Monday 20 February 2017

BoI fee decision is indefensible

Published 23/12/2010 | 09:20

Bank of Ireland's decision to start charging some of its customers fees and charges for the first time is indefensible. Even the bank knows it, which probably explains its refusal to supply a spokesperson for RTE's 'News at One' programme yesterday.

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We are talking about one of the major banks that helped drive the economy into a tailspin. This is a once-proud financial institution, which, along with others, could only be rescued by a massive bailout funded by the taxpayers, many of them its own loyal customers. And how is this loyalty to be rewarded but by sneaky charges slipped in when people are preoccupied with bad weather, job worries and mounting debts in the run-up to Christmas.

To avoid charges, many of those same account holders are expected to have at least €1,000 a month going into their account and make nine or more transactions every quarter.

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