The Convenience Stores and Newsagents Association (CSNA) is Ireland’s largest independent retailer body representing over 1,500 convenience store owners, newsagents and forecourt operators nationwide. The association is outraged at the announcement by Bank of Ireland that they intend to increase cash handling fees by 33% for commercial customers. This price hike will have a negative effect on all Irish retailers and CSNA is calling on BOI to reverse this immediately. The proposed increases will see the fee for lodging cash increase from €6 to €8 for each €1,000 lodged.
CSNA CEO Vincent Jennings has said that the proposed increases will put a huge strain on retailers, stating “These increases are savage. This increase is an enormous additional cost of doing business for our members.”
Jennings has also questioned the structure of the fees. The changes will mean that it will cost retailers €80 to lodge €10,000 instead of the current charge of €60 and it will cost even more to lodge coins. Jennings commented that cash is still popular, “Society will always need cash. Not everyone uses electronic cards or has access to a bank”.
The CSNA are urging Bank of Ireland to reverse the 33% increase as it is unfair to retailers and is an additional cost to the already high cost of doing business in Ireland.