Major bank with 2million customers to AXE seven key account charges within weeks – will you benefit?.

Cancellation of fees at Bank of Ireland UK

According to The Sun: Bank of Ireland UK, which serves two million customers, will cancel seven key account fees within weeks.

Starting from October 6, the bank will eliminate a range of common account maintenance fees.

The changes will affect both personal customers in Northern Ireland and Great Britain. This means that customers will no longer pay for additional statements, check cancellations, transfers to accounts of other banks, or inquiries about their financial status.

Currently, the fees for these services range from £1 to £8, depending on the type of request. For example, an additional statement costs up to £3, check cancellation will cost £8, and transferring money to accounts outside Bank of Ireland in the UK costs £7.

Fees for inquiries about financial status, which currently amount to £7.50 plus VAT, will also be removed.

Additionally, the bank is canceling fees for using credit balances from one account to reduce overdraft interest on another. This fee, which is 1% of the amount used from the credit balance, will be completely abolished.

Representatives of Bank of Ireland UK state that the cancellation of fees is part of their commitment to provide banking services that are more accessible and beneficial for customers.

Bank of Ireland UK, part of the Bank of Ireland group, focuses on serving customers in Great Britain and Northern Ireland, while its main branch operates in Ireland. The bank offers a wide range of services, from checking accounts and savings to mortgages and loans.

Cancellation of fees

From October 6, Bank of Ireland UK will cancel all the following fees.

For personal customers – Northern Ireland:

• Additional statements: £1
• Check cancellation: £8
• Transfers without a Bank of Ireland UK account: £7

For personal customers – Great Britain:

• Additional statements: £3
• Check cancellation: £7.50
• Credit balance usage fee: 1% of amount
• Financial status inquiries: £7.50 + VAT

Other changes in the banking system

Meanwhile, the bank NatWest is making changes to its business accounts by raising fees for cash transactions, check transactions, and certain online transfers.

Starting from August 30, fees for cash deposits and withdrawals from business accounts will increase from 70 pence to 95 pence per £100.

Fees for check payments will also increase from 70 pence to 75 pence per check.

Additionally, the bank plans to raise some charges related to the BACS system, with processing each individual payment soon costing from 18 pence to 21 pence.

Costs for processing a file with multiple payments will also slightly increase from £5.25 to £5.35.

Besides this, customers applying for a Santander Edge credit card will now pay a monthly fee of £4, up from the previous £3.

Also, customers of Lloyds Bank, Halifax, and Bank of Scotland will soon lose the ability to deposit their checks at any of the 11,500 post office branches across the country, as this service will be discontinued for all customers starting December 31 this year.

How to switch banks?

Changing your bank account is a simple procedure and can usually be done through the Current Account Switch Service (CASS).

A number of banks and building societies have joined this program – a full list is available on the CASS website.

The bank switching process should take up to seven working days.

You do not need to transfer direct debits manually – this will be handled by the new bank.

Just apply for a new account, and your new bank will notify your current bank about your switch.

Before changing accounts, consider the transition date and the possibility of transferring old statements to the new account.

To obtain old statements, call your existing bank.

When switching current accounts, consider what benefits the new bank or building society offers.

Some banks offer 0% overdraft up to a certain limit, while others may offer better rates on savings accounts.

Banks may also offer free insurance for travel or mobile phones with their current accounts – but such accounts may have a monthly fee.