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Thursday, August 18, 2022

More than one in three branches of AIB to go cashless

The majority state-owned AIB is to make 70 of its 170 bank branches cashless, raising key questions about social inclusion and security. This includes removing ATMs from inside branches.

Her move would mean the withdrawal of cash services from cities including Dingle, Ebefeil, Bir, Cahir, Gort and Ughal and Wicklow Towns as soon as September.

The AIB said it is making the changes as part of a €40m investment program and as it deepens ties with A Post.

AIB’s branch network is the largest of any bank and it said it will ensure that the branch remains in 95 per cent of the locations Ulster Bank and KBC are visiting.

However, the dramatic withdrawal of cash services is likely to cause significant concerns. Despite the shift to cashless payments among consumers and businesses, the central bank maintains that cash is important for both economic functioning and social inclusion.

According to the Central Bank, “cash provides a payment and savings option for those who have limited or no access to digital money, making it important to include socially vulnerable citizens such as the elderly or those in low-income groups.” It happens.”

Consumer Association President Michael Kilcoyne said he feared the 70 branches being downgraded would eventually shut them down.

“This move to stop taking cash and checks in 70 branches is the first step on the path of closure of those branches.

“When you keep reducing the services branches offer, it becomes more economic to close them,” Mr. Kilcoyne said.

Cash management by banks is also important for small and medium-sized businesses, especially those with high cash usage that rely on storing cash in banks for security.

AIB, headed by CEO Colin Hunt, says it is to reorganize 70 affected branches to promote account opening facilities for new customers, while withdrawing cash and check services at these branches due to a drop in demand .

“With increasing digital usage, the cost of providing cash services has become increasingly volatile. Consequently, cash, ATM and check services will be removed from these branches, but customers will continue to have efficient access to cash in their communities,” the AIB said.

AIB customers can access cash and check services at 920 post offices.

World Nation News Desk
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