Ulster Bank customers to be hit with a raft of new fees
Thousands of Ulster Bank customers are to be hit with a raft of new fees from today.
The move will see many current account users paying up to €100 a year for day-to-day banking.
First announced in February, the changes will see all medium and heavy users of their current accounts paying more for banking.
The new fee structure will mirror the ones being used by rivals AIB and Bank of Ireland, according to Daragh Cassidy, of price comparison site Bonkers.ie.
It comes weeks after bailed-out bank Permanent TSB said it was changing the rules for those with its older current accounts.
Customers will be able to avoid the transaction charges if they keep a balance of €3,000 in their account.
But they will not be able to avoid the €2-a-month maintenance fee, even if they have €3,000 in the account.
It had been possible to avoid the monthly maintenance fee by keeping the account in credit up to now, but that will no longer be the case.
Mr Cassidy said heavy users of the current accounts would end up paying an additional €50 a year, taking the cost to close to €100 over a year.
Customers over the age of 66 will be exempt from the maintenance fee and transaction charges, and youth, student and graduate accounts will not be affected by the changes.
Ulster Bank defended the new fee structure, saying the changes would make things more transparent for customers.