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If you are a full-time student or senior citizen you can enjoy free banking from AIB, and Bank of Ireland, this is advertised as referring only to bank fees, and not government taxes, so you must still pay stamp duty on plastic cards - currently ATM card EUR 10pa, Debit Card EUR 20pa, Credit Card EUR 40pa. However because the banks are trying to wish away costly transactions in favour of electronic online banking none of them refers to specifically to bank drafts. These negoitable instruments, within the meaning of the Cheques Act, 1959, attract a bank fee of about EUR 3.75 at the counter for personal customers, and EUR 0.00 for free banking customers, but they do carry a government stamp which costs the Bank EUR 0.15. In practice however, none of the Banks charges this to the free banking customer.
Personal bank customers who do not enjoy free banking will be delighted to hear that if one has a credit union account it is possible to withdraw funds at the counter in the form of a cheque payable to a specified party, the unions do not pass on the EUR 0.15 to the customer. Continue reading ‘How to avoid cheque stamp duty in Ireland’
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