Holders of equity-based SSIAs are facing bank charges of up to €1,800 over the five years their accounts were open, Fine Gael TD Denis Naughten has claimed.
Deputy Naughten has said it is disgraceful that
“charges mean the top 3 SSIA providers will have pocketed in the region of €150 million over the course of the scheme”.
‘While this scheme has been much lauded by the Government, they have failed to bring to public attention these very nasty charges which will seriously diminish the return on their investment.’
‘Figures released by the main SSIA providers show some banks have taken more than 10 per cent of customer contributions in commissions and management fees. This eats into the 25 per cent government top-ups, and will be a huge blow to account holders.’
That’s a pretty staggering amount of money.
If nothing else people drawing their SSIAs should at least query the amounts and numbers of charges being taken by the bank.
Remember that by law financial institutions have to provide details and account for any and all charges if asked by the customer.
