Irish Government ATM 12 cent cash withdrawal charge

Delta2113

So how does this work? If I want to take out €20 tomorrow do I need to have €20.12 in my account or will I be charged quarterly or yearly?

Bank of Ireland: Elaine

Hi Delta2113,

Thanks for getting in contact with us here on Boards.ie.

The Government Stamp Duty will not be charged at the same time of the transactions so will not affect your withdrawal. Once you have sufficient funds in your account for the amount you wish to withdraw you should not experience any difficulty.

The tax is capped at E5 per annum on Visa Debit Cards and we believe it will be debited at the end of the year however, we will double check this for you and get back to you here on Monday.

We hope this helps and Happy New Year,
Elaine

Delta2113

Thank you Elaine for your answer and I look forward to more information on this next week. A very happy new year to you and the other reps.

Bank of Ireland: Elaine

Hi Delta2113,

Just wanted to come back to you on this and let you know that we're still looking into this and will have clarification on this for you as soon as possible.

Thanks,
Elaine

Bank of Ireland: Elaine

Good Morning Delta2113,

Our Cards team has confirmed that the Government Stamp Duty will be calculated based on the ATM activity during the year. You will see the charge for 2016 ATM activity be applied to your account in early January 2017 as one charge and this is capped at E5.00.

I hope this helps clarify your query and if you need anything else, please don't hesitate to contact us again.

Thanks,
Elaine

Delta2113

Can you confirm that if you don't use the POS function the cap is then 2.50?

Bank of Ireland: Sarah

Hi Delta2113,

Thanks for your post.

The new Government Duty is 12 cent per ATM withdrawal with a cap of €5 per year, regardless of whether you use the card for POS transactions. There is no cap of €2.50.

Thanks,
Sarah

Delta2113

Your wrong Sarah -please check the pdf on the revenue website.

Bank of Ireland: Sarah

Hi Delta2113,

To clarify, I was referring to the cap for a Visa debit card which has the facility for POS and ATM withdrawals, the cap is €5. If you have an ATM only card, the cap is €2.50 as per the Revenue website.

If there's anything else we can help with please get in touch.

Thanks,
Sarah

Delta2113

To clarify if you dont use the POS function on your BOI Visa debit card then the cap is €2.50 and not €5.

This is according to Irish Revenue. Please confirm Sarah?

Bank of Ireland: Sarah

Hi Delta2113,

As per our Fees and Charges brochure, there is a €0.12 per withdrawal charge made in the preceding year capped at a maximum of €2.50 per ATM card, or €5 per ATM/Debit card. Please find our fees and charges brochure for 2016 here https://personalbanking.bankofireland.com/wp-content/uploads/2016/01/PCA-fees-charges-Jan-2016.pdf

The Revenue website appears to be referring to the Government duty for 2015. Apologies for any confusion on this.

Thanks,
Sarah

Delta2113

9.1 Section 123B of the SDCA
Cash, combined and debit cards
Finance Act 2015 amended Section 123B to provide for the following stamp duty
charges on cash withdrawals with effect from 01 January 2016.
Type of card Charge
Cash (ATM) card €0.12 for each cash withdrawal from an
ATM in the State subject to a
maximum charge of €2.50

Combined Cash/Debit card (only cash
function used)
€0.12 for each cash withdrawal from an
ATM in the State subject to a
maximum charge of €2.50

Combined Cash/Debit card (both
functions used)
€0.12 for each cash withdrawal from an
ATM in the State subject to a
maximum charge of €5.00


As above once again Sarah if you dont actually use the POS function the cap is then €2.50 -maybe you should pass this on to your team leader.

Bank of Ireland: Sarah

Thanks Delta2113,

Appreciate the heads up here and we've double checked this matter. When you don't use the POS facility on your Visa Debit card, the cap will be at €2.50 and this will be charged in 2017 for card use in 2016. Apologies again for any confusion on this.

Thanks,
Sarah

Delta2113

Glad we finally got this cleared up but it was hard work. My understanding was the same as your's Sarah until the pdf on the Revenue site made it clearer.