RGDATA: Bank Charges Are Crippling Family-Owned Stores
Published on May 5 2015 3:34 PM
RGDATA director general Tara Buckley has told the Retail Consultation Forum that increased bank and cash handling charges are 'crippling family owned shops'.
RGDATA was addressing a special sitting of the Forum, which took place last week in Drogheda, titled 'Policy Options to Support Business Growth and Job Creation and Retention in Town and Village Centres'.
Buckley told the Forum, “Viable businesses will close and the important local jobs that they provide will be lost unless the banks are forced to reduce their cash handling charges for small businesses. The banks will drive independent retailers out of business with these whopping fee increases.
"It's time the banks focused on helping not hindering these retailers who are the heart of the majority of town centres in Ireland".
According to research by RGDATA, banks have increased the charges for lodging cash by 200% since 2013. In late 2013, a fee of 48 cent per €100 was introduced, while recently, members have reported that some banks have increased the charge to 60 cent per €100.
RGDATA said that it has written to Finance Minister Michael Noonan asking him to address the issue.
It also called on the Forum to support its call for tougher sentences for repeat shoplifting offenders. "We need Government to adopt a zero tolerance on this issue," said Buckley.
© 2015 - Checkout Magazine by Stephen Wynne-Jones