Press Releases

04 December 2014

Bank of Ireland announces pricing changes for business and personal customers

  • New pricing significantly reduces cost of automated and electronic transactions for customers and encourages ongoing change to these forms of banking  
  • Fees for c. 71% of personal and c. 42% of business transactions will come down by 50% or more
  • The cost of automated transactions falls to 10 cent for all customers - choosing automated transactions over paper transactions will save customers 50 cent per transaction
  • Some charges for transactions will increase e.g. cheques / paper lodgements
  • Changes reflect the way in which people bank today – since 2006 there has been a 26% decrease in cheques, paper and ATM transactions and a 60% increase in electronic credit, debit and card transactions*
  • Approx. 4 out of 10 customers do not pay transaction fees – they will continue to be exempt 

Bank of Ireland is today, Thursday 4th December, 2014 announcing new simplified pricing plans for personal and business customers. The new pricing plans, which come into effect on 23 February 2015, promote the use of automated and online transactions and have been approved by the Central Bank of Ireland.

The cost of electronic and automated payments will be reduced by 50% for personal customers. Business customers will see the cost of automated transactions falling by 58%, from 24 cent to 10 cent.  The new plans will result in the fees for c. 71% of personal and c. 42% of business transactions being reduced by 50% or more. Under the new pricing plans, choosing automated transactions over paper transactions will save customers 50 cent per transaction.

The Bank has also announced that it will continue to waive the approved 15 cent contactless charge that was due to be applied from August 2014. Instead, the bank will apply a nominal 1 cent cost from 23 February 2015.  

The new pricing plan further aligns Bank of Ireland with the Government-backed initiative the National Payments Plan (NPP).  The Bank has been at the forefront in supporting this initiative, which aims to increase the use of electronic forms of payment, reduce our reliance on paper and cash transactions, and make savings of €1 billion annually for the Irish economy. Bank of Ireland has issued nearly 1 million Visa Debit contactless cards to its customers.

Prices for the use of some services – including over the counter transactions, ATMs, cheques and business account fees will increase. However, Bank of Ireland will continue to waive fees for Second Level, Third Level, Graduate and Golden Years (i.e. those who have reached the eligibility date for the State Pension) customers, which represents 31% of our personal customers together with Business Start Up accounts. Personal customers eligible for the No Transaction Fees offer by keeping a minimum balance of €3,000 in their account for the full fee quarter will continue to have their transaction fees waived.

The changes support the way in which people bank today. Since 2006 there has been a 26% decrease in cheques, paper and ATM transactions and a 60% increase in electronic credit, debit and card transactions*.  This year, over the counter business and personal transactions make up only 4% of total transactions. Customers using our online banking channels have increased by 123% since 2010.

Bank of Ireland has led the market in the introduction of Visa Debit, contactless payments, and payments to mobile, investing significantly in its electronic channels in recent years.  Bank of Ireland will continue this investment to provide customers will more efficient and easier methods of managing their accounts.

Bank of Ireland will communicate these changes directly with customers through post, email, advertising, and via messages on channels used by customers including Banking 365. The bank will also be inviting customers to a series of clinics to help them maximise savings from the new plan.

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Note to Editors:

The new pricing plan will see c. 71% of all personal transactions being reduced by c. 50% in price to incentivise automated channels, c. 43% of personal consumers not paying transaction fees for payments, c. 55% of new business current accounts opened paying no maintenance and transaction fees with our Business Start-Up Package in their first year, and c. 42% of all business transactions being discounted by c. 58% in price to incentivise automated channels.

An overview of Business Current Account changes:

There will be a reduced fee of 10c for automated and 1c for contactless transactions.  In addition, the monthly subscription charges for Business On Line will be reduced.  Charges for some services will increase.  Paper based transactions and non-automated staff assisted transactions will increase to 60c; notes to 60c per €100; coin to €3.00 per €100; the quarterly maintenance fee to €15, ATM withdrawals and LATM transactions to 25c and a cheque book charge (20c per cheque) will also be introduced.

An overview of Personal Current Account changes:

Automated transactions will reduce to 10c and contactless transactions will be set at 1c.  The charge for ATM/ LATM withdrawals and lodgement transactions will increase to 25c and paper staff assisted transactions will increase to 60c.

*IPSO Industry Statistics

Personal and Business Current Account Transaction Fees:

Fee Type

Current Non-Personal Fee

New fee per transaction

from 23 February 2015

Current Personal Fee

New fee per transaction

from 23 February 2015

Contactless Card Transactions

0c

1c

0c

1c

Automated Transactions e.g. Debit card transactions, Direct Debits, Standing orders, Business On Line ,

and 365 online and phone banking transactions, Tablet and Mobile App

transactions

24c

10c

20c

10c

ATM and LATM withdrawals and lodgement transactions

24c

25c

20c

25c

Paper/Staff Assisted transactions e.g. Cheque/paper lodgements and withdrawals over the counter using paper or debit card

37c or

39c if over 1500 transactions per quarter

60c

40c

60c

Credit Transfers

44c

60c

40c

60c

Items contained in a lodgement to your account (e.g. cheques)

20c

60c

n/a

n/a

Business Current Account Maintenance and Cash Handling Fees:

Fee Type

Current Fee

New fee from 23 February 2015

Maintenance Fee per quarter

€5.25 per quarter

€15.00 per quarter

Notes lodged / paid in

Notes withdrawn / paid out

€0.48 per €100

€0.60 per €100

Notes exchanged for notes

€0.96 per €100

€1.20 per €100

Coin Handling

€2.00 per €100

€3.00 per €100

Business Current Account: Online Service Fees:

Fee Type

Current Fee

New Fee from 23 February 2015

Business On Line - Level 1/2

€15 per month

€10 per month

Business On Line - Level 3    

€70 per month

€55 per month

365 Phone & Online

No charge

No charge

Business Current Account: Service Fees:

Fee Type

Current Fee

New Fee from 23 February 2015

Chequebook issuing charge per cheque

No charge

€0.20

Carbonised chequebook (50 cheques)

€4.06 per book

€15.00

(€5.00 per book plus €0.20 per cheque charge)

Here are some ways to keep your banking fees and charges to a minimum:

  •           Avoid using cheques and make payments online
  •           Set up Direct Debits/ Standing Orders for regular payments
  •           Make contactless payments rather than use cash
  •           Register for 365 Online/ Business Online
  •           Use your Visa Debit card and get cashback
  •           Check if you are entitled to a concession account e.g. Business Start Up, Golden Years

And in addition business customers can:

  •           Register and encourage employees to use Visa Business Cards
  •           Encourage customers to pay you electronically
  •           Accept debit and credit card payments in your business

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