B of I business customer charges to rise
Bank of Ireland – which is today expected to report pretax losses of €1.8 billion for 2012 – is ramping up its charges for business customers amid continuing losses, which the bank is expected to report today.
The bank is to increase the charges applied to international and cross-border payments, and to electronic banking services effective from March 11th.
The bank will increase the charge applied to electronic banking services, including debit and credit services used by businesses, from 6.5 cent per transaction to 8.5 cent per transaction.
Business On Line same day international payments without foreign exchange will now incur a charge of €42.50 per payment, up from €25.35.
Business On Line same day international payments with foreign exchange conversion will rise from €21.50 per payment to €37.50.
The bank is also increasing charges on inward international transactions over €1,500 from €7.50 per transaction to €12.50.
From an SME perspective, nearly 77 per cent of all business is done through AIB and Bank of Ireland.
“When you have a duopoly like that, it almost gives them carte blanche to raise banking charges,” Isme chief executive Mark Fielding said.