The bank, which has two million customers across the country, will cut the fees on a total of five requests from October 6
A major high street bank is planning to slash some significant account charges in just a few weeks. The Bank of Ireland UK, which has two million customers across the country, will cut the fees on a total of five requests from October 6.
Many customers will no longer be required to pay for cancelling cheques, transferring money to accounts outside the Bank of Ireland UK, or for extra statements.
Before the change, customers are required to pay up to £8 for one of these requests. Cancelling a cheque, for example, can cost up to £8 while asking for an extra statement can cost £3.
The charges, which apply to customers in Great Britain and Northern Ireland, will be completely scrapped, allowing customers to make these requests free of charge. The bank highlighted that it is removing the fees as part of its commitment to make its services more available and affordable for all customers.
Full list of charges being cut
The Bank of Ireland UK will make the following charges free from October 6:
- Extra statements – currently up to £3 each
- Transferring money within the UK to an account that isn’t with the Bank of Ireland UK – currently £7
- Cancelling a cheque – currently £8
- Enquiries concerning an account holder’s financial situation – £7.50 plus VAT
- Offset charges to reduce overdraft interest – 1% of the credit balance used
Charges still issued by the bank
The Bank of Ireland UK offers a wide array of services and bank account types, some of which may still retain certain fees after the change takes place. For example, its Clear Account and Basic Cash account have no monthly fee and provide free cash withdrawals.
However, its Student Account and 3rd Level Student Account does charge interest when the account is in ‘credit’. Furthermore, its Graduate Account, which is designed for customers who have graduated in the past three years, provides an interest free arranged overdraft of up to £3,000 – with interest being charged if that limit is passed.
Other changes implemented by the bank
It comes after the bank launched a new initiative this summer enhance accessibility for customers. The Hidden Disabilities Sunflower Scheme, which has been implemented in all of its Northern Ireland branches, introduced a new tool for people to voluntarily share that they have a non-visible disability or health condition.
This is on top of the fact that the bank has co-operated with JAM (just a minute ) cards since July 2020. The scheme also enabled customers to show their JAM card or app in branches to inform bank staff that they need extra time or assistance with their banking.
Gail Goldie, chief executive officer, Bank of Ireland UK, said: “Finance impacts so many aspects of life and everyone should be able to access critical financial services and support without barriers. We are delighted that we are JAM and Sunflower Hidden Disability friendly across our network, and becoming more accessible with our new ATM fleet, strengthening our commitment to greater financial inclusion for customers.”
Maeve Monaghan, chief executive officer of NOW Group said: “Carrying out everyday activities, such as visiting a bank branch, can be a daunting experience for some people so knowing they can tell someone they need ‘Just A Minute’ or some extra support makes such a big difference. We are delighted to work with Bank of Ireland to ensure all their branches are JAM Card Friendly and recognise the continuing steps the Bank is taking to provide an inclusive service for all its customers.”
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