Central Bank probe raises concerns over unfair charges

THE Central Bank has raised concerns over current account charges being imposed by Irish banks, but has stated that it has found no instances of overcharging.

In the findings of an investigation into so-called ‘out-of-order’ charges — which are applied when customers breach their account limits — the financial watchdog didn’t name specific banks.

However, it noted that it examined three out-of-order charges — namely, surcharge interest, referral /over limit fees and unpaid item fees — across 300 customer accounts held in five banks.