Coronavirus

Bank of Ireland replies toTipperary TD over new business charges

Jackie Cahill told decision has been put on hold

Tipperary Star reporter

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Bank of Ireland replies toTipperary TD over new  business charges

The Bank of Ireland is to defer its planned cash handling charges rise for businesses

The Bank of Ireland has confirmed that it is suspending its proposed increase in cash handling fees for business accounts fees for the duration of the coronavirus crisis.

Fianna Fáil TD for Tipperary Jackie Cahill had called on the bank to show some solidarity with people during the Covid-19 crisis and defer plans to increase its cash handling fees for business account holders, which were due to be introduced in May.

His call had come after a letter was issued to business account holders informing them that there would be a 33% increase in charges for any business making cash lodgements or withdrawals. The bank had proposed to increase its handling charge from 60c to 80c per €100 transaction.

However, a spokesperson for Bank of Ireland said that the bank had previously said that it would keep the date for changes to cash handling charges under review while the Covid-19 situation was evolving.

"We will now defer the implementation of these charges until later in the year. Our focus is on supporting customers through the challenges presented by Covid-19. We have a number of supports in place for business customers including loan payment breaks and flexible arrangements on loans and emergency working capital," they said.

Making his appeal to the bank, Deputy Cahill had said that the proposed increases were comong at a time when businesses across Tipperary, particularly small family run cafés, restaurants and bars have had to close, and some have had to lay off staff.

"This is a time of unprecedented stress for them and now they’re being hit with increased bank charges," Deputy Cahill had said.