Fees will be lowered from October 6, it said
A leading bank is set to significantly reduce some account charges in a matter of weeks. The Bank of Ireland UK, boasting two million customers nationwide, will cut fees on five services from 6 October. Many customers will soon be exempt from paying for cancelling cheques, transferring money to accounts outside the Bank of Ireland UK, or for additional statements.
Prior to this change, customers could be charged up to £8 for these services. For instance, cancelling a cheque could cost up to £8, while requesting an extra statement could set you back £3. These charges, applicable to customers in Great Britain and Northern Ireland, will be completely abolished, allowing customers to make these requests free of charge.
The bank emphasised that it’s scrapping these fees as part of its pledge to make its services more accessible and affordable for all customers, reports Belfast Live.
The Bank of Ireland UK will eliminate the following charges from 6 October:
- 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
However, the Bank of Ireland UK provides a broad range of services and account types, some of which may still carry certain fees after the change. For example, its Clear Account and Basic Cash account have no monthly fee and offer free cash withdrawals.
However, its Student Account and 3rd Level Student Account does charge interest when the account is in ‘credit’. In addition, 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 introduced by the bank
This follows the bank’s launch of a fresh initiative this summer to boost accessibility for customers. The Hidden Disabilities Sunflower Scheme, which has been rolled out across all of its Northern Ireland branches, introduced a new mechanism for people to voluntarily indicate that they have a non-visible disability or health condition.
This builds upon the bank’s partnership with JAM (just a minute) cards since July 2020. The programme also allows customers to present their JAM card or app in branches to notify bank staff that they require additional time or help 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, CEO 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.”