Monday 19 August 2019

Comment: Your mother always said you should get a job in the bank

Fewer people going into branches to use bank staff to withdraw and lodge cash and cheques means savings for the bank
Fewer people going into branches to use bank staff to withdraw and lodge cash and cheques means savings for the bank
Charlie Weston

Charlie Weston

Your mother always said you should get a job in the bank. She just never told you that one day you would end up doing the job of a banker, but without getting paid for it, and without having the benefit of a juicy pension.

This is one way of summing up the move by Bank of Ireland to restrict the value of cash withdrawals and lodgements in its branches.

Of course, the main motivation for Bank of Ireland is cost saving. Fewer people going into branches to use bank staff to withdraw and lodge cash and cheques means savings for the bank.

You do the bank's work by using self-service machines and ATMs.

But the bank risks hitting the point where you introduce so many efficiencies that you annoy your customers, prompting some of them to switch to another bank. Older people are particularly put out by the moves to discourage the use of cash in Bank of Ireland's 250 branches.

Many argue that the electronic payment moves by the banks and the State are too quick and risk alienating consumers. And the suspicion is that Bank of Ireland is suiting itself, as always.

Irish Independent

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