Stamp duty on Electronic Banking

graflynn

I discovered a charge on my bank statement last night that stated ".50c stamp duty x 7". On further investigation, it turned out that this tax is for everytime there is a standing order, direct debit & internet transaction in my account.

I'm told now that it only costs me .15c if I pay all my bills using a cheque. If the government trying to disaude people from using a more efficient & conveinient method of banking? This is ridiculous!

Does anyone have any more info on this stamp duty? I'd love to know when it was announced that they were doing it and what the reasoning behind it is?

Davy

Never heard of stamp duty on DD's and SO. Is the charge on cheques you had written?

Switch to another bank that offers free banking, halifax, ulster bank, Ptsb

This might be better in the banking forum

graflynn

I think I've figured it out...."

2. Government Charges

There are certain Government charges which the Bank is
obliged to collect from you. Government charges are
debited to your account even if you qualify for free
maintenance or transaction banking. Under current
legislation, the following Government charges apply:

Cheques: €0.50 stamp duty per cheque. Medallion stamp
duty for cheque books ordered on or after 1st January 2009
is calculated as each cheque is presented and paid on
your account and applied quarterly in arrears on the last
business day of March, June, September and December."

They changed the rules for the cheques. The charge has nothing to do with dd or electronic transfers.

parsi

graflynn wrote: »

I think I've figured it out...."

2. Government Charges

There are certain Government charges which the Bank is
obliged to collect from you. Government charges are
debited to your account even if you qualify for free
maintenance or transaction banking. Under current
legislation, the following Government charges apply:

Cheques: €0.50 stamp duty per cheque. Medallion stamp
duty for cheque books ordered on or after 1st January 2009
is calculated as each cheque is presented and paid on
your account and applied quarterly in arrears on the last
business day of March, June, September and December."

They changed the rules for the cheques. The charge has nothing to do with dd or electronic transfers.

It's actually much handier this way - you "pay as you write" rather than forking out in advance for a book of cheques.

metrovelvet

That is still al ot of money to write a cheque.