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Capital Acquisitions Tax - Silent but Deadly
Annual Return Reminders
AIB - New Banking Practices Re Standing Orders
Exit Strategy Planning – Loosening the Family Ties
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AIB - New Banking Practices Re Standing Orders
by Brendan Murphy

Since September 19 last AIB Bank has introduced a new process for dealing with standing order payments made from accounts. The bank processes standing orders early each morning but before normal business hours. Standing orders will not be processed where the available cleared balance on an account is insufficient or an authorised overdraft limit is exceeded at that time. The bank may attempt to make the payment(s) on one or more subsequent business days but shall not be obliged to do so. Practically speaking we believe this means within the next three days and not beyond that.

This does not apply to direct debit payments or the processing of Electronic Money Transfers (EMT) but AIB Bank does remark that it may cancel a direct debit or standing order instruction if sufficient funds are not available when payment is requested or due.

In particular care needs to be taken with the timing of standing order payments which are met by reciept of salary into accounts. This is due to standing order payments being processed in the early hours of the morning and prior to the reciept of salaries or other funds.

Clients may wish to clarify the above with AIB Bank as the new procedures may contribute to interruption of payments to staff, suppliers and service providers.

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