AIB to go cashless at 70 branches, citing drop in customer demand

ATM services as well as cash withdrawals,and cheque services will cease at 70 AIB branches. Picture: Leah Farrell / RollingNews.ie

AIB is to go cashless at 70 of its 170 branches, citing declining customer demand, with An Post to pick up the slack at its 900-plus network.

The bank said cash withdrawals, ATM, and cheque services would cease at the 70 branches, claiming it would free up the branches for the likes of opening new accounts, mortgages, loans, and financial planning.

It already has 22 cashless branches, and the new changes are set for September and October. 

AIB has opened around 208,000 new accounts so far this year, a 110% increase since the start of 2022.

With Ulster Bank and KBC leaving the retail banking market in Ireland, AIB has swooped in to try and entice customers over. The bank said it has branches in 95% of locations that Ulster Bank and KBC are leaving.

The departure of Ulster Bank and KBC has left almost one million customers searching for a new bank.

AIB said it is “freeing up capacity and has been hiring up to 700 temporary staff to welcome those customers seeking to come on board”.

It is to hire 500 digital staff by year end in addition to the 700 temporary staff across the country.

With digital usage soaring, the cost of providing cash services has become increasingly unsustainable.

Details of the AIB changes are listed here.

An Post will extend its arrangement with AIB, allowing customers to access cash at 920 post offices across the country.

Customers can withdraw up to €1,500 in cash per day from their AIB current account in the post office, and lodge up to €5,000 a week in cash, while businesses can lodge up to €50,000 by prior arrangement.

All customers can lodge euro cheques to their current account, can use Billpay and foreign exchange services, AIB said.

Managing director of Retail at An Post, Debbie Byrne, said the extension of the partnership with AIB will allow for banking six days a week.

“Our network of around 920 post offices are intrinsic to the financial and social fabric of Ireland. The positive impact of this enhanced partnership recognises the needs of local communities,” she said.