ATM Transaction Tax

sitstill

Does anyone know if this measure is still happening, as announced in the budget?

I bank with Ulster Bank and was today charged €5 ATM/Debit card duty, but shouldn't they have waited to see how many transactions I have this year?

Faker74

I'm an Ulster Bank customer too and I've been hit with charge today also.

My understanding was that you'd get hit with the 12 cent charge with every ATM withdrawal but once the charges totalled 5 Euro they would stop.

http://www.citizensinformation.ie/en/money_and_tax/tax/duties_and_vat/stamp_duty_on_financial_cards.html

28064212

Stamp duty on cards is charged in arrears. The €5 for today is the charge for 2015

Delta2113

Anybody know how the bank's will calculate how many 12 cent charges to apply to a customer's account?

Have Visa or Mastercard any input in to this?

Might be easy enough for Irish Bank's but how will Number26 get data that cash was withdrawn in the Republic of Ireland?

If card not used for POS they must use a €2.50 cap.

On the old €2.50/€5 duty PTSB got it wrong for me one year - this new 12 cent with cap's is far more complicated.

Bubbaclaus

Delta2113 wrote: »

Anybody know how the bank's will calculate how many 12 cent charges to apply to a customer's account?

Have Visa or Mastercard any input in to this?

Might be easy enough for Irish Bank's but how will Number26 get data that cash was withdrawn in the Republic of Ireland?

If card not used for POS they must use a €2.50 cap.

On the old €2.50/€5 duty PTSB got it wrong for me one year - this new 12 cent with cap's is far more complicated.

It's 5 euro. Don't worry about it.

Delta2113

Well actually it's not necessarily €5 and if somebody didn't worry in the case of Number26 we could be getting charged €30 in error.

Yggr of Asgard

Bubbaclaus wrote: »

It's 5 euro. Don't worry about it.

It's not, it's 12 cents per ATM withdraw in the republic (only in the republic not oversees) and it's capped at 2.50€ if the card was only used for ATM transactions and 5.00€ if the card was used as ATM and debit card.

It's down the bank to ensure they have processes in place that capture the amount the card was used in an ATM in the republic and than pay the tax accordingly in December.

I would strongly suggest to keep an record of each transactions and compare the calculation of any bank in December to ensure you get charged the correct amount.

Manach

Bubbaclaus wrote: »

It's 5 euro. Don't worry about it.

As the state nibbles away at ones wallet via the plethora of niche taxes, quite correct there is nothing to worry about.

Bubbaclaus

Yggr of Asgard wrote: »

It's not, it's 12 cents per ATM withdraw in the republic (only in the republic not oversees) and it's capped at 2.50€ if the card was only used for ATM transactions and 5.00€ if the card was used as ATM and debit card.

It's down the bank to ensure they have processes in place that capture the amount the card was used in an ATM in the republic and than pay the tax accordingly in December.

I would strongly suggest to keep an record of each transactions and compare the calculation of any bank in December to ensure you get charged the correct amount.

It's a max of 5 euro. Don't worry about it.

Keep a record of transactions to save a few 12 cents? Are you being serious?

Check the back of your couch if you're that concerned about a few coppers

Yggr of Asgard

Bubbaclaus wrote: »

It's a max of 5 euro. Don't worry about it.

Keep a record of transactions to save a few 12 cents? Are you being serious?

Check the back of your couch if you're that concerned about a few coppers

If you don't mind paying for services you did not consume, that's fine by me.

I prefer to pay only for those services I actually have used, especially when the money goes to the government.

I keep a record of my spending anyhow, so for me it's no extra work.

Delta2113

http://www.citizensinformation.ie/en/money_and_tax/tax/duties_and_vat/stamp_duty_on_financial_cards.html

The citizens information board need to re-write this as it's not entirely correct and now a German Fintech company is using it as an excuse to charge it's customer's €5 a year which is highly questionable from a legal point of view.

They are mixing an Irish Tax with a German fintech company charge. They are not operating the tax as per Irish Revenue procedures.