AIB reverses decision to go cashless in 70 branches following public backlash 6 months ago

AIB reverses decision to go cashless in 70 branches following public backlash

The proposed move had caused major controversy.

AIB has announced that it will not proceed with plans to go cashless in 70 of its branches across the country.

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Earlier this week, the bank had announced that selected branches would go cashless, and therefore would not have notes, coins, cheques, foreign exchange or bank drafts and would also remove any drop safes and night safes. ATMs outside the branches would also be removed under the plans.

The move was widely criticised, with Taoiseach Micheál Martin calling on the bank to "reflect" and "reconsider" the decision.

In a statement on Friday, AIB said it would not be proceeding with the proposed changes to its banking services.

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"In recent years there has been a dramatic increase in the use of digital banking services and a decline in branch visits and cash usage," the statement said.

"In AIB’s case, there are 2.9 million daily digital interactions compared with 35,000 customer branch visits. There has been a 36% decline in cash withdrawals from ATMs and a 50% fall in cheque usage over the past five years. AIB has also seen a fall of almost 50% in branch over-the-counter teller transactions, while mobile and online payments have increased by 85% in that same timeframe.

"It was in the context of this evolving banking environment and the opportunity to enhance its long- standing relationship with An Post that AIB took the decision to remove cash services from 70 of its branches. However, recognising the customer and public unease that this has caused, AIB has decided not to proceed with the proposed changes to its bank services.

"The bank continues to retain its 170-strong branch network in its entirety and will also continue to offer banking services through its relationship with at An Post at its 920 post offices nationwide."

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