Bank of Ireland Reverses ATM Stance Amid New Cash Access Rules
Bank of Ireland is re-entering the ATM market, reversing a trend of banks reducing ATM operations. This U-turn, detailed in its updated terms, is a response to new legislation and central bank directives ensuring cash access for consumers, particularly in underserved regions.
Bank of Ireland has announced a significant U-turn, re-entering the ATM market after years of banks stepping back from ATM operations. This change is detailed in its 18-page «Guide to Upcoming Changes to our Banking Services and Terms and Conditions» and benefits consumers.
Irish banks had been reducing their ownership of ATMs, with only 25 percent of the network owned by retail banks by the end of 2022, down from 100 percent in 2015. This, coupled with branch closures, made cash access difficult in some areas.
The reversal comes after new legislation last year set minimum requirements for ATM and cash service point access, including a percentage of the population within 10km of a service and a minimum number of ATMs per 100,000 people per region. The Central Bank of Ireland had identified cash access «black spots» in Border, west, and southwest regions, prompting banks to act. The new ATMs, located in shops, will offer basic debit card lodgement and withdrawal services.