CSNA calls on Bank of Ireland to reverse 33% increase in cash handling fees
CSNA voices concern at proposed increases which will see the fee for lodging cash increase from €6 to €8 for each €1,000 lodged
16 March 2020 | 0
The Convenience Stores and Newsagents Association (CSNA) has expressed its dismay at Bank of Ireland’s recent announcement that it intends to increase cash handling fees by 33% for commercial customers.
The association is calling on BOI to reverse this immediately, stating that the price hike will have a negative effect on all Irish retailers. The proposed increases will see the fee for lodging cash increase from €6 to €8 for each €1,000 lodged.
CSNA CEO Vincent Jennings has said that the proposed increases will put a huge strain on retailers stating “These increases are savage,” he said. “This increase is an enormous additional cost of doing business for our members.”
Jennings has also questioned the structure of the fees. The changes will mean that it will cost retailers €80 to lodge €10,000 instead of the current charge of €60 and it will cost even more to lodge coins. Jennings also noted that cash is still popular, stating: “Society will always need cash. Not everyone uses electronic cards or has access to a bank”.
The CSNA, which represents 1,500 members nationwide, is urging Bank of Ireland to reverse the 33% increase as it is unfair to retailers as this is an additional cost to the already high cost of doing business in Ireland.