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Check Out Free Banking Options!

Mary O’Dea advises if you are aged 60 or over and you are paying bank charges, ask your bank if they have a package for customers over 60.

We all want to get the best value for money when we buy goods and services and bank accounts are no exception. With current accounts, there can be charges for transactions, like using ATMs, lodging money and writing cheques. There can also be charges for services like setting up an overdraft, duplicate bank statements and fees when a transaction goes through on your account and there is not enough money to pay it.

However, if you are over 60 years of age, you may be entitled to free banking. Three of the five banks that offer current accounts have special packages for customers aged 60 and over. These packages vary from one bank to the next, but with all packages you pay no transaction fees. You may also get certain services free of charge, such as foreign exchange and setting up an overdraft.

While other banks do not have special packages for customers over 60, some offer free banking for all customers. However, there may be conditions with some accounts, such as you may not be entitled to free banking if you have an overdraft.

How do you go about getting free banking? If your bank has a package for customers over 60, you may have to request it. So, if you are aged 60 or over and you are paying bank charges, ask your bank if they have a package for customers over 60. If your bank does not have a special account available, check if it has any free banking offer. If do you not meet your bank’s conditions for free banking, think about whether it might be worthwhile switching your bank account. When thinking about whether you should switch accounts, consider not only the fees and charges, but other factors like whether there is a branch near your home and the service you expect from your bank.

If you want to switch accounts, there is now a switching code in place to make it easier for you. Under this code, your new bank will give you a switching pack, which sets out how the process works. Your new bank will have your account open within 10 working days of approving your application. Your old bank will provide all details of your standing orders and direct debits to your new bank within seven days of your new bank requesting them. If you have any questions about how to switch your account, talk to your new bank. They will be able to answer any questions you have.

To help you negotiate your way through current account fees and charges, the Financial Regulator has produced a survey of current account charges. Copies are available by calling the consumer help-line on 1890 77 77 77, by logging onto www.itsyourmoney.ie or calling into the Consumer Information Centre at 6-8 College Green, Dublin 2. Mary O’Dea, is Consumer Director, Financial Regulator.

A copy of this booklet, "The Who What Where of your Personal Financial Affairs", can be purchased for €15 from: Strategic Financial Management, 4 Fitzwilliam Sq, Dublin 2.