Warning over ‘missed transaction’ fees

CONSUMERS have been warned that banks will hit them with extra charges if they don’t have enough money in their accounts to cover direct debits.

Simon Moynihan of comparison website bonkers.ie said banks make a lot of money out of customers who don’t pay enough attention to their current accounts. Fees for returned direct debits and standing orders can be as much as €12.70 and customers will be charged for each returned transaction.

“A few missed transactions can really add up and as we know, the banks are all tightening up on their customers now,” said Mr Moynihan.