Getting rid of ATM's too. There's a protest planned. Really bad idea imo, cash won't go away despite the banksters drooling desire for such to happen.
How is paying an ATM fee cheaper than using contactless which doesn't attract any fee?
If you're with a decent bank, they'll have SEPA Instant transfers. I can transfer between my bank accounts in seconds.
If I'm not mistaken, none of the Irish banks signed up to this scheme as I know BoI still charge businesses I think €25 for a "rapid" transfer. And they sit wondering why they're losing customers to the fintechs 🙄
Yep, and instead of using the SEPA standard that's already in place, they're looking to get together and make their own system that no-one else will be able to use. Reminds me of the old laser cards.
Crime syndicates... take the tinfoil hat off ffs.
I live in the countryside about 8km from the nearest town so, no, I cant list any within walking distance👍not sure what that has to do with anything anyway as I'm not going to drive 20km to the nearest aib if I need cash when there is a filling station 5km down the road with an atm...
A quick Google shows about 15 atms within 10km from my house.
How about you list me how many AIBs don't have another ATM within walking distance of them?
I see people's points about the safety deposit boxes, but everything else was making mountains out of molehills. All the other services would have been available via the post office and 3rd party ATMs, not many towns about that have a bank and not a post office.
All this is going to do is push my bank charges up in the medium-long term.
Yep, the Irish banks are trying to setup Yippay payments app or some such nonsense except Revolut has now applied to be part of it.. the exodus of customers to Revolut being the reason they were setting up the app in the first place 😅 . Calling it already, it'll be an abject failure
Cash or cashless aside, it sure is enjoyable watching the arrogant and ancient Irish banks having their lunch eaten by the fintechs
Synch or whatever its called. The elderly wont use it because according to many on here apparently elderly people can't use technology. Then younger people won't use it as Revolut has the market sewn up. So the banks are going to piss money away to develop a white elephant app and then increase their bank charges to pay for it. Laughable. They're years too late.
It might be only 20% in your shop but I work in the cash industry and can guarantee you its a lot higher than 20% across the board, cash is used far more than the average joe thinks I can tell you that for nothing, some of the aibs on the list to be closed turn over more than 1.2 million per week in hard cash, hence the backlash.
I think this whole AIB going cashless debacle was blown well out of proportion. The way people were reacting to this you'd swear AIB announced they were shutting up shop completely. They are not. TD's and the Taoiseach getting involved is just basically electioneering. Being a champion of the people. Standing up to the banks to win more votes. That couldn't give two f's if all AIB branches went cashless. My local AIB branch was one of the 70 going cashless. The AIB here is open 10am - 4pm most days. The post office which is located less than 100 metres away is in fact open much longer each day and is located next to a large carpark. So in our case AIB customers would benefit by having extra opening hours to do their banking and it would be more accessible. Not to mention that there are at least 7 ATMs in the immediate vicinity. I know that situation doesn't apply everywhere. Some towns and villages would be more affected than others. What AIB should do is go on a case by case basis and focus on converting branches in larger towns where the impact would be less then slowly convert other branches. Much like the 22 branches that are already cashless and were forgotten about pretty quickly. While cash may still account for 30% of transactions, having an AIB branch with full cash services next door to a post office that could easily cater for those customers is crazy in my opinion.
If they would just sign up to SEPA Instant, a lot of the reasons for using revolut would disappear.
22.4% isn't that much higher than 20%
https://www.statista.com/statistics/1095019/cash-use-in-ireland/
The bank is doing the right thing moving with the times. Better to make changes for the betterment of the business than listen to populist keyboard nonsense. I dont think people use cash all that much and there is a cost to it
Their mistake was announcing it and doing it all at once.
It will be done slowly instead and the same endpoint will be reached.
Cash is going the same way as cheques and will become niche.
From reading this thread I'm starting to think these yokes are still used in Kerry
The banks have always been interested in their shareholder returns , that is the whole purpose of them
A public bank isn't a very good idea as the public sector isn't known for efficentcy , there is only a certain amount of income to go around and wasting it on a project like this isn't a good use of the limited funds
Most countries that do have public banks have a much higher population and higher effective tax rates
The high interest rate on mortgages here is caused by the extremely high level of legal protection given to non-payors which allows them to stay in a house even if they haven't paid the mortgage for 10 years, if you stopped paying the mortgage in most countries you would be out of the house within a few weeks
Don't think cash is going out of fashion too soon. Local shop here - that's all they take and there's many more like it.
Was struck to hear the Dept Finance knew of this before announcement and didn't think it'd raise much of a kerfuffle. Which just shows how out of touch many civil & public servants at a higher level in these departments are. And they basically run the state from Dublin..
You are right though I suspect in that services will just be withdrawn more piece by piece now. Presume they'll leave ATMs in place though.
I believe its higher from working in the industry but that's just from what im seeing.
Even if its 22.4% thats Billions of Euro being used a year lets not pretend were talking peanuts here.
How many people even have cards with raised numbers needed for these things?
Your beliefs are likely clouded by working in the cash industry. You would be unaware of how many contactless and card transactions there are
All new debit cards this year from AIB have raised numbers. I asked why and nobody in the branch had a clue.
Of course there's a huge volume of contactless and card payments but that doesn't negate the fact that billions are also circulated in cash. I don't know why people are so fixated with one payment method versus another. Each have their uses and there's no reason why they can't coexist.
My old current account (KBC), new (Credit Union) and credit card (BOI) all have raised numbers. I've had to use a card impressor relatively recently for car hire at a regional airport.
UB and Revolut are the only ones I know that definitely don't do raised numbers.
I have 4 in my wallet right now without raised numbers (one has no numbers at all). I've only used a card impressor once about 15 years ago at a b&b somewhere in NI.
Im just weirded out by the near religious fixation some people have with cash.
Its especially amusing that the guys who's job is cash reckons that because he sees more cash every day, that the proportion of cash transactions is higher than the proportion arrived at by an analysis of available data.
My avant credit card it is just written on the back
Think it was 9 years ago for me - relative compared to how I hadn't used one ever before that, and have had payment cards since the 1990s. Had actually got another car booked from the same airport in February but the weather caused the flight to be cancelled entirely!
I suspect they would write the number on instead if you gave them a flat card / would need you to give them the number if its an un-numbered card.
To be honest, and I have no particular skin in the game, you seem more fixated. Do what suits you and let others do as suits them. Not everybody's daily experience is the same as yours.
Typical boards. Another 'conspiracy tin foil hat conspiracy' coming true, but when true dubbed as a 'great idea, I always supported it'.
This was just testing the water. Next and final time that they try it, it will not be the via the banks, it will be an EU directive. That's why the minister of finance / government let it play out.
You've not proved any conspiracy as true 🤣
This was just AIB following what BOI already planned to do years back.
BOI wanted to make 100 branches cashless, people got outraged and in the end over 80 branches just closed down completely because they were left with no other choice.
In the next 1-3 years AIB will likely just close branches because they have not been allowed do an alternative option.
All of this isn't some crazy mad conspriacy, its simply lack of demand.
More people are using cards for payments both in person and also online and now you can easily transfer money from one account to another without going into a branch like you had to years ago. Cheque's are less and less of a thing.
I remember a day when buying on ebay involved me going to a bank to get a bank draft, now I can easily pay via paypal. It's also extremely rare somebody gives me a cheque and although I have a cheque book I've not had to use it for years because different suppliers and tradespeople are more than happy to take bank transfers.
Bottom line is much less people go into banks then 30 years ago and due to this its costly to have branches open which are simply not getting the footfall anymore. It's a case of use it or loose it.
It's all fine and well moaning about a branch closing but if you use online banking to pay a bill, transfer funds or even just to check your balance then you are part of the reason for the closing. Stop using online banking :)
Don't tell me that the AIB are planning to stop building social houses?
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