AIB have developed an internet banking offering for small limited companies.
Previously the only option available to limited companies was IBB.
AIB now have an offering called “single user internet banking” which is available to limited companies where there is only one user of internet banking. The benefits are: ·
1. Its free (versus €200/annum for IBB)·
2. It is the same platform as sole trader internet banking (i.e. the 2-year look-back on transactions is available)·
3. Digipass is not required any longer
Drawbacks as follows: ·
1. €30k daily transaction limit·
2. Unavailable to companies where there is a requirement for 2 signatories on payments/cheques (as this is based on the single user principle)
To avail of it: ·
1. For those suitable they should contact their relationship manager in AIB and request “single user internet banking”·
2. To speed up the process print and fill out the attached form and give to your relationship manager·
3. The relationship manager will then follow up on the migration across to the new service and subsequent cancellation of IBB