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That €5 you get charged for your ATM card is no more

But there is something to replace it…

Image: PA Archive/Press Association Images

THAT SNEAKY €5 charge that gets automatically deducted from your bank account each year is no more.

In a surprise Budget 2016 announcement, Minister Michael Noonan said he is scrapping the €5 Stamp Duty which is charged on all debit and ATM cards.

However, he is replacing it with a 12c charge per ATM transaction which will come into play from 1 January next year. Those charges will be capped annually at either €2.50 or €5, depending on what card you use.

There will be no charge on for debit card payments, which could see Ireland fast becoming a cashless society.

Noonan said the decision is another way to incentivise electronic payments to help retailers across the country.

On the other hand, the Minister said retailers now have no excuse to insist on minimum spends for debit card use.

From the end of this month, the transaction limit for contactless payment cards is being raised from €15 to €30.

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Noonan’s speech in relation to electronic payments. 

Read: All the breaking news from today’s Budget

BUDGET 2016 LIVE: The announcements, as they happen

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