17/11/2004
FSB call on Secretary of State to tackle bank charges
The Federation of Small Businesses (FSB) has called on the Secretary of State Paul Murphy to invite the local CEOs of Northern Ireland’s four main banks to an urgent meeting to account for the accusations of overcharging customers in the province.
It follows this week's damning report from consumer watchdog, Which?, which accused the Bank of Ireland, First Trust, Northern Bank and Ulster Bank of overcharging customers for “virtually every service they offer”.
FSB Regional Chairman John Friel said: “While a formal complaint has been lodged to the Office of Fair Trading, we would call upon the Secretary of State to intervene now and invite the local CEO’s of the four main banks to a meeting, to give an account of themselves.
“We have heard numerous horror stories from our members of overcharging from our local banks. Many of our members have expressed the view that business banking is more expensive in Northern Ireland than it is in Great Britain.
“The Government can no longer stand by and ignore the crippling running costs incurred by small businesses in Northern Ireland. We are sick, sore and tired of High Bank Costs, Insurance, Electricity, Transport, Rates and soon to be [added] Water Charges putting a huge burden on small businesses all of which deter many people from starting their own small business and prevent small businesses from expanding.”
Monday’s Which? report, which comes amid mounting concerns over the lack of any real competition in the local retail banking market, is to be presented to the Office of Fair Trading (OFT).
Its findings revealed that a customer with a £500 authorised overdraft for two weeks each month could pay £11 per year with a Which? Best Buy account. But with a current account from one of the big four Northern Irish banks they could pay up to £236 a year.
(MB/SP)
It follows this week's damning report from consumer watchdog, Which?, which accused the Bank of Ireland, First Trust, Northern Bank and Ulster Bank of overcharging customers for “virtually every service they offer”.
FSB Regional Chairman John Friel said: “While a formal complaint has been lodged to the Office of Fair Trading, we would call upon the Secretary of State to intervene now and invite the local CEO’s of the four main banks to a meeting, to give an account of themselves.
“We have heard numerous horror stories from our members of overcharging from our local banks. Many of our members have expressed the view that business banking is more expensive in Northern Ireland than it is in Great Britain.
“The Government can no longer stand by and ignore the crippling running costs incurred by small businesses in Northern Ireland. We are sick, sore and tired of High Bank Costs, Insurance, Electricity, Transport, Rates and soon to be [added] Water Charges putting a huge burden on small businesses all of which deter many people from starting their own small business and prevent small businesses from expanding.”
Monday’s Which? report, which comes amid mounting concerns over the lack of any real competition in the local retail banking market, is to be presented to the Office of Fair Trading (OFT).
Its findings revealed that a customer with a £500 authorised overdraft for two weeks each month could pay £11 per year with a Which? Best Buy account. But with a current account from one of the big four Northern Irish banks they could pay up to £236 a year.
(MB/SP)
Related Northern Ireland News Stories
Click here for the latest headlines.
08 February 2024
Online Business Ideas Gaining Traction In Northern Ireland
Are you looking for a new business venture that can be operated from the comfort of your own home? The rise of the internet has provided countless opportunities to start an online business and reach customers from all over the world.
Online Business Ideas Gaining Traction In Northern Ireland
Are you looking for a new business venture that can be operated from the comfort of your own home? The rise of the internet has provided countless opportunities to start an online business and reach customers from all over the world.
29 January 2024
The Ultimate Guide To Bingo Halls In Northern Ireland
Bingo, a game that has been a staple in Northern Ireland's entertainment scene for decades, continues to capture the hearts of enthusiasts across the region. In recent years, there has been a notable rise in bingo hall attendances, and some attribute this surge to the growing popularity and accessibility of bingo sites.
The Ultimate Guide To Bingo Halls In Northern Ireland
Bingo, a game that has been a staple in Northern Ireland's entertainment scene for decades, continues to capture the hearts of enthusiasts across the region. In recent years, there has been a notable rise in bingo hall attendances, and some attribute this surge to the growing popularity and accessibility of bingo sites.
25 June 2013
New NI Bank Notes In Circulation
New bank notes have been released into circulation in Northern Ireland. The £10 and £20 notes are being issued from Danske Bank and will gradually replace the existing Northern Bank notes. The design of the notes remains the same, the only difference is the Danske Bank logo has replaced the Northern Bank logo.
New NI Bank Notes In Circulation
New bank notes have been released into circulation in Northern Ireland. The £10 and £20 notes are being issued from Danske Bank and will gradually replace the existing Northern Bank notes. The design of the notes remains the same, the only difference is the Danske Bank logo has replaced the Northern Bank logo.
07 January 2005
Consequences ‘dire and grim’ says Robinson
The consequences for Sinn Féin will be “dire and grim” if Chief Constable Hugh Orde confirms IRA involvement in the £22 million Northern Bank robbery last month, said DUP deputy leader Peter Robinson.
Consequences ‘dire and grim’ says Robinson
The consequences for Sinn Féin will be “dire and grim” if Chief Constable Hugh Orde confirms IRA involvement in the £22 million Northern Bank robbery last month, said DUP deputy leader Peter Robinson.
15 November 2012
Northern Bank Becomes Danske
Today the Northern Bank officially becomes Danske Bank. The new name comes from the bank’s Danish parent and will see branches across Ireland, Norway, Finland, Latvia, Estonia and Lithuania adopt the new title.
Northern Bank Becomes Danske
Today the Northern Bank officially becomes Danske Bank. The new name comes from the bank’s Danish parent and will see branches across Ireland, Norway, Finland, Latvia, Estonia and Lithuania adopt the new title.
-
Northern Ireland WeatherToday:Mainly dry this morning with sunny spells then scattered showers breaking out this afternoon. A chilly start then feeling warmer in afternoon sunshine. Light southerly winds. Maximum temperature 11 °C.Tonight:Any showers at first soon dying out. Then dry overnight with clear periods and turning chilly with a touch of frost later tonight. Minimum temperature 1 °C.