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Permanent TSB to hike fees for small business accounts

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Permanent TSB. Photo: Brian Lawless/PA

Permanent TSB. Photo: Brian Lawless/PA

Permanent TSB. Photo: Brian Lawless/PA

Permanent TSB is set to increase current accounts fees for business / SME customers, after the majority State owned bank made a big push into the sector.

The hikes include higher quarterly maintenance fees for business and SME account holders, which will rise to €8.00 from August 25. Previously, this fee was €3.81.

Teller-assisted deposit and withdrawal will now cost 80c per transaction from late August, up from 29c.

Account holders will also see the cheque deposit fee rise from 19c to 40c, while the cheque withdrawal fee will also increase to 40c from 29c.

Business and SME current accountholders will also see the cost of a transaction on non-Permanent TSB ATMs rise to 40c, an increase of 17c.

Permanent TSB added that there will be no change to fees at a Permanent TSB ATM or for any automated transactions, including standing orders or direct debits.

In-branch deposits and withdrawals using self service machines will also remain at the same cost, while fees for online payments are unchanged.

There will be no change to personal current account fees.

A spokesperson for the bank told the Irish Independent that fees had not been raised for business and SME current accounts for over 10 years.

The spokesperson added: “Permanent TSB has invested in a significant upgrade of its business and SME banking proposition and is targeting an additional €1bn in business loans over the coming three years.”

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