AIB - what's the point of a cashless bank?

machiavellianme

I've just been notified that my local AIB branch is going cashless. I realise that I'm a luddite but what is the point of a bank that offers no ATM services, no handling of Legal Tender, cheques or anything outside of mortgages, loans and similar services. They might as well have shut it down as reduce the capability so dramatically.

Victor

Banks don't make money on handling cash, they make it on mortgages, loans, pension investments, etc.

JPup

Funny seeing this. I went in to my local branch today to lodge a cheque and was turned away. Told it's gone cashless.

I'm not 100% sure what the point of the branch is any more if you can't lodge cash or cheques! Cash withdrawals only from ATMs with the usual restrictions.

https://www.boards.ie/discussion/2058255217/aib-whats-the-point-of-a-cashless-bank

Can't say I'm in any way surprised at AIB's announcement today that 70 of their 170 branches are going cashless over next two months. I totally appreciate us "olde skool" kind of guys like to wander up to the counter, have a yarn with Mary & walk away with good old fashioned notes in the hand but I'm a realist & those days are well& truly numbered. The savings to AIB as regards staff& security must be massive, cash transactions can & will be available in the post office. Anyone can see that cash ( for the most part) is being phased out. This was coming down the track for years but the pandemic accelerated it by a few years. Basically, no bank wants to be handling cash ( transactions).....its a loss-leader as such. In the coming years the 100 remaining "cash" branches will, without any fanfare, become cashless too & lets be Frank, PTSB & BOI won't be far behind

donegal_man

They're withdrawing ATM and deposit services from 70 branches.

Is it time for the PO to become a fully fledged bank?

PHG

Cash is all but gone and essential to a very small minority now, so why should every bank provide this? Cash is messy, dirty, easybto steal and not efficient. The facilities and technology is there for all shops to easily accept cashless transactions for services.

Have lived in Sweden for 4 years and think I have used cash 3 times. None of my friends know what a physical note or coin look like. The banks here are mainly cashless too. I did ask around a bit at what about the older people. Though a small sample size the general response was its better for society and security and if they want cash there are some banks that offer it and atms about. 90% of the shops in Stockholm do not accept cash and Ireland is heading that way fast.

Everyone has an app called Swish which was developed in collaboration by the banks in Sweden for instant transfers. It is the app collaboration announced by BoI, AIB etc. The other week. You can pay for everything using it and transfer to others instantly.

At home there are ATMs freely available so don't accept an argument of only being able to get it from the branch. Excluding older people or exceptional reasons, I would see most of the removing cash from society coming from people doing nixers but plenty of that dodging available via other well known financial apps or online financial money transfer services.

Sheep Shagger

Given AIB customers (and BOI) can use the much bigger An Post network for say to day transactions is that not a better service?

As he's been said before and has been the case for years. Banks have never made money from transactional banking. The real return is on mortgages, pensions and other financial services.

Jim2007

*** If you want to debate public policy etc. there are forums for it, but not here. I have edited and removed such comments ***

Jellybaby_1

https://www.boards.ie/discussion/comment/119360360#Comment_119360360

I recently had trouble trying to lodge a cheque at an ATM. This isn't a cash transaction as I wasn't withdrawing any money. Anyone else had that problem?

Deeec

Bad move - I can see AIB lose alot of customers over this. There is still retail business's who need to lodge cash and cheques. They will just move to a bank/credit union that his happy to take their money.

bucketybuck

Three times very recently I went into my local branch to try and get a bank draft and some sterling. Three times I was met with the signage "Apologies but we do not have any cashiers today".

A bank without any staff, how so very useless.

But Quentin only uses contactless, so who gives a damn, right.

rtron

The government have been pushing for a cashless society for a long time. This is another step closer. Hopefully BOI will do the same soon.

Ubbquittious

The bank makes its money from reselling money it got for free off the ECB. Through the magic of their banking license they can access the infinite money tree and charge interest on what they pluck from it. Dealing with cash lodgements and withdrawals is very low yield stuff compared to selling someone a brand new mortgage

Jim2007

This has ran it's course for this forum - open a discussion in politics for public policy and after hours for the rest. Do not attempt to reopen.