Meet Robert

Robert is registered for Anytime Banking and likes to carry cash and use his debit card to make purchases. In an average month, Robert taps his Contactless card 8 times, uses his debit card 18 times and has 15 automated transactions on his account. The automated transactions are made up of 8 direct debits, 4 transfers and 3 standing orders. On top of this, Robert withdraws cash from the ATM 4 times and uses the branch once a month to lodge a cheque.

This is how his fees will break down in a typical month:

Transaction type Fee Number of transactions Cost
Contactless €0.01 8 €0.08
Debit card €0.20 18 €3.60
Automated €0.20 15 €3.00
ATM €0.35 4 €1.40
In branch/counter €0.80 1 €0.80
Total transaction fee     €8.88
Total   46 €10.88

Robert could reduce his fees by:

  • Maintaining a cleared balance of 3,000 in his account for each charging cycle.
  • Using his Contactless card for transactions under €50 where he sees the Contactless symbol as these transactions have the lowest cost (€0.01 per transaction) and registering for Apple Pay or Google Pay to enable him to also complete Contactless transactions via Apple Pay or Google Pay.
  • Taking cash back at point of sale from a participating retailer at €0.20 per transaction rather than taking cash out at the ATM and incurring higher charge of €0.35 per withdrawal.
  • Asking the payer of the cheque to make an online payment to him as this will only cost him €0.20 rather than receiving a cheque and having to lodge it at €0.80 per lodgement.

Robert can also keep track of his account by switching to paperless on Anytime Banking. This will mean he will receive his account statements and mail online. He can review his preferences by clicking on the ‘Paperless settings’ option in the left hand menu within Anytime Banking.