Call for stop to BOI charge increases

ISME, the Irish Small & Medium Enterprises Association, has called on the Government to stop the proposed increases in charges by Bank of Ireland, which are to come into effect on 11th March. The increases relate to cross border and electronic banking services and range from 23% to 96%, at a time when SMEs are struggling and efforts are being made to encourage the use of electronic banking.

ISME, the Irish Small & Medium Enterprises Association, has called on the Government to stop the proposed increases in charges by Bank of Ireland, which are to come into effect on 11th March. The increases relate to cross border and electronic banking services and range from 23% to 96%, at a time when SMEs are struggling and efforts are being made to encourage the use of electronic banking.

Commenting, ISME Chief Executive Mark Fielding said: “why are we not surprised at Bank of Ireland reverting to its old ways in screwing its customers? How long will we have to wait to see AIB follow suit as their coordinated behaviour will be a feature of our banking scene for the foreseeable future? In the absence of outside competition the duopoly will carve up the economy while the Government sits idly by.

“Once more the banks are sabotaging national efforts.”

ISME has called on the Government to reject this increase through Section 149 of the Consumer Credit Act, 1995 and put a freeze on all increases in bank charges for at least two years or until such time as the banks have paid back their rescue funds to Government.