GOVT DUTY ATM/POS6960

Yurple

Hello,

What is the following charge that I received yesterday?

GOVT DUTY ATM/POS6960


I thought since December last year you are now charging a flat 6 Euro banking fee per month that includes everything?

Steven81

Yurple wrote: »

Hello,

What is the following charge that I received yesterday?

GOVT DUTY ATM/POS6960


I thought since December last year you are now charging a flat 6 Euro banking fee per month that includes everything?

Can someone please answer this, I thought the same, 6 euro a month is 72 euro and now this as well.

Bubbaclaus

That's the annual stamp duty charge. Has nothing to do with the banks fees.

Bank of Ireland: Megan

Good morning everyone,

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

This is Government Stamp Duty(GSD). GSD on visa debit and ATM cards is charged retrospectively in January each year for each cash withdrawal made from an ATM/LATM within the Republic of Ireland in the previous year at a rate of €0.12 per withdrawal capped at a maximum of €2.50 per ATM(cash) or visa debit(combined) card where only the ATM function is used, or €5 per visa debit card where both ATM and 'point of sale' functions are used. 

https://www.bankofireland.com/help-centre/faq/much-government-duty-visa-debit-atm-card/

This is not a charge from Bank of Ireland.

I hope this information helps.

Many thanks,
Megan

osullc10

"not a charge from Bank of Ireland"

Read that to mean... This is a government charge. If you are unhappy with it, contact your local TD ¯\_(ツ)_/¯

Yurple

So what does the 6 Euro flat charge cover then?

Bubbaclaus

Yurple wrote: »

So what does the 6 Euro flat charge cover then?

That's the banks fee for using their services. Full banking experience for cheaper than a basic netflix account.

osullc10

Yurple wrote: »

So what does the 6 Euro flat charge cover then?

I would guess it covers the cost of running a bank, and offering current account services. For one thing, the BoI employees who reply here need to be paid. Banks need to charge fees. And the government imposes duties separately. Don't mean to sound blunt.

Bank of Ireland: Megan

Yurple wrote: »

So what does the 6 Euro flat charge cover then?

Hi Yurple,

Thanks for getting back to me. 

Our new flat fee of €6 per month covers all service and transaction fees and for the maintenance of your account. You can find a break down of all the charges that are covered in this fee through the link below.

https://personalbanking.bankofireland.com/bank/current-accounts/personal-current-account/fees/

I hope this information helps!

Thanks,
Megan

Yurple

Thanks everybody. I understand it now.

I pay the 6 per month which covers a large number of fees including ATM withdrawals. This money goes directly to the bank.

Then I also get charged the fee that goes directly to the government and is also for withdrawing from the ATM.

I better avoid ATMs from now on ! Hahaha thanks again and happy weekend!

osullc10

Yurple wrote: »

Thanks everybody. I understand it now.

I pay the 6 per month which covers a large number of fees including ATM withdrawals. This money goes directly to the bank.

Then I also get charged the fee that goes directly to the government and is also for withdrawing from the ATM.

I better avoid ATMs from now on ! Hahaha thanks again and happy weekend!

Hey Yurple, do take a look at the link that was posted earlier...
https://www.bankofireland.com/help-centre/faq/much-government-duty-visa-debit-atm-card/

If you are serious about avoiding ATMs, note that Point Of Sale card payments will also make you liable for the bank-collected government stamp duty. You'll be wanting then to avoid Point Of Sale card payments too. Do note - the government stamp duty is capped at €5 per year. Do you really think it's worth it to save €5 per year, to pass the year avoiding ATMs and POS card payments?

How will you pay for anything? Cash? Where will you get the cash? Branch withdrawals? How much are the fees for that service? I suppose you get the picture.