New ‘access to cash’ law means banks must put ATMs within 10km of most homes and businesses
The guarantee on access to cash across the State will mean there will have to be an ATM within a 10km radius of most people.
The ‘Access to Cash’ legislation has been put in place to ensure continued access to cash by forcing banks to maintain ATM numbers that existed at the end of 2022 and it requires certain businesses, such as pharmacies, to accept cash.
The move follows a 2022 recommendation from the Department of Finance’s Retail Banking Review to prevent financial exclusion among those who rely on cash.
One of the aim’s of the legislation is to ensure that around 97pc of the population can access a cash service point within a 10km radius
And the legislation means that at least 99pc of the population will have to be within 10km of a counter service, such as those provided by banks or post offices.
New rules on access to ATMs come into force. Stock photo: Getty
Today’s News in 90 Seconds – Monday, November 24
The legislation will also mean the Finance Minister will have the power to ban ATM cash withdrawal charges.
The moves comes despite a decline in the use of cash as there has been a dramatic increase in the use of contactless and card payments, with mobile phone payment apps becoming particularly popular.
Despite this, a Department of Finance report published in August found an a slight increase in the use of cash in Ireland this year.
A survey the department commissioned found that 92pc of those surveyed saying they use it, up from 91pc in 2024.
New Finance Minister Simon Harris has signed an order initiating the provisions of the act.
The legislation to introduce the new rules around access to cash was passed by the Oireachtas last May.
Mr Harris said the measure will have an impact in rural Ireland, where communities have been hit by bank branch closures in recent years.
The Banking and Payments Federation Ireland (BPFI) has complained that the legislation means the burden of providing ATMs falls on AIB, Bank of Ireland and PTSB.
Many of the ATMs in the State are provided by the likes of Brink’s and Euronet.
Brain Hayes of the BPFI said the legislation means the three retail banks will have sole and legal responsibility for maintaining both the prescribed levels of access to ATMs as well as counter services across the State.
This is despite the fact they only control about one-third of the general infrastructure.
He said if an independent ATM provider withdraws one or more ATMs, or leaves the market entirely, leading to a breach of these criteria, it will fall to the retail banks to fill the gap.
And he has complained that the likes of Revolut and An Post will not be required to provide ATMs.
The Central Bank will be responsible for the monitoring and enforcement of the legislation. It will also be responsible for reviewing notifications from the public where they believe there is insufficient access to cash services.
It comes as the Government is to advise households to keep a small amount of cash permanently in their homes in case of emergencies.
