Watchdog attacks banks over cost hikes

THE Consumer Association of Ireland has criticised Bank of Ireland for imposing new overdraft charges on its customers accusing them of being totally “driven by profit.”

The bank notified customers yesterday that they would be increasing their yearly charge for overdraft facilities by almost €10 - up from €15.20 to €25.

And Laser transactions, cheques and direct debits which push customers into the red and over agreed overdraft limits will cost up to €10 per item a quarter.