The Statement of Fees is a new document which summarises the fees you have been charged and any interest you have been charged or earned on your account. It is for information purposes only, you don’t need to take any action.
Here is some additional information you might find helpful:
What is the Statement of Fees?
Your Statement of Fees document shows a breakdown of all the fees charged, and interest paid and earned on your account over the 12 month period covered (Oct 2018 – Sept 2019)
Why are you sending this to me?
The Statement of Fees document is a new mandatory requirement under the European (Payment Accounts) Regulations 2016 and all banks must provide customers with them on their personal payment accounts.
The aim of this is to help customers easily compare payment accounts by standardising how banks explain the fees they charge. This includes using the same wording to describe the types of fees charged and interest you may have paid or earned.
We are sending you this document to make sure we follow the new regulations and we hope you find it useful to see what you pay in fees and interest every year, and for comparing with payments accounts you may have with other banks.
How will I be able to view this statement?
Initially we will send the Statement of Fees by post. We are working to reduce the amount of paper we send you, and will give you the option to receive it electronically in the near future. We will tell you about these changes in advance and, of course, if you want to continue to receive a paper copy, that is no problem.
What do you mean by “payment account”?
We are referring to your current account.
Will the Statement of Fees change the way fees will be charged to my account?
No, nothing has changed. Any fees that are applicable to your account remain the same and no new charges have been introduced.
How much does a Statement of Fees cost me?
Nothing. The Statement of Fees is completely free of charge.
Is the Statement of Fees a bill?
No, it’s not a bill and you are not being charged new fees. All fees and interest shown on your Statement of Fees have already been charged to your account during the Statement of Fee period.
Can I reduce the fees I’m currently being charged?
There are several handy ways to reduce your quarterly account fees and avoid paying penalty charges:
- Keep an eye on your account balance and make sure you have enough money in your account at all times to meet your payments and account fees & charges (If any payments go unpaid, unpaid item charges will apply)
- Keep within your Overdraft limit (where applicable)
- Be aware of quarterly and annual charges such as Government Stamp Duty
- Ask for cashback when using your debit card for purchases in-store. Cashback is at the retailer's discretion and a minimum purchase amount may be required
- Use your debit card for purchases in euro to make contactless payments
- Maintain a daily credit balance of €2,000 in your Current Account to avoid paying ATM (cash withdrawal) or cheque lodgement fees
- If you have an Extra Current Account, make sure you are lodging €2,000 every month to avoid paying fees for maintaining the account, ATM (cash withdrawal) or cheque lodgement fees.
- Note: Using a debit card for purchases in foreign currency may incur fees and charges.
Can I choose the way I receive these statements?
Initially we will send the Statement of Fees by post. We are working to reduce the amount of paper we send you, and will give you the option to receive it electronically in the near future. We will tell you about these changes in advance and of course, if you want to continue to receive a paper copy, that is no problem.
How regularly will I receive a Statement of Fees?
We intend to change this to an annual process covering the previous calendar year in 2020. The first Statement of Fees covers the period 1st Oct 2018 – 30th Sept 2019.
What time period does the Statement of Fees cover?
The first Statement of Fees covers the period 1st Oct 2018 – 30th Sept 2019. We intend to change this to an annual process covering the previous calendar year in 2020.
Can I choose the time period my Statement of Fees covers?
No. It will always cover a 12 month period. The first one covers the last quarter of 2018 and the first 9 months of 2019. In 2020, we intend to change this to an annual process covering the previous calendar year in 2020.
Can I opt out of receiving a Statement of Fees?
No, we are legally obliged to provide you with a Statement of Fees once a year.
I got more than one Statement of Fees for my account. Why?
If you changed Account Type during the year (e.g. upgraded from a Standard Current Account to an Extra Current Account), you will receive a Statement of Fees in respect of each account type.
I rarely or never use my account. Why have I received a Statement of Fees?
If your account has had any transactions, or any interest paid or earned, you will receive a Statement of Fees.
The type of account I have does not charge fees however I still have received a Statement of Fees. Why is that?
Even if your account does not charge fees, we are obliged to send you a Statement of Fees if the account has had a balance or any transactions during the Statement of Fees period.
Any fees which are not applicable to your account will clearly state “fee not charged”.
I’ve closed my account and have still received a Statement of Fees, why?
If there have been any transactions and/or interest activity on your account during the Statement of Fee period, we are obliged to send you a Statement of Fees.
Should you close your account at any point in the future, we will send a final Statement of Fees after the account is fully closed.
Can I order a copy of my Statement of Fees?
Yes, to order a copy, please call us on 1800 93 92 44. Unfortunately, we can only re-send you the latest one, we can’t provide you with a Statement of Fees covering a tailored period at this time.
I’d like to query a fee I don’t think I should have been charged.
As the Statement of Fees is an annual document, you might find it helpful to compare against your quarterly statements for the relevant period to check that it was correctly charged.
If you still wish to query the fee, please contact our Customer Services team by phone, web-chat or on social.
I see fees shown on my Statement of Fees but I’m sure they were refunded to me?
Your Statement of Fees won’t reflect any fee refunds unless both the fee and the refund occurred during the period covered by the Statement of Fees. It may be the case that a charge you were refunded will still show on your Statement of Fees. You can cross-check against your account statements if you’re unsure.