Bank of Ireland UK to Eliminate Key Account Fees on October 6

The Bank of Ireland UK has announced plans to eliminate several account charges, effective October 6, 2023. This decision impacts approximately two million customers and aims to enhance the affordability of banking services. Customers will no longer incur fees for cancelling cheques, transferring money to accounts outside the bank, or requesting additional statements.

Under the previous fee structure, customers faced charges of up to £8 for cancelling a cheque and £3 for requesting an extra statement. The removal of these fees is part of the bank’s broader commitment to improve access to banking services for all customers, particularly in Great Britain and Northern Ireland.

Details of the Fee Reductions

Beginning on October 6, the Bank of Ireland UK will make five specific requests free of charge. This initiative is expected to significantly benefit customers who rely on these services. The bank’s Clear Account and Basic Cash account already offer no monthly fees and allow free cash withdrawals. Nevertheless, some accounts, such as the Student Account and 3rd Level Student Account, may still incur interest charges on credit balances. Furthermore, the Graduate Account allows for an interest-free arranged overdraft of up to £3,000, with interest applied if the limit is exceeded.

The decision to eliminate these fees aligns with the bank’s recent initiative to enhance accessibility. This summer, the Bank of Ireland UK introduced the Hidden Disabilities Sunflower Scheme in all its branches throughout Northern Ireland. This program allows individuals with non-visible disabilities to communicate their needs discreetly, facilitating a more inclusive banking experience.

Commitment to Accessibility

Gail Goldie, Chief Executive Officer of Bank of Ireland UK, emphasized the importance of accessible financial services, stating, “Finance impacts so many aspects of life and everyone should be able to access critical financial services and support without barriers.” She expressed pride in the bank’s commitment to being JAM (Just A Minute) and Sunflower Hidden Disability friendly across its network. This initiative is part of a broader commitment to financial inclusion and improving customer experience.

Maeve Monaghan, Chief Executive Officer of the NOW Group, noted the significance of making everyday banking activities less daunting for individuals with disabilities. “Knowing they can tell someone they need ‘Just A Minute’ or some extra support makes such a big difference,” she stated. The partnership with the Bank of Ireland UK reflects ongoing efforts to ensure all customers can access banking services comfortably and confidently.

As the October 6 implementation date approaches, customers can anticipate a more accessible and cost-effective banking experience. The Bank of Ireland UK continues to prioritize customer needs while adapting to the financial landscape.