Many banks offer free or incentivised banking for those aged 60 and over.  If you are not already availing of this free service, it’s worthwhile checking with your bank or considering switching your bank account. The following information has been taken from the Financial Regulator’s personal finance website: www.itsyourmoney.ie

We all want to get the best value for money when we buy goods and services and bank accounts are no exception. With current accounts, you can be charged for some transactions, like using ATMs, lodging money and writing cheques. There may also be charges for services like setting up an overdraft or getting duplicate bank statements and you could be charged fees when a transaction goes through on your account and there is not enough money to pay it.

However, if you are over 60 years of age, you may be entitled to transaction-free banking. The packages vary from one bank to the next, but with all packages you pay no transaction fees. You may also get certain services free of charge, such as foreign exchange and setting up an overdraft.

While some banks do not have special packages specifically for customers over 60, they may offer free banking for all customers. However, there may be conditions with some accounts, for example, you may not be entitled to free banking if you have an overdraft.

So, how do you go about getting free banking? If your bank has a package for customers over 60, you may have to request it.  If your bank does not have a special account available, check if it has any free-banking offer. If you do not meet your bank's conditions for free banking, think about whether it might be worthwhile switching your bank account. When thinking about whether you should switch accounts, consider not only the fees and charges, but other factors like whether there is a branch near your home and the service you expect from your bank.

If you want to switch accounts, there is now a switching code in place to make it easier for you. Under this code, your new bank will give you a switching pack, which sets out how the process works. Your new bank will have your account open within 10 working days of approving your application. Your old bank will provide all details of your standing orders and direct debits to your new bank within seven days of your new bank requesting them. If you have any questions about how to switch your account, talk to your new bank. They will be able to answer any questions you have.

For further information on financial products or services, please go to the Financial Regulator’s website:

www.itsyourmoney.ie

You may also contact the Financial Regulator’s Consumer Helpline:

Lo call: 1890 77 77 77

Opening hours from 9am to 6pm Monday to Friday

Or by dropping into their Information Centre:

6 – 8 College Green, Dublin 2.

Opening hours from 9.30am to 5pm, Monday to Friday.