Warning of hike in ATM charges

CHARGES for ATM withdrawals will rise almost tenfold if independent providers are allowed into the market, Director of Consumer Affairs Carmel Foley warns.

Ms Foley revealed last night that her office has already been contacted by up to 10 independent ATM network providers seeking to locate cash points in varied locations such as pubs, hotels and shopping centres. Banks are allowed to charge a maximum of 22% per ATM withdrawal and are regulated by the Director of Consumer Affairs. But the independent ATM providers argue that as they are not financial institutions the director has no legal power to control their charges.

"They have been trying to come into Ireland and they would seek to charge in the region of 1.50 to 2 per withdrawal," Ms Foley said, adding that her office was currently in a legal stand-off with several of these companies.