diff --git a/src/adapters/aol.js b/src/adapters/aol.js
index f02e58366a8..52ed6bd9212 100644
--- a/src/adapters/aol.js
+++ b/src/adapters/aol.js
@@ -5,6 +5,7 @@ const bidmanager = require('../bidmanager.js');
 
 const AolAdapter = function AolAdapter() {
 
+  let showCpmAdjustmentWarning = true;
   const pubapiTemplate = template`${'protocol'}://${'host'}/pubapi/3.0/${'network'}/${'placement'}/${'pageid'}/${'sizeid'}/ADTECH;v=2;cmd=bid;cors=yes;alias=${'alias'}${'bidfloor'};misc=${'misc'}`;
   const BIDDER_CODE = 'aol';
   const SERVER_MAP = {
@@ -117,6 +118,19 @@ const AolAdapter = function AolAdapter() {
       const pubapiUrl = _buildPubapiUrl(bid);
 
       ajax(pubapiUrl, response => {
+        // needs to be here in case bidderSettings are defined after requestBids() is called
+        if (showCpmAdjustmentWarning &&
+          $$PREBID_GLOBAL$$.bidderSettings && $$PREBID_GLOBAL$$.bidderSettings.aol &&
+          typeof $$PREBID_GLOBAL$$.bidderSettings.aol.bidCpmAdjustment === 'function' &&
+          console && console.warn
+        ) {
+          console.warn(
+            'WARNING: bidCpmAdjustment is active for the AOL adapter. ' +
+            'As of Prebid 0.14, AOL can bid in net – please contact your accounts team to enable.'
+          );
+        }
+        showCpmAdjustmentWarning = false; // warning is shown at most once
+
         if (!response && response.length <= 0) {
           utils.logError('Empty bid response', BIDDER_CODE, bid);
           _addErrorBidResponse(bid, response);
diff --git a/test/spec/adapters/aol_spec.js b/test/spec/adapters/aol_spec.js
index 8eb09af4496..d00b9fb98d2 100644
--- a/test/spec/adapters/aol_spec.js
+++ b/test/spec/adapters/aol_spec.js
@@ -430,5 +430,36 @@ describe('AolAdapter', () => {
         expect(bidResponse.cpm).to.equal('a9334987');
       });
     });
+
+    describe('when bidCpmAdjustment is set', () => {
+      let bidderSettingsBackup;
+      let server;
+
+      beforeEach(() => {
+        bidderSettingsBackup = $$PREBID_GLOBAL$$.bidderSettings;
+        server = sinon.fakeServer.create();
+      });
+
+      afterEach(() => {
+        $$PREBID_GLOBAL$$.bidderSettings = bidderSettingsBackup;
+        server.restore();
+        if (console.warn.restore) {
+          console.warn.restore();
+        }
+      });
+
+      it('should show warning in the console', function() {
+        sinon.spy(console, 'warn');
+        server.respondWith(JSON.stringify(DEFAULT_PUBAPI_RESPONSE));
+        $$PREBID_GLOBAL$$.bidderSettings = {
+          aol: {
+            bidCpmAdjustment: function() {}
+          }
+        };
+        adapter.callBids(DEFAULT_BIDDER_REQUEST);
+        server.respond();
+        expect(console.warn.calledOnce).to.be.true;
+      });
+    });
   });
 });