The Government has increased the cost of banking for consumers by 131 per cent, according to the Irish Bankers Federation. A customer who has a laser card, an ATM card, a credit card and who writes 50 cheques a year would see their costs rise from €29.25 to €67.50 a year because of the higher stamp duty, a spokesman for the IBF said.
Stamp duty on credit cards and charge cards will more than double from €19 to €40 a year. The €40 duty applies to each charge card but with credit cards, the tax is charged on the account, not the card itself. This means additional cardholders nominated by the credit card applicant do not incur an extra charge.
Laser cards, which up to now had been exempt from duty, are now subject to a €10 levy. Cash cards, used to withdraw money from savings accounts, have gone up from €6.25 to €10 a card.
Cards with a combined cash and laser function now cost €20 a year, up from €6.25. Stamp duty on cheques has increased from 8 to 15 cents a cheque.
