Ulster Bank customers will be hit with a host of new fees coming into effect on Good Friday.
Current account customers, especially medium and heavy account users, will be charged with day-to-day banking fees going forward.
The old structure saw people pay €4 monthly account maintenance fee but all day-to-day banking was free including no charges for direct debits, taking out money from an ATM, or for using your card to pay for things in store and online.
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While the account maintenance fee will be reduced to €2 under new rules, a new raft of fees will be introduced for day-to-day transactions like direct debits, ATM withdrawals, and contactless and chip and pin transactions.
Daragh Cassidy, head of communications at price comparison website bonkers.ie, said: “It definitely won’t be a Good Friday for Ulster Bank customers as its new fee structure will see the majority of account holders pay more for their banking each month.
“We still have among the highest mortgage rates in the Eurozone and now we have some of the highest day-to-day banking fees too, so this feels like a real kick in the teeth for consumers.”
Those unhappy with the fees have been advised to look at switching or to consider newer “digital only” alternatives like N26 and Revolut.
Mr Cassidy said: “The level of switching in the current account market is chronically low at less than 1% and this is why banks can get away with charging so much.
"But if you’re not happy with your current service you should look at switching.
“A few years ago the Central Bank introduced a code of practice for switching current accounts so the process isn’t as difficult as people might think.
"And given that you could save around €150 a year, it’ll be worth it.
“I’d also advise people to check out the newer alternatives from ‘digital-only’ banks such as N26 and Revolut.
"These new banks offer a host of fun and novel services, allow you to sign up in minutes, offer great value, and for all intents and purposes work just like a traditional current account."
