AIB announces that more than a third of its branches will go cashless

Banking giant AIB has said that more than a third of its branches will go cashless, and as such, will remove ATMs from inside certain branches.

This will mean withdrawal of cash services from towns including Dingle, Abbeyfeale, Birr, Cahir, Gort and Youghal and Wicklow Town from as soon as September: a total of 70 out of its 170 branches nationwide.

This move is notable as AIB’s branch network is the largest of any bank.

AIB said in a statement that it is making the change as part of a €40 million investment programme and as it deepens relationship with An Post.

The group explained: "With digital usage soaring, the cost of providing cash services has become increasingly unsustainable.

"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 also said that it will ensure a branch remains in 95 per cent of locations where Ulster Bank and KBC are leaving.

However, the Independent also reported that the move has been met with some criticism.

Chairman of the Consumers Association Michael Kilcoyne said he fears the downgrading of the 70 branches would eventually see them closed.

He explained: "This move to stop taking cash and cheques at 70 branches is the first step on the road to closing those branches. 

"When you keep reducing the services branches offer it becomes more economic to close them."

So far this year, AIB said it has opened 207,721 new bank accounts, a 110% increase on the same period last year.

In addition, the organisation said that 50 new hubs are also to be opened around the country to enable its staff who have the option of hybrid working to work closer to where they live.