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Bank of Ireland customers will be charged twice bank fees on December 31 as part of an initiative by the bank to introduce a new charging regime for their checking accounts.
The bank launched its new collection structure on Monday, November 23, which will see the replacement of 26 individual charges for a fixed monthly fee of € 6 (€ 72 per year).
It means that all clients who previously had a certain amount in balance with the banks to avoid commissions or reduced commissions, will now face bank charges since there is no way to avoid the € 6 commission. This means that the annual cost of bank charges will increase. rocket from € 20 a year to € 72.
The change also means that Bank of Ireland customers can see a double deduction from their accounts on December 31. This is the first time that the new fee of € 6 will be deducted from customer accounts, but fees related to the previous quarter will also be charged, that is, from August 24 to November 22, also on this date.
“This is the only time you will be charged fees for two different periods at the same time,” the bank said.
Several accounts will continue to be “free,” including the bank’s 66+ offering, Golden Years, and its junior, junior, and graduate savings accounts.
Bank of Ireland is not the only bank to change its fee structure, and AIB clients will see a similar increase later this week when they file their new charges on November 28.
The bank, which is 71.2 percent state-owned, had made previous efforts to modify the way it charges checking account customers, including during the spring close, but backed down after it was heavily criticized. .
The move means that customers who previously benefited from a fee waiver by keeping € 2,500 in their account at all times will now have to pay fees.
AIB will charge a flat quarterly fee of € 4.50 (€ 18 per year), as well as a number of other charges, including a € 0.35 fee for ATM withdrawals and a € 0.20 fee for transactions with chip and pin, online transactions, direct debits and standing orders to all standard customers.
Monthly fee
It means that someone with eight ATM withdrawals / check deposits per month, plus five chip and pin transactions, and five online transactions, will face a monthly fee of € 6.30 or € 75.60 for a year, which makes the bank one of the most expensive. In Ireland.
As with the Bank of Ireland, there are exemptions, and those over 66, as well as students and young savers, will not be affected by the charges. Also, if you have an AIB mortgage on your home with the bank, you will continue to avoid these fees.
AIB charges will go into effect on Saturday, but customers will not face the first quarterly fee until March 29, 2021.
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