Frequently Asked Questions
Payment Card FAQs
There is a transaction on my statement that I do not recognise. What should I do?Contact your bank or card issuer straight away to have it investigated.
What do I do if my payment card has been stolen?
Contact your bank or card issuer immediately. Many banks provide 24-hour, free-phone or low-call numbers especially for this purpose. It is advisable to keep a note of these telephone numbers with you or to save them in your mobile phone.
How can I get a credit or debit card?
There are a number of banks / credit institutions that issue credit and debit cards. Contact one of these to obtain a card that suits your needs.
Where can I use credit and debit cards?
Millions of shops worldwide accept credit and debit cards.
How do I keep a record of the funds available in my account?
You can keep track of the available funds in your account using 24-hour Internet and telephone banking facilities. Many banks also make it possible for you to check your balance at the ATM. Contact your bank / card issuer for further information.
Can I obtain more than one payment card?
Obtaining multiple cards is a matter between individuals and their bank or card issuer.
What is the Government stamp duty on cards?
Payment cards in Ireland are subject to the following taxes which are applied annually.
| Credit cards: |
€30 per account (up to 4 cards) |
| Debit cards (e.g. Laser, Visa Debit, Maestro): | €2.50 per card |
| ATM cards: | €2.50 per card |
| Combined ATM and debit cards: | €5 per card |
A purchase on my card was declined, what should I do?
A purchase may be declined for various reasons including a technical problem with the till, a bad scratch on the card, a lack of funds in the account, etc. If your card is declined, contact your bank or card issuer to find out the reason why. The relevant contact telephone number is usually on the back of your payment card.
I used my card to pay a deposit to a shop that has now gone out of business. What should I do?
If you pay a deposit by card on goods that are due to be delivered to you at a later date but which cannot be delivered due to the shop going out of business, you may have options for recovering the funds. Contact your bank or card issuer for its policy in this regard. The sooner you notify your card issuer the better as there are strict time limits within which refunds can be made.
What is an acquirer?
The bank or card processor which processes a retailer's payment card transactions is known as an acquirer or merchant acquirer. In order to process card payments a business is required to enter into a contractual agreement with a relevant acquirer which in turn charges a fee/commission for the service it provides to that business.
Cash FAQs
Why is cash so popular?
Cash has been around for hundreds of years, is easily recognisable, universally accepted and very convenient for small value transactions.
How can I reduce the amount of cash I need to carry?
You can reduce the amount of cash you carry by paying for goods and services with a payment card when shopping.
How can I get cash from my bank account?
In addition to ATMs, most debit cards issued in Ireland facilitate a cashback service when making purchases.
Is cash free?
Cash is one of the most popular payment instruments. However it is also one of the most expensive. Although some banks may not charge to make withdrawals, there are many costs associated with cash. These include:
- Manufacturing
- Distribution
- Recycling
- Security
- Transport
What countries use euro as their currency?
- Austria
- Belgium
- Cyprus
- Finland
- France
- Germany
- Greece
- Ireland
- Italy
- Luxembourg
- Malta
- The Netherlands
- Portugal
- Slovakia
- Slovenia
- Spain
Why is it safer to shop with cards?
Using debit and credit cards reduces the need to withdraw and carry cash - which can make for a safer shopping experience.
Why are people increasingly using cards instead of cash for many of their purchases?
Apart from the convenience, security and cost benefits of using cards, many card issuers offer additional benefits (e.g. purchase protection, travel insurance) for goods and services paid for with their cards.
Direct Debit FAQs
What is an originator?
An originator is a company or organisation that creates and presents direct debits to a sponsoring bank.
How can I pay by direct debit?
Most large billing organisations such as utility companies make it very easy for customers to pay by direct debit. The Direct Debit Instruction can be completed in paper form, given over the phone or on-line. Instructions taken over the phone must be confirmed in writing to customers. Once the instruction is in place, your bank will allow direct debits to be applied to your account.
What information will I need to set up a direct debit?
A Direct Debit Instruction typically requires as a minimum your name, address and bank account details.
What should I do if I have a query on a direct debit payment?
Depending on the nature of your query, you should contact your originator, bank or building society.
If I set up a direct debit over the telephone or online, what record will I have of the agreement?
The originator will send you written confirmation of your direct debit instruction within three working days of the telephone call or online sign-up. You should check the details without delay and contact the originator if you have a query.
What happens once the direct debit is set up?
The originator will notify you in advance of the payment details and will collect the funds on the due date. You need to make sure you have sufficient funds available in your account.
Will the direct debit always be debited on the same date?
In many cases, if agreed with the originator, the direct debit can be applied on a regular date; otherwise it will be debited as per the advance notice.
What if I need to change my bank account details?
If you wish to change the bank details you should inform the originator within a reasonable timeframe and contact your bank to cancel the existing instruction.
How do I cancel a direct debit?
You can cancel a direct debit by writing to your bank. It is also advisable to inform the originator of the cancellation.
What information should I provide in order to cancel a direct debit?
When you contact your bank you will need to provide your account details, the name of the originator and any details relevant to the direct debit.
You should contact your bank as soon as possible and it will provide a prompt refund once it has been established that a direct debit was unauthorised. Click here for more information on your rights as a payer.
Cheque FAQs
How long does it take to clear a cheque?
It normally takes three business days to clear a cheque if it is drawn and payable on a member bank of the Irish Paper Clearing Company Limited (IPCC). The cheque is lodged on Day One. It is exchanged with the bank on which it is drawn on Day Two. The customer on whose account the cheque is drawn is debited on Day Two or Three.
In the event that the cheque is to be unpaid, for any reason, it will be returned by close of business on Day Four to the payee’s bank. It will therefore be Day Five before the payee’s bank knows that the cheque is being unpaid.
While the clearing cycle normally takes three days, certainty of payment can actually take up to five or six days. Depending on a particular bank’s policy in relation to risk control, customers may not be permitted to draw down the funds ahead of this timeframe, in order that the bank may be certain that the cheque will not be returned unpaid.
If your bank or building society is not a member of IPCC, you should contact it directly to confirm its clearing cycle.
Can cheques be stopped?
A stop can be placed on a cheque provided it has not already been paid. The bank should be contacted with details of the particular cheque, i.e. the date of issue, cheque number, the amount and the payee.
Do cheques go out of date?
It is the practice of banks in the Republic of Ireland to decline cheques dated six months (or more) earlier than the date of lodgement.
Must a cheque be lodged to the named payee on the cheque?
In some circumstances cheques may be endorsed over to a 3rd party by the named payee. However in many cases cheques are crossed(e.g. not negotiable, account payee only, &Co.) and these should not be lodged to 3rd party accounts.
Is there a cross-border cheque clearing service?
There is no centrally managed cross-border clearing system in operation for cheques and so it is strongly recommended to use electronic payments for accepting or making cross-border payments. Cheques drawn on foreign countries lodged in a bank in the Republic of Ireland may take a considerable time to clear (check with your bank) and may be returned unpaid in accordance with the legislation and/or clearing rules in place in the country in which the cheque is drawn. For some countries this can be at any time in the future. If the cheque is denominated in another currency, the beneficiary will be exposed to exchange rate fluctuations until the value for the cheque is received.
What is the difference between a cheque and a bank draft?
A bank draft is similar to a cheque, with the primary difference being that it is drawn on a bank rather than a customer account. Because of this, bank drafts have a certainty of fate in that they will not be returned unpaid unless they have been counterfeited, fraudulently altered or stolen. It is for this reason that it can be a preferred method of payment instead of a cheque. However, it should be noted that the value clearing cycle for a bank draft is usually the same as that for a cheque. Of course, an electronic credit transfer is generally quicker and more cost-efficient to process than a bank draft.
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