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Bank of Ireland introduces new charges from today

FLAC has severely criticised the removal of free banking for some customers, saying that they will unfairly target people on lower incomes.

Image: Peter Morrison/AP/Press Association Images

BANK OF IRELAND is introducing new charges for most current account holders from today.

The bank says that providing customers with current account facilities costs it money, and will now apply a charge of 28c for each transaction if customers do not fulfil certain criteria.

Customers will only be able to avoid the charges if they deposit €3,000 every quarter and make at least nine payments by phone or over the internet, or keep a minimum of €3,000 in their account.

Those with student or ‘golden years’ accounts will still qualify for free banking.

The charges have been described as unfair and ill-advised by the Free Legal Advice Centres (FLAC), which says that they will target low-income customers who will not be able to hold such amounts in their accounts.

Meanwhile, AIB says that it has no plans to change its charges but will keep the issue under review, reports RTÉ.

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