maturity date then the Customer may not withdraw the funds until five working days after the Bank receives either:
(a)a valid declaration or
(b)written notification from the Customer, confirming their inability to comply with the declaration or
(c)an instruction from the Revenue Commissioners to cease the account
2.3 Where 2.2(b) or (c) applies then the rules governing breaches of the SSIA scheme will apply and the relevant tax in relation to the cessation of the SSIA will be deducted from the Account before the funds are released. (For details of SSIA Terms and Conditions and relevant SSIA tax deductions please visit www.aib.ie/ssia).
2.4 Withdrawals from the Account may be made by debit either at branch or through AIB Phone & Internet Banking (provided the Customer is a registered user of AIB Phone & Internet Banking) or other means which the Bank may permit.
2.5 No standing orders or direct debits outwards are permitted on this Account.
3. Lodgements
3.1 The only lodgement to the account shall be the initial lodgement in the conversion of the SSIA to an Instant Access Account. No lodgements by the Customer are permitted to the Account.
4. Interest
4.1 The Bank pays interest calculated on the daily balance of the Account at the Bank's Instant Access Account rate. The interest is paid into the Account half yearly in April and October. Payment or crediting of interest is subject to the deduction of Deposit Interest Retention Tax (DIRT) at the standard rate of tax. The Bank will deduct DIRT from the accounts of non-residents unless a fully completed non-resident Declaration Form is held by the Bank.
4.2 Interest will start to accrue to the funds in the Account (at the Instant Access Account interest rate) from the night of the first working day after SSIA maturity.
4.3 For Customers who are not resident in Ireland but are resident in a Member State of the EU or one of the reportable territories, the Bank must disclose to the Irish Revenue Commissioners, details of the Customer's identity, address and interest paid to the Customer, in accordance with the requirements of the EU Savings Directive.
5. General
5.1 The Bank may at any time, without notice to the Customer, set off and apply the credit balance in the Account toward payment of the debit balance on any other account.
5.2 The Customer will not be entitled to draw on one account in reliance on the balance in another account.
5.3 The Customer must advise the Bank if there is a forgery.
5.4 Information provided by the Customer will be used by the Bank only for the purposes registered under the Data Protection Act 1988, including business purposes, making credit decisions and marketing.
5.5 The Bank may disclose information about the Customer and the Account to any of the companies in the Allied Irish Banks Group.
5.6 In the interpretation of these terms and conditions, where the context allows, the singular shall include the plural and vice versa.
5.7 Any demand or notice sent by the Bank to the Customer by post to the last address notified by the Customer, shall be deemed to have been received twenty four hours after dispatch by ordinary post, or immediately upon hand delivery.