AIB is withdrawing cash services from another 70 of its branches, adding to the 22 outlets across its 170-strong network that have gone cashless in recent years.
“With digital usage soaring, the cost of providing cash services has become increasingly unsustainable,” AIB said in a statement. “As a result, cash, ATM and cheque services will be removed from these branches, but customers will continue to have efficient access to cash in their communities.”
AIB said that the “repurposed” branches will focus more on account opening, financial planning, mortgages, loans, savings and investments. However, customers will be able to withdraw and lodge cash, subject to limits, at any of the State’s 920 post offices, the bank said, adding that the average distance between one of the 70 branches being repurposed and an An Post outlet is less than 350 metres.
Financial Services Union general secretary John O’Connell said AIB’s decision to make most of its branches cashless outlets “reflects a growing disconnect between the value placed by the banks on the requirements of stakeholders compared to the requirements of shareholders”.
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Sinn Féin spokesman on finance, Pearse Doherty said the move was “short-sighted at a time when communities were struggling to navigate a rapidly changing banking sector with reduced access to banking services”.
The switch will take effect in the affected branches between September and October. AIB said customers can withdraw up to €1,500 in cash per day from their bank current account at post offices and can lodge up to €5,000 a week in cash. Businesses can lodge up to €50,000 by prior arrangement with the post office, AIB said. All customers can lodge euro cheques to their current account.
The bank also noted that customers will continue to have access to cash in more than 4,000 ATMs nationwide, including third-party machines.
AIB’s chief executive Colin Hunt said in May that the bank was hiring as many as 700 temporary staff to help manage a surge in Ulster Bank and KBC Bank Ireland customers seeking to open current and deposit accounts elsewhere as the foreign-owned lenders retreat from the Irish market. The two departing banks had more than one million customer accounts when they announced last year that they were quitting the market.
Separately, UK digital bank Starling Bank, led by former AIB executive Anne Boden, revealed this week that it had pulled plans to set up an Irish operation and use it as a base to expand elsewhere in the EU. Ms Boden told staff on Monday that an “Irish subsidiary would not deliver the added value we are seeking”.
AIB said it has so far this year opened 207,721 deposit and current accounts in 2022, a 110 per cent increase. Banking sources expect that account movements will peak across the industry around the end of September and early October.
It said it will also complete the hiring of 500 people for digital roles by the end of this year. It is understood that 350 of these positions had been filled by the end of June. Most of the digital roles were flagged in late 2020 when the bank said it was planning to “insource” 400 positions, mainly in information technology.
AIB set out early last year to axe 1,500 of its then 9,200-strong workforce by the end of 2023. That excludes the 333 Goodbody employees who joined the company last year and an estimated 280 Ulster Bank staff transferring with its corporate loan book.
About half of the targeted underlying staff reductions had taken place by the end of last year by way of voluntary redundancies in targeted areas.
The following AIB branches are due to become cashless on September 30th:
Abbeyfeale, Co Limerick
Adare, Co Limerick
Athy, Co Kildare
Baillinamore, Co Leitrim
Ballybofey, Co Donegal
Ballyshannon, Co Donegal
Birr, Co Offaly
Bishopstown, Cork
Buncrana, Co Donegal
Caherciveen, Co Kerry
Cardonagh, Co Donegal
Carrigaline, Co Cork
Castleisland, Co Kerry
Castlerea, Co Roscommon
Celbridge, Co Kildare
Dingle, Co Kerry
Dongloe, Co Donegal
Edenderry, Co Offaly
Ennistymon, Co Clare
Glanmire, Co Cork
Gorey, Co Wexford
Greystones, Co Wicklow
Kenmare, Co Kerry
Killaloe, Co Clare
Killorglin, Co Kerry
Killybegs, Co Donegal
Kilmallock, Co Limerick
Kilrush, Co Clare
New Ross, Co Wexford
Raheen, Limerick
Rathdowney, Co Laois
Shannon, Co Clare
Tubbercurry, Co Sligo
Tullow, Co Carlow
Western Road, Cork
Wicklow, Co Wicklow
The following AIB branches are due to go cashless from October 21st
Ardkeen, Waterford
Athenry, Co Galway
Ballinasloe, Co Galway
Ballinrobe, Co Mayo
Cahir, Co Tipperary
Carrickmacross, Co Monaghan
Carrick-On-Suir, Co Tipperary
Cashel, Co Tipperary
Castleblayney, Co Monaghan
Castletownbere, Co Cork
Claremorris, Co Mayo
Clifden, Co Galway
Clonskeagh, Dublin
Cobh, Co Cork
Cornelscourt, Dublin
Dundrum, Dublin
Dunmanway, Co Cork
Gort, Co Galway
Kanturk, Co Cork
Kells, Co Meath
Kinsale, Co Cork
Lismore, Co Waterford
Longford, Co Louth
Millstreet, Co Cork
Mitchelstown, Co Cork
Oranmore, Co Galway
Rathfarnham, Dublin
Roscrea, Co Tipperary
Salthill, Galway
Sandymount, Dublin
Spiddal, Co Galway
The Lab, Stillorgan, Dublin
Tramore, Co Waterford
Youghal, Co Cork
