Bank customers can avoid paying bank charges by availing of online banking and more efficient use of ATMs and laser cards, according to the financial regulator.
The latest Irish Financial Services Regulatory Authority (IFSRA) cost survey of current accounts finds that customers who use bank branches incur higher charges than those who use online or telephone banking.
Customers can cut the costs of banking by reducing the frequency of transactions, for example withdrawing larger amounts less frequently from ATMs or getting cash back when using laser cards, so using two services for the price of one.
IFSRA used fictional bank customers or profiles to calculate the cost of bank charges to "typical" bank customers. For one profile, depending on the bank used, annual charges can range from zero at NIB to more than €126 at Permanent TSB; other profiles show potential savings of up to €77.
IFSRA advises customers to keep accounts in credit that can be exempt from fees and to choose a current account with the lowest charges for direct debits and standing orders, preferably with no commissions.
Most banks charge more for cheque payments through branches and less for online or telephone bill payments.