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Banks accused of charging excessive amounts to consumers

Posted April 12th, 2012

Banks are charging consumers up to Eur196 a year to operate their current account, according to The Irish Independent.

In the survey conducted by the daily newspaper, a typical consumer spends between Eur28 and Eur196 a year to operate a current account. Although consumers generally look for the best deals, the Central Bank admits that banks create certain conditions which make this process harder.

The Independent’s survey looked at the Central Bank’s profile of a ‘typical customer’ and analysed their ATM, cheques and debit card transactions.

The paper found that Ulster Bank were the cheapest when it comes to running a current account at Eur27.93 a year. EBS Money Maker was the second cheapest, working out at Eur40.61.

Meanwhile, The National Consumer Agency has urged consumers to “shop around” after AIB announced it will introduce banking fees to customers with less than Eur2,500 in their current account. The excessive nature of the introduction coincides with AIB’s decision to pay off bondholders with some Eur1.5 billion of taxpayer’s money.

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