A County Roscommon business had to pay €2,000 in bank fees in just one month, according to a Roscommon county councillor who has hit out at the charges, stating that many people are unaware of these bank charges. Cllr Liam Callaghan commenting on the current variations in charges stated: “Banks are currently applying small businesses with visa card usage. Banks have upgraded the bank account status of many self-employed people such as farmers, contractors and tradespeople. Most of these people use their business visa cards for most of their spending on a daily basis and are unaware of the charges applied to businesses accepting them as payment,” he stressed. “Charges of 1.4% apply to the business account transactions compared to 0.14% on an ordinary savings account card.”Cllr Callaghan further highlighted a case where a delivery of oil costing €1,000, cost the supplier €14 in bank charges compared to just €1.40 if paid by an ordinary visa card.

Source: The Herald October 07, 2023 11:15 UTC