Bank of Ireland customers have responded angrily to news that the bank is increasing its charges again with the imposition of a new €5 fee every quarter.
This charge will hit customers who may have qualified for free banking by keeping at least €3,000 in their accounts.
The bank also said that while it will waive all domestic contactless transaction fees this year, it will impose a transaction fee of 15 cent from August 18th next year.
Bank of Ireland is also increasing the cost of lodging a cheque at in one of its branches to 40 cent, an increase of 12 cent.
The bank also plans to introduce a new fee of 20 cent on anyone writing a cheque.
These charges come on top of Government stamp duty of 50 cent per cheque.
There was some good news for the bank’s customers as the bank also announced that it plans to reduce the cost of Visa Debit and ATM card, direct debit, standing order and 365 phone and online transactions from 28 cent to 20 cent.
The new fee structure will take affect on August 19th. It is the third time the bank has increased its charges or amended the charges it imposes on its current account holders in just two years and many social media users expressed their disappointment with the move.
One of the bank’s rivals was keen to take advantage of the disquiet and permanent tsb bank claimed it had seen “exceptional” levels of enquiries from potential current account switchers following the introduction of the new fees.
A permanent TSB spokesman said customers said the Bank of Ireland move was cynical.
“You can’t qualify an offer like transaction fee banking by introducing new “quarterly” charges and so on. You have to make a simple, clear commitment and stick to it.”
