BOI customers to use ATM's for smaller transactions from next week

Bank of Ireland has rowed back on its previous announcement that it is to limit its cash services in its branches.

From next week, Bank of Ireland customers will have to use ATMs for any withdrawal under €700, while lodgments can only be made at the counter if they're over €3,000.

This decision was heavily criticised, including by groups representing older people.

Finance Minister Michael Noonan called the measures 'surprising and unnecessary'.

However, the bank released a statement this evening saying that vulnerable customers will be facilitated by in branches.

Finance Editor with the Irish Independent Charlie Weston, says Bank of Ireland's new rules are a worrying development for the consumer banking sector.

"Some sort of a paralell universe isn't it where a bank doesn't want to deal with your cash, our idea of a bank is they take your cash and then when you need the cash you get it back so it turns all of that on its head.

"I think where we're going is fewer branches, fewer people in branches and it's a worrying development really."