| 0.1°C Dublin

Pleas for BoI to reverse planned fee hike

Close

Bank of Ireland. Stock photo: Getty Images

Bank of Ireland. Stock photo: Getty Images

AFP/Getty Images

Bank of Ireland. Stock photo: Getty Images

NEWSAGENTS have called on Bank of Ireland (BoI) to reverse a planned hike in the fees it charges firms for handling cash.

The rise will apply to firms lodging and withdrawing cash and cashing cheques.

BoI's fee hike will hit shops, pubs, restaurants, petrol stations, cafés and other cash-generating businesses hard.

The bank told business current account holders the cost of lodging cash will rise to 80c for every €100 lodged from 60c.

The fee for withdrawing cash will also rise to 80c for every €100 taken out. The fee for exchanging notes will rise from €1.20 per €100 to €1.60.Fees for cashing cheques will also rise.

The changes mean it will cost a business €8 to lodge €1,000 in notes and €80 to lodge €10,000 from May - and even more to lodge coins.

The Convenience Stores and Newsagents Association (CSNA) wants the bank to row back on the decision immediately.

Bank of Ireland had been preparing to introduce the new fees from May 18, but the outbreak of the coronavirus has meant a decision on when to implement the new charges is now under review.

CSNA, which is Ireland's largest independent retailer body, representing more than 1,500 convenience store owners, newsagents and forecourt operators, said it was outraged at the plans to increase cash handling fees by 33pc for commercial customers.

Chief executive of CSNA Vincent Jennings said: "This price hike will have a negative effect on all Irish retailers and CSNA is calling on Bank of Ireland to reverse this immediately."

He said that the proposed increases will put a huge strain on retailers.

Irish Independent