Banks in Ireland are still going through periods of super-profitability despite the arrival of various new players in the market and the evolution of 'free banking', ie banking without transaction charges.

Financial institutions traditionally made their money on charges relating their customers' financial activity.

However, they are now clamouring over each other to provide their customers with something they previously paid for free of charge.

"There are plenty of extreme and expensive agreed charges on things like credit cards, overdrafts, " Jewell said. "If you breach the agreement there isn't much you can do and it is very hard to avoid these charges.

"There is definitely a degree of banking by stealth.

Nothing is for free and people shouldn't think it is, " he said.

The extreme and excessive charges Jewell refers to involve the various clauses current-account holders agree to so they can avail of free banking. For example, Bank of Ireland will not charge you their quarterly account fees if you do not let your account go under Euro500.

Meanwhile, if you overdraw your AIB account, the cost nets the bank Euro25.39 each time you do so, plus the interest, which runs from nine percent to 12%, depending if it is authorised or not. If it is not it will also has a minimum monthly charge of Euro2.50 to go with the surcharge.

"Free banking is nothing more then a marketing tool, " according to consumer champion Eddie Hobbs.

"Its all just targeted at getting customers into the system. In the past you were more likely to change your marriage partner then your bank. The reality is that current accounts have been a loss leader in the banks for sometime, " he said.

Creator of the website askaboutmoney. com Brendan Burgess sees consumer focus on free banking as unhealthy.

"The reality is that free banking is a ridiculous concept, " according to Burgess.

"We have something of an obsession with [bank charges] but they are largely irrelevant. It is very expensive for banks to maintain current accounts and the charges associated should reflect this, " he said.

"If you shop around to get the cheapest charges there won't be that great a difference between any of them.

They are designed at getting people into the system and using mortgages and credit cards in the long-run.

"If you have a good credit rating and relationship with a bank, you shouldn't get too hung up on transaction fees.

They are not that important."