Monday 25 September 2017

Cost of lodging a cheque to rise 40pc for thousands of Bank of Ireland customers

Charlie Weston Personal Finance Editor

THE cost of lodging a cheque is to rise by up to 40pc for thousands of Bank of Ireland customers.

The bank said today it is also introducing a new €5 fee every quarter that will hit people who previously qualified for free banking by keeping at least €3,000 in their accounts.

Those who up to now managed to avoid paying transactions charges of up to 28c a time by keeping a balance of €3,000 in their accounts at all times.

Even if these people keep their accounts in credit of at least €3,000 they will be hit by the €5 a quarter maintenance charge.

Along with this it will now cost 40c for lodging a cheque at a counter in a branch, up from 28c. This is a rise of 43pc. And there is a new fee of 20c for writing the cheque.

There is also 50c Government Stamp duty on each cheque.

The changes will mean that higher charges will now apply to half of the bank’s 1.1 million customers.

But the cost of using electronic payments will come down.

The new fee structure comes in from August 19 next. It is the third time the bank has altered its charging structure for current accounts.

Online Editors

Also in Business