Tuesday October 27, 2020

Banking on transaction fees

Cash-strapped banks are continuing to move away from free daily banking, writes Emma Kennedy.

7th April, 2012
A study has found that 70 per cent of customers incur annual fees of less than €120 for their current account transactions. Photo: Bloomberg

AIB's recent announcement on changes to its policy on current account fees was the latest indication of a major shift in the retail banking sector.

Of the five current account providers - AIB, Bank of Ireland, Ulster Bank, Permanent Tsb and National Irish Bank - just one, Ulster Bank, does not charge fees for day-to-day transactions by current account customers (see panel).

AIB's move comes after similar efforts by other banks to tighten up on...

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