AIB IS SET to go entirely cashless at 70 of its branches around the country later this year.
In an update posted on the AIB website this afternoon, the bank said that they were planning on removing cash and cheque services from the banks starting in late September.
This means that cash and cheque services will not be offered either at a counter within the bank or through a machine within the branch.
On 30 September, cash and cheque services will be closed at 36 branches around the country.
Then from 31 October, 34 branches will close their cash and cheque services.
Alongside this, if any of the 7o branches have an ATM outside the premises, this will also be removed.
The branches will no longer have coins, notes, cheques, foreign exchange or bank drafts on site and will be removing all drop and night safes.
AIB say that they are cutting these services due to “falling levels of cash usage and cheque transactions” and the increased use of digital and card payments.
“We regularly review our services to make sure we continue to provide a modern, community-based, sustainable banking service,” reads the AIB website.
“During our most recent review, we decided to change our services in some of our branches.
“We based our decision on falling levels of cash usage and cheque transactions, and a rise in the popularity of non-cash alternatives such as digital and card payments. The cost of security and handling cash has also risen.
“At the same time, we are keeping our branches open in communities, to continue supporting local customers as we do all over Ireland.”
According to AIB, additional banking services will now be made available at every post office in the country, which will also have expanded opening hours and some weekend opening.
Debbie Byrne, the Managing Director of Retail at An Post said that they were delighted to partner with AIB and welcomed the strengthening of their relationship.
“We are delighted to partner with it, providing everyday banking services to AIB customers, six days a week, across our national post office network.
“The positive impact of this enhanced partnership recognises the needs of local communities and helps underpin the future sustainability of the network as we continue to innovate and re-imagine the role of the post office in communities into the future.”
Political reaction
The decision by AIB has not been received warmly across policial circles, with Sinn Féin’s Finance Spokesperson Pearse Doherty criticising the move.
“The decision by AIB to remove cash services from 70 branches across the state is a short-sighted one,” Doherty said.
“This will effectively remove all access to cash, cheque, foreign exchange and ATM services from the branches in question.
At a time when communities are already struggling to navigate a rapidly changing banking sector, this is the wrong decision.
The decision was also criticised by Labour’s Finance Spokesperson Ged Nash, who called it “tone-deaf” amid the exit of both KBC and Ulster Bank from the Irish market.
“This tone deaf decision taken by executives of a majority State-owned bank who appear to be accountable to nobody is another nail in the coffin for relationship banking in Ireland,” Nash said.
“What makes it even more extraordinary is that this move was made when hundreds of thousands of Ulster Bank and KBC customers are looking for a new home for their accounts and in the middle of a government-led review into the future of retail banking.”
He said that it would also impact on vulnerable customers who may not be comfortable with digital transactions, adding that it would impact on both commercial activity and social lives within towns.
“Serious consideration must be given to a pause or moratorium on branch closures at least until such time as the review has been completed and policy decisions have been taken.”
Aontú leader Peadar Tóibín also criticised the bank, saying that AIB has ignored it’s collective responsibility to customers.
“AIB has shown complete disregard for the Irish people by removing cash services in 70 branches,” Tóibín said, adding that the Government needed to encourage AIB not to go ahead with the move.
To embed this post, copy the code below on your site
have your say