The job of repairing the damaged relationships between the banks and their SME customers over the last number of years took a body blow today when the bailed-out Bank of Ireland (BOBoI) hit business with increases ranging from 25% to 200%. YES 200%.
Never missing an opportunity to screw the customer and the SME customer in particular, BOBoI has disguised their move back to super-profits under the flimsy cover of encouraging Online banking!
An increase of 186% in business account maintenance has nothing to do with Online banking.
Business is also being penalised for necessary cash transactions with a 50% increase to €3 euros per hundred to lodge your shop takings.
However the ‘winner’ in the greedy grab stakes is the full 200% increase in charges for lodgements to accounts.
The SME sector requires a reasonable and fair relationship with their banks, having bailed them out since 2009. In an ideal world the banks would acknowledge that they have a developmental role to play in facilitating SMEs to achieve their maximum potential. (Yeah, right)
However today’s grab by BOBoI shows once again that nothing has been learned and the ‘boys are back in town’.
Has our central bank fallen asleep at the wheel again and agreed to these astronomic increases? If so, will the other burst banks follow the greedy leader, not that we have a banking cartel, don’t you know.