Bank Of Ireland Criticised For Change To Fee Structure

The National Consumer Agency has strongly criticised the Bank of Ireland for a change to its current account fee structures, which will make it almost impossible for thousands of its customers to avoid paying bank charges.

The consumer group described the changes as “a backwards step” that would put the bank’s customers in a “lose-lose situation”, with the group going so far as to encouraged Bank of Ireland customers to consider switching their current accounts to financial institutions that offered better value for money.

Previously customers who had €3,000 going through their accounts over a three-month period and made nine online transactions avoided charges.

Under changes to the fee structure, from the middle of November free banking will only be available to customers who leave €3,000 permanently in their current account, and this money will not earn any interest.

(H)