Bank counter transaction limits slammed as discriminatory

New restrictions on over the counter transactions at the Bank of Ireland have been strongly condemned by Westmeath TD Willie Penrose who described them as 'discriminatory' and 'draconian.'

It emerged today that, from the middle of this month, the bank will not allow customers to withdraw cash sums lower than €700 at the counter. Deposits will now be facilitated at the counter unless they involve amounts exceeding €3,000.

The move is designed to force customers to use in-branch machines or online banking.

Deputy Penrose said the changes would have a negative impact on all customers, especially those who are elderly.

'How many elderly persons will be withdrawing more than €700?' asked the Labour Party representative.

'It is surely ironic that this policy is being pursued at a time when we are all focused on the issue of security, and in particular encouraging people, especially the elderly, not to keep large amounts of cash in their homes. Why do we compel customers to use ATMS when the issue of security again raises its head?

'Likewise, lodgements of up to €3,000 cash and 15 cheques will now have to take place via the ATM lodgement facility. It means Bank of Ireland will now become one of the most impersonal places for doing business.

'One of the comforts or reassurances for bank customers is meeting a friendly teller or financial adviser at the point where they conduct withdrawals or deposits. But, as this proposal shows, there seems to be nothing Bank of Ireland will not do to cut costs. It also means the elimination of jobs for many of their employees, many of whom for years represented the friendly face of the bank.

“At one time, the banks were there to facilitate customers in transacting business, but these days they are being consigned to history by the adoption of electronic systems of conducting business. I would call upon Bank of Ireland to reverse the decision which ignores the wishes and practices of many of their customers, especially the elderly.”

The IFA has also criticised the move, saying it will cause great difficulty for some farmers who are not familiar with the online system.

“At a time when there is such a focus on crime in rural areas, this decision by Bank of Ireland may be creating a new target for burglars. The bank must revisit this €700 limit,” said IFA Farm Business Chairman Tom Doyle.