BANK OF IRELAND has announced changes to the fees it charges holders of current accounts – making some transactions cheaper, while also penalising transactions which need human assistance.

Currently the bank charges users a flat fee of 28c each per transaction, or a flat fee of €11.40 per quarter – but changes taking effect in August will adjust this, while also introducing a flat quarterly fee for almost all account holders.

The price of automated transactions, like an ATM withdrawal or paying with a debit card, will fall to 20c – a reduction of 29 per cent on the current price – but paper and staff-assisted transactions will go up to 40c, an increase of 43 per cent.

The ‘flat fee’ option is also being withdrawn, and being replaced with a flat quarterly fee of €5 – which will apply to all accounts.

The only way to avoid the transaction fees is to keep a €3,000 minimum balance in an account for the entirety of a billing quarter – though those customers will still face the €5 quarterly charge.

In addition, the bank is now introducing an extra charge for cheque books, of €5 for each book of 25 cheques, in addition to the 40c fee for processing each cheque and the Government stamp duty.

The fees will not apply to accounts held by second level, third level, graduate and ‘Golden Years’ accounts.

The new structure will take effect in August.

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