Banking: Your Rights
Irish banks are regulated by the Central Bank and must follow strict rules. Here's what they owe you — and how to hold them accountable when they fail.
Right to a Basic Payment Account
Under the Payment Accounts Regulations 2016 (implementing EU Directive 2014/92/EU), every legal resident in the EU has the right to open a basic bank account. A bank can only refuse if:
- You already hold a payment account with another bank in Ireland
- Granting you an account would breach anti-money laundering law
Key right: If refused, the bank must give you written reasons and inform you of your right to complain to the Central Bank.
Account Closures
Banks can close accounts, but they must:
- Provide at least 2 months' notice (unless there are legal/regulatory reasons)
- Give you the reason for closure (Consumer Protection Code, Provision 6.6)
- Allow you to transfer your account to another provider
- Return any credit balance to you
Watch out:Some banks cite vague “commercial reasons” or “risk appetite.” You can challenge this — request the specific reason in writing and, if it's not justified, file a complaint.
Unauthorised Transactions
Under the Payment Services Regulations 2018 (implementing PSD2):
- You must report unauthorised transactions as soon as possible and no later than 13 months after the debit date
- The bank must refund the amount immediately (by end of next business day) unless it has reasonable grounds to suspect fraud by you
- Your liability for unauthorised transactions is capped at EUR 50 (unless gross negligence or fraud on your part)
- If the bank refuses to refund, the burden is on them to prove you authorised the transaction or were grossly negligent
Charges and Fees
Banks must be transparent about charges:
- All fees must be disclosed before you open an account
- You must be notified in advance of any fee changes
- You cannot be charged fees that were not in your terms and conditions
- Surcharge interest on arrears must be fair and proportionate
If you've been hit with unexpected charges, request a full breakdown and compare it to your account terms. Unexplained or excessive charges are a valid basis for complaint.
Mortgage Rights
Mortgage holders have additional protections:
- The Code of Conduct on Mortgage Arrears (CCMA) requires banks to follow a specific process before taking enforcement action
- Banks must engage with you through the Mortgage Arrears Resolution Process (MARP)
- You must be offered an alternative repayment arrangement before repossession proceedings
- The bank must appoint a dedicated arrears support unit
- You cannot be placed on a “watch list” or have your other accounts affected solely because of mortgage arrears
Switching Banks
Under the Central Bank Switching Code, your old and new bank must cooperate to make switching smooth:
- The switch must be completed within 10 business days
- Direct debits and standing orders must be transferred
- Any charges resulting from the switch must be refunded
How to Fight Back
- Document everything — save all correspondence, take screenshots, note dates and times of calls
- Send a Subject Access Request — get all data the bank holds about you, including internal notes
- File a formal complaint — triggers the 40-business-day clock under the Consumer Protection Code
- Escalate to the FSPO — the Ombudsman can direct banks to pay compensation, reverse charges, and change their practices