Allied Irish Banks (AIB) has announced the reversal of its decision to remove cash services from 70 Irish branches.
This comes as a series of prominent voices calling on AIB to reconsider their decision announced on July 20th to remove cash services from 70 branches.
In a statement issued on July 22, the bank confirmed that they have “decided not to proceed” adding that they recognise “the customer and public unease that this has caused”.
This U-turn was welcomed by Minister for Finance, Paschal Donohoe, speaking from Singapore he said “banks have a key role in maintaining the flow of cash through the economy and ensuring appropriate access to retail banking services for all in society, including the vulnerable.”
“I note the significant public reaction to AIB’s announcement earlier this week and I welcome the bank’s decision not to proceed with the proposed changes to customer services in certain branches,” he added.
Taoiseach Micheál Martin was one of a number of prominent voices calling on the bank to reconsider their decision. Commented on the move while speaking to journalists in Japan, that “They [AIB] need to consider the people who have been loyal and strong customers of the banks through the years.”
NEW: AIB has decided NOT to proceed with the proposed changes to its bank service @rtenews
— Mary Regan (@MaryERegan) July 22, 2022
“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,” AIB said in a statement. “In AIB’s case, there are 2.9 million daily digital interactions compared with 35,000 customer branch visits. There has been a 36 per cent decline in cash withdrawals from ATMs and a 50 per cent fall in cheque usage over the past five years.
“AIB has also seen a fall of almost 50 per cent in branch over-the-counter teller transactions, while mobile and online payments have increased by 85 per cent in that same time frame,” it said. “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.”
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