Bank customers advised to shop around for lowest charges

The financial services regulator (IFSRA) has advised bank customers to shop around for the cheapest current account charges.

IFSRA said a survey it conducted found that the charges levied on such accounts differed greatly among the various banks operating in Ireland.

It also found that banks generally charge more for in-branch transactions than for internet and telephone transactions, while some banks offer interest on credit balances and others do not.

IFSRA said customers unhappy with their current situation should avail of new regulations designed to make it easier to switch banks.

Under the regulations, customers need only fill out a switching form and the banks involved will look after the technical arrangements involving standing orders, direct debits, etc.

Meanwhile, the North’s four largest banks - Northern Bank, Ulster Bank, the Bank of Ireland and First Trust - are facing a possible Competition Commission investigation after a British Office of Fair Trading probe into their current account charges.