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business banking charges question

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  • 08-02-2008 1:49pm
    #1
    shantor
    Closed Accounts Posts: 120 ✭✭


    Hi

    I just recently set up a business bank account with one of the big two, for a small turnover firm.

    On my first statement I saw I was being charged a per transaction fee of around 39 cents which seems fine

    Then I had a cash handling fee of 0.45% of every €100. So I ended up paying €11.25 for withdrawing €2,500 in addition to transaction processing fees

    Just coming from a personal current account background this seems ridiculous.. also the notion that for simply having a bank account my company has an additional cost base of 0.45%

    Am I being ripped off?

    Do smaller banks or new ones such as Halifax have better transation rates?

    Do these charges seem typical?

    Many thanks for any feedback


Comments

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    #2
    unclebill98
    Registered Users Posts: 3,816 ✭✭✭unclebill98


    Nope,

    All banks charge for cash outs and most transactions get charged for. Some of the banks are doing special startup deals. Maybe that could help reduce your fees.

    Business = charges so personal can = free banking..... thats life!


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    #3
    stepbar
    Closed Accounts Posts: 6,123 ✭✭✭stepbar


    First off Halifax is not a business bank and Bank of Scotland (sister bank) won't entertain you. To be fair, the only other banks that cut it for small business are Ulster & NIB. Anglo and BOS are not really interested in small business. PTSB are not equiped to deal with business customers even though they accept business account applications.

    Which of the big two was it? If it was BOI then you should be on the Start Up Business Package (or at least you should have asked for it). 39 cent would seem like a strange fee deal to be on. Was this explained to you from the start? I'm thinking that it was AIB? I could be totally wrong though.


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