New rules obstacle to switching banks

CREDIT CARD users looking to switch banks face a fresh obstacle from next week, thanks to new government measures to monitor payment of the controversial €40 stamp duty on cards.

New Revenue rules will require customers to obtain written evidence from their old bank that they have paid the €40 duty. Customers who fail to produce this evidence to their new bank will be charged a second time.

The cumbersome new process is Revenue’s response to this year’s Finance Act, which scrapped the double hit that had applied to customers who switched banks.