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Stamp Duty on ATM/Laser Cards?

  • 08-01-2007 2:55am
    #1
    Tanabe
    Closed Accounts Posts: 594 ✭✭✭


    Hey Guys,

    I've noticed on my bank statements that even though TSB advertise 'Free Banking' after I made the switch I'm still getting charged €10 Stamp Duty on my atm card and €10 on each laser card (I have one and the wife has one). So that's €30 for having for having 2 lasers & an atm. I'm sure the wife will be billed on her atm card aswell:mad:

    What's the story?


Comments

  • #2
    Ruu_Old
    Closed Accounts Posts: 36,634 ✭✭✭✭Ruu_Old


    The duty is collected for the governments behalf by the bank so its not really their charge. I'll do a bit of snooping or someone else will get here before and correct me. :) See if the below makes any sense to you.
    Currently, government stamp duty of €10 on
    ATM cards and laser cards (or €20 for combined
    ATM/laser cards) is automatically charged to
    your current account each year for an ATM or
    laser card held at anytime in the previous 12
    months.

    If you switch bank accounts, you may have to
    pay the stamp duty twice in one year as each
    bank is obliged to charge the stamp duty even if
    you hold an ATM or debit card for only part of
    the year.

    However, from 1 January 2006, the legislation
    will be changed. After that if you switch your
    bank account you will only need to pay stamp
    duty once in any tax year.
    In the meantime, if you are thinking about
    switching accounts, check whether your new
    bank may be willing to pay this stamp duty
    charge on your behalf


  • #3
    BuffyBot
    Registered Users, Registered Users 2 Posts: 24,924 ✭✭✭✭BuffyBot


    Yup free banking doesn't include government taxes, which the banks can't do anything about.


  • #4
    Idleater
    Registered Users, Registered Users 2 Posts: 6,236 ✭✭✭Idleater


    Tanabe wrote:
    What's the story?

    RTFM (or the T&C's at the very least).

    And so you don't get another shock further down the line, you also have to pay DIRT, and several other charges (for example Bank Draft, Over Draft, Interest on loans...)

    L.


  • #5
    Tanabe
    Closed Accounts Posts: 594 ✭✭✭Tanabe


    It all really sucks BIG TIME! On top of the €40 fee per annum for holding a credit card too:rolleyes:

    It's fair to say, banks really are robbers:eek:


  • #6
    Ruu_Old
    Closed Accounts Posts: 36,634 ✭✭✭✭Ruu_Old


    But its not the banks fault that the government charge the duty. :)


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  • #7
    aphex™
    Closed Accounts Posts: 2,338 ✭✭✭aphex™


    Tanabe wrote:
    It all really sucks BIG TIME! On top of the €40 fee per annum for holding a credit card too:rolleyes:

    It's fair to say, banks really are robbers:eek:
    Lol the government are as Ruu said. Do you not know what a tax is?

    Why do they have this tax when they still rake in over a billion extra annually than they planned/need/can dream of spending properly??


  • #8
    Tanabe
    Closed Accounts Posts: 594 ✭✭✭Tanabe


    Sorry lads, yes it's our fantastic Government I really should be pointing the finger at! Yes Aphex as an Irish PAYE worker I'm unfortunately only too familiar with tax so I assure you I'm fully aware of what it is:(

    Are we the only EU member state who has to pay these ridiculous unnecessary charges?


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