(Thursday 21 July 2022)
Age Action welcomes the high-level intervention today by the Taoiseach calling for AIB to reconsider and reflect on its announcement that 70 branches will become “cashless”.
Dr Nat O’Connor, Senior Public Affairs and Policy Specialist at Age Action said “Age Action has been contacted by many older persons who are dismayed that they will lose access to cash services in their local area. We know that many people manage their income through cash, literally putting aside amounts of money to cover different expenses. For the many people not using the internet, it is just not possible to keep track of cashless transactions and there is a risk of getting into debt that people just can’t afford when living on a modest State Pension. There is also a genuine risk of financial elder abuse for those people who are not online if they are forced to seek help to manage their financial affairs.”
He continued “The Department of Finance’s own research shows that more than half of older persons do not use online banking, and most older persons visit bank branches on a regular basis to make cash transactions. Age Action attended the Government’s national stakeholder forum on the future of retail banking in May, and the needs and concerns of older people were to the fore in many of the discussions. The Government should now call on AIB to postpone any decision until the report of that review is published in November, so that all stakeholders can be involved in the discussion about how to have a modern banking system that meets everyone’s needs, including the needs of older persons.”
"Age Action wants to see the development of a model of inclusive banking for Ireland, where everyone can get access to affordable and accessible banking facilities so that they can fully participate in society. We have written to AIB, the Minister for Finance, the Central Bank and the Irish Banking Culture Board to express the concerns of older persons about the current situation.” Dr O’Connor concluded.
ENDS
